Need help selling rv

bja1234 · October 1, 2016

I bought a 5th wheel from an individual. I had a man do repairs and refurbish my new unit. There are no dealers near willing to broker my old unit. The repair man is willing to do so and he seems honest. He is certainly knowledgeable and capable.

I will be 1000 miles away from unit. What are some prudent steps to take about leaving signed title and getting my money. My thought is bonding the gentleman. How do I do this? Thanks

Kirk W · October 1, 2016

I have never used one, but a surety bond for the seller's one transaction might be a reasonable way to do this. Bonds are usually priced at some share of the total cost of the transaction and that rate is influenced by the credit rating of the person to be bonded. To the best of my knowledge, these bonds are usually priced at somewhere between 1% & 3% of the total transaction value, but that is old data and so you would need to be much more current to be sure. If you contact the insurance agent that has your present liability policy, he should be able to sell you such a policy, or direct you to someone who can and he will know what such bonds cost.

The other way would be to have someone act as your agent for the sale, with that third party holding the title until the money is paid and so forth. I have known of bankers and attorneys acting in such an agent position and the cost of doing so ranges greatly. Yet another way is to have some trusted friend act as your agent who holds the paperwork or who you give a limited power of attorney to. I have been agent for several people in the sale of lots in our community, and I did this for a friend not present and didn't charge anything so I don't know what such activity might cost.

Dutch_12078 · October 1, 2016

You could have a lawyer draw up a consignment agreement, but I would not leave a signed title with the repair guy. Once the sale is made, the paperwork signing can easily be handled by Fedex overnight service. Or as Kirk said, have a trusted third party act as your agent.

Yarome · October 1, 2016

For the actual sales transaction I would use an escrow company. Some will charge a percentage and others will charge a flat fee. For percentages they often will be variable based on the total sales amount. Ie., $10k @ 1.4% = $140, $20k @ 1% = $200(the last time I used one for a vehicle sale this past year.) Flat fee companies are generally more expensive for sales under $30k. Ie., $300... but may be less expensive for larger ticket items.

The repair guy can work as your unofficial agent to advertise, show your rig, act as intermediary between you and a potential buyer for a flat fee but wouldn't be directly involved in the actual exchange of monies or title.

I've found that using an escrow company also offers peace of mind for a potential buyer. I for one won't purchase any titled vehicle with a verbal guarantee that the title is "clean" and a promise that they'll mail it to me later. Or for that matter.. in a private party sale.. wouldn't accept a pre-signed title from anyone other than the actual owner.

Using a bank, attorney, or escrow company assures legitimacy.

2gypsies · October 1, 2016

Are you close to PPL consignment in Texas? They get a LOT of foot traffic coming in as it's a well-known place. They really move the RVs.

http://www.pplmotorhomes.com/

kb0zke · October 3, 2016

Some thoughts:

1. Check your insurance to make sure that you will be covered if you have your coach on consignment.

2. Many States require that a vehicle be relicensed within a fairly short period of time after a sale. IF you have to leave a signed title be sure that you don't date it.

3. My suggestion would be that you keep the title until there is a sale. Buyer gets coach and bill of sale when money is handed over. When money clears you overnight the title. I've done this a couple of times, both as a buyer and as a seller. Pretty simple.