Want To Sell My Motorhome-- Bank Has Title

[gmoreno]

Our Class A is three years young and we would like to sell it. However, we do not have the title (Bank of the West). Not sure if I want to go consignment, but I could entertain the idea.

Since we don't have the title, and the lender is on the West coast (we are in Boston and no lender branches in our area), how do we go about the process of completing a private sale?

We're looking to break-even and not owe, so not trying to price gouge anyone. Also, we'll entertain all options from folks who have been in our same shoes of trying to sell, but not having the title in hand.

Thanks,

Rob

[wolfe10]

Rob,

A common issue with vehicles of all kinds-- car dealerships do this many times each day.

Contact your bank for the exact payoff after you have a sale lined up. Get the "good through" date of the payoff out 10 days or so.

Get the name of a loan officer so that the buyer can contact them. Your buyer or his banker can talk with your loan officer to verify payoff and work out drafting for the title.

If money needs to change hands (you owe less than selling price OR sell for less than loan payoff) the buyer can cut you a separate check/draft or you can pay your bank the shortfall.

Brett

[gmoreno]

Thanks Brett:

NADA still the best source to price out my rig? I've used it, but my rig has three slides and the NADA website does not recognize my unit having three slides. Also, no place enter in my VIN number on the website to determine the value of my rig? Any thoughts?

Rob

[wolfe10]

NADA is a good guide.

So is doing searches on the different RV for sale websites for comparable units.

Brett

[desertdeals69]

Book guides are just that, a guide. Check your local area and see what pricing is for comparable motorhomes. See what the selling price is, not the asking price. There usually a difference.

[garyntut]

You may be able to get Bank of the West to accept less than is owed if you have a solid buyer. Especially if you are having difficulty financially ( Loss of job/income etc. ) They would rather have something, rather than nothing. Bank of the West will work with you and freeze your payments for a while ( still accruing interest of course ) until your finances improve. This may depend on your net worth and require you to let them hold any other assets you may have. None of this may apply to you of course... just suggestions. Good luck.