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
1) you want to call your lender and ask them if they have a physical title on hand or an electronic title. a) if a physical title, you'd go to the lender/bank negotiate the amount for sale, have the buyer payoff your loan and give you the difference; you'd get the title from the lender, sign off on the release of interest and release of liability and hand it over to the new owner.
b) if it's a electronic title, they don't have the title with them at the lender, once you pay them off, they will instruct the dmv to issue a title under your name at your current address, which you will receive in a week or two. In this case, you can ask them (lender) if they're willing to issue the title under another persons name and address. If not, you'll have to work out something in writing with the buyer so that both interests are protected to follow through with the sale while you're waiting for the title.
hope it helps and good luck with the sale.
b) if it's a electronic title, they don't have the title with them at the lender, once you pay them off, they will instruct the dmv to issue a title under your name at your current address, which you will receive in a week or two. In this case, you can ask them (lender) if they're willing to issue the title under another persons name and address. If not, you'll have to work out something in writing with the buyer so that both interests are protected to follow through with the sale while you're waiting for the title.
hope it helps and good luck with the sale.
