4SEASON
Thousand Oaks, CA. USA
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Joined: 09/27/2004
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mike4947 wrote:Another issue when buying "repo's" is having a clear title. There may be lean holders not listed on the title that have a actual valid claim on the vehicle. The new owner can become responsible for the debt. Several folks have only found out about a "second lean" or unregistered lean when going to register/get the title in their name for the vehicle.
This is more common at police auctions than bank auctions.
so how do you check this before buying?
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mike4947
N. Syracuse, NY
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At police auctions there's no real way. You pays your money and you take your chances. Unless they'll run the VIN number to check for leans. This differs in different states.
Our folks have learned to make a "clean title" a written part of any used purchase.
I just remembered about one of our couples that bought a used coach and come registration time found out the dealer never made the pay out to clear the original sellers loan lean. Took quite a bit of time to get the dealer to fork over the money and get the satisfaction of loan paper work to clear the title and so they could register the coach.
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racefan1965
Redding, Ca.
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Cheddarhead wrote:I would shy away from a repossessed unit unless I knew who owned it. My logic is that if someone is careless enough to let their finances get to the point where they lose their unit, what kind of maintenance have they performed on it?
Just a thought....
This is just wrong. Some of these unfortunate people who are losing everything they own didn't do anything directly to put themselves into the situation they are going through. Some have lost jobs. Others have jobs that aren't allowing them to keep the lifestyle they once were able to afford. Everything is going up in price... a lot. Fuel alone has almost doubled in the last 2 years but wages haven't doubled or even gone up 50% for most. To call them all careless and lump them all into one group is not right IMO. I bet your attitude would be totaly different if you were or have ever been in their shoes.
Yes RV maintenance would probably be the last thing they think of. Camping would probably be the second to last thing. Most repo's I've looked at were in alright shape but had a few probs. Most probs were from un-use. Not mis use though. Cracked roof seams so some leaked, water heater never drained so they rusted through and leaked. Fridges and water heaters that only run on AC because of dirty and/or clogged burners....etc.
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famousperson
Pittsburgh, PA
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racefan1965 wrote:Cheddarhead wrote:I would shy away from a repossessed unit unless I knew who owned it. My logic is that if someone is careless enough to let their finances get to the point where they lose their unit, what kind of maintenance have they performed on it?
Just a thought....
This is just wrong. Some of these unfortunate people who are losing everything they own didn't do anything directly to put themselves into the situation they are going through. Some have lost jobs. Others have jobs that aren't allowing them to keep the lifestyle they once were able to afford. Everything is going up in price... a lot. Fuel alone has almost doubled in the last 2 years but wages haven't doubled or even gone up 50% for most. To call them all careless and lump them all into one group is not right IMO. I bet your attitude would be totaly different if you were or have ever been in their shoes.
Thank you for speaking up about this. I don't understand the attitude of blaming the victim. For some, the problem would have been predatory lending--that is, convincing the customer (by lying) that they could afford to borrow the money for the RV lifestyle in the first place.
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Dick A
Spokane Valley
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There are a few folks around here who could use a little dose of compassion medicine.
Yes, some folks live above their means and some do not manage finances with great care.
However, as mentioned, some folks lose jobs, some have an unexpected illness or other problems which create unintended financial strain.
I have never made a purchase in a pawn shop as I felt it was taking advantage of someone's misfortune.
I guess I think most folks are really good people but sometimes get caught up in financial binds.
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Daytonaman
Daytona Beach Fl
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Joined: 11/28/2005
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mike4947 wrote:Another issue when buying "repo's" is having a clear title. There may be lean holders not listed on the title that have a actual valid claim on the vehicle. The new owner can become responsible for the debt. Several folks have only found out about a "second lean" or unregistered lean when going to register/get the title in their name for the vehicle.
This is more common at police auctions than bank auctions.
What is this about "second liens" on titles? How can people purchase an rv and be sure no one has a claim on it? If that is possible than anyone who buys a coach from a private party is a fool.
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madashby
TX, USA
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mike4947, how is the best way to word something on a contract regarding a clear title to make sure the purchaser is covered? Thanks!
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mike4947
N. Syracuse, NY
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We just add that the sale is null & void if a clear title can not be obtained.
But this is not a common occurance, just one more item to consider when buying.
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madashby
TX, USA
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Thanks, mike4947. I couldn't come up with a simple way to word it.
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tallyo
Fort Myers,Florida
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Daytonaman wrote:mike4947 wrote:Another issue when buying "repo's" is having a clear title. There may be lean holders not listed on the title that have a actual valid claim on the vehicle. The new owner can become responsible for the debt. Several folks have only found out about a "second lean" or unregistered lean when going to register/get the title in their name for the vehicle.
This is more common at police auctions than bank auctions.
What is this about "second liens" on titles? How can people purchase an rv and be sure no one has a claim on it? If that is possible than anyone who buys a coach from a private party is a fool.
The fool part comes into play when the buyer hands over the money before seeing the title and bill of sale documents.............
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