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11-01-2016, 09:47 PM
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#1
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Senior Member
Fleetwood Owners Club
Join Date: Nov 2010
Location: Somewhere out there
Posts: 387
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Question on selling to private party
I am selling my RV to a private party who is applying for a loan. He states the bank wants a copy of my title. Is that normal? I'm a little concerned about that. Any suggestions?
Thanks
Randy
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Randy and Michele
2017 Pace Arrow 38K, 2017 Jeep Wrangler
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11-01-2016, 09:48 PM
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#2
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Senior Member
Carolina Campers
Join Date: Feb 2013
Location: Winston Salem, NC
Posts: 3,452
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Question on selling to private party
Take it to the bank in person yourself versus giving it to the person to take to the bank.
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11-01-2016, 09:53 PM
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#3
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Senior Member
Fleetwood Owners Club
Join Date: Nov 2010
Location: Somewhere out there
Posts: 387
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I'm not sure where the bank is yet, but I believe they want it emailed
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Randy and Michele
2017 Pace Arrow 38K, 2017 Jeep Wrangler
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11-01-2016, 09:56 PM
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#4
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Community Administrator
Fleetwood Owners Club Workhorse Chassis Owner
Join Date: Sep 2010
Location: Marquette, Michigan "Da UP" & Lehigh Acres Florida
Posts: 21,827
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For the mount of money involved I can understand them wanting to see a clean title. A copy not the original.
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John & Cathy R.
06 Pace Arrow 38L Workhorse W24
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11-01-2016, 10:02 PM
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#5
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Senior Member
Country Coach Owners Club
Join Date: Dec 2010
Posts: 7,802
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Give them a copy, nothing wrong with that. Just get the name of the bank and the person it should be sent to and send it directly to the bank
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Don
2002 Country Coach Intrigue
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11-01-2016, 10:03 PM
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#6
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Senior Member
Winnebago Owners Club
Join Date: Mar 2014
Posts: 14,891
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I would take a picture of the title and email the picture to the bank.
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Gordon and Janet
Tour 42QD/InTech Stacker
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11-01-2016, 10:05 PM
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#7
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Member
Join Date: Feb 2016
Posts: 46
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I don't see any problem in sending a copy. If you have any doubts, you can make a copy and write "copy" across it. I'm sure the bank wants to know that it is a clean and free title before they go through all the work of issuing the loan.
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11-01-2016, 10:07 PM
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#8
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Senior Member
Fleetwood Owners Club
Join Date: Nov 2010
Location: Somewhere out there
Posts: 387
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Thanks! It is a lot of money so I just want to be careful!!
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Randy and Michele
2017 Pace Arrow 38K, 2017 Jeep Wrangler
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11-01-2016, 11:10 PM
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#9
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Senior Member
Join Date: Apr 2016
Location: Full Timers
Posts: 355
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With the amount of money involved why not use an escrow company...everybody gets what they want.
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Dave & Sheryl Rambeau
2011 Itasca Meridian 39'
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11-01-2016, 11:14 PM
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#10
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Senior Member
Join Date: Nov 2015
Posts: 26,837
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Quote:
Originally Posted by Earl E
I don't see any problem in sending a copy. If you have any doubts, you can make a copy and write "copy" across it. I'm sure the bank wants to know that it is a clean and free title before they go through all the work of issuing the loan.
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X2 on COPY of a copy
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I took my Medication today. HAVE YOU?
Dodge 3500 w/Tractor Motor
US NAVY---USS Decatur DDG-31
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11-02-2016, 04:34 AM
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#11
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Senior Member
Join Date: Jun 2016
Location: SW Louisiana
Posts: 8,953
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I am in an airport now on the way to pick up my new to me motorhome. My bank wanted a scan of the sellers title as well as drivers lic.
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11-02-2016, 06:55 AM
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#12
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Community Moderator
Monaco Owners Club
Join Date: Jul 2016
Location: Central, Arkansas
Posts: 11,290
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Not a problem. It lets them find out if it has any liens or judgements against it. Not all states are title holding if there is a lien. It will also potentially let them find out if a salvage title was ever issued.
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2004 Beaver Monterey Laguna IV
Cummins ISC 350HP Allison 3000 6 speed
2020 Chevy Equinox Premier 2.0t 9 speed AWD
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11-02-2016, 07:21 AM
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#13
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Senior Member
Monaco Owners Club
Join Date: Oct 2014
Location: Rigby, Idaho
Posts: 3,948
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The bank will want a clean title before the deal is done. You stated they want a COPY of the title -- sure, send them a copy. It's worth about as much as a copy of a $100 bill -- nothing. It is very normal for the buyer's bank to want the original title, not a copy, showing no lien holder, as the buyer's bank wants to put a lien on this property and wants their lien to be in first position. Is your mh payed off? If not, do the deal at your lien holder's location, your bank I suppose, and when the buyer gives you money, you give it to your lien holder, they release the lien by signing the title, they give the title to you, you sign the title releasing interest to the buyer, the bank gives you the proceeds, and the deal is done. The buyer then applies for a new title with his lien holder on it.
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Cheers,
TonyMac
2006 Monaco Safari Cheetah 40PMT
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11-02-2016, 07:22 AM
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#14
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Senior Member
Fleetwood Owners Club Ford Super Duty Owner
Join Date: Jun 2012
Location: SoCal
Posts: 15,749
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Quote:
Originally Posted by Earl E
I don't see any problem in sending a copy. If you have any doubts, you can make a copy and write "copy" across it. I'm sure the bank wants to know that it is a clean and free title before they go through all the work of issuing the loan.
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This is what I would do.
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Vince and Susan
2011 Tiffin Phaeton 40QTH (Cummins ISC/Freightliner)
Flat towing a modified 2005 Jeep (Rubicon Wrangler)
Previously a 2002 Fleetwood Pace Arrow 37A and a 1995 Safari Trek 2830.
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