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Old 04-17-2021, 09:22 PM   #1
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Lien Release Private Seller

Quick question - might be overthinking this.

Purchasing an RV from private party. The owner has it fiananced through a bank that does not have a branch in the area. It also sounds like
seller will need to pay the difference between our purchase price and outstanding loan to release the lien.

We will be wiring the money, most likely to the bank where the loan is at.

How would you go about this?
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Old 04-17-2021, 09:54 PM   #2
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Quick question - might be overthinking this.

Purchasing an RV from private party. The owner has it fiananced through a bank that does not have a branch in the area. It also sounds like
seller will need to pay the difference between our purchase price and outstanding loan to release the lien.

We will be wiring the money, most likely to the bank where the loan is at.

How would you go about this?
When we encountered this we made our payment payable to the bank and referenced the loan number. Additionally we had a simply written bill of sale explaining the situation. The most important part, I took possession of the RV the day I provided the funds.

Seller performed as promised and we received the title about 3 weeks later
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Old 04-17-2021, 11:12 PM   #3
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If I can't see the title before paying, they don't get my money.
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Old 04-18-2021, 05:37 AM   #4
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No matter how you do this there is a risk. If you send the payment to the bank and the seller doesn't make up the difference all you have done is pay down the existing loan. If you take possession of the RV without a clear title and the seller doesn't pay the difference it will be repossessed from you. I agree with Riverman - without a clear title or a letter of lien release from the lender I wouldn't finish this deal.
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Old 04-18-2021, 05:49 AM   #5
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If I can't see the title before paying, they don't get my money.
Most banks do electronic titles for liens so it can take up to 10 days for them to even get the title from the DMV after the loan is paid off. So as Marcm said all that could be available is a lien release from the bank.

Then the seller still needs to sign it over to you. So you need something that will guarantee the transfer.
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Old 04-18-2021, 12:40 PM   #6
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I would make them pay the difference and get a guarantee of lien release from the bank before I pay.
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Old 04-18-2021, 12:44 PM   #7
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I would call with lending institution where the lein is at with the current owner on the call, (3 way call) and if you are financing the RV I would talk with your lender as well. ~CA
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Old 04-18-2021, 08:36 PM   #8
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went thru this same scenario, call the bank holding the title, explain your concerns ,
now days, you WILL NOT get a title same day you purchase, if there is a lien,
in our case, bank was slow, but all went well, ask seller if they have the funds to pay the diff, if not , I wouldn't purchase,
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Old 04-19-2021, 12:14 PM   #9
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Thank you all - some great advice. Appreciate the feedback.
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Old 04-19-2021, 12:44 PM   #10
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Setup an Escrow acct at the bank where they have the loan and only give authorization after all the terms are met.
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Old 04-28-2021, 12:31 PM   #11
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Take a photo, front and back of his drivers license. I would pay for a background check before a write the “check” I’ve done this!
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Old 04-28-2021, 02:59 PM   #12
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In a similar situation I was able to meet the seller at the bank. Together we each paid our part to satisfy the loan. I took the RV and received the title in a couple of weeks. I was out of state. Apparently the sellers spent a day at their dmv in order to get me a printed title. It was risky and took some effort, but with a proper bill of sale in hand and the loan satisfied, I was willing to chance it.
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Old 04-28-2021, 03:09 PM   #13
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In a similar situation I was able to meet the seller at the bank. Together we each paid our part to satisfy the loan. I took the RV and received the title in a couple of weeks. I was out of state. Apparently the sellers spent a day at their dmv in order to get me a printed title. It was risky and took some effort, but with a proper bill of sale in hand and the loan satisfied, I was willing to chance it.
This is a relatively safe way to conduct this transaction. At least you know the loan / Lein is satisfied and repossession is not on the table.
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Old 04-28-2021, 03:48 PM   #14
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This is the way to go. I believe your bank can put funds in escrow and contact sellers bank to complete the deal.
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Old 04-28-2021, 05:43 PM   #15
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Get a copy of the title from the lender and obtain Power-of-Attorney from the seller(s). Make sure the names on the POAs match the names on the title. If the Lienholder sends you an unsigned title you may have to chase the prior owner for signatures. I personally would not buy a unit from someone who is upside down to the lender. JMHO
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Old 04-29-2021, 09:15 AM   #16
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Payoff...

1) get on the phone with seller and lender to verify amount owed. 2) invert the process, your $$ gets sent/wired to the lender AFTER the seller sends theirs and it clears. 3) seller provides lender with authorization to release title directly to you after receiving payoff. 4) pickup and drive away your new RV.
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Old 04-29-2021, 11:57 AM   #17
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meet at bank

Quote:
Originally Posted by Marcm157 View Post
This is a relatively safe way to conduct this transaction. At least you know the loan / Lein is satisfied and repossession is not on the table.
Quote:
Originally Posted by scpaddler View Post
In a similar situation I was able to meet the seller at the bank. Together we each paid our part to satisfy the loan. I took the RV and received the title in a couple of weeks. I was out of state. Apparently the sellers spent a day at their dmv in order to get me a printed title. It was risky and took some effort, but with a proper bill of sale in hand and the loan satisfied, I was willing to chance it.
I was in a similar situation when I almost sold my TT.
We were going to meet at the bank - but in my case the selling amount was over the owed amount on the loan...(sellers market)
I backed out of the deal only because I wanted to keep the TT as vacation plans have changed so dramatically since COVID. I need to be able to vacation with 3 dogs and so I kept the trailer.
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Old 09-29-2022, 01:37 PM   #18
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I'm infinitely stupid to participate in such operations. A pile of papers always confuses me. The presence of some deadline, or a limited time to conclude an agreement, also adds problems. I lost my mind while I was choosing the right interest rate. All other issues usually resolve by my wife, I only confirmed the bank transaction and withdrawal of funds. Although, I'm pretty good at judging by a person's face whether I'm standing in front of a decent citizen.
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Old 09-29-2022, 03:43 PM   #19
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Here in Texas, you would provide the existing lender a signed letter from the owner requesting a release of lien along with a bank check. The letter should state to directly provide the released title to you the purchaser.

The difference in the price you will pay directly to the seller with a separate bank check. You have the seller sign a bill of sale and also a Power of Attorney for all title transfer title documents that need to be signed once you receive the title. You will need a copy of his driver's license as well.

This is the Texas power of attorney I used which can only be used for the vehicle listed in the poa, I suspect other states will have a similar document, but I am not sure of that.

https://www.txdmv.gov/sites/default/...es/VTR-271.pdf
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Old 09-29-2022, 05:36 PM   #20
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I personally would not buy a unit from someone who is upside down to the lender. JMHO
That was my point when folks were predicting a huge amount of used units for sale post COVID. Most were financed at high prices with minimum down leading to sellers being upside down.

Even if they are not upside down you have the same issue of needing to wait for the release.
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