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...
Forum Discussion
tropical36 wrote:dougrainer wrote:
You NEVER pay a private party for a titled vehicle that has a Lien on it and then trust they will pay off the Lien and get you the title. Fantasy land if anyone believes that. The BUYER and the Seller will have to deal with the Lien holder regardless of where they are. The Lien holder will give the terms of how the transaction must be done so the Lien holder gets their money. They then will release the Title. Doug
Sometimes you can't even pay a dealer for a vehicle that has a lien on it and trust that they will pay off the lien. Had that happen with a Mazda Dealer once. Helped officials with putting him out of business altogether, but still it was a hassle and shaky at best for awhile. The person who traded the car in was the one having the most problems with still owing money on it and getting calls from creditors.
This is true, but with a licensed Dealer, you have a LOT more free help in getting it resolved and the odds of a dealer risking his business is extremely rare. Doug
