Forum Discussion

Roeboat79's avatar
Roeboat79
Explorer
Jul 11, 2017

Seeking sales advice

Hello fellow campers!
My hubby and I are selling our 19ft hard side trailer so we can up grade to a 5th wheel. When we got the unit we had to go small since we were pulling it with a Honda Odyssey but last year we bought a used Ram 3500.
Anyway, what I need advice on is how to sell the unit without the title in my possession. We still owe about $5,000 on it and in Wisconsin titles are not released until the loan is paid. Has anyone done this type of sale before? I have a potential buyer coming to look at it today after banking hours. We also are not in a hurt to sell and have not cleaned our personal stuff out of the unit yet as we plan to use it until we loose it.
Please help a rookie out. We are new to the RV lifestyle and have never done anything like this.
Thanks
  • midnightsadie's avatar
    midnightsadie
    Explorer II
    Jul 11, 2017
    hotjag and others have it right happens everyday. if your still got a question go to your bank and they,ll walk you threw it. it is not a problem.
  • kerrlakeRoo's avatar
    kerrlakeRoo
    Explorer
    Jul 11, 2017
    As others have said, you will have to complete the transaction at your bank, Also if you used a small local lender find out where the title physically is. Your buyer is going to want it put in their hand upon making payment, small local lenders frequently will be able to assist you on having it available, bigger national banks are more difficult.
  • westernrvparkow's avatar
    westernrvparkow
    Explorer
    Jul 11, 2017
    Lwiddis wrote:
    "Anyway, what I need advice on is how to sell the unit without the title in my possession."

    Your lender lent money to you and your DH because they trusted you and your DH to pay them back. Now you and your DH have decided to sell it to someone else that your lender doesn't know...doesn't trust. In my state you have NO right to sell your vehicle to anyone without the lender's permission or paying off the lender before the vehicle is sold...you don't "own" what you are trying to sell. Working with your lender you can sell it.

    No one legitimate, no one, will "buy" something from you that you don't own. Careful, again here in our state, it might be considered theft to sell what you don't own because it might hurt the lender...the "real" owner until you pay them off.
    What on God's Green Earth are you talking about? Illegal to sell your vehicle without the lender's permission in Arizona??? Such a sale is done millions upon millions of times each year. Cars, trucks, boats, RVs, Homes, businesses etc. are sold while the seller has liens against those assets. It is simple and easy. The seller's lien holder will provide the simple directions to complete the sale. The buyer's bank (or lender if they are using one) will also be able to assist in the transaction. A quick call to the lien holder would be the first step.
  • Ron3rd's avatar
    Ron3rd
    Explorer III
    Jul 11, 2017
    Your lender will be involved and in some cases, it can all be handled via email. No problem really.
  • WolverineState's avatar
    WolverineState
    Explorer
    Jul 11, 2017
    hotjag1 wrote:
    In most instances, you and the buyer will need to go to your bank and pay off your existing loan. The bank will then sign off as the legal owner and release the title to you, and then you sign off as the registered owner and give it to the buyer. The buyer will then give you the balance of your selling price and you release the trailer to them.
    No worries for you or the buyer as the bank will make sure that everything is legal and that the loan is paid off before they will sign off on the title.


    Exactly how I bought my first car. Just met the sellers at their bank. No worries.
  • ScottG's avatar
    ScottG
    Nomad
    Jul 11, 2017
    hotjag1 wrote:
    In most instances, you and the buyer will need to go to your bank and pay off your existing loan. The bank will then sign off as the legal owner and release the title to you, and then you sign off as the registered owner and give it to the buyer. The buyer will then give you the balance of your selling price and you release the trailer to them.
    No worries for you or the buyer as the bank will make sure that everything is legal and that the loan is paid off before they will sign off on the title.


    There's your answer.
    People sell vehicles they "don't own" thousands of times a day. there's nothing wrong with it.
  • hotjag1's avatar
    hotjag1
    Explorer II
    Jul 11, 2017
    In most instances, you and the buyer will need to go to your bank and pay off your existing loan. The bank will then sign off as the legal owner and release the title to you, and then you sign off as the registered owner and give it to the buyer. The buyer will then give you the balance of your selling price and you release the trailer to them.
    No worries for you or the buyer as the bank will make sure that everything is legal and that the loan is paid off before they will sign off on the title.
  • Lwiddis's avatar
    Lwiddis
    Explorer II
    Jul 11, 2017
    "Anyway, what I need advice on is how to sell the unit without the title in my possession."

    Your lender lent money to you and your DH because they trusted you and your DH to pay them back. Now you and your DH have decided to sell it to someone else that your lender doesn't know...doesn't trust. In my state you have NO right to sell your vehicle to anyone without the lender's permission or paying off the lender before the vehicle is sold...you don't "own" what you are trying to sell. Working with your lender you can sell it.

    No one legitimate, no one, will "buy" something from you that you don't own. Careful, again here in our state, it might be considered theft to sell what you don't own because it might hurt the lender...the "real" owner until you pay them off.

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