Posted 2007-11-24 6:16 PM (#71762) Subject: Selling a trailer
Member
Posts: 35 Location: Milton, FL
I have a silly question regarding selling a trailer which still has a loan outstanding. I've never done this before. How does it work? How do you get the title for the buyer? Does the buyer just have to trust you to get it? Please educate me on this process. I hope to need the information soon.
Posted 2007-11-24 7:49 PM (#71764 - in reply to #71762) Subject: RE: Selling a trailer
Regular
Posts: 67 Location: georgia
If I was buying the trailer from you I would make the check out to you and whoever is holding the title. I would call them and ask them to mail me the title when you came in and signed the title and picked up your equity.
If the bank that held the title was local I would just go to the bank with you and we would de the deal in the loan agents office. I would leave the bank with the signed title and you would leave the bank with your equity.
Posted 2007-11-25 9:23 AM (#71773 - in reply to #71762) Subject: RE: Selling a trailer
Expert
Posts: 5870 Location: western PA
If the trailer has a lien against it, which is a little different than a simple loan, the lien has to be satisfied before a transfer of ownership can be accomplished. You will not be able to register the trailer or transfer the title until the lien is paid and proper documentation is presented along with the title.
Do not accept the title if you see the words "lien" on the title. It has to be marked lien satisified with a date and the lien holder's signature.
Posted 2007-11-25 10:23 AM (#71778 - in reply to #71762) Subject: RE: Selling a trailer
Member
Posts: 35 Location: Milton, FL
Thanks for the information everyone. There is only a simple loan on the trailer however it is not a local bank. So to make sure I understand. The buyer would make the check out to me and the bank. I would sign it and send it in. The bank would then send the title directly to the buyer? And the bank would also send me a check for the equity?
Posted 2007-11-25 10:29 AM (#71780 - in reply to #71762) Subject: RE: Selling a trailer
Member
Posts: 35 Location: Milton, FL
No, that wouldn't be quite right, would it? Because I have to sign the title for the buyer. So would they send it directly to me? Then we get into the trust issue again. If you were the buyer, were you feel comfortable with that? And for a $50,000+ trailer, it is unlikely that the buyer will come with cash. So how do I trust the buyer with a check?I'm such a newbie at this.
Posted 2007-11-25 10:42 AM (#71782 - in reply to #71762) Subject: RE: Selling a trailer
Expert
Posts: 5870 Location: western PA
Tomorrow morning call the loan officer at the bank from which you have the loan. Tell him what you want to do and ask what you need to effect your sale. The bank owns the title to your trailer until the loan is satisfied. In all probability your bank will be dealing directly with any potential buyers of your trailer.
Having a bank contact and his knowledge of your impending sale in advance of the actual event, will make the process progress more smoothly. It will also alert any potential purchaser that you are not trying to put one over on him, and make the sale an easier event to complete.
Posted 2007-11-25 3:06 PM (#71786 - in reply to #71762) Subject: RE: Selling a trailer
Member
Posts: 35 Location: Milton, FL
Thank you Gard. I'll do just that.It's a 2003 Sundowner 8010 Sierra w/mid tack & LQ.I've enjoyed the trailer and have no complaints (imagine that!). But we only get to use it 2-3 times a year so I want to downsize a bit. Wish me luck!
Posted 2007-11-25 10:09 PM (#71796 - in reply to #71762) Subject: RE: Selling a trailer
Regular
Posts: 93 Location: Southern Indiana
Mwill, I have sold two horse trailers with LQ's on horsetrailerworld which both had liens and an RV on rvtrader also with a lien. In all cases, the loan institutions gave me the protocal to follow ......... Basically the check/cashier's check made out to you with property vin number on check and a bill of sale stating title with lein release. The bill of sale is a definate binding contract both of you should sign with date. copies to both. The whole process will take several weeks since banks now put up to two week holds on checks until clear. That boils down to your bank holding your buyer's check/cashier check. then your check to pay off will be held for a couple of weeks . Then how ever long to receive your title from your lender. Just be patient and put everything in writing with your prospective buyer. But do be aware that cashier's checks are not considered cash(or at least not where I bank)...........It may also help to have your bank verify any payment with said issuer..........Like I said earlier, we have successfully sold 3 expensive items with excellent results..........Best of Luck to you!!! Feel free to private email if you like.....
Posted 2007-11-26 10:44 AM (#71826 - in reply to #71762) Subject: RE: Selling a trailer
Elite Veteran
Posts: 736 Location: Western WA
Look into doing a wire transfer rather than a cashiers check in conjunction with the above described bill of sale specifying lien release on the title. No waiting on the cashiers check to clear.
Posted 2007-11-27 5:07 PM (#71926 - in reply to #71762) Subject: RE: Selling a trailer
Extreme Veteran
Posts: 303 Location: Grapeland, Texas
Why in the world would the bank not want to do a wire transfer? The bank I worked at did them all the time. It seems to me that other than cash it would be the safest way to do it. Maybe things have changed since I worked at the bank. That is just to strange. Just have it all set up before the buyer comes to get the trailer and when the money gets there go sign the trailer over to the buyer.
Selling a trailer
