ABC&DGoCamping
Chicago
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We have received an offer to buy our '07 Avalon from some very nice people. They are financing a portion of the sale, and the finance company has stated that they will not wire the funds to me until I send them the title. It is an RV financing company and they have a website. The deal would be that they would wire the funds after receiving the title and then the buyer would come and get the PUP. I am leery of sending the title without being paid first.
Has anyone ever done a transaction like this? I hate to cancel the sale, but I do not want to put my ownership at risk without being paid.
Any thoughts would be greatly appreciated.
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1mtnman
Colorado
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Sounds to me like you need a third party near you (bank or such) that would do the transaction and represent both of you.
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markwi
Burlington Wisconsin
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Joined: 03/03/2007
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I would not do it. In Wi. the title goes to the state, not the lender, than to the people who are paying for it and you have your money right a way. Mark
* This post was
edited 04/26/08 04:22pm by markwi *
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SemperFiCop
USA
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Joined: 10/19/2007
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Do you have the title?
If so, like the others have stated,
You need to have all parties together (like at a mortgage closing)
and have everything change hands at the same time.
and/or consult an attorney... 
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ABC&DGoCamping
Chicago
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I am an attorney and the arrangement did not sit well with me. I offered to send the title to the finance company's attorney with a letter instructing them to hold it until the funds cleared and then turn it over to the bank. That's how we do it with out of state land transactions. As of now, the fiance company is refusing, stating they don't want to pay their lawyer for this. They are going to revisit this Monday.
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Bmach
Spfld, Ma
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Joined: 08/26/2004
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I would send the finance company a copy of it. I would think that the new owner would need the original when they go to register it.
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AZLetendre
Prescott Valley, AZ
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In reality, the finance company does not ever need the title, unless they hold it like here in AZ. Once you get the money (or they do), pay them off, they send you a lean release, and you go to DMV. They should not need to see the money. When you sell a car, the lein holder only wants to see the money to release the loan, not the title.
This does not make sense to me either.
Brian, Kristi, Scott, and Kevin Letendre
1998 Toyota 4Runner
2001 Coleman Utah TT
Arizona Christian Wheeler's
AZLetendre Photo Bucket
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mike4947
N. Syracuse, NY
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I'll bet the prospective purchaser is using the trailer as collateral for the loan so the loan company want to make sure their name gets on the title as a lean holder.
JMHO I wouldn't do it. I may be paranoid but there are way to many scams going on that anything out of the ordinary sets me off.
As soon as you sign that title and send it, the loan company becomes the legal owner of the trailer. They could resell it without sending you dime one; and you'd be out the cost of a lawyer and a lot of time trying to set things right.
I'd say no money, no title and you better find a different loan arrangement if you really want the camper.
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ABC&DGoCamping
Chicago
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Mike:
I tend ot agree with you. I could just see the title company trying to sue me for possession and a judge telling me I should have known better as a lawyer. My instincts tell me this is not the best way to go, but wanted to give the buyer every chance of investigating this to see if this has been done in the past.
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SemperFiCop
USA
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It looks like No Deal...
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