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Old 05-09-2016, 06:56 PM   #1
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I have found an RV that we wish to purchase, but current owner has lein on it and the RV is also 150 miles from where we live. I have already given a small deposit and was hoping to meet with him at his bank, pay for RV in full and drive it home. ANY UNFORESEEN PROBLEMS with this. I don't want to make the trip a third time. LOOKING FOR ADVICE
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Old 05-09-2016, 07:00 PM   #2
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Welcome to the forum!

Need more info about RV...
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Old 05-09-2016, 07:00 PM   #3
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Well, right off the bat, 150 miles is nothing when trying to find the right RV. I would make that drive 4 or 5 times if I was seriously interested in an RV. But,,,what is the Lien? Is it just a loan on the MH, or is it something else based on a legal issue? That is really important to know.
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Old 05-09-2016, 07:02 PM   #4
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I second B Dubya - make sure that the vehicle is free and clear!
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Old 05-09-2016, 07:12 PM   #5
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Quote:
Originally Posted by B Dubya View Post
Well, right off the bat, 150 miles is nothing when trying to find the right RV. I would make that drive 4 or 5 times if I was seriously interested in an RV. But,,,what is the Lien? Is it just a loan on the MH, or is it something else based on a legal issue? That is really important to know.
Agreed, we made the 110 mile one way trip four times before buying the Magna.
The lien is another thing! Meeting at the bank and paying him is great, but does the owner owe more than you're paying him? If so he's going to have to make up the difference before the lien is released.
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Old 05-09-2016, 08:01 PM   #6
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If they have a bank loan the bank should have the title. Make sure to make the check out to the bank, not the individual. I would check to make sure that they aren't upside down on the value. Calls to the bank would be well worth the effort.

Any doubt run don't walk away.
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Old 05-09-2016, 08:18 PM   #7
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Too many questions, you better run now.
I bought my RV last June and have used it twice and it is in the shop now (third trip for the same problem).
If you know someone who is able to do a complete inspection (RV place charged me $750 to do that), take them and then do what they say. RV inspectors generate income for the shop- they don't work for you.
Or, you can run now!
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Old 05-10-2016, 07:24 AM   #8
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Call him and ask him to make the transfer at his bank making sure that the bank will give you a lien release when you make the transfer. Not aproblem as long as you have that release I hand.
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Old 05-10-2016, 09:59 AM   #9
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I've done this before myself with a private vehicle sale, met the future owner at the bank, received a cashier's check from his account at the bank, and he received the title on-the-spot, which he handed to his banker since he was taking out a loan on the vehicle.
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Old 05-11-2016, 07:43 AM   #10
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Do you know the sellers exact situation as it applies to the motor home? How much does he owe? What is the value of the motor home? Is he up to date on the payments? How much are you paying? Does the seller have to come to the table with any cash? If so, do they have it readily available or do they have to get a loan? Does the bank have the title and will they release the lien and allow the owner to sign it over to you? These are all questions you need to know the answer to.

I wasted a lot of time on a similar situation. The seller lost his job and needed to sell the coach and had steadily dropped the price to the point that it was a very attractive price for the year and model. He told me he was upside down and would bring cash to the table to pay off the bank when I purchased the home. What he didn't tell me, and I didn't think to ask, was that he didn't have the cash and was going to have to borrow the money.

I spent money to have the coach inspected and was ready to move forward with the transaction when he told me he couldn't come up with the money he needed to complete the transaction. THEN, he told me that he hadn't been making payments and the coach was about to be repossessed! I could have avoided the whole mess if I'd asked all the questions up front.

If you know the answer to all these questions and are satisfied with the condition of the coach, then by all means go ahead. Good luck.
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