Getting ready to buy a used Jayco 31FS

[DanLeaAnn]

OK, we are REALLY excited, but a little apprehensive - tomorrow we are going to look (and hopefully buy) a 2010 Jayco 31FS. I have a few questions I hope someone can help us with.
1. The sellers owe more than what we plan to buy the camper for, they want us to wire the money to their bank after we agree on the price & camper, I would like the money wired to the lien holder. How to we get assurance that the camper be paid off & the title will be forwarded on to us?
2. Is there a good list of things to look at - or inspect before buying this used camper? I did check out the list of items to inspect on a new camper that someone posted yesterday, but it really pertained more to new units.
3. Any advise, we are excited but trying to be prudent - much appreciated - Lea

[DanLeaAnn]

Well we went ahead with the transaction - all seems good so far, the sellers only owed a little bit more than what we bought it for. The camper is in excellent shape - we spent the day going over everything. We don't have the title yet but the lienholder says 5 working days. We both went to the bank together, paid the lienholder and had the bill of sale notarized. Thanks for all your good advise, and I know the deal is not done till we hold the title. Thanks everybody - Lea

[squires5]

I would only entertain that transaction if the sellers were local to you.
We sold or hybrid with similar transaction- I owed money and used the buyers funds to pay it off. Buyer presented bank check- I overnighted the funds to the lienholder with prepaid fed-ex envelope, lien holder overnighted title back to me within 5 business days. Buyer came by and picked up the title from me. In Maine, the buyer was able get a 20 day temporary tag from DMV.

[johnwalkerpa1]

dennislanier wrote:
The ONLY safe way to do this is to go with them to the lienholder and see that they personally pay off the note and then have the title put in your name. If the lienholder is somewhere far away that may not be practical or even possible. Even if the sellers are honest people this is a risky proposition at best. As others have said the lienholder will NOT release the title until the note is paid in full.

X2... This is the only way I'd do it. Just too many risks otherwise. If its not possible to do the face to face payoff with the lienholder and a notary to do the transfer all at the same time...I'd walk away and look for another one. There are plenty of them out there...

[Kidsgone]

Lea,
We sold a Airstream trailer that we took a loss on. We had the buyer wire funds directly to our lien holder and at the same time we wired our difference from our bank...all done at once. Title, if you can access online like in FL, can be downloaded in a couple days. We only had a difference of less than 2 grand. If they owe significant amount of money on the Jayco and they say they are way upside down....run don't walk as they may be getting away from a lemon. They can tell you anything to get rid of it.
If you're that interested, hire an inspector.
Just my opinion...

[DanLeaAnn]

Well based on what you all have said, I am going to contact the seller and let them know that if we like the unit and want to purchase it - that we will only wire transfer the money to the lien holder, and that they would have to pay off the lien holder (mortgage) in our sight = transfering title to us - I do not know how much more they owe on the camper. Thanks for all your advise - Lea

[dennislanier]

If you wire the money to THEIR BANK then what iron-clad guarantee do you have that they will use this money to pay off the loan on the RV? Once it is in their account they can do whatever they want with it. Also, how do you know for sure that they can make up the difference and pay off the loan even if they use your money? The ONLY safe way to do this is to go with them to the lienholder and see that they personally pay off the note and then have the title put in your name. If the lienholder is somewhere far away that may not be practical or even possible. Even if the sellers are honest people this is a risky proposition at best. As others have said the lienholder will NOT release the title until the note is paid in full.

[Go_Dawgs1]

I would look for another unit. Too much inventory to run the chance of getting hosed. The bank will have to be involved and they will not release the title until they are paid. Save your money and go look someplace else.

[Rafaelito]

Lea, only you can safeguard the sale by ensuring the process. Call your bank and speak to a manager. You asked for advice, please follow it. Best of luck

[Ncfamilyof6]

Holiday27 wrote:
I did exactly what you are thinking of doing. I handed over a Cashier's check though and received a bill of sale and then after about a month or 2 got the title from the bank. The sellers bank was across the country so no way to do it any other way. I trusted the guy although I didn't know him that well. Good luck!

If the sellers bank is local you should be able to go to the bank with the check, then the seller can make up the difference and they should hand over the title.

I am glad it worked out for you, but it sounds like something I would see on "20/20" or "Dateline"

[Holiday27]

I did exactly what you are thinking of doing. I handed over a Cashier's check though and received a bill of sale and then after about a month or 2 got the title from the bank. The sellers bank was across the country so no way to do it any other way. I trusted the guy although I didn't know him that well. Good luck!

If the sellers bank is local you should be able to go to the bank with the check, then the seller can make up the difference and they should hand over the title.

[Ncfamilyof6]

DanLeaAnn wrote:
But how would the seller pay off the camper ? (if not from our funds) I agree that it doesn't seem right paying for the camper and not getting a title, but I am not sure how the seller could do that without our funds.. thanks for your input !

You usually cannot just short sale an item without the bank being involved.

[Ncfamilyof6]

Do Not, I repeat Do Not send any money to the bank on behalf of the sellers. They cannot sell you what they do not own and they do not own that Class C the bank does. If they are selling it for less then they owe-the bank is going to have an issue and will not release the title to you until they are paid in full or they repo the Class C and sell it themselves.
Why do they want to sell the Class C for a loss???
Why do they think they can sell this to you for less then they owe?
Sorry, I cannot give you any advice about the trailer itself other then the financial part.

[DanLeaAnn]

But how would the seller pay off the camper ? (if not from our funds) I agree that it doesn't seem right paying for the camper and not getting a title, but I am not sure how the seller could do that without our funds.. thanks for your input !

[Rafaelito]

If you are buying from a private party, you will want the clear title in hand at the time of sale. I would not suggest handing over certified funds, wire transfer, etc. Furthermore, I would spend dollars to engage a third party to go over the RV from top to bottom and note all required repairs, deficiencies, etc. I would want copies of all repairs and scheduled maintenance and a carfax report.

Check NADA book value and make certain of the selling price. Check for warranty and recall items.

You can get really poor in a hurry by conducting a wire transfer, even with a bill of sale. We purchased an RV from a dealer in TX last winter and even with the best inspection I could manage, got stung on a few items. With a private party you are wide open. Get your bank or a reputable dealer involved in the transaction or get and follow their advice from start to finish. Things can go really south with a handshake and a smile!