Selling your rig

[Roy_Lynne]

Is it possible to sell your RV "by owner" if you still own money on it? If so, how?

[1L243]

Just like that.. One Certified bank check made out to you (or cash) and a certified bank check made out to the Lender for pay off...You can have your bank call the issuing bank to verify or you can call yourself. Don't use the phone number on the check look up the bank on the internet and call them with the number provided. Just tell the buyer that you will have to take a few minutes to verify the the checks. If they are legit they won't care... If they are jumpy and sweating and scratching the sores on their arms and take of running you did the right thing!!

Some buyers don't like doing wire or bank to bank transfers because the banks can charge like $30+/-.

[mrkoje]

Roy&Lynne wrote:
Is it possible to sell your RV "by owner" if you still own money on it? If so, how?

Be prepared to pay the difference of what it sells for vs what you owe. Hopfully you can sell it for more than what you owe!

If there is a balance at a bank then you will need to coordinate with the bank that you are selling it. If it is a local bank (hopefully) then you can meet the seller there. You can then either pay the balance or have the buyer write the check to the bank. You will then need to either pay the difference between what you owe and what the buyer has paid to the bank to make sure the buyer can get a lien release.

Usually can go pretty easy. I'm in the process of doing just this on a vehicle I own right now. It can be a PITA or very simple process depending on the bank. It does make it 100x easier if the bank is local which makes releasing the title/notarizing etc that much easier.

Best of luck to you

[westernrvparkow]

Roy&Lynne wrote:

1L243 wrote:
Option 1

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....

Thanks so much all. 1L234, yeah my problem is that our loan is with USAA which is in Texas and we are in Wa, so I really need option 2 or 3, and I'm really concerned about scams so I will be calling the bank. But I have one more question, If we are asking 25,000 but only owe 12,000 do I ask for two certified checks?

Wire transfers, not checks. Checks can be forged or lost, as a recent tread illustrated. Wires are safe and virtually fraud proof.

[Roy_Lynne]

1L243 wrote:
Option 1

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....

Thanks so much all. 1L234, yeah my problem is that our loan is with USAA which is in Texas and we are in Wa, so I really need option 2 or 3, and I'm really concerned about scams so I will be calling the bank. But I have one more question, If we are asking 25,000 but only owe 12,000 do I ask for two certified checks?

[1L243]

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....

[frankdamp]

If you originally financed your purchase with a home equity loan, selling the RV doesn't make any difference. The loan is against your house, not your RV.

[sch911]

You agree on the selling price. You and the buyer go to your bank and payoff the note. If the selling price is less than what you owe, you'll need to make up the difference. Once paid the bank will issue a release of lien document for the RV.

[scdiver]

Get buyer, meet buyer at lender's office. Buyer pays lender. Lender releases title to you. You sign title to buyer. Buyer takes rv.

Have done this many times.