How to sell motorhome with existing loan
I am seriously considering selling my '08 motorhome. My concern is that I still have an outstanding loan on the rig. I sold my previous rig with a bill of sale, which stated that the title would be pr...
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I would get in contact with the lending department where your MH is financed through and ask them the appropriate steps they would like to take. As mentioned above I would have the buyer make the payment to your lender and have the lender send the title and lien release directly to the buyer.
To show good faith with the buyer you could give them a bill of sale accompanied by a SPECIAL power of attorney limited to signing your name off on the title to the MH along with a duplicate title application.
A power of attorney for the title accompanied with a duplicate title application is just as good as having a title in hand. The only thing missing to take full ownership of the coach would then be a lien release. You can limit that issue by signing an "Authorization to payoff and release lien information" form to the buyer. The buyer then could pay the loan off and be guaranteed a lien release and would already have the title equivalent in hand (POA + Dupe title app.) This is almost universal in how these types of transactions are processed at dealers for the auto industry. With those 3 forms I am guaranteed ownership as soon as I make payment in full to the original lien holder. Get your ducks in a row and you will have a smooth sale.
You might even want to get the buyer directly talking to the lien holder on the MH so relieve any undue stress or fear in the transaction. If the buyer is also financing the MH then you can have the buyer's lender talk directly to your bank and pretty much handle the sale for you.
I've been in sales a long time and if you can't give reassurance that everything will be ok and not turn into a nightmare then you will miss out on a sale. Don't believe me? Read the post above from Sea Dog. Looks like he missed out on a nice 5ver because the seller didn't know how to approach the situation.
These types of sales happen every day 1000 times over. Key is again, KNOW exactly how you will explain how the sale needs to work to the buyer. Don't let their be any uncertainty or the buyer may walk.
Best of luck to you.
Mike
To show good faith with the buyer you could give them a bill of sale accompanied by a SPECIAL power of attorney limited to signing your name off on the title to the MH along with a duplicate title application.
A power of attorney for the title accompanied with a duplicate title application is just as good as having a title in hand. The only thing missing to take full ownership of the coach would then be a lien release. You can limit that issue by signing an "Authorization to payoff and release lien information" form to the buyer. The buyer then could pay the loan off and be guaranteed a lien release and would already have the title equivalent in hand (POA + Dupe title app.) This is almost universal in how these types of transactions are processed at dealers for the auto industry. With those 3 forms I am guaranteed ownership as soon as I make payment in full to the original lien holder. Get your ducks in a row and you will have a smooth sale.
You might even want to get the buyer directly talking to the lien holder on the MH so relieve any undue stress or fear in the transaction. If the buyer is also financing the MH then you can have the buyer's lender talk directly to your bank and pretty much handle the sale for you.
I've been in sales a long time and if you can't give reassurance that everything will be ok and not turn into a nightmare then you will miss out on a sale. Don't believe me? Read the post above from Sea Dog. Looks like he missed out on a nice 5ver because the seller didn't know how to approach the situation.
These types of sales happen every day 1000 times over. Key is again, KNOW exactly how you will explain how the sale needs to work to the buyer. Don't let their be any uncertainty or the buyer may walk.
Best of luck to you.
Mike
