Advice needed

[Mreagan]

Hi fellow Thor owners. I am wondering if anyone has tried to sell their RV on consignment with an RV Dealer? I am not having any luck on RV Trader or Facebook or Vanviewer because I still have a loan. No one wants to pay that much money when I must wait for the title (cleared of lienholder) to be mailed to me from the DMV.
And no, my bank will not issue the title in buyer’s name - they simply don’t do that.
Thanks all!

 

[16ACE27]

Hi fellow Thor owners. I am wondering if anyone has tried to sell their RV on consignment with an RV Dealer? I am not having any luck on RV Trader or Facebook or Vanviewer because I still have a loan. No one wants to pay that much money when I must wait for the title (cleared of lienholder) to be mailed to me from the DMV.
And no, my bank will not issue the title in buyer’s name - they simply don’t do that.
Thanks all!

Because banks don't issue titles, the State does. All the bank does is file for a lien and clear the lien.

 

[Chateau_Nomad]

Well I think you answered your own question... and discovered how much motorhomes are really worth in the process. If you really want to unload it you'll have to lower the price to it's actual value, not what you owe. Of course you're going to be making payments on something you no longer own... IF the bank will release the lien.

 

[Bob Nodine]

Hi fellow Thor owners. I am wondering if anyone has tried to sell their RV on consignment with an RV Dealer? I am not having any luck on RV Trader or Facebook or Vanviewer because I still have a loan. No one wants to pay that much money when I must wait for the title (cleared of lienholder) to be mailed to me from the DMV.
And no, my bank will not issue the title in buyer’s name - they simply don’t do that.
Thanks all!

My son is the finance directory for a group of auto dealerships and you are what he refers to as "up side down". It is finance talk meaning you owe more for the item than it is worth. Worth is a general term and is what people or businesses' are will to pay for an item. We purchased a diesel pusher in 2007 when the market was the highest it had ever been. The bottom fell out in 2008 and we were "up side down" on that motorhome.

 

[ducksface]

Op did not say they're upside down.
They said they have a lien causing possible lengthy time needed to clear the title of the current op lienholder so the purchaser can transfer ownership.
This delay is distasteful to cash buyers due to risk and time involved.


However:
It shouldn't affect those folks purchasing the op rv from getting a loan at an institution.
My guess is we all know someone who traded in a car they still had a loan on.
It's entirely common for the new lender to pay off the current lender.

Consignment will not change this delay in clear title availability.
The consignment dealer does add an aire of legitimacy to the title thing IF the dealer will get involved in the payoff.

I'd consign before I'd sell myself.

The op may indeed be upside down and might need to bring somewhere between $30 and $30,000 as cash to the table so as to unbury themselves.

Op,
Call for a payoff. You may owe considerably more than you think you do.
No argument.
It's just a phone call.

 

[Campguy21]

You can still sell it yourself but you need to find the right buyer. You will most likely receive less after paying someone to sell it for you (consignment) given you have to pay their fee.

I sold a diesel pusher I had a loan on to a buyer who was paying cash. We agreed to meet at the bank who had the lien. He paid off my existing loan and paid me the difference in cash. The new title can be mailed directly to the new owner once the lien is settled and most buyers should understand this.

You can still sell it if you owe more on it than it is worth. You would need to bring cash and pay off the difference between the selling price and loan amount to the bank. You should draw up a bill of sale for all of this with the details but it can be done. Again there would not be a delay in the title and it would me mailed directly to the new owner.

You may have to be flexible with your pricing on one of these as there are many on the market for sale right now.

Your bank will not release the title until the loan is paid off and most will not allow someone to "assume" your loan but if in distress you may call the bank directly and see if that is an option?

If you do sell it yourself just be careful as there are many scammers out there. I also had many calls from dealers wanting to "buy it for cheap" posing as real buyers. I personally would not want someone coming to my home and would only agree to meet them in a "public" place somewhere to qualify them as a "serious" buyer. In this world, people should understand that and not be offended.

Your other option if you have good credit would be to trade it in for a more expensive RV and let the dealer "roll the debt" into the other vehicle you are purchasing. The reason they can do that is because most everything they sell is inflated by about 30% in price! I can't say I recommend this because you will most likely be creating more debt and less equity than you have now and the only real winner will be the RV selling dealer.

 

[dkoldman]

Autotrader is full of scammers. I don't do facebook or other sites you mentioned. Find other RV online companies that will list for you. But going consignment may be your best course especially with a lien on your title. I buy things all the time and I just have a rule to never buy anything with a lienholder, I know it can be done and it is safe, but I don't want to deal with it. Now with that said if it was foreclosed on and the bank was selling, I would be 1st in line.

 

[williamprunty]

Pandemic

I did during the pandemic with BishRv. It went quick and I got exactly what I wanted, but that was during the pandemic so probably not a great example

 

[Lt Keefer]

If you just want to get rid of it, list it for the loan payoff amount. You and the buyer can go to the lienholder, do the transaction and you are free and clear. If you do owe more than it's market value, you are going to have to kick in the extra out of your pocket. You may try PPL. They are a consignment only dealer. I know they may not be local to you, but they have been consigning RVs since 1972. They do all the work and have over 50 years experience. You'll have to drive the rig to them, but again, if you really just want to get rid of it, that's the price. A final option would be to quit making payments and let them repo it.