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.

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.

Well you sell it and explain you still have an unpaid balance on it... The bank still owns the pinkslip... More than likely you go to the finance company or the bank and do all the paperwork there....Mike C.If you really want to get all you ducks in a row call whoever your making payments too and ask them what is the easiest way to deal with the sale of the unit and to transfer all their info and ownership paperwork.... Mike C.

Thank you for the quick replies. I am the seller. I'll call the bank that has the load and ask them for the proper procedure. DUH, should've figured that our myself!

(blah, misread the OP, so deleted the ramble about loans.)If you need to consign/sell it, I'd recommend PPL Motorhomes in Texas. They take a 10% cut, but if you are near that area, it makes unloading a rig fairly painless.

You need to disclose to the buyer that there is a lien on the vehicle. For illustration, let's say the agreed sale price of the unit is $13,000, balance of loan is $10,000. Buyer delivers 2 checks to the seller, one payable to the bank or finance company for $10,000, one payable to the seller for $3,000. Seller should have a printout or fax or something from the lender to show the buyer what the exact lien amount is.Buyer and seller sign a Bill of Sale and seller gives the title (showing the lien) to the buyer. Once the seller receives the lien release, he delivers to the buyer so the buyer can register the vehicle.This protects the buyer and seller by ensuring that the lien is paid, and the buyer holds the title while that process takes place. Making the check for the lien amount payable to the lender enables the buyer to give that check to the seller without fear that the seller will pocket the cash.Seller should maintain insurance on the vehicle until the lien has been been paid and the lien release delivered to the buyer.Friend bought a hi-dollar Class A like this and US Bank was the lienholder. They agreed to act as escrow agent in the deal, taking full purchase price from the buyer, re-registering the vehicle on behalf of the buyer, and remitting the difference back to the seller. Was nice that they offered to do that, it gave both buyer and seller confidence that a trusted 3rd party was protecting the interests of both.

How to sell RV when you have a bank loan? | Good Sam Community

14 Replies

mlts22
Explorer II
Jan 07, 2014
(blah, misread the OP, so deleted the ramble about loans.)

If you need to consign/sell it, I'd recommend PPL Motorhomes in Texas. They take a 10% cut, but if you are near that area, it makes unloading a rig fairly painless.
Go_Dogs
Explorer
Jan 07, 2014
Thank you for the quick replies. I am the seller. I'll call the bank that has the load and ask them for the proper procedure. DUH, should've figured that our myself!
dodgerdog
Explorer
Jan 07, 2014
Well you sell it and explain you still have an unpaid balance on it... The bank still owns the pinkslip... More than likely you go to the finance company or the bank and do all the paperwork there....

Mike C.

If you really want to get all you ducks in a row call whoever your making payments too and ask them what is the easiest way to deal with the sale of the unit and to transfer all their info and ownership paperwork....

Mike C.
monkey44
Nomad II
Jan 07, 2014
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.

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How to sell RV when you have a bank loan?

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