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Old 04-25-2016, 03:02 PM   #1
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Insurance

we are paying a loan on our rv. We sold it to people who will make monthly payments to us and gave us a downpayment, this will go on for a year and then they will make a baloon payment. We are having trouble for them to insure the vehicle while it is in their possession. I am keeping my insurance on it for my own safety, but they need to have a policy in case they get into trouble on the road and I checked with my insurance and they will not put them on as drivers. I checked with other companies and they wont either. What is a person to do in a case like this.
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Old 04-25-2016, 04:11 PM   #2
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Who's name is it registered in? If it is yours then you get to pay it. I consigned on a friend years ago and this is the same thing you are doing and they came after me for the total amount. I was lucky it was only $500 and I had a boat that I gave away and lost a friend. The boat wasn't that much but I knew the risk and I lost. Just don't tell the DW about it.
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Old 04-25-2016, 04:22 PM   #3
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we are paying a loan on our rv. We sold it to people who will make monthly payments to us and gave us a downpayment, this will go on for a year and then they will make a baloon payment. We are having trouble for them to insure the vehicle while it is in their possession. I am keeping my insurance on it for my own safety, but they need to have a policy in case they get into trouble on the road and I checked with my insurance and they will not put them on as drivers. I checked with other companies and they wont either. What is a person to do in a case like this.
Sounds like a recipe for disaster to me!!!
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Old 04-25-2016, 04:50 PM   #4
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So, you're liable for the note, you're insuring the coach, and they have the coach. What happens if they take off for parts unknown and you never hear from them again?

Pardon my bluntness, but you should've thought of these things beforehand. I don't see any way you can make this work so that you're properly protected.


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Old 04-25-2016, 05:45 PM   #5
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If they can pay you off in a year they should have the means to go to the bank and get a 1 year loan. Sounds like they are hoping to sell something to pay you off. They have nothing to lose you have everything, I can understand the insurance company they don't own it nor there name is on the loan and I'm pretty sure your bank want like the idea either.
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Old 04-25-2016, 06:52 PM   #6
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I hope they are very well trusted family! I would never do that except maybe for one of my kids!!
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Old 04-25-2016, 07:07 PM   #7
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I hope they are very well trusted family! I would never do that except maybe for one of my kids!!
Not even for the kids. The buyer doesn't have anything to lose since it's all in your name. You can have them sign a contract but who will enforce it and get them to pay. Couldn't the buyer just borrow from 401k/ margins? How is the buyers credit and assets? If they had them then you wouldn't have to carry. What's to prevent them from pretending to be you in an accident?
I see so many in Judge Judy's courtroom of course max is 5k
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Old 04-25-2016, 07:21 PM   #8
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So basically, you're subletting your motorhome to someone. Hate to point out the obvious, but you have little to no protection against your asset. Should the individual take off to parts unknown, you're 100% liable to the bank holding your note. You likely are not covered by your insurance company in this case should an accident occur while being driven by the third party. This is a financial disaster waiting to happen. Your description of the events sounds an awful lot like a con job in progress.
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Old 04-25-2016, 07:34 PM   #9
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Why not set it up as a lease with option to buy. If it is a lease, then insurance should be no different than leasing an automobile. You mentioned a down payment. I assume it is a good sized one, ie 20-25%. At least you have some coverage in that regard. JMHO
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Old 04-25-2016, 07:40 PM   #10
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Business 101...A fool and his money (RV) are soon to part.

You have the lean on the property you can not sell it unless the lean can be transferred to the new owner by the lean holder.

He will not be able to get insurance unless title is in his name.

If you are not the legal lean holder you will have no recourse to collect loss or be able to repo if needed.

If anything does happen they will be clear and you will pay all restitution or claims.
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Old 04-26-2016, 07:56 AM   #11
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Really?

I would not do this deal if you paid me double what the coach was worth.

But hey, everyone is different and that makes the world go round.

Let us know how it works out
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Old 04-26-2016, 08:29 AM   #12
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This is like watching a scary movie... you can see whats behind the door, but the character can't... you're screaming at the screen NOT to go in.. but they can't/don't listen and get killed anyway...

Just an FYI.. when my GF and I purchased our RV.. we had to make sure both of our names were on the title so we could both be properly insured.. If memory serves me right... you cannot insure something you don't own.. being on the title proves ownership to the Insurance company...

Luckily, we don't have a lien/loan to contend with...
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Old 04-26-2016, 09:15 AM   #13
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Insurance

Ok, after getting 11 postings on what you should not have done, have you looked into insuring the coach as a commercial vehicle, you basically are renting them the coach and folks do that all the time, yours is just a 1 year rental. Commercial insurance will be much more expensive but at least you will have some. Incidentally your lender requires insurance be maintained while you are paying the loan.
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