Dealing With Title Still Held By Bank?

Discussion in 'Camper Pre-Purchase Questions' started by JunkyBurrittos, Jul 16, 2019.

  1. JunkyBurrittos

    JunkyBurrittos Active Member

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    Hi all,

    I'm sure this may have been discussed before, if so I apologize. I am considering moving to a hybrid and found the model I want sold privately for a reasonable price but the guy is still paying the loan so the bank still holds the title. I'm assuming and will confim if we get this far that the guy needs the money from the purchase to pay off the loan and then wants to deliver the title as soon as he gets it. I know it is generally inadvisable to buy a camper with no title in most states -- I know I have to have the title to register and insure it in MA. I'm just wondering how others have handled this situation?

    I was thinking maybe drawing up a legal contract that specifies the terms by which the title will be provided to me, but I'd still have to pay money ahead when the title is not in hand and then of course there is the matter of taking possession without being able to register or insure so transporting it would be a total liability issue for me.

    Has anyone found a work around to this? Thank you!
     
  2. tombiasi

    tombiasi Well-Known Member

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    Go to the bank holding the title, pay them and leave with the title.
     
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  3. Sjm9911

    Sjm9911 Well-Known Member

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    Yes , get the title yourself from the bank and then pay the owner the rest when you get the camper. I wouldn't bother with a legal document that will cost lawyers to enforce. Or better yet have the owner pay it off and then you give him a check after he gets a clear title.
     
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  4. JunkyBurrittos

    JunkyBurrittos Active Member

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    Thanks guys, yes I was wondering if something like that could be done. Although my current camper he had to wait forever for the title to mailed to perform the transfer. Hopefully they have the title physically on site or can do so.
     
  5. myride

    myride Well-Known Member

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    That's exactly what I did with my current trailer. He had a divorce sale (I.E. steal of a deal) and told me the same.....Sale was to pay off trailer loan. I got the name of the financing company, paid loan off directly and received ownership papers and paid him the balance (not very much).
    Done deal......
     
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  6. bheff

    bheff Well-Known Member

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    I have sold and bought with the bank still holding the title. I got/gave a bill of sale and mailed the title to the new owner. If I was buying without the title I would provide a self addressed envelope so all they had to do was sign It and put in the mail box.
    Never had an issue.
    Always include the VIN on the bill of sale and have it notorized at a bank.
     
  7. eoleson1

    eoleson1 Well-Known Member

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    You're a very trusting person. That could go bad very quickly if the PO decided not to pay off the loan with the money you gave for the camper.
     
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  8. BillyMc

    BillyMc Well-Known Member

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    Did that with a car years ago. Took moooooonths to get the title!!! GO HANDLE IT AT THE BANK AND GET THE TITLE!!!!
     
  9. seldomseen380

    seldomseen380 Active Member

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    Well,
    Being in the car business for 30 years...
    Meet the seller at the bank that holds the title, and do the transaction there, pay off the balance, the seller gets his cut, and You walk away with the title...
     
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  10. bheff

    bheff Well-Known Member

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    In Arkansas the state holds the title. They release it once the balance has been paid.
     

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