Advice on selling trailer to private party. - Fiberglass RV


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Old 11-29-2014, 11:20 AM   #1
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Advice on selling trailer to private party.

I will be selling my trailer. Has anyone gone thru the process selling to a private party? What do I need to do to transfer the title? What about money? Cash is always good, but what about checks? How to verify it is good? I believe most people are basically honest, but I don't want to be bamboozled by the one who isn't and I don't want to screw someone up in the process either.
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Old 11-29-2014, 11:39 AM   #2
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Always have a Bill Of Sale that states the seller and buyers name and address along with the vehicle VIN and title number and the price and seller and buyers signature. Make sure the Bill of Sale includes the statement that the vehicle is sold "As Is" with no warranty and that it is the buyers responsibility to inspect the vehicle prior to purchase to determine if it is road worthy.

MONEY: I have a Bank Of America bank account and I took a BOA check to my local branch and they checked it out and immediately gave me the money and they assumed the risk. They made sure the buyer had the account, the money was there and the signature matched.

I also sold one where the customer had a BB&T bank account, both of us went to the local BB&T branch and they did the verification and gave me a bank draft so I could deposit it in my BOA account.

I will not take a bank draft or personal check from anyone without going to the bank to verify it. I want my money from the Bank, not the buyer.

TITLE: I always keep a copy of the title. I sign and date the title, take the plates off the vehicle and stop the insurance once sold. It is the buyers responsibility to transfer the title, get the plates and insurance. For me that is quite easy because we have a DMV very close to our home and I go with the buyer to the DMV to do that.

Here in Virginia the buyer can get a temporary (Transit) permit that will allow them to take it out of state then they get their state title when they get home.

DO NOT sign the Title until After you have the actual MONEY.
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Old 11-29-2014, 01:20 PM   #3
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Having sold at least a 6 units in last 6 years I find what Darwin states above works. I'd like to add a Bill of Sale specifying as is and no warranty implied. Any modification made needs to be inspected by buyer at their own expense and risk. I'd take a check as a deposit and cash it before settlement. The balance can be via check at settlement but you will withhold all signed paperwork until it clears. Take the tags off and cancel the insurance once the check clears. I also ask for copy of their drivers license and write down all pertinent data.
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Old 11-29-2014, 02:05 PM   #4
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My local bank claims that the only safe way to accept money from a third party is via a wire transfer. Now with that said I believe the above posters made some valid exceptions as to when to accept a check. I am not sure I would use any method short of the bank giving me bills.


I pay a $15 fee to make or accept a domestic wire, small price for piece of mind. When the wire is completed you have the money, period! No risk, no coming back to you later, and most important no wait. They can be accomplished in the same day.
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Old 11-29-2014, 02:09 PM   #5
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In Utah, you can print a bill of sale off the Utah motor vehicle site. Keep a copy of the bill of sale and title for your own records. You can go on line also and notify the state that the trailer has been sold.
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Old 11-29-2014, 02:15 PM   #6
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First and always first...


Go to your states motor vehicle site and see what the requirements for selling are in your state, it differs substantially from state to state.


For example, in California, unless you have personalized plates, the plates usually stay with the vehicle, and the buyer just transfers registration and re-titles. Any time remaining on the registration goes with the plates. Most state sites also have state approved Bill of Sale forms you can download.


I always insist on CASH, even if it means going to a local bank branch to do so. DO NOT accept a check, even after your bank or the sellers bank approves it, there are several ways to pass a forged check and/or clean out an account in seconds before the check clears. You want cash, from the buyers hands to your hands.


If there are any issues with your title or if the registration isn't current, get that fixed before selling. A flawed title is a snap way for a buyer to demand recourse. A smart buyer won't buy with a hot title, and a smart & honest seller won't sell one that way either.


And don't worry to much about how fast you have to cancel insurance. If you have a signed and time/dated bill of sale from the buyer, your insurance liability stops at that instant. But the quicker you cancel, the sooner you will stop paying for it.
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Old 11-29-2014, 02:18 PM   #7
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Quote:
Originally Posted by Paul Braun View Post
My local bank claims that the only safe way to accept money from a third party is via a wire transfer. Now with that said I believe the above posters made some valid exceptions as to when to accept a check. I am not sure I would use any method short of the bank giving me bills.


I pay a $15 fee to make or accept a domestic wire, small price for piece of mind. When the wire is completed you have the money, period! No risk, no coming back to you later, and most important no wait. They can be accomplished in the same day.
Wire transfers can also be made fraudulently, I would still not release the title until you can draw the money out of the bank when the hold release is executed so that the bank can not come back at you.
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Old 11-30-2014, 07:05 AM   #8
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I agree that wire transfers can be the source of fraud but if you look carefully the fraud is never on the receiving side. People can tricked into sending wires to scam artists, business can use a wire to pay for false invoices or scammers may try to compromise your account to get your financial institution to send a false wire transfer, but in all cases I have never seen where receiving a wire transfer has been subject to fraud.


With all the states and provinces having different vehicle registration regulations I question how effective holding out on the title can be. I know in my state there are weight limits that require registration, smaller trailers do not need a title. I also wonder if someone who is defrauding you will need a title? I do not have the criminal knowledge to answer that question.
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Old 11-30-2014, 07:23 AM   #9
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That is just it, the fraud is on the receiving end, the transfer is fake, the receiver bank (your bank) deposits it, you take the money out and then your bank finds out the transfer was fake and wants the money and charges it back. Wires are normally okay after 3-5 days and both banks have cleared their accounts thru the Federal Reserve system. Certified or bank checks are an alternative, particularly when both are within the US.
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Old 11-30-2014, 08:50 AM   #10
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Bill of sale. Cash Only.
Believe me if they really want to buy it they can pay in cash.
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Old 11-30-2014, 09:27 AM   #11
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Cash is King....Never take a check...any check can give you a problem...forget about taking it to the bank...tell the buyer to take it to the bank and return with cash. Always state "sold-as-is" on the bill of sale. When the CASH is in your hand sign over the title. Make sure you remove the plates from the unit as they are in your name.....then do your "Happy Dance".

Go buy another RV.

Happy Camping!
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Old 11-30-2014, 09:39 AM   #12
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Thank you everyone for all the good advice. Hope to find a buyer for the Scamp before March, when the new one comes in.
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Old 11-30-2014, 10:07 AM   #13
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So, Alice what's the new one?
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Old 11-30-2014, 12:39 PM   #14
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Donna, I am going over to the Dark Side and getting a Little Guy T@B CS/S. It is a clamshell with bath/shower manufactured by the Amish in Sugarcreek, OH. I am tired of loading/unloading all of my Dutch oven and cooking gear in the car. The clamshell puts the kitchen outside (where I usually cook) with lots of storage space. If I were rich instead of beautiful, I would have pulled the trigger on a used 15B Escape. But, it was gonna cost lots of $$ to have a concrete pad installed, extend the driveway and erect a cover, since it wouldn't fit in the garage. Plus, A/C would have to be added. Scamp was an excellent first time camper choice at a reasonable cost. I got to know the ins/outs of camping. What I liked and didn't about camping. Plus, the changes I made to Scamp made the experience better also.
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