Selling Procedure - Fiberglass RV


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Old 04-18-2013, 06:12 AM   #1
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Name: Carol
Trailer: Chalet XL for sale. Hoping to get a Snoozy.
New York
Posts: 75
Selling Procedure

I have a question about the process of selling my trailer to an individual. I have checked with the insurance co and others and got very vague answers.
I am selling to an individual who lives 900 miles away. I currently have a lien on the trailer title. When I sign over the title, I believe I should remove my plates and cancel my insurance. The buyer will not have plates nor have it registered as yet.

If that person has an accident, my "lien money" has not yet reached the bank, my insurance is cancelled;the buyer may have insurance but does not have the trailer registered yet. I am afraid I would be liable.
Is there another procedure? Should I let them keep the plates on and keep my insurance until they register it?
My last trailer was to a person who lived about an hour away so I let him keep the plates and insurance for a couple of hours until he got it safely home.
These the the things that wake me up at 3 am! Thanks for any advice!
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Old 04-18-2013, 06:51 AM   #2
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Name: bob
Trailer: 1984 u-haul ct13; 1996 Casita 17 Spirit Deluxe; 1946 Modernistic teardrop
New York
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Carol; What I have done when buying a vehicle that has a lien on the title [because it was financed and not yet paid off] was to go to the bank where it was financed, with the seller, to make the transaction.The balance of the loan was paid at that time and the seller got what was left over. The financing institution then has to issue a lien release so that the buyer can get a clear title. Not sure if you are selling a trailer or motor home. If a trailer, then in NY your car insurance covers the liability. Unless you are delivering the camper, I would get the money up front, and let the buyer deal with getting it home. NY procedure on insurance & plates is; you first have to turn in the plates, get a receipt for that, which you take to your insurance company and they will then cancel the insurance. If this is a motor home and you want to let them take it with your plates and mail them back, then I would insist that they show proof of having their own insurance, which would be the first step in them getting it licensed anyway. Are you sure they are a legitimate buyer, there seem to be many scam attempts involving campers. It is kind of a gray area here, with the possibility of something going wrong, be careful!
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Old 04-18-2013, 07:57 AM   #3
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When I bought my ParkLiner from Harry, before the tires touched the street I was on the phone with my insurance company adding it on. I drove home with Harry's plates but I was insured. I think Bob and Mary said it right go to the bank or wherever the lien is held and have it satisfied there...they might need to mail him out the title because even though we are in the days of "superior" technology... nothing seems to happen immediatly lol. This way the lien is settled and if something happens its not your concern
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Old 04-18-2013, 08:58 AM   #4
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Name: Eddie
Trailer: 2014 Escape 21
Virginia
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The buyer needs to check with his local DMV on how too get the trailer home. In Va. with the VIN you can get a 3 day trip permit on line to get a trailer home for $5. You just have to have a bill of sale in hand when on the road. Settlement at the bank or credit union works very well.
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Old 04-18-2013, 09:00 AM   #5
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Name: Steve
Trailer: Scamp 19
Arizona
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We traveled 2,100 miles to purchase our trailer. I had talked to my insurance agent before we left to look at the trailer. The day we decided to purchase the trailer I called and had coverage put on the trailer. With the license plates, the old owner left on the trailer so I could get it back home without a short time limit, otherwise I could have gotten a tempory trailer license to move it. We still haven't gotten back to our home state, having to much fun using the trailer in AZ. We have since decided to keep the trailer in AZ. and regesitered it the other day here. I did check with my insurance agent before doing this and he told me that it wasn't a problem. So now it is registered in AZ, a very easy process, and insured through my agent at home.
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Old 04-18-2013, 09:47 AM   #6
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Name: Kevin K
Trailer: 17' Casita
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This is what I have them sign.


This form releases the owner or seller of
all liability

Vehicle Identification Number (VIN/) ____________________________________

Year______ Make______________ Model___________________Color_________

License plate number _________________Sticker (Tab) number____________________

Title Number____________________________________________ ________

Odometer Reading: __________________________

Date Vehicle Delivered to Purchaser(s):
Month______ Day_______ Year________Time_________AM/PM (circle)

Purchaser’s Full Name: _________________________________________


Address___________________________________________ __________

City: _________________________State: ________ Zip: _____________

Driver License Number____________________________________________ _________

Phone Number ______/_______/_____________


Signature of Buyer:

X__________________________________________________ __________________

I UNDERSTAND THAT BY SIGNING THIS FORM I ACKNOWLEDGE THAT I HAVE Insurance for above said vehicle and I release the owner (or seller) of the above said vehicle of all liability as of

