Advice on selling, please

[Calsea]

Hi All -- Someone wants to buy my Thor Gemini -cash down and then make payments. I've never sold or bought a vehicle privately before and am wondering how it will work. I know I keep the title until it is paid off--but how does he get it registered in his name -- just go the DMV office? Will he need any paperwork? I assume once he registers it, I will no longer be liable ~ Is there a way I can be sure he has registered it? What else do I need to be aware of? Thanks to all who replies ~

[ducksface]

You will be the first liable for when he wrecks it and tells you to shut up, it was an accident, I owe you nothing.

You'll be second in line as the lien holder for any liability IF you own it free and clear.

If he doesn't keep it insured and kills someone with it, you're ruined. If he does keep it insured and the award goes beyond coverage, you're ruined. Legal costs alone.

It is, even if you sold it to your dad the way you're saying, a very very foolish endevour.
He pays for three months, births 3 or 4 litters of dogs in it, and hands it back.

Put it on a consignment lot and call it done.
If you're upside down on value, write a check.

[lwmcguire]

Originally Posted by ducksface

You will be the first liable for when he wrecks it and tells you to shut up, it was an accident, I owe you nothing.

You'll be second in line as the lien holder for any liability IF you own it free and clear.

If he doesn't keep it insured and kills someone with it, you're ruined. If he does keep it insured and the award goes beyond coverage, you're ruined. Legal costs alone.

It is, even if you sold it to your dad the way you're saying, a very very foolish endevour.
He pays for three months, births 3 or 4 litters of dogs in it, and hands it back.

Put it on a consignment lot and call it done.
If you're upside down on value, write a check.

Absolutely right on

[Calsea]

A bank currently holds the title and will continue to until I pay it off completely.

[ducksface]

Originally Posted by Calsea

A bank currently holds the title and will continue to until I pay it off completely.

You didn't read a thing I or the plus below me typed.
If you did read it you didn't grasp the horror it was meant to convey.

Read your purchase contract for the legal ramifications of sub-sale.

[lwmcguire]

The consignment lot is certainly your best bet as already noted

[Pete'sMH]

No, you won’t hold the title. Your buyer needs to pay you - outright if he/she has the means or by taking out a new loan. You use that money to pay your loan and give the buyer the title. Until you have the money safely deposited in your bank you’d be foolish to give the buyer the keys. Buyers understandably don’t like to pay for things that can’t have right away so you might have a real problem getting this done. I’m inclined to agree with others who recommend using a consignment dealer. Good luck!

[Bob Denman]

This sounds like a "walk away from it" situation...

[Calsea]

Thanks everyone -- and yes, ducksface, I did gasp in horror. I also posed the question to a FaceBook group, and I have to say the response there, too, is an overwhelming NO!!!
I didn't know about consignment lots, and when I did a google seach found one in my state. Is there anything I need to beware of with consignment lots?

[Lt Keefer]

Definitely walk away. If he is assuming your loan, you are still responsible to your original lien holder if he fails to make a payment. If the new buyer wants to assume your loan it is probably because their credit sucks and they can't get a loan on their own. Walk away, you will regret it if you don't.

[ducksface]

Just read the contract well.
We had a travel trailer.
There was a glitch in the book value.
A 2011 booked for $20,000
A 2013 booked for $18,000
Our 2012 booked for $9,000 not $19,000
I don't really remember the year or amounts, just how ours was $10,000 less than a year older model.

It wasn't fixed for a year of book changes.
Un financable because of terminally stupid cube dweller type bank people compounded by being bound by rules.

The consignment lot cured it by rolling it all into a trade in from someone who wanted our VERY cool little nitrous toy hauler. Very handy piece of number crunching.

Read your contract, know if charging you storage monthly is a local thing, and sit back and have it dissappear and replaced with a check.

Those guys don't make money unless you get sold.

I would, and this is just me, walk their lot, feel them out by acting like a buyer, ask them consignment stuff, and then, if they pass muster, tell how you'd like to do business with them.

And
I think some cw do consignment but I don't know under what circumstance.

[rynosback]

He can give you cash down and then bring you a cashiers check or money order from whom ever they decide to finance it through. The Ultimate thing would be to go with him to his bank. That way you can see the cashier hand him the cashiers check. As I have heard of people making fake checks. As once you sign the title over and hand it to him, you have no recourse. Unless he is handing you over a stack of dead presidents.

[Laco]

If he can afford to make payments to you he can just as easily borrow the money from a bank and make payments to them, and cash you out on the sale. If he can't qualify for a bank loan, those are additional red flags. Its not a deal I would consider, nor IMO should you.

[lwmcguire]

Originally Posted by Calsea

Hi All -- Someone wants to buy my Thor Gemini -cash down and then make payments. I've never sold or bought a vehicle privately before and am wondering how it will work. I know I keep the title until it is paid off--but how does he get it registered in his name -- just go the DMV office? Will he need any paperwork? I assume once he registers it, I will no longer be liable ~ Is there a way I can be sure he has registered it? What else do I need to be aware of? Thanks to all who replies ~

Prices are probably as good as there going to get on used rigs

so if you need to move it now is a good time

However you have to price fairly aggressively if you want to move it in less than a month

[Pete'sMH]

Does anyone here have experience with PPL in Texas? Apparently consignment is all they do and they certainly have a well made website and a nice inventory. Just wondering.

[airforceret]

Originally Posted by Pete'sMH

Does anyone here have experience with PPL in Texas? Apparently consignment is all they do and they certainly have a well made website and a nice inventory. Just wondering.

I've bought parts through PPL for many years. They started back in the 70s. I don't recall when they branched out into selling campers but I've always considered them a reputable dealer in parts and would expect the same in the camper sales.

[Calsea]

An update--I met with the prospective buyer this morning to tell him that he needed to get a loan -- He said he'd come to the same conclusion. I told him I give him the keys when I signed off the title. I am much relieved! Thank you all again for your advice and information. Wishing y'all happy traveling ~ carol

[Homer3]

In California when you sell a vehicle you can file a Release of Liability form online or you can print one from DMV's website. Check your state's Department of Motor Vehicle website, they usually have a section "When you sell a vehicle," and lists what paperwork is required.

I would request a cashier's check, hand write or type a bill of sale and keep a copy of all registration, ownership documents etc.


Also, I had very good luck selling our 1998 Itasca on RVTrader.com and we sold our former "toad" on the Thor Forum. It seems online is the way everything is done these days.

[tomsvegas]

We are considering selling our 2015 Vegas (in Bay Area, California) and I talked to several dealers about the consignment route. It is by far the safest. The downside is they really try hard to get you to agree on a low ball net on sale, so they can maximize their margin. I know, it is strictly business. Also, a downside is your rig is on their property and maybe mis-handled, poorly secured, etc, and you have no use for it while it is on consignment. I think we will go the "try to sell directly" and hopefully find a buyer with cash.

[Homer3]

If you're in the bay area, contact SeeGrins in Gilroy, my neighbor has had very good luck buying and selling with them.