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Elexwiz · 03-25-2013, 03:02 PM

Hi everyone,
My name is Shawn and I'm a new member to iRV2 and the RV world.

My wife and I are getting ready to buy our first RV from a private seller in New Jersey. We live in Virginia. I've been in contact with the owner and he has some very valid concerns regarding the transaction.
I've already secured funding in the form of an official bank check. I want to drive up to Jersey, check out the RV, accompany him to the bank to deposit the check, then come home to VA with the RV. His concern is that I would be driving away with his RV before the check actually clears. He's understandably cautious.
I, on the other hand, am not willing to give him the money, come home, wait several days for the check to clear, then go back up to pick-up the RV. I am understandably cautious.
We've discussed a possible compromise where after I pay him he will keep the title in NJ with him while I bring the RV home. After the check clears he will send me the title.
This seems like a safe compromise but I wanted to ask if anyone has any better/safer ideas.

Thanks for your time,
Shawn

Patrol 65 · 03-25-2013, 03:16 PM

All he has to do is give you a bill of sale and hold on to the title until the check clears and then mail it to you so that you can register the motorhome in Virginia. Is the check written out to him by the bank?

Elexwiz · 03-25-2013, 03:32 PM

Yes, the check is made out to him.

wincrasher · 03-25-2013, 03:38 PM

What patrol is saying is correct.

Generally though, a bank can verify the cashier's check immediately. I've bought cars before where I walked away with a title and bill of sale.

As long as this transaction is taking place during normal business hours, it shouldn't be a big deal. Especially if your cashier's check is written on a big bank.

Pepper2 · 03-25-2013, 03:51 PM

Had the same issue. When we met at their bank, they called my bank and verified the authenticity of my check, and deposited in the sellers account. At that time the seller informed us that they were unwilling to let us take the MH, never mind the signed title. I said fine, give me back my money, the deals off. I left with the title and MH. It's dangerous on both sides of the street!

Frutza · 03-25-2013, 04:05 PM

I went to PA to get my coach, and did it the way that is mentioned previously, I contacted his bank manager as I was leary about sending a deposit, The problem's I encounterd were a diverence in state to state something about account #'s a number they dont use but my state does? so the money and I, were in limbo for a few days, while the banks were pointing fingers at each other, ok, now the paper work, he was a consignment dealer, and used a POA that my state wouldnt accept, so back and forth, so the short of it is, the check wasnt any problem but check with your state on the proper paper work, picking up long distance is fine, but going back for paper work sucks, and the owner had to pay it off before I got the title, good thing I made the purchase in dec, because it took 3 months to get it staight, just my 2cents, the coach and the price were worth the trip
Good luck

Elexwiz · 03-25-2013, 04:23 PM

Thanks everyone for your help. Both he and I called our banks and they told us both the same thing. While cashiers are trained to spot forgeries, no cashier can ever guarantee the authenticity of any check until it clears. The idea of his bank calling my bank never came up. It's another level of security though. We've since talked and agreed on him keeping the title until the money is deposited into his account. I'm ok with that. Thanks again!

fun time · 03-25-2013, 04:41 PM

Just went through this last month. Simplify your transaction by doing a wire transfer. Forget cashiers checks, banks talking to each other etc. Most banks including BOA, Huntington and even Charles Schwab all have similar policies which is "it can take up to ten days or 5 business days for a cashier check to clear". I know that sounds absurd but that is what they told us. I always thought a cashiers check was the same as gold but not in todays world. Wire transfer is the only way to go and takes about an hour or so and then both parties feel better. He gets his money and you get the MH. Good luck.

so47 · 03-25-2013, 04:56 PM

Live in fla. kids bought in ga. Bank check worked fine. Mgr. called fla. branch where check was issued. Verified and see ya later. Took all of 15 minutes.

Elexwiz · 03-25-2013, 05:47 PM

My bank is USAA. In their words "A wire transfer is not even an option on the table. We simply won't do it." Before they'll issue the check they need to see front and back copies of the title to verify the VIN and the owner.

It will all work out in the end, even if it requires a little more work.

djbmsu · 03-25-2013, 06:20 PM

The good point here is that you asked for advise ! This board will offer a plethora of "advise" so never be shy of asking.
Sounds like you are on your way to the RVing lifestyle.
Welcome to IRV2

StevieG · 03-25-2013, 06:48 PM

Quote:

Originally Posted by Elexwiz

My bank is USAA. In their words "A wire transfer is not even an option on the table. We simply won't do it." Before they'll issue the check they need to see front and back copies of the title to verify the VIN and the owner.

It will all work out in the end, even if it requires a little more work.

Your bank (which I assume is loaning you the money to buy the MH) wants to verify there are no lienholders before they will pay the seller... Although you said they already gave you a check, so I'm not sure why they won't wire the funds????

If this is a pretty close deal, the seller should be willing to provide you with a photocopy of the title now... That doesn't affect him in any way...

After your bank sees there are no liens and verifies the VIN, date, model, etc., your bank should be willing to "wire" the funds into his account... Which takes about 2 hours or less. As soon as they wire the funds, they will file the lien. At that point, you should be able to drive home.

What seems odd to me again, is that you already have a check made out to the seller. This would mean the loan is basically unsecured. That is unless you have the money otherwise collateralized. Is it a home equity check?

The next fun step is paying sales tax, registering and having a state inspection done. BTW, unless you are a seasoned mechanic and systems expert, I hope you are going to meet a qualified MH inspector to spend a couple of hours going over it before any money changes hands...

Roam America · 03-25-2013, 06:53 PM

I sold my Goldwing motorcycle and had a similar concern. I was in NJ at the time and the buyer was in PA. I met him at a bank branch that he belonged to, we went in and the manager performed a transfer from his account to my credit union. I then called my credit union to verify the deposit. I then handed over the bill of sale and he drove it home. I would think something similar could be done.