Go Back   iRV2 Forums > iRV2.com COMMUNITY FORUMS > iRV2.com General Discussion
Click Here to Login
Join iRV2 Today

Mission Statement: Supporting thoughtful exchange of knowledge, values and experience among RV enthusiasts.
Reply
  This discussion is proudly sponsored by:
Please support our sponsors and let them know you heard about their products on iRV2
 
Thread Tools Search this Thread Display Modes
 
Old 12-13-2014, 09:50 AM   #1
Senior Member
 
reubenray's Avatar
 
Newmar Owners Club
Join Date: Feb 2012
Location: Lake Osprey RV Resort, Elberta, AL
Posts: 2,734
How to Sell Financed Motorhome?

I have been reading a lot about how to sell a motorhome. I am concerned with how to handle the sale for a financed motorhome. The bank has the title, so I obviously cannot sign it over to the buyer. What type of other paperwork will I need to do?

I want to have all of my ducks in a row, before I post anything.
__________________

__________________
Raymond, Dee Dee and Sophie (Yorkie)
2013 Tiffin Allegro (Sold) - 2017 Ventana LE 4037 -
2016 Chevrolet Equinox - V6 - AWD
reubenray is offline   Reply With Quote
Join the #1 RV Forum Today - It's Totally Free!

iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!

Old 12-13-2014, 10:00 AM   #2
Senior Member
 
Winnebago Owners Club
Join Date: Jun 2006
Location: Bolingbrook, IL
Posts: 342
When we bought our current MH in May, the previous owner owed more than he sold it for. We had cashiers check made out to loan company, went to his bank where he got a cashiers check for balance and then we all went to Post Office and overnighted all paperwork (copy of bill of sale, etc,) to loan company.
__________________

__________________
KC9NPT (Merrill)
2000 Itasca Suncruiser 35U
2002 Jeep Wrangler Sport, 2005 Jeep Liberty Sport
Romer1 is offline   Reply With Quote
Old 12-13-2014, 10:05 AM   #3
Registered User
 
Join Date: Mar 2014
Posts: 647
When you clear the debt with the loan company, then they will release the title. The loan company might help with all the paperwork for a fee.
__________________
RodgerS is offline   Reply With Quote
Old 12-13-2014, 11:44 AM   #4
Senior Member
 
Tha_Rooster's Avatar
 
Join Date: Aug 2008
Location: Georgia
Posts: 4,507
What did your bank that has the title say?
__________________
2007 Fleetwood Revolution LE 40V
Tha_Rooster is offline   Reply With Quote
Old 12-13-2014, 11:57 AM   #5
Senior Member
 
palehorse89's Avatar


 
Newmar Owners Club
Join Date: Oct 2009
Posts: 7,718
It is the same with anything that has a lien on it, call the financial institution that holds the title, tell them you are going to sell the Coach, ask if they have the title in question in hand? if not can they get it to their location? so as you can bring a buyer in to settle the loan for the sale of the Coach. Once paid, the buyer gets the title, (you do) and off to the notary to do the transfer and paper work. The buyer will have 2 payment's, one to you for the equity in the sale, and one for the bank for the pay off. The form of payment is between you, the buyer, and the bank holding the title.
__________________
2000 Newmar MADP 4060, 350ISC, Spartan MM, IFS 2011 Jeep JK, M&G Braking, 2014 MTI 27' Hog Hauler, Wireless brake control, 2006Ultra & 1989 Springer
palehorse89 is online now   Reply With Quote
Old 12-13-2014, 01:04 PM   #6
Senior Member
 
reubenray's Avatar
 
Newmar Owners Club
Join Date: Feb 2012
Location: Lake Osprey RV Resort, Elberta, AL
Posts: 2,734
The bank is Bank of the West and there is no branch close by.
__________________
Raymond, Dee Dee and Sophie (Yorkie)
2013 Tiffin Allegro (Sold) - 2017 Ventana LE 4037 -
2016 Chevrolet Equinox - V6 - AWD
reubenray is offline   Reply With Quote
Old 12-13-2014, 01:07 PM   #7
Senior Member
 
palehorse89's Avatar


 
Newmar Owners Club
Join Date: Oct 2009
Posts: 7,718
Quote:
Originally Posted by reubenray View Post
The bank is Bank of the West and there is no branch close by.
With this info. in mind........refer to post #4
__________________
2000 Newmar MADP 4060, 350ISC, Spartan MM, IFS 2011 Jeep JK, M&G Braking, 2014 MTI 27' Hog Hauler, Wireless brake control, 2006Ultra & 1989 Springer
palehorse89 is online now   Reply With Quote
Old 12-13-2014, 03:12 PM   #8
Senior Member
 
