Question on Selling January 06, 2005, 04:59:23 pm Yahoo Message Number: 48826We bought a used (2003, 23 1/2')LD last year. It's been everything we've ever hoped for. However, since our daughter continues to grow, we are considering (not sure, but maybe) selling it and buying a 26 1/2'. My question-we are making payments on it, so let's say we would advertise it for sale, and someone is interested in buying. What to do we do-ask them for a check, pay off the bank, and then sell the LD to them? I don't want to appear uninformed, but I've never done this before. Could anyone with experience in selling an RV help?I appreciate any help. Thank you. Kathy
Re: Question on Selling Reply #1 – January 06, 2005, 05:30:49 pm Yahoo Message Number: 48828Around here you would--agree on a selling price with the buyer -buyer gives you the funds in full and you give him/her the LD and a bill of sale. -you take or send the funds necessary to the bank/finance co. to pay off the loan (call before and ask the exact payoff amount)-bank will give or send you the title-you give or send the title to the new owner, transaction completed
Question on Selling Reply #2 – January 06, 2005, 06:04:32 pm Yahoo Message Number: 48829Thanks for the input-your order of transactions make sense. This is something I wanted to think through, and I had no clue as to how to handle this, if we would decide to sell.Kathy
Re: Question on Selling Reply #3 – January 06, 2005, 07:10:28 pm Yahoo Message Number: 48832I would ask the lien holder for a pay-off amount. then write a check to them (it?) to pay off the loan. Then a check to the seller for the balance. I would never send the buying price amount unless the seller had title in hand.
Question on Selling Reply #4 – January 07, 2005, 04:30:07 am Yahoo Message Number: 48856Thank you to everyone who gave the great advice on how to sell an RV (assuming you still were making bank payments). I printed everything out and will keep the information for reference.Kathy
Question on Selling Reply #5 – January 07, 2005, 08:12:37 am Yahoo Message Number: 48861Kathy, On story to add - my wife and I just sold a car. The car was purchased when we lived in another state. Like you, the car had a lien (still had a note on it). We had the purchaser pay us via certified funds. This is VERY important as the check is immediately "good" (no delay in clearing). I made the deposit at the bank. We went to the notary and completed a bill of sale. He also got a temp tag at this point so that I could return my tag to the DMV. We then conference called the lien holder and made an automatic debit from my bank account for the payoff amount. He took possession of the car. The plan was that when the title came to me, he'd come back to sign over the title. Well, 7 days later the title came but was still titled in Mississippi. Lien holders do not re-title vehicles when you move/issue a change of address. So, in my case, we had to retitle in Louisiana. Not a real problem, but a delay which just complicates things since the purchaser lived about 2 hours away. Lastly, just check with the people involved for the legalities: DMV, notary, insurance agency, state/local patrol, and maybe your lawyer.CD
Question on Selling Reply #6 – January 06, 2005, 06:52:55 pm Yahoo Message Number: 48830My question-we are making payments on it, so let's say we would Quoteadvertise it for sale, and someone is interested in buying. What to do we do-ask them for a check, pay off the bank, and then sell the LD to them? I don't want to appear uninformed, but I've never done this before. Could anyone with experience in selling an RV help? We've sold 2 RV's on which we owed money. The buyer of our first fifth wheel paid cash, so we had them wire the money directly to our lien holder. This was done with plenty of lead time, so that we knew their check had cleared and was good. Once we received the title from the lien holder, we completed and signed what we had to and then sent it along to the new owners. On the second fifth wheel, we paid off the loan ourselves and had the title already in hand when we found a buyer. If you cannot pay off the loan first, so that you have title in hand to give to the new buyer, then I suggest that, whether the buyer is paying cash, or borrowing money, that they deal directly with your lien holder in paying off your loan. If they are paying cash, rather than you accepting a check from them, have them wire the money directly to your lien holder. Contact your lien holder, too, and let them know what is going on, and that you will need the title as soon as possible so that it can be given to the new owner.Linda & Earl 2004 23.5' Red TK From Quartzsite, AZ
Re: [Life With A Lazy Daze RV] Question on Selling Reply #7 – January 06, 2005, 07:09:22 pm Yahoo Message Number: 48831Another note on selling, that applies whether or not you have financed your RV...be sure to immediately notify your state department of motor vehicles that title has passed to a new owner. Otherwise, you may be responsible for any accidents, tickets, etc., received during the transition period. In CA, there's a simple form to fill out that takes care of this even before title has officially been signed over and the vehicle re-registered in the new name[s].Sonsie
Re: [Life With A Lazy Daze RV] Question on Selling Reply #8 – January 06, 2005, 07:28:02 pm Yahoo Message Number: 48834I believe that in Wisconsin, the previous owner is legally responsible for the vehicle (accidents, tickets, etc) until the title has been signed on the back by the seller and is in the new owner's hands. You might want to check your state's laws. I wouldn't let the buyer take posession without handing over the title at the same time in Wisconsin.Sonsie Conroy wrote:
Re: [Life With A Lazy Daze RV] Question on Selling Reply #9 – January 06, 2005, 07:36:35 pm Yahoo Message Number: 48836be sure to immediately notify your state department of motor vehiclesQuotethat title has passed to a new owner. Good point, Sonsie. South Dakota has a "Seller's Report of Sale" form that is sent to the State's DMV just for this very purpose. I imagine other states have similar forms available.Linda & Earl 2004 23.5' Red TK From Quartzsite, AZ
Question on Selling Reply #10 – January 07, 2005, 11:54:44 am Yahoo Message Number: 48880QuoteWell, 7 days later the title came but was still titled in Mississippi. Lien holders do not re-title vehicles when you move/issue a change of address. I'm very surprised that the State of Louisiana didn't ask for the title when you licensed it there. When we first *moved* to South Dakota, the state insisted that they receive the original titles from the lienholders...in fact, we could not get license plates until the state received the titles. Once the titles were received, they were reissued in South Dakota and the new titles were sent back to the lienholders.Linda & Earl 2004 23.5' Red TK From Quartzsite, AZ
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