Selling question

[lightng]

I have a 25 foot 2001 Excella. My question is-- how hard is it to sell an Airstream that I still owe on? My payments are up to date and in advance. Are buyers only considering a sale that is ( I guess the term is) a clean title? Thanks for your input.

[Aage]

I've never sold a vehicle I owed money on, bu my first reaction would be to ask the lender for advice.

[moosetags]

I don't think that it would be that difficult. Just have the current payoff figure available to give to potential buyers.

Brian

[RBolton]

Naturally the buyer will want to be assured that he or a new lien holder will receive the title to the trailer.

One possible senario is that the buyer has the check made out to the current lien holder for the amount of the pay off and a separate payment to you for any more that is owed. Or the check could be made out to the lien holder for the full amount if it is more than the payoff and the bank can refund you the overpayment.

If mailing the pay off, the buyer will want to provide your finance company or bank with the information and instructions as to where to send the title. You will need to provide the buyer with a letter authorizing this so that they do not send the title to you - unless the buyer is comfortable with that. You should probably have this letter of authorization notarized. I am assuming that the bank is holding the title. If you are holding the title then the bank will need to provide a lien release. Either way you will still need to sign the title over to the buyer. You may be able to provide the buyer with a "Secure Power of Attorney" form that will empower them to sign the title on your behalf.The buyers bank or finance company can instruct him on how to see to it that their lien is put on the title.

A better an far easier way would be if you could accompany the buyer to your bank. Pay off your loan and then accompany the buyer to the local DMV to make sure the the titling is done correctly.It can be done, Roger

[87MH]

Originally Posted by RBolton

...A better an far easier way would be if you could accompany the buyer to your bank. Pay off your loan and then accompany the buyer to the local DMV to make sure the the titling is done correctly...

I've been involved in several used automobile transactions handled exactly the same way...just make sure the company holding your financed title has enough notice to bring the title to an agreed on location - sometimes the larger financial institutions store the securtiy titles in a central location - maybe even out of state.