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09-01-2018, 09:32 AM
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#1
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Senior Member
Join Date: Nov 2013
Posts: 523
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My buyer wants to use bank financing.
I have a buyer for my RV but he wants to use his bank to finance it. His bank, Hughs FCU, wants me to sign over the title first, send it to them (in Arizona), and then they'll release the funds to me.
Is this normal? Is this how financing works?
If anyone has experience with this, let me know.
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09-01-2018, 09:42 AM
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#2
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Senior Member
Join Date: Jan 2018
Posts: 1,513
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If you are in direct communications with the bank, and have verified the identity of the bank officer, and the terms are in writing, I would do it.
Otherwise use an escrow service.
Every financial institution makes their own rules for how they process transactions, unless limited by banking regulations.
__________________
Newmar Ventana 4037, 2023.
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09-01-2018, 10:03 AM
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#3
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Senior Member/RVM #90
Monaco Owners Club
Join Date: Nov 2002
Location: Columbus, MS
Posts: 54,785
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I don't know if that's normal, but I would not do it!
__________________
Joe & Annette
Sometimes I sits and thinks, sometimes I just sits.....
2002 Monaco Windsor 40PBT, 2013 Honda CRV AWD
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09-01-2018, 10:11 AM
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#4
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Senior Member
Join Date: Jul 2018
Posts: 4,925
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Quote:
Originally Posted by deprived
I have a buyer for my RV but he wants to use his bank to finance it. His bank, Hughs FCU, wants me to sign over the title first, send it to them (in Arizona), and then they'll release the funds to me.
Is this normal? Is this how financing works?
If anyone has experience with this, let me know.
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Endorsed titles are usually provided at closing, not before. I think you need to have your lawyer call his credit union.
__________________
2005 Four Winds Majestic 23A
“To the world you may be one person; but to one person you may be the world.” - Dr Suess
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09-01-2018, 10:13 AM
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#5
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Senior Member
Monaco Owners Club
Join Date: Oct 2014
Location: Rigby, Idaho
Posts: 3,948
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Unless you do the transaction in person, I can see the CUs position. Verify you are dealing with a real entity. Google Hugh's FCU and check out their webpage. Does it look professional? Call the number on the web page and ask for the loan officer you're dealing with. Is it the same guy? Does he know about your transaction? DO NOT rely on the info provided by the buyer to verify the truth. Google earth the address and see if a bank is there.
__________________
Cheers,
TonyMac
2006 Monaco Safari Cheetah 40PMT
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09-01-2018, 10:14 AM
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#6
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Senior Member
Join Date: Nov 2015
Posts: 26,843
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Catch 22
You sign over title....RV is no longer yours
Bank sends funds first......they don't have title
Escrow account.......then both parties are protected
Have you gone to your bank and discussed this with your bank officer??
That would be my first step!
__________________
I took my Medication today. HAVE YOU?
Dodge 3500 w/Tractor Motor
US NAVY---USS Decatur DDG-31
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09-01-2018, 10:21 AM
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#7
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Senior Member
Join Date: Oct 2014
Location: Wilmington, MA
Posts: 679
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I also do not know how this transaction 'should' be done.
It is quite possible this is how the bank works, and wants it done. There is no absolute way to see if this a problem.
Just the same, I would not sign and send a title without cash in hand. Too much could go wrong. Once you send a signed title to someone, you no longer have proof of ownership.
What happens if a tree falls on unit while papers are passing in the mail, and you have not gotten your money? Your insurance is not valid on a unit you do not own...
__________________
Karl I. Sagal KarlSagal@Gmail.com
Well done is better than well said. (Ben Franklin)
1988 Fleetwood Southwind, 34'
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09-01-2018, 10:27 AM
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#8
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Senior Member
Foretravel Owners Club
Join Date: Apr 2016
Location: Home is Where WE PARK IT...
Posts: 6,055
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OR... Go to your bank and have them do a bank to bank transfer....
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Retired truckdriver,
'02 Foretravel... "This Shack will do"
being pushed by an '06 Scion xB
SKP's of Box Elder, South Dakota
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09-01-2018, 12:27 PM
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#9
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Member
Join Date: Aug 2018
Location: Bitterroot
Posts: 34
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I would not hand over the title till the check had cleared. If you buy an RV outright with a check through a dealer, they won't have a title issued to you till the check clears. Tell him his banks terms are unacceptable.
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09-01-2018, 12:31 PM
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#10
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Senior Member
Fleetwood Owners Club Ford Super Duty Owner
Join Date: Jun 2012
Location: SoCal
Posts: 15,749
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Deal directly with the bank. Affirm they are real. Discuss the money/title exchange with them.
__________________
Vince and Susan
2011 Tiffin Phaeton 40QTH (Cummins ISC/Freightliner)
Flat towing a modified 2005 Jeep (Rubicon Wrangler)
Previously a 2002 Fleetwood Pace Arrow 37A and a 1995 Safari Trek 2830.
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09-01-2018, 08:45 PM
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#11
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Senior Member
Join Date: Jun 2016
Location: SW Louisiana
Posts: 8,954
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Seems a bit odd to me, I financed my motorhome through a local bank (though it is one where I have a substantial history), they simply gave me a cashiers check to give to the seller, and handled filing a lean against the title as well as the initial registration.
Then earlier this year my wife bought a car from a dealer in a neighboring state, financed it through a local credit union, the deal was handled much the same way, though they did require some faxing back and forth and required a signed purchase agreement before handing us a cashiers check that we took to the dealer and then picked up the car.
__________________
2002 Safari Trek 2830 on P32 Chassis with 8.1L w/ 400 watts solar 420Ah LiFePo4
2017 Jeep Cherokee Overland & 2007 Toyota Yaris TOADs with Even Brake,
Demco Commander tow bar and Blue Ox / Roadmaster base plates
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09-01-2018, 11:28 PM
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#12
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Senior Member
Join Date: Jul 2017
Posts: 472
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Not at all strange. The title is collateral against the loan. Not sure how other states work but here in Maryland when financing any vehicle the title goes to the lien holder. They in turn should provide their customers with a copy of the title so that DMV can issue tags. Upon payoff or trade in the bank will release the original title.
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09-01-2018, 11:36 PM
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#13
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Senior Member
Join Date: Dec 2017
Location: Charlotte, NC
Posts: 532
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I wouldn’t do it. At some point the new owner will need to come pick it up. Just have them bring a cashiers check with them.
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2002 American Eagle 40M
ISL400 / Spartan MM
2003 Jeep Liberty/2019 Jeep Trailhawk
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09-02-2018, 12:30 AM
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#14
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Senior Member
Join Date: Oct 2014
Posts: 357
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As an alternative suggestion that will provide more security on your end, I would construct a "Bill of Sale" that is notated "upon receipt of payment", make a photo copy of the title and send them those two documents. You can call them and say their request is not acceptable as a financial transaction to you and even though it may be their process it is not an industry standard. At no time should anyone endorse over a title on a "promise" of funds being sent. It should only be endorsed when funds are received!
Just try telling a bank that holds a title that when they send you a "free and clear title", you will send them the final payment! Neh Eh!
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Just me rolling along in my land Destroyer!
04 Fleetwood Bounder 38n
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