Selling by consignment

[ngreen]

Talked to a consignment dealer to sell a boat - the scarey part is they want us to sign the title over to them - so if they sell it we dont have to run over there with the title - they have been in business along time - but that thought scares me.

Anyone had to sign over their title when they sold by consignment in the past?

[Winged_One]

I just sold my Thunderbird on consignment. They just wanted a copy (front page)of the title. NOT a signed copy.

In fact, I have to run up there tomorrow to give them the signed original and pick up my check.

Do Not give them a signed original.

[Homer1]

Sign off on the title and put it in an escrow account at a bank or some attorneys will do this. Your title only leaves the escrow when the money is paid and it clears. You will need to carry the insurance while in consignment, it is your best interest to do it this way. My insurance company covered my rig as though I was using it. You have to be in the real world on this stuff. The dealer is trying to sell your rig. His buyer may be borderline, if there are any delays or he is run around the barn, he very well may walk away. Signing it over to the dealer,(NO WAY)! Suppose he goes bankrupt, your DOA.

[Nomadac]

downtheroad wrote:

ngreen wrote:
I think everyone agrees with my feelings although DH is upset with me for saying no way, also they do not provide any insurnace for property or liability. This is a marina on Grand Lake, so if they let someone test drive it and had a accident and injured someone, we would be the ones to get sued! This marina has alot of consignment boats for sale but I dont think they are going to get ours.

Is there something wrong with your DH? He should be taking you out to dinner.

Tell DH to check with our Insurance Company, as many do not cover RV's when on a Consignment Lot and the Dealer's Insurance will not cover as they do not own the RV or have Title to it. I agree DH should take you out for dinner, with the money saved from not being liable for any damage, theft, etc. while on the dealer's lot. I personally would never use a Consignment Lot to sell my RV.

[ngreen]

Thank you Downtheroad! I appreciate the thought

[downtheroad]

ngreen wrote:
I think everyone agrees with my feelings although DH is upset with me for saying no way, also they do not provide any insurnace for property or liability. This is a marina on Grand Lake, so if they let someone test drive it and had a accident and injured someone, we would be the ones to get sued! This marina has alot of consignment boats for sale but I dont think they are going to get ours.

Is there something wrong with your DH? He should be taking you out to dinner.

[ngreen]

I think everyone agrees with my feelings although DH is upset with me for saying no way, also they do not provide any insurnace for property or liability. This is a marina on Grand Lake, so if they let someone test drive it and had a accident and injured someone, we would be the ones to get sued! This marina has alot of consignment boats for sale but I dont think they are going to get ours.

[rockhillmanor]

Talked to a consignment dealer to sell a boat - the scarey part is they want us to sign the title over to them - so if they sell it we dont have to run over there with the title - they have been in business along time - but that thought scares me.
Anyone had to sign over their title when they sold by consignment in the past?

Just the reason alone that they gave you should send you running for the hills away from this dealership!! :B

Sold 2 MH's on consignment. No they didn't get the title.
They called me when they had a final done deal buyer. I came in and signed the title and picked up my check.

[beckid]

Sounds fishy to me too.

[kalynzoo]

If they have title they have ownership. Will they maintain insurance for fire, theft, liability in your name. Will they be offering you a contract against the company assets and their personal assets? What happens if the MH does not sell for the agreed price? If their concern is your availability to conclude the sale then arrange for an Escrow or have the title held at a bank. Come to think about it: What if you didn't have the title and the title was held by the bank, would you be expected to pay off the loan before they would accept consighment?
Sounds fishy to me.
JMHO

[Aridon]

I really wouldn't feel comfortable doing that.

[downtheroad]

Don't even think about it...
Once you sign over the title you are out of it. The boat is theirs.

Never sold anything on consignment, but if that's the way it's done I never will.

[cpmath]

No, never. What happens if they DON'T sell it? They have your signed over title.