I’m in the process of selling my 2017 Newmar Mountain air. I financed the purchase of the coach and have an outstanding balance. My question is this: how does the purchaser take ownership of the coach? I ask because my bank said it would take 10 to 14 days to send me the title after the payoff and I am thinking that any purchaser would want the coach as soon as they paid the full amount I requested. Is there a legal way for me to show that ownership has changed hands without using the title to do that? Or, is this just a matter of trust where I let the purchaser take the coach and promise mail him the signed title once I get it? Finally, what about license plates? Do I leave mine on until the purchaser can get his? Any advice would be greatly appreciated.
iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!
Who has the title? In NY the owner has the title, and the title has the Lien holder on it.
When the load is paid the lender issues a certificate that the lien is satisfied, and new owner submits that with the tile transfer and registration paperwork. A wrinkle will be if the new owner is also financing as the new lender will want that certificate before they release the funds. Dealers have escrow funds and methods to deal with these steps. As some point it may be like a home closing where all parties will have meet to make it all happen. Fedex overnight next step.
Unless you are willing to accept liability it shouldn't leave until is registered and plated in their name even with temporary tags. Imagine they do have an incident and then decide to cancel the deal.
__________________
Dennis
Bohemia NY
2008 Nimbus 342 SE Carlyle
yes, your bank can do it. If they're financing it, their bank could handle it also. Plates are determined by state, some states you leave them on the vehicle, most states you keep your plates.
Your bank will take his money, give a bill of sale, and he can insure it based on the VIN. License and registration is kind of a grey area, but not a huge enforcement priority for law enforcement.
__________________
"Bringing third world electrical work to first world luxury." RV makers of Murica!
It may vary somewhat state to state but in purchasing a boat, MD, and an RV, TX, private sale each time it was a simple case of going with the seller to his bank, funds in hand, and sitting down with a bank officer.
The bank opened an escrow acct. My funds went in. Bank took out what was owed on loan. I got the title. Bank paid balance to the seller. Escrow account closed. Whole process took less than a half hour. No additional charges.
__________________
Home: Bermuda
US RV base, MD
2007 Alpenlite 34RLR
Linear Mode