Date ____/_____/______ Time ____:_______ AM or PM (circle one)

Owner or seller
Name________________________________________
Address______________________________________
City /State/Zip_________________________________
Phone # ______________________________________
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Old 04-18-2013, 10:17 AM   #7
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Name: Carol
Trailer: Chalet XL for sale. Hoping to get a Snoozy.
New York
Posts: 75
Thank you - all good suggestions. The bank which holds the title is located in Texas, far from me. I think I will suggest the buyers get a temporary plate and their own insurance so I am totally out of the picture. Then I can fed ex the money to the bank, take the plates to DMV, hopefully, all on the same day. I have always bought and sold things from dealers and never had to worry about the transaction details.
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Old 04-18-2013, 11:50 AM   #8
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Name: Steve
Trailer: Scamp 13
California
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Here in California I do the transfer in the auto club. Tripple A has a great DMV service and when done its out of my name and cleared to the new owner. Might want to check it out where you live.
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Old 04-18-2013, 12:36 PM   #9
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Name: Lisa
Trailer: Former Escape 19 owner
Virginia
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Thanks for the excellent information in this thread! I am also selling my trailer (Snoozy) and my bank is also in Texas far from me. I've been wondering how to handle the details ...
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Old 04-18-2013, 01:14 PM   #10
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Name: Carol
Trailer: 22' Airstream Formerly 16' Scamp
British Columbia
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Quote:
Originally Posted by CarolMarie View Post
Thank you - all good suggestions. The bank which holds the title is located in Texas, far from me. I think I will suggest the buyers get a temporary plate and their own insurance so I am totally out of the picture. Then I can fed ex the money to the bank, take the plates to DMV, hopefully, all on the same day. I have always bought and sold things from dealers and never had to worry about the transaction details.
Carol talk to the bank - it may be possible for you to arrange to transfer the funds and clear off your loan using a bank in your location (even if its a totally different bank) assuming its a major bank. They do most of it electronically and it takes only minutes. When I purchased my trailer I ended up staying over in a hotel one night at the location I purchased my trailer so that the seller could go into his bank in the morning and confirm that all the money transfers were good and had happened and he was able to clear off any issues he had at his end. Was a good safeguard for both of us. His bank was able to satisfy themselves the money from my bank was good and safe in the sellers account and wasn't possible for it to be deemed an invalid transaction any time later and taken back - even though we were dealing with two very different banks in two different countries. I didnt/dont think it possible for the buyer to get a trailer registered into their own name and get plates for it if its not clear of title (again most places have ways a means of checking that electronically as well) or at least its not here.
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Old 04-19-2013, 07:08 PM   #11
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Name: Lisa
Trailer: Former Escape 19 owner
Virginia
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Is it common practice to ask for a deposit to hold the trailer for the buyer? If so, how much do you generally ask?
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Old 04-19-2013, 07:18 PM   #12
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Name: Lisa
Trailer: Former Escape 19 owner
Virginia
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I called my bank and asked them what procedure they suggested for paying off the loan and obtaining the title. Here's what I was told:


  • The buyer can mail a check or send a wire to the seller's bank to satisfy the lien on the trailer. There is a 10 calendar day hold on checks and a 24-48 hour hold for the wired money. Then, the bank will create a title “file” (takes 2 business days) and transmit it to the state of Virginia. Virginia will then print out a title to mail to the seller (don’t know how long this will take). The seller can then sign the title over to the buyer and mail it to him/her.
OR

  • The buyer's bank can wire the money to the seller's bank and request the title be transmitted/sent directly to the buyer's bank. The seller would have to fill out some sort of “Power of Attorney” form for the buyer's bank (they would know more about this) and then Virginia could send the title directly to the buyer's bank, bypassing the need for the seller to sign the title.


Both procedures seem to be very safe and protect each party from any possible issues.


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Old 04-19-2013, 08:06 PM   #13
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Name: Mike
Trailer: 2001 Spirit Deluxe 17" K5NAN
Texas
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Originally Posted by Kevin K View Post
This is what I have them sign.


I like your form and converted it to PDF. Unless you have a PDF copy you can supply. For some reason mine didnt want to add solid underlines. Will save it for a rainy day.
Attached Files
File Type: pdf Liability Release.pdf (20.4 KB, 7 views)
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Old 04-25-2013, 07:49 PM   #14
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Trailer: 2008 16 ft Scamp
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How do you all handle transactions over the weekend. The banks will be closed so we will be unable to verify funds by calling their bank. Or do you just hope it's one of the 99.99% that is a-ok? Or do you hold it until funds are verifyed and overnight it to them?

ETA, why do you pull your plates?
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