Community Forums

skitcharoo · 03-14-2022, 06:15 PM

I am looking to sell my 2020 motorhome. I have a lot of equity and very little debt. My question is, how do I get my equity out of the motorhome and still pay off the loan. The bank said they are only interested in the remaining balance on the loan and did not want to collect the selling price of the motorhome and then refund the excess money to me. The bank also mentioned it could take months to refund the excess money to me but it would only take about two weeks to pay off the loan and send me the title. In addition, I can see where a buyer would not want to give me the full selling price of the motorhome and hope that I pay off the loan.

I would appreciate hearing from any seller or buyer that has experience with this. Please, please, do not respond if you do not have any first hand experience. I don't want to hear from someone who has a friend that did this or knows a friend of a friend that did this.

edgray · 03-14-2022, 06:23 PM

Sell it thru a consignment dealer who will arrange financing for the buyer and send you the net proceeds.

RobTerriV · 03-14-2022, 07:14 PM

here in Canada if the check is made out to the owner and the lien holder then the proceeds can be immediately split

ptl · 03-14-2022, 10:04 PM

I just bought a motorhome about an hour and a half from where I live and just went through this. What I did was I went to the bank where the owner had an account and did a wire to wire transfer from my bank to theirs. As soon as that went through we went to the bank where the loan was and I watched and got proof that they paid off the loan that was still on the motorhome. The loan was about half of the selling price. Then from there I went and got the motorhome along with a receipt and took it home. Then I had to wait about a week for the DMV to show the lien had been released. Once that happened I contacted the owner and we set up an appointment with the DMV to have the title transferred, that was another week. We both went to the DMV and had the title transferred. This was in Florida and the title and lien were held electronically and the only way to release the lien was electronically by the lienholder.

Winger2 · 03-15-2022, 04:24 AM

Quote:

Originally Posted by skitcharoo

I am looking to sell my 2020 motorhome. I have a lot of equity and very little debt. My question is, how do I get my equity out of the motorhome and still pay off the loan. The bank said they are only interested in the remaining balance on the loan and did not want to collect the selling price of the motorhome and then refund the excess money to me. The bank also mentioned it could take months to refund the excess money to me but it would only take about two weeks to pay off the loan and send me the title. In addition, I can see where a buyer would not want to give me the full selling price of the motorhome and hope that I pay off the loan.

I would appreciate hearing from any seller or buyer that has experience with this. Please, please, do not respond if you do not have any first hand experience. I don't want to hear from someone who has a friend that did this or knows a friend of a friend that did this.

Buyer wires the payoff portion directly to the bank that holds the loan, wires the balance to you. This can all be done as you are sitting at a table so everyone feels safe. I did this on a boat purchase. I felt better paying off the loan directly with a bill of sale already completely, spelling out the way the payments would be made and signed by seller and buyer.