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Old 12-13-2014, 09:50 AM   #1
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How to Sell Financed Motorhome?

I have been reading a lot about how to sell a motorhome. I am concerned with how to handle the sale for a financed motorhome. The bank has the title, so I obviously cannot sign it over to the buyer. What type of other paperwork will I need to do?

I want to have all of my ducks in a row, before I post anything.
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Old 12-13-2014, 10:00 AM   #2
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When we bought our current MH in May, the previous owner owed more than he sold it for. We had cashiers check made out to loan company, went to his bank where he got a cashiers check for balance and then we all went to Post Office and overnighted all paperwork (copy of bill of sale, etc,) to loan company.
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Old 12-13-2014, 10:05 AM   #3
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When you clear the debt with the loan company, then they will release the title. The loan company might help with all the paperwork for a fee.
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Old 12-13-2014, 11:44 AM   #4
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What did your bank that has the title say?
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Old 12-13-2014, 11:57 AM   #5
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It is the same with anything that has a lien on it, call the financial institution that holds the title, tell them you are going to sell the Coach, ask if they have the title in question in hand? if not can they get it to their location? so as you can bring a buyer in to settle the loan for the sale of the Coach. Once paid, the buyer gets the title, (you do) and off to the notary to do the transfer and paper work. The buyer will have 2 payment's, one to you for the equity in the sale, and one for the bank for the pay off. The form of payment is between you, the buyer, and the bank holding the title.
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Old 12-13-2014, 01:04 PM   #6
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The bank is Bank of the West and there is no branch close by.
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Old 12-13-2014, 01:07 PM   #7
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Originally Posted by reubenray View Post
The bank is Bank of the West and there is no branch close by.
With this info. in mind........refer to post #4
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Old 12-13-2014, 03:12 PM   #8
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First thing is to call the Bank of the West and get them to pull your folder. You'll want to verify they have the title in hand.

Then ask them how they prefer to handle private sales. They might prefer that the buyer wire transfer funds direct to them. (Too many fraudulent cashiers checks floating around these days.) And get the name of a specific person that can handle the transaction for you.

They could probably send the title directly to the buyer or his bank, and a limited power of attorney from you to the buyer would work in lieu of you actually signing off on the title.
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Old 12-14-2014, 09:02 AM   #9
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I sold a motor home on Ebay to an out of state person. Ebay recommends Escrow.com for financial transactions. It is safe and secure and went off without a hitch. Even cashier's checks can be stopped so are not completely safe. The guy had to wait for the title to be sent to him from Bank of the West after they received their money. However, he had the motor home and was confident of this process.
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Old 12-14-2014, 04:20 PM   #10
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Hi reubenray,
The bank holding the title will tell you the process to be followed. The buyer needs to understand what documents they need to title the coach in their state. The previous posts provide the details and order of events. The scary part for both buyer and seller is when the buyer takes possession of the coach after sending BOTW the $s. All the lien papers should be sent to the seller. The release of lien letter and title should be sent to the buyer.

Many states now have only electronic titles. I'm not sure how this would be handled if the buyer is titling the coach in a state other than the seller's state.
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Old 12-14-2014, 04:36 PM   #11
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In New York, title is issued to the owner with a lien holder listed on it if there is a loan. If a subsequent buyer pays the loan off with cash or with a bank check (that is verifiable), then the lender will issue a lien release letter on the spot. The seller can sign over the title, and the buyer can take the title and lien release letter to the DMV to register the motorhome.
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