Selling with Lien

[Taz1005]

Has anyone sold their camper while still having a lien on it? I have the title but still owe and I am considering selling. I want to know what my options are before making my decision. TIA

[steve dunham]

Take out a short term loan and pay off the lien then sell the trailer free & clear

[Taz1005]

Originally Posted by steve dunham

Take out a short term loan and pay off the lien then sell the trailer free & clear

I have thought about that, but I would only want to do that if I can get at least the same interest in case my unit sits for awhile. I have the 19’ Scamp which can be a little harder to sell. Thanks for the advise.

[gordon2]

Ask your lender.
I agree that selling free and clear is the best way but if you cannot or will not do that then your lender can advise you how to sell it with their lien involved. Generally the buyer pays off the loan to your lender as part of the transaction. The lien is released and so recorded on the title, then the buyer can apply for the new title. Now if the buyer is also financing then its more complicated. (PS.. I just have to say that I hate the idea of a loan on a luxury item.)

[Jon in AZ]

Even if the interest rate is a few points higher- likely since it will be an unsecured loan- it may end up cheaper than the alternatives, which include using an escrow service or accepting a lower price and waiting for a buyer willing to work with you on the payoff.

[bertherr]

If your 19' Scamp is in good shape you should have no trouble selling it. Person to person used cars are sold with liens all of the time. Your lender should be able to walk you through this. Bert

[floyd]

Originally Posted by bertherr

If your 19' Scamp is in good shape you should have no trouble selling it. Person to person used cars are sold with liens all of the time. Your lender should be able to walk you through this. Bert

[Taz1005]

Originally Posted by gordon2

Ask your lender.
I agree that selling free and clear is the best way but if you cannot or will not do that then your lender can advise you how to sell it with their lien involved. Generally the buyer pays off the loan to your lender as part of the transaction. The lien is released and so recorded on the title, then the buyer can apply for the new title. Now if the buyer is also financing then its more complicated. (PS.. I just have to say that I hate the idea of a loan on a luxury item.)

In Maryland you have the title in hand, but it is noted that it has a lien on it. Once it is paid off you are mailed a lien release paper similar to the title and when you sell you hand over both pieces of paper

[Taz1005]

Thank you everyone I have applied for a personal loan

[Darwin Maring]

Your title should be stamped LEAN and the lender has the title and you can not sell it without a release from the lender. Check with the lender company to work out a deal.

If you have a title that is not stamped Lean then you must have a personal loan.

Regardless, check with the lender first.

[Taz1005]

We looked at our title and in Maryland you always receive the title after purchase, but on the title is states their is a lien, it is not stamped. I have applied for a personal loan to pay off my camper loan. This will release the lien. Once Maryland receives notice the loan is paid off they will send me a lien release which goes with the title to the buyer.

[bigangelman]

Originally Posted by Taz1005

Has anyone sold their camper while still having a lien on it? I have the title but still owe and I am considering selling. I want to know what my options are before making my decision. TIA

Sell it as you would normally sell anything. If you lien holder is local go talk to them. If not local call them and ask them about selling it and if they have somebody in your area that can accept the payment and clear the lien from the title.

Once you find a buyer you "close" the deal how the lien holder wants. Your seller will appreciate knowing the lien has been satisfied and they will get a clear title. Who knows the buyer may need financing themselves, in that case steering them towards the people you have.

Attorneys, banks, title companies do this kind of work.

[Herb Sutton]

50 states, 51 different sets of rules. Check with the DMV in your state.