RV.Net Open Roads Forum: Signing a power of attorney for bank when selling your RV

RV Blog

  |  

RV Sales

  |  

Campgrounds

  |  

RV Parks

  |  

RV Club

  |  

RV Buyers Guide

  |  

Roadside Assistance

  |  

Extended Service Plan

  |  

RV Travel Assistance

  |  

RV Credit Card

  |  

RV Loans

Open Roads Forum Already a member? Login here.   If not, Register Today!  |  Help

Newest  |  Active  |  Popular  |  RVing FAQ Forum Rules  |  Forum Posting Help and Support  |  Contact  

Search:   Advanced Search

Search only in General RVing Issues

Open Roads Forum  >  General RVing Issues

 > Signing a power of attorney for bank when selling your RV

Reply to Topic  |  Subscribe  |  Print Topic  |  Post New Topic  | 
Page of 7  
Prev  |  Next
Sponsored By:
JRscooby

Indepmo

Senior Member

Joined: 06/10/2019

View Profile


Online
Posted: 11/12/19 05:04am Link  |  Quote  |  Print  |  Notify Moderator

bucky wrote:

The "bank" is protecting itself from the buyer, not the seller. If the buyer gets control of the clean title the lender has no protection.


This is likely true. But what protection does the seller have? IMHO, when the seller gets the money, then he releases the title. Bell, sell to bank.

westernrvparkowner

montana

Senior Member

Joined: 11/29/2008

View Profile



Posted: 11/12/19 07:52am Link  |  Quote  |  Print  |  Notify Moderator

bucky wrote:

The "bank" is protecting itself from the buyer, not the seller. If the buyer gets control of the clean title the lender has no protection.
There are three entities in the transaction. The buyer, the seller and the bank. Of the three, the only one I would trust 100% is the bank. They have nothing to gain and everything to lose if the transaction turned out to be fraudulent. You can't say that about either the seller or the buyer. These forums are full of threads about how fraudulent sellers and buyers are trying to con the legitimate party out of their money and property. While it is certainly possible for a scammer to pose as a lending institution, an actual bank or finance company isn't going to aid and abet in the theft of an RV. What they will do is take an active roll in preventing such a theft. Not because they care that someone got scammed, but because if either the buyer or the seller gets scammed, the know the loan isn't going to be repaid and that is their loss.

2012Coleman

Florida

Senior Member

Joined: 08/20/2012

View Profile






Posted: 11/12/19 11:19am Link  |  Quote  |  Print  |  Notify Moderator

RubyRV wrote:

TenOC wrote:

Many (Most) car dealers have you sign a POA when you trade in your old car. It is in all the other stack of papers. If the bank is going to give you the check within a few minutes of signing the POA, no problem. But if it is a few days?????????


yes, that's standard procedure when trading to a dealer AT CLOSING.
But, like I've said the lender wants the POA executed before issuing and sending the check out. I figure is will be at least a several days before I will see a check...
They are sendng the check to the buyer and in turn he will give it to me at wich time im required to give him the title
So what happens if the buyer all of the sudden decides he wants to buy something else with the check and sticks this financing company? They have POA over your title - you loose.

I googled this company - they don't lend any less than 15K so that's a big sum to be burning a hole in your pocket. and why don't THEY want possession of the title? Instead they are letting the seller posses the title?

I'd tell the guy to either deal with a bank that you can actually go to -or go somewhere else. Sure, you want to sell it - but don't get swindled.


Experience without good judgment is worthless; good judgment without experience is still good judgment!

2018 RAM 3500 Big Horn CTD
2018 Grand Design Reflection 303RLS

time2roll

Southern California

Senior Member

Joined: 03/21/2005

View Profile



Good Sam RV Club Member


Posted: 11/12/19 11:26am Link  |  Quote  |  Print  |  Notify Moderator

With a written bill of sale signed by buyer and seller of how the process will be completed I would move forward with all the finance requests. Bill of sale would state the RV is to stay with seller until check delivered. Sale 'as is, where is, no warranty'. Max 21 days to complete.


2001 F150 SuperCrew
2006 Keystone Springdale 249FWBHLS
675w Solar pictures back up

schlep1967

Harrisburg, PA

Senior Member

Joined: 12/08/2005

View Profile



Good Sam RV Club Member


Posted: 11/12/19 11:30am Link  |  Quote  |  Print  |  Notify Moderator

I always thought Pennsylvania was just being a pain with the way they do their title transfers, until I see things like this. PA says both parties must be in the presence of a notary to sign a title over. If you can't be there to hand me money and sign the title, I'll find someone that can.


2008 Dodge Ram 2500 Diesel
2009 Open Range 385RLS
Pull-Rite Super Glide

allen8106

Burrton. KS

Senior Member

Joined: 01/31/2012

View Profile



Good Sam RV Club Member

Offline
Posted: 11/12/19 12:43pm Link  |  Quote  |  Print  |  Notify Moderator

RubyRV wrote:

I have a prospective buyer for my RV and HE is getting a loan thru Southeast Financial. I have complied with all their requests, RV inspection, Purchase Order, now they want me to sign a Power of Attorney giving them control over my title prior to giving me a check. I said I would sign one and hand it over with the title on receipt of the check. They said no check till I sign it.
QUESTION. Has anyone done this ? Do I have concern ? ETC. ?


It's a standard practice for banks these days. Any other buyer is going to have the same response from their bank if they finance.


