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Old 11-20-2019, 08:43 PM   #1
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How do you sell your RV to private customer?

All,
To those who have already sold RV's to another private customer this may appear to be a simple question...but to someone who's last sale to another individual was his 1969 Mustang (still regret it) back in 1976 - different world since then - I have two big questions:
First, here in NC they do not call it as "Sales Tax" when an RV is sold, it is called a "Highway Utilization Tax" and it is paid at 3% of the value with a max of $2000.00, paid every time the title changes hands. Seeing as how I had to pay that when I purchased the RV I am "assuming" that the individual I sell this to has to cover that expense. My question "How is it sent to the State and by whom?"
Second, since there is a loan on the RV how is that handled? Paid off prior to the sale so as to obtain the Title?
Any other suggestions/insight will be helpful.


DocMike

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Old 11-20-2019, 09:54 PM   #2
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When you contacted your motor vehicle department and your lender, what did they tell you?

No one else is going to be as correct as they.
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Old 11-20-2019, 10:17 PM   #3
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Ducksface,

Thanks...now I know where to start! Will get on it tomorrow.

Any and all input is welcomed!!!!

DocMike
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Old 11-20-2019, 10:25 PM   #4
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When you call your lender ask them for a '10 day payoff.'
This means the amount you'll write a check for within the next ten days.

If you owe 11,331 and you send a check for 11,330, you don't get the title released.
Interest accumulates sometimes daily.

If you owe 11,331 and you send a check for 11,332, you get a title and a dollar back.

Ten day payoff. Accept nothing else.
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Old 11-20-2019, 11:04 PM   #5
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I agree: send them a couple of bucks more than what that 1-day payoff is.
Cut it too close; and things take longer than you'd like.
Good luck with the Sale!

(You sold a 1969 Mustang? PLEASE tell me that it wasn't a Mach 1, or a Shelby...)
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Old 11-20-2019, 11:34 PM   #6
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If you like the people you're selling to

here's the kicker: "and it is paid at 3% of the value with a max of $2000.00"

So just imagine if that 3% was paid on a lesser value, yet you got all the money you asked for. That's right - cash. If the buyer can pony up some cash, you write the bill of sale for the balance and shut your mouth. If they don't have the cash, you have to nod your head and say sorry.
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Old 11-20-2019, 11:37 PM   #7
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A cash deal does give you some room for "creative counting"...
I'd have my Accountant call you... but he's got three years to go on his sentence...
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Old 11-20-2019, 11:40 PM   #8
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DocMike. I sold my pickup and 5th wheel a couple years ago. I had a loan on both. When I sold them the buyer met me at the bank and the bank handled everything. He did not use a loan with that bank so it was a service to me. While you are getting a payoff it may do well to ask.
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Old 11-20-2019, 11:42 PM   #9
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no matter 'what' state you are in, you don't collect any 'tax' on private sales, that collection will be made when the buying party registers the vehicle/rv in THEIR state... it matters not that you are in NC.

as for the 'payoff' if a lender is still involved - this is the hardest part of selling anything to a 'private' party since they are NOT going to 'wait' until you have taken their money, paid your lender, and 'hope' that the title arrives 'soon'.... no way. You will have to pay off the lender and get the title in your hand BEFORE you sell it. You may be able to have 'their' bank, if they are getting a loan to purchase it, to 'talk' with your lender, but that in itself is also not an easy road.

Generally, you may have to get a closing attorney, or maybe even an 'escrow' service to provide a easy and 'confident' transfer of money and title, once the lender provides it, in this case, if the buyer is willing.
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Old 11-20-2019, 11:50 PM   #10
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Bob,
No...it was the Carolina blue with white vinyl top, dual gold pin-stripped 302 "Grande version".

DocMike
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Old 11-21-2019, 12:26 AM   #11
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Quote:
Originally Posted by TurnerFam View Post
Generally, you may have to get a closing attorney, or maybe even an 'escrow' service to provide a easy and 'confident' transfer of money and title, once the lender provides it, in this case, if the buyer is willing.
I have never found this to be the case. I have had easy dealing straight through the banks fo 50 years. I alway sell my own vehicles and several have been high end.

Buyer gets a loan from his bank or pays cash. You meet at your bank, the bank will handle the bill of sale, release the title upon receiving buyers check or bank transfer, usually while you sit there. Not an issue. Talk to the bank, they are there to assist you. The buyer will feel at ease with the bank handling to transaction.
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Old 11-21-2019, 12:52 AM   #12
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Quote:
Originally Posted by mountainsam View Post
I have never found this to be the case. I have had easy dealing straight through the banks fo 50 years. I alway sell my own vehicles and several have been high end.

Buyer gets a loan from his bank or pays cash. You meet at your bank, the bank will handle the bill of sale, release the title upon receiving buyers check or bank transfer, usually while you sit there. Not an issue. Talk to the bank, they are there to assist you. The buyer will feel at ease with the bank handling to transaction.
The way I bought my Pantera. Thanks for the reminder.
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Old 11-21-2019, 12:55 AM   #13
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[QUOTE=DocMike;212723]Bob,
No...it was the Carolina blue with white vinyl top, dual gold pin-stripped 302 "Grande version".
DocMike[/QUOTEi
I remember them: VERY nice!
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Old 11-21-2019, 01:10 AM   #14
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I bought a car private sale out of state, and the seller had me use escrow.com for the payment. You must be clear on who pays the fee, about 1%. The last car I bought was also private sale, and I met him with a cashiers check at his bank.

Then I took the bill of sale to my local license bureau where I paid the sales tax and license fee.
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Old 11-21-2019, 05:54 PM   #15
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Clear Titles are always best if you can pay it off before you sell it. Always do an "in bank" transaction for deals that are not cash. Most bank branches do not hold the titles...they are sent to the "Ivory Towers" and you will have to wait a few days for it to be forwarded. Get the Title, meet the buyer in his or your bank, handle the transaction and cash the bank check right then...or deposit it in your account. No one today wants to wait for anything. If I were the buyer, I would be concerned there was a "mechanic's lien" or any other type lien filed against it that the seller was not aware of. Regarding the 3%...the tag and title office will use their valuation charts to determine that amount based on their value...not so much the price you sell it for. They're onto that game.
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Old 11-21-2019, 06:05 PM   #16
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And remember: Money Talks!

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Old 11-27-2019, 07:40 PM   #17
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The state collects it when the new owner registers it in their name.
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Old 11-27-2019, 08:05 PM   #18
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I had no problem selling my 5th wheel to a private buyer a couple years ago. Their bank issued a cashiers check, we took it to the bank, it was deemed valid by my bank, i gave him a bill of sale, he took possession of the 5th wheel, I sent the money to my lender, about 3 weeks later I received the title which I signed over to the buyer. I don't know how he handled the lien with his lender but at that point I was no longer concerned about it. Went fairly well.
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Old 11-27-2019, 09:43 PM   #19
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I wonder how your buyer felt about the three week wait for the title?
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Old 11-27-2019, 10:03 PM   #20
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Quote:
Originally Posted by Bob Denman View Post
I wonder how your buyer felt about the three week wait for the title?
Actually it didn't bother him at all. It's not really much different than when you wait for it from a dealer.
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