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

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westernrvparkowner

montana

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Joined: 11/29/2008

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Posted: 11/13/19 07:12pm Link  |  Quote  |  Print  |  Notify Moderator

toedtoes wrote:

westernrvparkowner wrote:

Then that transaction was not actually an auto loan where there was to be a lien placed on the auto. It was a personal loan of some type where you used the funds to purchase a vehicle. These transactions happen all the time when the bank doesn't want or doesn't need to perfect a lien. Almost assuredly it was a bank where you have a long standing and good relationship where the security of a lien on the title was unnecessary.


It was. I had a preapproved loan. I went to the dealership and they wrote up the documentation. I took that to the bank. They then gave me the cash and I went back to the dealership to finalize the transaction.

The bank had the documentation for the lien on the title before giving me the money. Had I reneged and not paid the money to the dealer, then the bank would have gone after me for the money.
Must have been a cheap vehicle or the bank did no one any favors. They put you out on the street with a large amount of cash. They put the dealership in the position of having to process a large amount of cash (and take on the risk of counterfeit bills, as well as the physical risk of having large amounts of cash on premises) and requiring them to file a form 8300 (cash transaction of $10,000 or more) with the IRS. That wouldn't be a benefit to you or to them. Many businesses will not accept large cash transactions exactly because of those two issues.

toedtoes

California

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Joined: 05/17/2014

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Posted: 11/13/19 08:02pm Link  |  Quote  |  Print  |  Notify Moderator

No one had any issues with it. The bank was just down the street from the dealership and per the salesman it was standard process.

But that's not the point. I was just clarifying that it doesn't always happen the way you indicated.


1975 American Clipper RV with Dodge 360 (photo in profile)
1998 American Clipper Fold n Roll Folding Trailer
Both born in Morgan Hill, CA to Irv Perch (Daddy of the Aristocrat trailers)

magicbus

Nantucket Island, MA

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Joined: 06/16/2002

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Posted: 11/14/19 06:44am Link  |  Quote  |  Print  |  Notify Moderator

Been 3 days since the OP brought out this issue. I wonder whether the deal died or went through.

Dave


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