Join Date: May 2014
Location: Muscle Shoals, AL/Helen, GA
Posts: 968
First thing is to call the Bank of the West and get them to pull your folder. You'll want to verify they have the title in hand.

Then ask them how they prefer to handle private sales. They might prefer that the buyer wire transfer funds direct to them. (Too many fraudulent cashiers checks floating around these days.) And get the name of a specific person that can handle the transaction for you.

They could probably send the title directly to the buyer or his bank, and a limited power of attorney from you to the buyer would work in lieu of you actually signing off on the title.
__________________
Bamaman is offline   Reply With Quote
Old 12-14-2014, 09:02 AM   #9
Senior Member
 
padre44's Avatar
 
Join Date: Apr 2011
Location: Clarksville, TN
Posts: 226
I sold a motor home on Ebay to an out of state person. Ebay recommends Escrow.com for financial transactions. It is safe and secure and went off without a hitch. Even cashier's checks can be stopped so are not completely safe. The guy had to wait for the title to be sent to him from Bank of the West after they received their money. However, he had the motor home and was confident of this process.
__________________
padre44 is offline   Reply With Quote
Old 12-14-2014, 04:20 PM   #10
Senior Member
 
GaryKD's Avatar
 
Newmar Owners Club
Join Date: Jul 2006
Location: Wellington, Florida
Posts: 12,313
Hi reubenray,
The bank holding the title will tell you the process to be followed. The buyer needs to understand what documents they need to title the coach in their state. The previous posts provide the details and order of events. The scary part for both buyer and seller is when the buyer takes possession of the coach after sending BOTW the $s. All the lien papers should be sent to the seller. The release of lien letter and title should be sent to the buyer.

Many states now have only electronic titles. I'm not sure how this would be handled if the buyer is titling the coach in a state other than the seller's state.
__________________
Gary
2005 Newmar KSDP 3910 + GMC ENVOY XUV 37K lbs Moving Down The Road
The Avatar Is Many Times Around The USA
Nobody Knows Your Coach Like Somebody Who Owns One Just Like Yours
GaryKD is offline   Reply With Quote
Old 12-14-2014, 04:36 PM   #11
Senior Member
 
StevieG's Avatar
 
Fleetwood Owners Club
Join Date: Jan 2013
Location: Milton, NY
Posts: 915
In New York, title is issued to the owner with a lien holder listed on it if there is a loan. If a subsequent buyer pays the loan off with cash or with a bank check (that is verifiable), then the lender will issue a lien release letter on the spot. The seller can sign over the title, and the buyer can take the title and lien release letter to the DMV to register the motorhome.
__________________

__________________
Steve & Beth - Milton, New York
2006 Monaco Knight 38 PDQ
Ready Brute Elite-2016 Ram 1500 Quad Cab 4x4
StevieG is offline   Reply With Quote
Reply

Tags
motorhome



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
NC Motorhome Property Taxes Maggie8 Class A Motorhome Discussions 30 12-16-2014 11:51 PM
Ford Motorhome Chassis Sales Beat the Market DriVer RV Industry Press 3 12-16-2014 09:26 AM
Winnebago Motorhomes Receive MotorHome Magazine Readers' Choice Awards DriVer RV Industry Press 1 12-02-2013 03:00 PM
Best Selling Motorhome Manufacturer Unveils New 2014 Class A Motor Home DriVer RV Industry Press 2 08-21-2013 09:13 PM

» Virginia Campgrounds

Reviews provided by


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 06:56 PM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.