How to sell RV when you have a bank loan?
Sorry, I know I should already know this, but I'm not sure. Could someone explain the best way to sell a used TT to a private party when the owner still has a loan on it? Thank you very much.
Forum Discussion
Are you selling, or buying??
Generally, the buyer will go to the lender bank and pay off the loan, get a release of lien, and the balance of the price goes to the seller. Then, you take the release to the DMV/RMV and get the title transferred.
OR, the seller can just pay the bank off, and get the release ... then conclude transaction at the RMV/DMV.
Before the title can transfer to new buyer, the lender bank needs the loan paid, doesn't matter how that's done, but seller needs the release before a new title can issue.
Generally, the buyer will go to the lender bank and pay off the loan, get a release of lien, and the balance of the price goes to the seller. Then, you take the release to the DMV/RMV and get the title transferred.
OR, the seller can just pay the bank off, and get the release ... then conclude transaction at the RMV/DMV.
Before the title can transfer to new buyer, the lender bank needs the loan paid, doesn't matter how that's done, but seller needs the release before a new title can issue.
