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Old 09-14-2016, 07:55 AM   #1
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Private party sale with existing loan

We just put our current coach up for sale as we are taking delivery of our new coach that is on order in November. Question I have is I have an existing loan on the coach we are selling. What is the best way to close the transaction since my loan is going to need to be paid off by proceeds of sale (we are positive on it so I will also be getting some cash after loan is paid)? I have the ability to payoff the loan right now, so wondering if better to pay off loan to then have a clear title and just sign it over once buyers funds clear my bank? Not sure how we would complete transaction with loan right now? Do you get funds, then wire to lender, then get title to sign over?

Thanks for any input!
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Old 09-14-2016, 08:00 AM   #2
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I would pay it off. The less complications at closing , the better. Good luck with this and congrats on the new one.
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Old 09-14-2016, 08:12 AM   #3
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pay off the loan.
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Old 09-14-2016, 08:21 AM   #4
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Paying off the loan now would be the least complicated. If not, and the buyer is paying cash and local then going to your bank with them to finalize the transaction. If the buyer is financing you then connect your bank and the buyer's bank together and they will handle details.
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Old 09-14-2016, 08:23 AM   #5
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You would use an escrow service. They would pay off the loan, deliver the title to the new owner and send you the remaining cash. Paying it off would be cleaner unless you can't wait for the lending institution to send you the title.
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Old 09-14-2016, 08:26 AM   #6
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Thanks everyone for the insightful info and quick responses. Looks like I will go ahead and start the process of paying off the loan. I would rather keep process as simple as possible.
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Old 09-14-2016, 09:39 AM   #7
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Just remember - your coach isn't truly sold until you get through the closing. It's not unheard of to have a deal unravel - even at this late stage. If you're going to have to go through a lot of gyrations to free up money to pay off your loan in advance - you certainly don't want to put yourself in a position that you're short on liquidity if the deal were to go south before closing.
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