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
PIlots123 wrote:
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.
I sold a truck with a lien a few years ago. The lien was held by my credit union where I also have my checking account. The buyer and I agreed on a price. He made arrangements with his bank (signed paperwork ahead of time) and we met at my credit union to close the deal. My credit union agent did the paperwork, called the buyers bank with all the details and made the transaction into my account. My CU then satisfied their lien from my acct. and sent the lien release and title to the buyers bank. Copies of all paperwork given to both parties. Buyer got new title from his bank with their lien on it. I later received some overpaid interest in my acct. since the transaction paid off my lien early.
Banks do this stuff daily so its not rocket science. Whole transaction in CU took about an hour or so.
