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Old 09-13-2013, 02:22 PM   #1
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Transfer of funds on RV sale

I'm interested to hear how others have handled the transfer of funds on an RV sale. I've heard people say they had the buyer wire the money to their bank. That's great for the seller but how is the buyer protected ? Cashiers checks are dangerous as they can be bogus or stopped. Appreciate any input on this.
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Old 09-13-2013, 02:29 PM   #2
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The wire transfer method would be my recommendation. If the buyer balks, use a reputable escrow service as the middleman until the transaction is completed.

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Old 09-13-2013, 02:38 PM   #3
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Thanks Rusty. I was thinking that the buyer might balk as they're wiring the funds before getting the Title. Escrow sounds like a good lead. I wonder if my Bank would act as Escrow Agent. I'll have to contact them. I still would like to hear how others handled this.
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Old 09-13-2013, 02:52 PM   #4
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Ask someone, car dealer, RV store, etc who does this every day. Maybe even consult with a lawyer. In the meantime you can expect that One of parties is going to balk at having to wait for the title transfer. The buyer can wire transfer money from his bank to the receiving bank. The title is signed or appropiate title transfer paper if the bank has the title. Also the bank will need a wire transfer for their amount. It is a done deal. Title from the bank will arrive in the mail. The state title store will sell a temporary tag good for one or two months depending upon the state.
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Old 09-13-2013, 03:03 PM   #5
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Can't the buyer and seller go to the sellers bank, the buyer calls his bank, they transfer the money? Sellers bank says the money's here and you transfer ownership at the bank.
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Old 09-13-2013, 03:10 PM   #6
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Cliff,
When we sold our 5th wheeler and the pick up, the buyers were members of the same bank, Chase, that we had. Different branch. They had their bank wire the funds from their account to my account. When they arrived to pickup the rigs, the titles were ready for them. Sweet!
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Old 09-13-2013, 03:19 PM   #7
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Quote:
Originally Posted by Route 66 View Post
Can't the buyer and seller go to the sellers bank, the buyer calls his bank, they transfer the money? Sellers bank says the money's here and you transfer ownership at the bank.

I'm told by Bank of America that wire transfers usually take a few hours but can take 48 hours EEK.
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Old 09-13-2013, 03:22 PM   #8
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Cliff, on the purchase of our first coach the seller was concerned as he still had a lien on the coach and I was as well. Simple solution, he banked at BOA so I opened an account at his bank, cost $15.00 to me the buyer. The bank verified to him that the funds for purchase had been wired to my account. No pay without title in hand! We both met at his bank. The title to his coach was mailed in advance to the bank president or vice, we met, he paid off his note, I paid him, the title was notarized right there in front of me and verified satisfied. I then proceeded to DMV and secured my title, was mailed later, and plates in my name and DW's. there Are various fees involved for the buyer not so much for the seller. If he or she is out of state a problem could exist as FL DMV will not issue a temp tag. The buyer is best served if they bring there own tags. They can travel with a dated bill of sale, this is how I had to do it. If the buyer has to borrow for the purchase that's another bag of worms, really big bag!
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Old 09-13-2013, 03:28 PM   #9
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My Title is clean. I'm just doing my homework ( I used to be a Boy Scout and our motto is " be prepared " ). I want to be sure the payment is "clean " when the time comes. It may be all needless worry but that's the way I roll .
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Old 09-13-2013, 03:45 PM   #10
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I let seller come with me to my bank and witness the issuance of cashiers check. We then exchanged title for check.
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Old 09-13-2013, 03:49 PM   #11
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I let seller come with me to my bank and witness the issuance of cashiers check. We then exchanged title for check.
Sounds plausible but cashiers checks can be stopped. However if I opened an account at your bank and they put your money in my account , I would have no problem signing over the title.
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Old 09-13-2013, 03:59 PM   #12
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We took our bank check and met them at their bank. Their bank called our bank to verify the check. When we handed over the check the owners decided that they would keep the MH and the title and the check till the check cleared. Oh no!!! At that time I told them either the check or the title and MH were leaving with me. They ended up keeping the check and we left with the MH and title. Got pretty testy for a few minutes. I like the way Route66 staged it.
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Old 09-13-2013, 04:05 PM   #13
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How can a cashiers check be stopped? It's issued by the bank.

Quote:
Originally Posted by Clifftall View Post
Sounds plausible but cashiers checks can be stopped.
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Old 09-13-2013, 04:20 PM   #14
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They can be stopped ( difficult but can be done ). The bigger problem is bogus ones.
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