2010 Eagle Super Lite 315RLDS
2018 GMC Sierra 3500HD 6.6L Duramax

2010 Nights 45
2011 Nights 70
2012 Nights 144
2013 Nights 46
2014 Nights 49
2015 Nights 57
2016 Nights 73
2017 Nights 40
2018 Nights 56
2019 Nights 76


westernrvparkowner

montana

Senior Member

Joined: 11/29/2008

View Profile



Posted: 11/12/19 02:53pm Link  |  Quote  |  Print  |  Notify Moderator

2012Coleman wrote:

RubyRV wrote:

TenOC wrote:

Many (Most) car dealers have you sign a POA when you trade in your old car. It is in all the other stack of papers. If the bank is going to give you the check within a few minutes of signing the POA, no problem. But if it is a few days?????????


yes, that's standard procedure when trading to a dealer AT CLOSING.
But, like I've said the lender wants the POA executed before issuing and sending the check out. I figure is will be at least a several days before I will see a check...
They are sendng the check to the buyer and in turn he will give it to me at wich time im required to give him the title
So what happens if the buyer all of the sudden decides he wants to buy something else with the check and sticks this financing company? They have POA over your title - you loose.

I googled this company - they don't lend any less than 15K so that's a big sum to be burning a hole in your pocket. and why don't THEY want possession of the title? Instead they are letting the seller posses the title?

I'd tell the guy to either deal with a bank that you can actually go to -or go somewhere else. Sure, you want to sell it - but don't get swindled.
The check is going to be made payable to the seller. It is sent to the buyer so they can exchange it for the RV. When a bank makes a loan for a vehicle they never, ever just give cash or a check payable to the borrower and hope they then complete the transaction.
With enough imagination, it is possible to concoct a wacky scenario were any transaction could be a fraud. Even "meet me at my bank and I will give you cash" could just be a trick to steal your RV when the buyer's accomplice is waiting outside to bop you over the head and steal back the money. In this case, it sure sounds like the OP has investigated it enough to know the transaction is legit and I think they would be walking away from a sale should they resist following the steps the bank is providing.

2012Coleman

Florida

Senior Member

Joined: 08/20/2012

View Profile






Posted: 11/13/19 05:29am Link  |  Quote  |  Print  |  Notify Moderator

You keep calling this company "a bank". It's not a bank. If your comfortable signing over your title before having the cash in you hand, then more power to ya.

mgirardo

Brunswick, GA

Senior Member

Joined: 05/04/2007

View Profile


Offline
Posted: 11/13/19 05:51am Link  |  Quote  |  Print  |  Notify Moderator

What is the problem with giving Power of Attorney over the title, if you still hold the title in hand?

What can a SE Financial do with a Power of Attorney over the title if they don't have the title? I guess get a replacement title. If they get a replacement title, what does that give them? The ability to take the trailer from you? Then what, sell it? I doubt they want to be bothered trying to sell your RV.

Sounds to me like they are protecting themselves from the buyer not handing the title over to them so they can file a lien on the RV.

Can a stipulation be added to the POA that the POA is null and void without proof of cancelled check showing they paid you for the RV?

Not trying to be an a$$, I just have no experience with this outside of a Dealer.

-Michael


Michael Girardo
2017 Jayco Jayflight Bungalow 40BHQS Destination Trailer
2009 Jayco Greyhawk 31FS Class C Motorhome (previously owned)
2006 Rockwood Roo 233 Hybrid Travel Trailer (previously owned)
1995 Jayco Eagle 12KB pop-up (previously owned)

JRscooby

Indepmo

Senior Member

Joined: 06/10/2019

View Profile


Online
Posted: 11/13/19 06:16am Link  |  Quote  |  Print  |  Notify Moderator

westernrvparkowner wrote:


The check is going to be made payable to the seller. It is sent to the buyer so they can exchange it for the RV. When a bank makes a loan for a vehicle they never, ever just give cash or a check payable to the borrower and hope they then complete the transaction.
With enough imagination, it is possible to concoct a wacky scenario were any transaction could be a fraud. Even "meet me at my bank and I will give you cash" could just be a trick to steal your RV when the buyer's accomplice is waiting outside to bop you over the head and steal back the money. In this case, it sure sounds like the OP has investigated it enough to know the transaction is legit and I think they would be walking away from a sale should they resist following the steps the bank is providing.


Many years ago, I was selling a trailer, (Not RV) and a friend was selling another. The buyer met us at a local bank where both sellers had accounts. Buyer had a cashiers check drawn on his bank couple hundred miles away, made out to himself. Banker made some calls to bank, credited my and friend's account, we signed titles, banker notarized, went to lot, hooked trailers to his trucks, had a round of beer. All was good for about 3 weeks, until the banks figured out the buyer had copied the check. My friend went to the Sheriff in buyers home county to make a report, was told it was a civil matter, hire a lawyer and sue. (Might of been a racial issue, I might of had better results) Nearly bankrupted my friend. Was enough outlaw in me to get my trailer back, but bouncing checks still cut me deep.

Reply to Topic  |  Subscribe  |  Print Topic  |  Post New Topic  | 
Page of 7  
Prev  |  Next

Open Roads Forum  >  General RVing Issues

 > Signing a power of attorney for bank when selling your RV
Search:   Advanced Search

Search only in General RVing Issues


New posts No new posts
Closed, new posts Closed, no new posts
Moved, new posts Moved, no new posts

Adjust text size:

© 2019 CWI, Inc. © 2019 Good Sam Enterprises, LLC. All Rights Reserved. | Terms of Use | PRIVACY POLICY | YOUR PRIVACY RIGHTS