Selling a trailer you're making payments on still?

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Selling a trailer you're making payments on still? Moderators: luluwhit, gotothewhip, cindyt, crossspur, ForumAdmin Jump to page :	Last activity 2017-05-16 7:53 AM 7 replies, 4331 views View previous thread :: View next thread
General Discussion -> Barrel Talk


TimeFlys885 Reg. May 2016	Posted 2017-05-15 12:09 PM Subject: Selling a trailer you're making payments on still?
Regular Posts: 52	How does it work if I was to get rid of my trailer that I'm still making payments on? I have about 4 years left until I pay it off in full. I bought the trailer for a little over $10K. I'm just not sure how the whole process works since I technically don't own it yet...
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~BINGO~ Reg. Jan 2012	Posted 2017-05-15 12:18 PM Subject: RE: Selling a trailer you're making payments on still?
Serious Snap Trapper Posts: 4275 Location: In The Snow, AZ	We sold a RZR off road car that we owed on still. The guy that bought it called the bank directly and paid off the remainder of the loan. It was super easy for us.
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OhMax Reg. Feb 2013	Posted 2017-05-15 12:32 PM Subject: RE: Selling a trailer you're making payments on still?
Married to a Louie Lover Posts: 3303	You need to call the bank that holds the lien and let them know you're looking to sell it and find out their protocol. The bank holds the title (at least in Iowa and Indiana, the 2 states I've had liens in) so the new buyer will not get the title to register it in their name until you've paid off the lien. Depending on if the bank holds their titles in house or not this could you could get it that day, or it could take a week to 10 days to get it. The buyer needs to be aware of this as well. If the new buyer is taking a lien on the trailer their bank will want to know if there is a lien on it and if so who holds it. The buyers bank will then either send payment directly to your bank or issue a joint check to you and your bank. At least those have been my experiences.
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mruggles Reg. Oct 2008	Posted 2017-05-15 1:37 PM Subject: RE: Selling a trailer you're making payments on still?
Good Grief! Posts: 6343 Location: Cap'n Joan Rotgut.....alberta	Once you have the cash in hand go to the bank and pay it off....m
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shakeit0410 Reg. Jun 2012	Posted 2017-05-15 2:22 PM Subject: RE: Selling a trailer you're making payments on still?
Extreme Veteran Posts: 310 Location: North Dakota	I sold a trailer I still had a loan out on. The buyers bank sent my bank the full purchase price of the trailer. My bank sent their bank the title and cut me a check for the difference.
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wendinbha1 Reg. Apr 2008	Posted 2017-05-15 9:40 PM Subject: RE: Selling a trailer you're making payments on still?
Veteran Posts: 253 Location: Back Creek Valley!!!	shakeit0410 - 2017-05-15 3:22 PM I sold a trailer I still had a loan out on. The buyers bank sent my bank the full purchase price of the trailer. My bank sent their bank the title and cut me a check for the difference. My buyer bought me a check with my banks name on it. I called and verified funds of the cashiers check. NDA the check to my bank and they turned around and cut me a check for overpayment. Worked out well.
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07milch Reg. Mar 2012	Posted 2017-05-15 10:16 PM Subject: RE: Selling a trailer you're making payments on still?
Elite Veteran Posts: 682 Location: Northwest	OhMax - 2017-05-15 10:32 AM You need to call the bank that holds the lien and let them know you're looking to sell it and find out their protocol. The bank holds the title (at least in Iowa and Indiana, the 2 states I've had liens in) so the new buyer will not get the title to register it in their name until you've paid off the lien. Depending on if the bank holds their titles in house or not this could you could get it that day, or it could take a week to 10 days to get it. The buyer needs to be aware of this as well. If the new buyer is taking a lien on the trailer their bank will want to know if there is a lien on it and if so who holds it. The buyers bank will then either send payment directly to your bank or issue a joint check to you and your bank. At least those have been my experiences. This is pretty much how it has worked for me too. I'm in Washington. I sold a trailer a few years ago, guy who bought it called up my bank and arranged everything. Which really should have never happened, bank should have never have released my loan info to him without my consent. But hey, it went smooth and all I did was sign a paper when he came and picked up the trailer and then he took it back to the bank for me lol.
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CrossDRanch Reg. Nov 2012	Posted 2017-05-16 7:53 AM Subject: RE: Selling a trailer you're making payments on still?
Elite Veteran Posts: 823 Location: East Texas	Several ways to do it as others have listed, but just call the bank and see what they would like done.
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