PIlots123
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Re: Selling an RV with a lien
Thank you for the quick response. That is exactly my concern. Forgive my ignorance, but how exactly does a bank to bank transaction work? Let’s say we agree on a price and shake hands on the deal. Sounds like I provide the buyer with my bank info and loan # and he has his bank send the money to my bank? What protects the buyer from transferring the $ to pay off my loan and then never seeing me again? Do we meet at his bank to initiate the transfer and then go to my bank to get the documents releasing the lien? That is the part that I am struggling with.391Views0likes0CommentsSelling an RV with a lien
Hello everyone. I am in the process of selling my Class A. Kids are in their mid to late teens and we are still a few years from retirement so the RV is sitting most of the time unless we can all get our schedules coordinated. Time to let someone else enjoy the lifestyle as much as we have. My question relates to the logistics of payments. I did searches on the forum and learned a lot but still have questions so I appreciate everyone’s patience. The RV has a lien at a local credit union but the selling price that I hope to get should cover the loan amount. Paying off the loan ahead of the sale to get a clear title is not an option. The folks at the bank tell me that if the seller wires the money to the credit union, or pays for the RV in cash, they can release the lien and provide a clean title on the same day. They indicated that if the buyer pays with a cashier’s check (or uses any means other than wire/cash) it would take 10 days until the funds are released at which point they lien would come off the motorhome. If I’m the buyer, neither of these options thrill me. I’d be hesitant to wire money to a stranger’s bank for obvious reasons. Nor would I want to wait 10 days to take possession of an RV that I paid good money for. As the seller, I obviously want to make sure that I got paid before turning over the keys and signing over the title. So how do people do this? I must be missing something because individuals buy and sell RV’s all of the time. Thanks in advance for your help and guidance.10KViews0likes23Comments
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