I have a prospective buyer for my RV and HE is getting a loan thru Southeast Financial. I have complied with all their requests, RV inspection, Purchase Order, now they want me to sign a Power of Attorney giving them control over my title prior to giving me a check. I said I would sign one and hand it over with the title on receipt of the check. They said no check till I sign it.QUESTION. Has anyone done this ? Do I have concern ? ETC. ?

RubyRV wrote:I have a prospective buyer for my RV and HE is getting a loan thru Southeast Financial. I have complied with all their requests, RV inspection, Purchase Order, now they want me to sign a Power of Attorney giving them control over my title prior to giving me a check. I said I would sign one and hand it over with the title on receipt of the check. They said no check till I sign it.QUESTION. Has anyone done this ? Do I have concern ? ETC. ?i wouldn't...no way!

rk911 wrote:RubyRV wrote:I have a prospective buyer for my RV and HE is getting a loan thru Southeast Financial. I have complied with all their requests, RV inspection, Purchase Order, now they want me to sign a Power of Attorney giving them control over my title prior to giving me a check. I said I would sign one and hand it over with the title on receipt of the check. They said no check till I sign it.QUESTION. Has anyone done this ? Do I have concern ? ETC. ?i wouldn't...no way!I refused to, now the buyer said do what the bank wants or he'll cancel the deal. That is unreasonable and I never agreed to that as a sale stipulation. Why the heck am I even involved with his loan. SMH

Seems odd. Are you familiar with this bank?Usually you would just sign the title to release it to the buyer or bank. Bank would hand you a check at the same time.Possibly ask to do this in person at a branch. Check should be immediately presented.

Just say sorry, I will find another buyer.

No way I would do that and it isn't needed. Something smells there.

Signing a power of attorney for bank when selling your RV

time2roll
Nomad
Nov 11, 2019
colliehauler wrote:
With power of attorney what would keep them from taking everything you have?
Limited power of attorney for a specific transaction is fairly common. Not exactly an all access pass.
midnightsadie
Explorer II
Nov 11, 2019
go talk to your bank manager.NOW
mich800
Explorer
Nov 11, 2019
The signed title is their power of attorney. Receive payment, sign title, problem solved. Or do you not have possession of the title?
Cloud_Dancer
Explorer II
Nov 11, 2019
Quid pro quo means dando y dando means giving and giving, at the same time. That's why this saying is popular in Spanish, emphasis on the "at the same time". When a certified agent handles it, the title is turned over when payment is assured. Ask your bank.
RubyRV
Explorer
Nov 11, 2019
mich800 wrote:
The signed title is their power of attorney. Receive payment, sign title, problem solved. Or do you not have possession of the title?

I have possession of clean title. SE Financial is a large lending Institution that a lot of RV dealers in S.Florida use.
I offered to present it at same time customer gives me the check and I will hand over signed and notarized POA and title together. SEF said no.
RubyRV
Explorer
Nov 11, 2019
time2roll wrote:
Seems odd. Are you familiar with this bank?

Usually you would just sign the title to release it to the buyer or bank. Bank would hand you a check at the same time.
Possibly ask to do this in person at a branch. Check should be immediately presented.

I know RV dealers who deal with SE Financial, not a "bank" but a lending Inst. No branches, they are out of Tennessee. Dealers I spoke to said this is normal but at time of closing. But that's limited to their experiences only...
mich800
Explorer
Nov 11, 2019
RubyRV wrote:
mich800 wrote:
The signed title is their power of attorney. Receive payment, sign title, problem solved. Or do you not have possession of the title?

I have possession of clean title. SE Financial is a large lending Institution that a lot of RV dealers in S.Florida use.
I offered to present it at same time customer gives me the check and I will hand over signed and notarized POA and title together. SEF said no.

It does seem like an odd policy. But companies often have odd policies. Would make more sense to get a power of attorney from the buyer to aid in dealing with the title that would now be in the purchasers name.
Edd505
Explorer
Nov 11, 2019
RubyRV wrote:
I have a prospective buyer for my RV and HE is getting a loan thru Southeast Financial. I have complied with all their requests, RV inspection, Purchase Order, now they want me to sign a Power of Attorney giving them control over my title prior to giving me a check. I said I would sign one and hand it over with the title on receipt of the check. They said no check till I sign it.
QUESTION. Has anyone done this ? Do I have concern ? ETC. ?

His bank or yours? I did this with a truck and my bank was in direct contact with his. The banks did the paper work & wired the money between the two. I was standing in his bank so I knew it was an actual bank. His bank held the title & mine the money. Have your bank make the contact & when they are satisfied they will have the money transferred to them. You have a 3rd disinterested party as the go between.
egrove
Explorer
Nov 11, 2019
I recently sold an RV and the buyer used this company to finance. They asked for same from me. I was a little hesitant at first but did a little research and went ahead with it. Had no issues, and process went smooth for me. Wasn't so smooth for the buyer, but that was for unrelated issues.
time2roll
Nomad
Nov 11, 2019
RubyRV wrote:
mich800 wrote:
The signed title is their power of attorney. Receive payment, sign title, problem solved. Or do you not have possession of the title?
I have possession of clean title. SE Financial is a large lending Institution that a lot of RV dealers in S.Florida use.
I offered to present it at same time customer gives me the check and I will hand over signed and notarized POA and title together. SEF said no.
So after the POA is signed when do you hand over the title and RV?
How long do you wait for a check?

Takes a bit of blind faith sometimes. I would still want some type of sales contract that specifies these details including retention of the RV until payment is made. Too easy to damage the RV and then the finance falls through.

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Signing a power of attorney for bank when selling your RV

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