buying from a private seller

"Definitely definitely get it inspected by a professional."

This is good advice. Hidden problems could exist that you might have to borrow more money to fix.

Go talk to your financial place, they will have their procedures or rules they have to follow. You don't have to worry about how it will be done.

Bill

SoundGuy wrote:
I wouldn't purchase any type of vehicle that didn't have a clear title in the name of the owner but still had a lien against it. If the current owner has a loan against the rig then that's his problem to first pay it off so he can then provide any potential purchaser with documentation proving any lien against it has been cleared. How you later fund the purchase, cash or otherwise, is your problem. Secondly, I'd also insist on 3rd party inspection, negotiating who pays for that inspection - seller or buyer - regardless, it would be foolish to buy something as complicated as a MH and not have it fully inspected. JMO.

So lets say I just bought a brand new RV that cost $500,000.00 and financed 50 percent of the cost. Then due to some unfortunate circumstances 6 months later I had to sell it at a fire sale price, and all wanted was to pay off the loan, but I didn't have the money to pay it off. I guess your advice would be to miss out on a smoking hot deal.

All you have to do is talk to your bank/credit union that you are financing it through. This is not their first rodeo. Its really pretty simple.

It would obviously be easier and cleaner if the seller had a clear title. But it's easy enough regardless. Let the banks do the work. Let your bank contact his bank for payoff. Your bank sends his bank funds for the payoff. Your bank releases remaining funds to you to provide to him in the form of a bank check or whatever. Your bank receives the title. When you pay the balance to the individual, he gives you the key, and a bill of sale, and signs over the registration form(s). Take bill of sale, loan paperwork, copy of insurance to DMV and they should take care of you. Depending on the state, they may issue you a tag immediately (not sure if Fla does that or if it's temp tag).

Don't forget to check state law on sales tax. In GA now, we pay Automobile tax (equal to our sales tax right now), on all vehicle purchases, private or dealership.

Definitely definitely get it inspected by a professional. Once you take possession, there's no going back.

Mike

Soundguy, I understand your position on buying a financed RV. However as one o/p stated the banks have excellent systems between them for handling that kind of transaction. When you buy a car, the dealer probably does not own it, a bank or financial institution does. Your bank will make all the arrangements to get the title in their name and yours. Getting it thoroughly checked out prior to the sale, I absolutely agree with.

I wouldn't purchase any type of vehicle that didn't have a clear title in the name of the owner but still had a lien against it. If the current owner has a loan against the rig then that's his problem to first pay it off so he can then provide any potential purchaser with documentation proving any lien against it has been cleared. How you later fund the purchase, cash or otherwise, is your problem. Secondly, I'd also insist on 3rd party inspection, negotiating who pays for that inspection - seller or buyer - regardless, it would be foolish to buy something as complicated as a MH and not have it fully inspected. JMO.

garyemunson wrote:
If you are not qualified enough to make a thorough exam of the coach, consider buying the services of a RV shop to do it. Generally the money saved will most often be much more than you might need to put out. Before driving it home it would also be best to have it thoroughly serviced (oil change, fluid checks, chassis lube, front wheel bearings, belts and hoses) so you do not get surprised on the road. You can't really be sure the previous owner was diligent about those things and once it's yours, you need to take the responsibility.

X1, I would NOT buy a used RV without taking it to your trusted RV shop and pay for a complete inspection of the RV and all of the systems i.e. electrical, water, plumbing, heating , appliances etc. If there are issues that need repair you will be aware and more importantly the costs to fix any issues. This will enable you negotiate the buying costs of the RV.

You need to have your financing in place at YOUR bank and they will make the arrangements with the seller's bank to exchange money for title. You will not need a title to register the RV or get insurance for it. If your bank has a branch in Florida, doing the paperwork there would be best. I'd ask the seller to provide a bill of sale either drawn up by his attorney or at least generated by one of the computer lawyer programs. With the bill of sale, bank paperwork, and insurance binder you can walk into any Florida DMV and walk out with your temporary vehicle movement tag. Florida will just want to know you own it and have it insured. Keep in mind that private sales are as-is and once the deal is done the coach is your. If you are not qualified enough to make a thorough exam of the coach, consider buying the services of a RV shop to do it. You should also contact your insurer and provide them with the VIN/make/model and have them add it to your policy with a start date furnished by the bank. Good luck and have fun. You can certainly save a boatload of money buying from an individual but you have to accept the possible issues that come with it. Generally the money saved will most often be much more than you might need to put out. Before driving it home it would also be best to have it thoroughly serviced (oil change, fluid checks, chassis lube, front wheel bearings, belts and hoses) so you do not get surprised on the road. You can't really be sure the previous owner was diligent about those things and once it's yours, you need to take the responsibility.