Petcar
Oklahoma
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One of our daughters,and family,(who lives in Kentucky) is buying a motorhome from strangers in Wisconsin. (Probably no stranger than I). The sellers still owe money on the '04 rig so have no title. The sellers will drive to Rockford Il. saving 11 hours travel time for our daughter. Sellers want money at delivery so they can pay off unit and get title to mail to Kentucky. There must be a safer way to protect both parties (am more concerned with one of the parties) through banks, or some escrow method that I cant think of at the moment. Son in law is thinking 2 checks, one made out to bank for pay off, and other to sellers. More ideas please.
My first RV. They sure have changed...for the better.
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sch911
Rochester Hills, MI
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Joined: 04/13/2003
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Close right at the sellers bank. That way there is no question as to wether the lien has been cleared....
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2003 Damon Challenger 348 Class A - F53 Triton V10
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shoreco
Long Island NY
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First have signed contract agreement between both parties...
Then...
One check goes to the bank to "payoff" loan. A waiver of lean will be released (this could all be done with overnight mail). Make sure the "payoff" check goes to the company listed on the title as lien holder!!!
A second check goes to the seller upon delivery and receipt of waiver of lean (along with a title showing the original lean holder)...
Buyer takes possession of RV...
The waiver of lean is then attached to the title and is sent in to the state where the vehicle will be registered...
A clean title will be mailed to the buyer in a few weeks...
2002 National Dolphin 5355
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Weathertodd221
FL
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first you need a conditional bill of sale/contract. Look at from the outside in. Your daughter pays off the lien and the rest goes to the seller. But they still have title. Title trumps all in ownership claims.
I would also check with the DMV of the State in which the RV is titled. This will let you know how long it will take for the lien to be discharged and who, in anyone currently holds physical possession of the title.
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RVGRINGO
Chapala, Jalisco, Mexico
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If the seller won't 'close' at the lending institution which holds the title, then look for another motorhome. This could be a scam. I hope not, but it could be.
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rolnhome
Casa Grande, Az
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Joined: 11/19/2007
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Do the sellers have a bank branch in Rockford, IL ?
Or a cashiers check made out to the bank for the pay off of the account. Call the sellers bank they will set it all up. Your bank should help also with the payoff details
We're in Arizona
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rgatijnet1
Florida
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Contact the bank before you do anything. IN some states, there is no title to be transferred at the bank. In my state, and several others, the bank will issue a release of lien electronically, which will enable the owner to get a copy of a clear title at any of the state DMV offices. Once he has that clear title, and signs it over to you, than you can give him the balance due. Make sure that you have a signed contract, stating all payment terms, etc, and make sure that you have a receipt from the bank that YOU, not him, paid off the loan balance.
In any case, if your state does not use electronic titles, they will certainly be able to tell you what is required to move this through the system and protect all parties.
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wolfe10
Texas
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Assuming the buyer does not want to go to the sellers bank to conduct the transaction, have the buyer go to THEIR bank and let their bank handle the transaction. They can contact the lien holder, get a payoff amount and issue a bank draft for clear title. Cut the remainder in a check to seller. This (drafting for clear title) is done all the time on automobile transactions-- banks are very familiar with it. If your bank is happy with the transaction, you should be happy.
Be sure to find out name of the contact at the lien holder your bank is working with so the seller can confirm full payment before turning over possession-- that is only reasonable.
* This post was
edited 06/10/12 11:56am by wolfe10 *
Brett Wolfe
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bsinmich
Holland, MI
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No way would I accept the MH without the title being cleared before I give the money or meet at the sellers bank to get it all cleared up on the spot. Not knowing the seller I would be very cautious. While most people are honest there is no way to know if that is who you are dealing with.
2003 Newmar Mountain Aire, Workhorse W22, 2008 Saturn Vue, Falcon 5250, & US Gear Unified Tow Brake
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MrWizard
Traveling
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saving 11 hrs driving time , could result in a big financial loss and the rv being repoed by the bank
do the payoff and transfer at the sellers bank
if the seller won't agree to this , drop it like a hot potato and shop for something else
Options, always have options, and the journey goes much smoother
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