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
Somebody has to come up with the money to pay off the loan. To buy my RV, I came up with the cash as the buyer, essentially financed the transaction from my checking account. I took the risk,had the assets.
If the seller doesn't have the money, and the buyer needs to borrow the money, it gets complicated. This is where the business manager or finance manager at a dealership earns his keep, shuffling around money that may not yet be there, working to get two lenders working together.
Private party,someone with bigger pockets needs to trust someone who doesn't have the money. There is not a single best way, somebody has to agree to trust somebody else, depending on who has access to money. If nobody has the cash at hand, then somebody has to get the two lenders talking to each other; it happens, it is not always easy to make it happen.
I personally would pay off what I wanted to sell. Makes it easier on the buyer, enough to ask a premium on sale price. A buyer with cash reserves, or credit access, can work it the other way, I can bring the cash, want a discounted price. Dealers work this way, access to money is what lets them buy at trade-in, sell at retail.
So to sell,you need to be in abpositiontompay offthe loan before sale, or sell at a discounted price to induce a buyer to pay off the loan for you. If upside down, loan more than market value, it is not going to be easy, probably costing something to make a sale.
If the seller doesn't have the money, and the buyer needs to borrow the money, it gets complicated. This is where the business manager or finance manager at a dealership earns his keep, shuffling around money that may not yet be there, working to get two lenders working together.
Private party,someone with bigger pockets needs to trust someone who doesn't have the money. There is not a single best way, somebody has to agree to trust somebody else, depending on who has access to money. If nobody has the cash at hand, then somebody has to get the two lenders talking to each other; it happens, it is not always easy to make it happen.
I personally would pay off what I wanted to sell. Makes it easier on the buyer, enough to ask a premium on sale price. A buyer with cash reserves, or credit access, can work it the other way, I can bring the cash, want a discounted price. Dealers work this way, access to money is what lets them buy at trade-in, sell at retail.
So to sell,you need to be in abpositiontompay offthe loan before sale, or sell at a discounted price to induce a buyer to pay off the loan for you. If upside down, loan more than market value, it is not going to be easy, probably costing something to make a sale.
