Sell an RV?

[Readytogo]

I'm finding more and more in my mind I might try to sell the RV. This would probably involve losing money, but would catch up on this by not making the payment every month. Would free up cash in the long run since my house and car are padi for. My question is, how do you handle the actual money transaction? Make sure the check is good etc. That is too large an amount just to take a check for and hand it over. How do you make sure the loan is paid off. Like I said I would probably have to add to it. If I sold it to a dealership they would handle all this but would pay less. Most of you have probably been on the buying end but some maybe on the selling end. Any guidance on how you do this? Wendy

[MelissaD]

When you sell it I would not hand over the title till the check cleared. You can also ask for a bank check or cashiers check, as they have to give the bank the money to buy the check. Since you owe money on it, the bank (lender) probably holds the actual title. You can contact the bank for a pay off amount and that is what you will need to send them to payoff and release the cleared title to you. Due to interest the "payoff" amount will only be valid for normally about 10 days. You may also have to give them the day you plan to send them the check for them to give you the payoff amount.

The new owner will need the title to register the RV in their name.

I would figure out the number of payments between when you would sell the RV, until you plan to use it. If those payments are less than the loss of selling the RV I'd keep the RV. Unless you don't like your RV and plan to trade it anyways.

[retiredhappy]

I sold my Class C on Craig's List. Had to deal with several scams before I found a legitimate buyer. My loan was thru Wells Fargo so I had the buyer meet me at the bank. He financed his loan there so the bank took his money, gave me a "paid" note. That way the bank handled the money and it was their problem about a "good" check.

As for asking for a cashier's check, one of the big scams right now is someone hands you a "cashier's check" and drives off with the vehicle. You deposit it and a few days later your bank notifies you the check is a forgery and by now your rig is probably in Mexico.

The other scam I had to deal with several times was someone emails you and says they're in the military or working overseas and they will pay you thru Paypal and they are using a "company that picks up vehicles". Then they contact you and say the company wants their money up front and the buyer will add the cost (usually around $1500) to what they pay you on Paypal and will you send them the money via Western Union. You then get an email from "Paypal" saying the sales amount for your rig plus the $1500 has been deposited in your account. Two problems: Paypal has a maximum amount of $10,000 and the email isn't really from Paypal. I was contacted by three different people trying variations of this scam.

If I had to do it all over again, I would put it on a consignment lot somewhere.

[bluepinecones]

That sounds like good advice, Karen. Didn't realize how bad the scammers had become.

Wendy, I do hope you change your mind about selling RV or at least consider getting a smaller one that you are more comfortable using. Maybe trading could be a good way to go.
Since you are not busy, really need to consider a run to FL - at least maybe get out of the cold for a bit.

[dayspring39]

When I bought my old MH they wanted cash... it was a large amount but I did it anyway... you can't beat cash!
Trading it in for a smaller one is another way to go... but if you are simply done and do not want to travel with MH, like Karen said consignment is a good way to go... there are so many different ways to get scammed...
Kathleen

[AlmostThere]

I would go talk to the lender that I had the loan through, tell them what I was wanting to do, and have them step you through the process (taking notes).

[MsBHaven]

When I sold MsBHaven I owned it, no loan. I advertised it on a website and a guy flew in to take a look at it. He banked at Bank of America as did I. We both went to my bank and the money moved from his account to mine and then I gave him the title. No problems. With all the scams out there now I would be very, very careful. Good luck with your decision.