Selling an RV with a lien
Hello everyone. I am in the process of selling my Class A. Kids are in their mid to late teens and we are still a few years from retirement so the RV is sitting most of the time unless we can all ge...
Forum Discussion
Thank you for the quick response. That is exactly my concern.
Forgive my ignorance, but how exactly does a bank to bank transaction work?
Let’s say we agree on a price and shake hands on the deal. Sounds like I provide the buyer with my bank info and loan # and he has his bank send the money to my bank?
What protects the buyer from transferring the $ to pay off my loan and then never seeing me again? Do we meet at his bank to initiate the transfer and then go to my bank to get the documents releasing the lien? That is the part that I am struggling with.
Forgive my ignorance, but how exactly does a bank to bank transaction work?
Let’s say we agree on a price and shake hands on the deal. Sounds like I provide the buyer with my bank info and loan # and he has his bank send the money to my bank?
What protects the buyer from transferring the $ to pay off my loan and then never seeing me again? Do we meet at his bank to initiate the transfer and then go to my bank to get the documents releasing the lien? That is the part that I am struggling with.
