Selling an RV

[Yoshi1]

Hi,

I know many of you have sold an RV to an out of state person. What are the steps to conduct the actual transfer?

1. They wire you the funds. It should be quick for the funds to show up. But should the buyer wait to show up until the funds show up in the sellers bank? What reassures the buyer the seller actually still has the RV?

2. The seller would remove their license plates when title is transfered. Its up to the buyer to show up with temp. tags?

3. The seller should notify their insurance company the moment the title is signed over?

Other?

Thank you

 

[SpencerPJ]

Make a simple Bill of Sale. Freebies online if you wish. Have buyer sign this, and sign the Title at transfer. Save pictures of both, you want proof of transfer. How I handle $$, depends on how much it is. If they bank at a bank also in your area, I tend to do the $ transaction there, have their bank cut you a cashier check with you present. Under 10k, tell them to bring cash. (just me, lol)

 

[LarsMac]

It's just the same as any other vehicle sales transaction.
Buyer can wire a deposit to secure transaction, then when they show up to to take ownership, Certified funds, or cash, seller signs title over to buyer, and buyer then arranges transportation and title transfer in home state. You can make whatever arrangements both parties feel comfortable with - Notary Public, make the transfer at the local Motor Vehicle office, whatever both parties can agree upon.

 

[Isaac-1]

The key thing to understand is the process can vary slightly from state to state when privately selling any vehicle.

 

[Kirk]

Other?

Make sure that you go by the laws of the state where the RV is registered. It is proper to supply the signed over title to the buyer and you probably should also supply a receipt stating that you sold vehicle (list the make, model, and the VIN) to Mr. Xxxx for the amount paid on the specified date. Make 2 copys and both sign both copies, with you keeping one and giving him the other. Some states also have a form that you can use to let the DMV know that the vehicle was sold to remove any liability on your part. It looks like you are in Maryland? Maryland requires a Bill of Sale, specifically form VR-181, for private sales of vehicles that are 7 years old or newer and are being sold for less than their blue book value according to the Maryland Motor Vehicle Administration. This form must be notarized by both the buyer and seller. For vehicles older than 7 years or those being sold for blue book value or more, a notarized Bill of Sale is not required, although it's still advisable according to The Maryland People's Law Library.

 

[Adventurous Traveler]

If the OP had a loan on the RV that is paid off, then the lien release or a copy of it should be given to the new owners along with the title, registration, and receipts.

 

[Onyrlef]

A title is evidence there is no lien.

 

[Onyrlef]

Hi,

I know many of you have sold an RV to an out of state person. What are the steps to conduct the actual transfer?

1. They wire you the funds. It should be quick for the funds to show up. But should the buyer wait to show up until the funds show up in the sellers bank? What reassures the buyer the seller actually still has the RV?

2. The seller would remove their license plates when title is transfered. Its up to the buyer to show up with temp. tags?

3. The seller should notify their insurance company the moment the title is signed over?

Other?

Thank you

The most common scam in big purchase transactions is an out of State buyer who is going to send a cashiers check via an agent who will take possession. The cashiers check will look good to the bank and they may even disburse funds or credit the sellers account only to demand it all back when the check is discovered to be fraudulent. Another is the buyer issues a cashiers check for over the amount of the purchase, the seller deposits the check and gives the buyer the difference back in cash.
Not saying that's your situation, but just be wary.

 

[Adventurous Traveler]

In New York, you are issued a title just after registration. The title will show the lien on it (not how long the lien is either), and the only way to verify that the lien has been paid is with a letter from the lending institution that the lien has been satisfied, aka lien release.

 

[grashley]

I just sold my FW (YEA!!) this week to an out of state buyer. Our process was very simple. I am in KY, he is 60 miles away in TN. This was for his 20 ish son for an apartment behind the barn. Dad looked at the camper Monday morning. He loved it. He came back with his son after he got off work. He also fell in love, and son handed me a cashier check for full asking price. Because this will be a stationary home and he does not have a tow vehicle, I will deliver the camper and the title to his location on Saturday. By then, the check will have had plenty of time to clear the bank if there was an issue. He will have had time to prepare the site.

 

[Jackiemac]

Congratulations Gordon!!

 

[Onyrlef]

I just sold my FW (YEA!!) this week to an out of state buyer. Our process was very simple. I am in KY, he is 60 miles away in TN. This was for his 20 ish son for an apartment behind the barn. Dad looked at the camper Monday morning. He loved it. He came back with his son after he got off work. He also fell in love, and son handed me a cashier check for full asking price. Because this will be a stationary home and he does not have a tow vehicle, I will deliver the camper and the title to his location on Saturday. By then, the check will have had plenty of time to clear the bank if there was an issue. He will have had time to prepare the site.

Is 3 days sufficient time for a cashiers check to clear?

 

[Gary RV_Wizard]

Is 3 days sufficient time for a cashiers check to clear?

Usually but not always. It may take as long as three days for the check to reach the supposed issuing bank via the ACH (clearing house system) and they are under no obligation to confirm it's validity immediately. If the check is not immediately recognized, the bank will pull it aside to investigate and typically doesn't confirm or deny quickly. And they certainly won't send payment back to your bank until they are absolutely sure. Your bank won't know if the check was accepted or not until they see ACH deliver the funds from the issuing bank. So don't just assume that three days is safe - ask your bank to confirm that the check was actually paid.

You will see in your bank account terms that checks are deposited "subject to collection", so seeing a credit entry in your account means nothing. If the alleged issuing bank denies the check a week later, your bank simply reverses the credit to your account.

 

[Kirk]

Federal regulations require banks to make funds from cashier's checks available within five business days. In most cases it will take less. Ask your bank to let you know when it clears or call them and ask.

 

[grashley]

I was to the bank Friday to get the title notarized. They said there was no hold on the deposit.

I delivered the camper to the new owner today.

 

[Onyrlef]

You will see in your bank account terms that checks are deposited "subject to collection", so seeing a credit entry in your account means nothing. If the alleged issuing bank denies the check a week later, your bank simply reverses the credit to your account.

There have been several incidents locally ( Craigslist) where the seller's account was credited only to have the bank reverse the credit a few weeks later. They are highly sophisticated scams.

 

[Gary RV_Wizard]

I was to the bank Friday to get the title notarized. They said there was no hold on the deposit.

I 'm not sure that a simple "no hold" reply means the deposit cannot be negated if the check is later found to be fraudulent. A "hold" refers to the availability of funds for withdrawal but banks have a standard hold period just to improve the odds that the check will have cleared ACH before you start withdrawing money. Often only a day or two. Depending on the context of your question, whomever you spoke to may have simply been saying the standard policy hold period had expired.