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Old 08-30-2020, 12:06 PM   #1
de NO1PC
 
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2004 30' Classic
1988 29' Excella
Campbell , California
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Reconciling purchase of privately owned A/S with existing loan?

We found, visited, and mostly decided on purchase of a desired new trailer from a private seller. The seller still has a loan on the trailer, so no clear title in-hand yet to sign it off to us. Unlikely the bank involved would, even on direction from the seller, re-direct the released title assignment to us instead, so we'd have a cleaner money-for-title exchange.

Also, sadly "Covid-related" - banks have severely limited branch-visit opportunities to deal with large sum transfers and pay-off transactions.

Ideally, yes, the seller should have secured clear title to sell and release prior to all this. That would have been great considering we drove to the seller's location, saw and liked the rig, hoped to do the deal and bring the new rig home... but not. Back home now... the trailer is 800 miles away and we'd probably instead use UShip to get it here - once, if we can figure out the legal/money 'logistics.'

Having a look at a service like Escrow.com (are there others?) to help with the process and security of the deal for both parties.

Hate to lose the deal out of timing, complexity unless it just can't be resolved.

Has anyone encountered anything like this before? Determined an 'easy' solution?

Thanks in advance!
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Old 08-30-2020, 12:32 PM   #2
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I would think that the bank that holds the title should receive the money that they are owed and anything left over (from your purchase price) would go to the previous owner.

The bank should issue you a letter stating how much money they need to release the title to you. It would seem that the original seller would be aware of this and have that letter in hand to give to perspective buyers. They really need to have the bank involved with the sale so title can transfer to you.

Too bad you drove 800 miles just to get held up by paperwork.

You should be able to do the transaction remotely but I would want to have my hands on the trailer while this happens to protect my interests. Or have someone you trust do that part so you don't get scammed!

Good luck and I hope it works out for you!
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Old 08-30-2020, 01:45 PM   #3
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I have had experience with this on my last two purchases: my trailer, then again for my truck.

In each case, the sellers bank helped facilitate the deal. I met with the seller and the banker, established the payoff amount and had the amount wired in to the bank. The banker then handled the payoff and surplus. I drove home to Virginia from Texas with the trailer (on the seller's tags, btw).

In the second case, the my bank also held the note on the seller's rig. Made it easy - we met at the bank, established the amounts and made the correct payments - easy-peasy. Drove home with the truck (again, on his tags.)

In each case, the lienholder had to send the title back to the owner, who then expressed the signed title to me.

Pat
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Old 08-30-2020, 10:45 PM   #4
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2004 30' Classic
1988 29' Excella
Campbell , California
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Everything otherwise practical suggests we should be able to have an up-front, all-parties-willing transaction and drive away happy. The dilemma seems to be in the seller's new state/local branch discretion "because Covid" lack of accommodation - seeming more like a Monty Python episode than obvious all-parties-in-agreement practical process.

The desired trailer is worth some of this dilemma/complication - but may ultimately frustrate seller, us and future potential buyers. We just want to meet at the banker's desk, move some $$ around, have seller paid, us legally and without risk able to take possession, and go camping. But for the local/state "corporate policies" of one or more financial institutions putting false barriers in the way of simple things. "You must comply with our Silly Walks, but we are not able to share or accommodate what those requirements are. Your next available opportunity to audition MAY be precisely 10:12:07 AM on Sunday, of course which we will be closed..."
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Old 09-01-2020, 08:34 AM   #5
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I arranged the purchase of my truck during the Covid mess. Just had to make an appointment with the seller and the bank and we had to wear masks.

Just do it.

Pat
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Old 09-02-2020, 11:38 AM   #6
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2004 30' Classic
1988 29' Excella
Campbell , California
Join Date: Jul 2012
Posts: 62
Thanks - all this would have been easier and done had the bank been able to accommodate taking our $$ and providing confirmation of clearing the loan while we were there. We really didn't want to leave that to chance remotely and then have to deal with timing of a UShip driver.

'done' deal now, seller backed out after we proposed a "subject-to" sales contract to negotiate through.

On to the next available option.
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Old 09-03-2020, 10:00 AM   #7
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Did you want someone to suggest that maybe you could just give the Seller your money and hope that the bank releases the lien??

Did you see the title and the Sellers drivers license?

Lots of scams out there, especially on "deals" that you dont want to miss.
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