BUYING A RV, but loan company has the pink slip

[KingOf_Pain]

What is the proper way to exchange money and pink slip? Owner (respectable person) needs my money to pay off loan and get the pink slip.

HELP!

[Delta 4 Wheel]

You can open a short Escrow account to hold the funds until the sale is complete. That would be the safest way.

I have been on the buyers end before too. Go to his bank with the funds. Tell them you are coming so they can transfer the title to that location. THey will had the title to you after the money is in thier hands. Get the DMV paperwork and take it there too.

[CityHick]

Draw up a bill of sale stating the terms of the transaction, pay the guy and leave with the RV. I sold my Mustang this way and when the pink came in my name I mailed it to the new owner with my signature. The bill of sale should also have a release of liability statement and if you so desire, get it notarized.

[KingOf_Pain]

You can open a short Escrow account to hold the funds until the sale is complete. That would be the safest way.

I have been on the buyers end before too. Go to his bank with the funds. Tell them you are coming so they can transfer the title to that location. THey will had the title to you after the money is in thier hands. Get the DMV paperwork and take it there too.

I think he said First Bank was ther lien holder, so I will call (or google) and see if they have a branch near by. Sounds like a clean way to complete the sale.

Not sure how to do the escort account???

Thanks!

[KingOf_Pain]

Draw up a bill of sale stating the terms of the transaction, pay the guy and leave with the RV. I sold my Mustang this way and when the pink came in my name I mailed it to the new owner with my signature. The bill of sale should also have a release of liability statement and if you so desire, get it notarized.

Justing thinking, what if you never got the pink slip in this scenario???

[Bronco Brian]

Go to his bank with the funds. Tell them you are coming so they can transfer the title to that location. THey will had the title to you after the money is in thier hands. Get the DMV paperwork and take it there too.

X2 on that keep it simple

Brian

[Delta 4 Wheel]

Not sure how to do the escort account???

Thanks!

If you find an escort that will open an account let me know....

As escrow account it held at an escrow company. Look at it like buying a house. The escrow company holds the funds from your home loan until all of the requirements of the sale have been met. Then the money goes to the seller.

[KingOf_Pain]

ESCROW...ESCORT, it's all the same! LOL

[TBS-POPS]

Yes It's easy to go right to the bank (that holds title) and do the transaction there. I have sold trucks that way. Buyer makes payoff to bank then the bank even mailed the pink directly to new owner, they called me to sign over pink, All's good... buyer pays excess to seller if deal is for more than payoff... if you really want to get crazy, you can argue with DMV about the use tax you would have to pay on the sale because you paid off someone elses loan and the taxes were already paid on that sale and double taxation is against your constitutional rights!!! POPs

[Bronco Brian]

argue with DMV about the use tax you would have to pay on the sale because you paid off someone elses loan and the taxes were already paid on that sale and double taxation is against your constitutional rights!!! POPs

Good luck on that,why is it if you get money back on your State Taxes(last Year) it is money you eared last year? din't you earn it the year before but they tax you for it as EARED INCOME on this years taxes? That my friend I feel is double taxation.

Brian

we did well this year I owe the State $21.00 so I am Happy cant taxe me on that.

[69GHOST]

king of pain I know of 1st united credit union in Lemoore, Its by save mart. I think that office is closing its doors this week, all they have is a 800 number in the phone book. good luck on your new purchase.

[Sillyneck]

I think there's a first bank up here... happened to see that they share brances w/ safe CU and a couple others I think