Selling your rig
Is it possible to sell your RV "by owner" if you still own money on it? If so, how?
Forum Discussion
Option 1
If the title is being held locally. Call your lender and find out their procedure. Find out what PAY OFF is and if they have the title on hand. Find out if the title will be released imediately upon payment. Some banks may require a waiting period for the check to clear (even a certified bank check)before they release the title. If it's local and the title is on hand and they will release it, you can both go to the bank and the seller pays off the loan with certified bank check made out to Lender. Seller can also use cash or bank to bank transfer. Lender releases title, you sign title over to new owner and give them the RV.
Option 2
If lender and title are out of the area, seller gives you certified check made out to lender for Pay Off. (to be safe you can call the issuing bank to see if they issued the check). You will give buyer bill of sale and the RV. You mail check to Lender. The Lender will take a few days for the check to clear before releasing title. Lender will mail you the title. You mail title to buyer.
Option 3
You can get another loan to pay off RV loan so you can have title in hand... Then pay off new loan when you sell the RV. Make sure there is no early pay off penalty...
if advertising on CL watch out for Scams....
If the title is being held locally. Call your lender and find out their procedure. Find out what PAY OFF is and if they have the title on hand. Find out if the title will be released imediately upon payment. Some banks may require a waiting period for the check to clear (even a certified bank check)before they release the title. If it's local and the title is on hand and they will release it, you can both go to the bank and the seller pays off the loan with certified bank check made out to Lender. Seller can also use cash or bank to bank transfer. Lender releases title, you sign title over to new owner and give them the RV.
Option 2
If lender and title are out of the area, seller gives you certified check made out to lender for Pay Off. (to be safe you can call the issuing bank to see if they issued the check). You will give buyer bill of sale and the RV. You mail check to Lender. The Lender will take a few days for the check to clear before releasing title. Lender will mail you the title. You mail title to buyer.
Option 3
You can get another loan to pay off RV loan so you can have title in hand... Then pay off new loan when you sell the RV. Make sure there is no early pay off penalty...
if advertising on CL watch out for Scams....
