himarks
Austin, TX
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Joined: 06/29/2003
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I'm hoping for input on how to sell my Roadtrek. Since I owe more than I can get for it, I'll be writing a check with any new owner to my finance company. In my mind it will take a leap of faith for a buyer to write a check to my finance company (along with mine)and have to wait for the RT to be paid off before receiving the title.
I have buyer that wants it, just trying to protect her interests the same way I'd want mine protected..
I guess my questions are:
- is there a way my bank, or hers will handle the transaction if no money is being borrowed from the bank?
-is there an escrow service that does this?
-can the new buyer register and drive the RT while waiting for the title to come back?
I know these are probably simple questions, but I've never been in theis situation before. Any guidance is appreciated!
1998 Roadtrek Versatile 190
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derekf
Phoenix, Az
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Joined: 06/23/2007
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if no borrowing whats the bank for?
If trying to protect both interest, hire an attorney. If a case of her paying you and you paying off loan. just go to bank where loan is and pay it off. they will give you a lien release and go to your MVD and register it to her.
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trashman66
Nocatee, Fl
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Joined: 07/04/2006
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I sold a big truck once. It was still financed at the bank and we went there and did everything no muss no fuss.
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firedude
On the road
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Joined: 01/21/2003
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Moved from General Forum***
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mumkin
Minot ND USA
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Joined: 07/16/2004
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I would think that as long as you both provided certified checks written to the financing company covering the balance due, both of you are protected. I would call that company and ask them if they need anything else.
As long as you didn't finance it with a shady looking fellow that works out of a phone booth. 
Mumkin
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Jerr
Snyder, TX
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Joined: 10/18/2006
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Hey himarks,
I have sent you a PM. Please check it out.
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himarks
Austin, TX
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She wants to use her low interest Credit Card to get the airline miles ($15000 worth). I'd like to deposit her check, make sure it clears and then get 1 certified check to send to GEMB. But if she writes the check out to GEMB and I write another that would work too. Sounds like I need to find an escrow service.
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mumkin
Minot ND USA
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Joined: 07/16/2004
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Yes... but if she uses her credit card, someone along the line has to eat their charges. I tried to buy a car with mine for the same reason - to get the points, and the dealer said NO WAY and would not take more than a small down payment on a credit card for that reason.
Just get certified checks and forget about worrying about check clearance aggravations.
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larryb346
Missouri
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Joined: 06/02/2007
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Some banks now require a waiting period of a few days for a certified or bank check to clear before releasing a title. This is due to so many counterfeit bank checks. The safest way is have her bank do a wire transfer to the lien holder and you do the same and then the funds will be deposited in a couple hours and they will release the title very soon. In Missouri and I think most states the new owner could not get license plates without reg. the vehicle and that can't happen until they have the title. Just my experiences in Missouri. I do this often and deal with this sorta thing. I buy and sell dozens of vehicles yearly.
hope this is of some use to you
Larry
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ranger01
Winnipeg
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Joined: 12/11/2005
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I'd suggest that it might be best to approach your bank/financier tell them what you want to do, see if that's acceptable. If not what is? After all, finally, it seems to be up to them, they hold the lien.
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