Used Airstream Transaction Question

[Hansom-Man]

I am purchasing a used AS from a private party who still has a
loan from the bank. Any suggestions on how to conduct this transaction
to ensure I get the title and the seller get's paid promptly?

Seller seems willing to visit banks and have the loaning bank send title directly to me with power of attorney to sign over.

I plan on inspecting later this week and would like to ensure a smooth
transaction.

-Thanks

[wkerfoot]

Arrange for payoff and title transfer at the sellers/borrowers bank and obtain the title documents at that time.

Bill

Originally Posted by Hansom-Man

I am purchasing a used AS from a private party who still has a
loan from the bank. Any suggestions on how to conduct this transaction
to ensure I get the title and the seller get's paid promptly?

Seller seems willing to visit banks and have the loaning bank send title directly to me with power of attorney to sign over.

I plan on inspecting later this week and would like to ensure a smooth
transaction.

-Thanks

[Hansom-Man]

Thanks for the advice.. Had my ball mount & brake controller installed today.
Now for the inspection.

[Rh112]

We did the same thing this May when we purchased from private party with a loan
The seller just had to give us name of contact person at bank that loan was with
And since we were having to get a loan Our Credit Union took care of everthing
Credit Union contacted bank and payed off loan
Did take about 15 days for our Credit Union to get title

[Splitrock]

I've bought and sold a few vehicles over the years. When I sell, I always only take cash and the buyer leaves with title in hand. When I buy I only buy with cash. If the title isn't clear I pay the leinholder myself with the cash I brought, get a written lien release from the lender, pay the difference to the seller with the cash I brought, and get a paid in full bill of sale. I leave with the vehicle and the title both, or I don't buy the vehicle. I can't even remember the last time I did that. The risk factor of dealing with strangers, especially out of town, is one reason I prefer to deal with dealers.

Pragmatically, if I have a bank signed lien release and a seller signed title, that's a clear title. I guess it's possible to still scam a buyer. That's the reason I won't do business with someone I don't trust. If I were buying something big across country from a private party, I might pay a dealer to broker the deal for me . . . or maybe hire an attorney to review the title, bill of sale, confirm the release is valid, and close the deal for me.

When I buy from a reputable dealer, they send me temporary documents with a copy of the bill of sale in about two weeks, so I can pay tax and get licensed.

When I bought my Airstream last June, the title was clear, so I just paid the seller with cash and he signed over the title and signed a bill of sale on the spot. If the title had not been there, I wouldn't have bought the trailer until I could take the trailer and the title home at the same time. I bought mine from a neighbor of 11 years that I didn't know. His story matched what I was seeing and the whole deal took about 30 minutes.

[newsgauger]

This is all well and good, if what you’re paying for the trailer exceeds the loan…But, what about if it doesn’t?

In today’s times there are lots and lots of people out there with loans and debt out the ying-yang and no way to pay them off due to loss of job, divorced, etc.

It sounds like a ‘Clear Title’ isn’t possible.

Banker/Loan and Lawyer experienced people need to comment here.

Chris

[Hansom-Man]

Good point. From what I can tell many people are upside down on their
Trailers when financed.

We did pull the trigger yesterday and brought home our 2009 23FB.

I talked to the other party's bank who told me that the title could be sent to me directly, but only if directed to do so prior to the loan payoff. Once paid, the title delivery address cannot be changed.

The seller changed delivery address of title to me via conference call to the bank (we were face to face at his bank branch). Payment was arranged via wire transfer and loan balance confirmed to be zero within 2 hrs. At which time I took delivery of the trailer.

I also obtained a signed power of attorney form that will allow my spouse to signed over title in the seller's stead. It will also allow me to apply for a new title should the original fail to arrive. Finally proof of sale is verified by a notarized bill of sale.

Fortunately the vehicle was already registered and titled in my home state (Texas). So obtaining the correct documents were not too onerous and we won't have to go through the hassles of inspections & weighing an out of state vehicle.

Will let you know how it all works out with title transfer....

[newsgauger]

Congratulations…

Hansom-Man, reads like you have everything under control and that means the whole buying experience will be a good one.

Next step…post pictures of your new-to-you trailer.

And, then comes naming it. Reading through several posts, that is the tradition.

Good Luck,
Chris

[Hansom-Man]

So I'll offer up some closure to this experience. Wire transfers worked out
fine and everything went smooth on the payment front.

Bank that held the title still pooched it and sent it to the seller despite phone confirmation to send directly to me. No real issue though as seller is an honorable person and sent me the signed title within 48 hrs of receipt. So we have everything needed to complete the title transfer.

All in all the experience was very positive as we pretty much got what we were looking for at a good price.

We have spent the better part of the last two weekends in the Stream and everyone is happy. Now all we have to do is make the maiden voyage!

[wasagachris]

Hey hansom-man Congrats glad everything went well. greta looking A/S and great looking dogs. I also have a spotted one. First pic is my newset one and the second pic is my first dal who died 3 yrs ago from eating that poisioned dog food. Good luck on your maiden voyage.

[Hansom-Man]

Good looking hounds. This too is our second Dal. The first died about 4 yrs ago from general kidney failure. I'm guessing he was a tad older than we thought when we rescued him.

Weird how they get into your head though. We rescued this one from a dog "broker" living under a bridge in Lagos, Nigeria. He was chained to a piece of concrete with 2' chain that was too short too let him sit or lay down. Despite all of that he's still all Dal to the bone.

Cheers.

[wasagachris]

Hi yes my newest one I rescued from a shelter (SPCA). He was badly abused and abandoned but has become the best dog I could have hoped for. He never leaves my side, is always obiedient and never has to be scolded for anything. Kidney failure was what killed my first but the cause was that rat poisoned dog food ( I can't mention the brand name publicly). I'm still waiting for the settlement to be completed. The vet bills were over $5000 and he only lived 10 months.