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 Having Smokin Bandits
Posts: 4572
  
Location: Woodstown, NJ | I'm selling a LQ trailer. (The ad is on here.) I've had a couple of bites from out-of-state buyers. The trailer is financed so the certificate of ownership is with the bank. How do I coordinate this and take payment from the buyer that is both safe for her and safe for me? It's a lot of money so I can't ask her to drive 6 hours with cash. If she comes with a certified check from the bank--I know this is paranoid--how do I know it's not counterfeit? How do I give her the certificate of ownership?
Thanks for any advice. |
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 Expert
Posts: 5290
 
| The one time I sold my financed LQ I called my lender and they talked to the buyers directly. They made arrangements for buyer to pay them directly and pink slip was shipped to buyer directly. Worked perfect ! |
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Having Smokin Bandits
Posts: 4572
Location: Woodstown, NJ | Thanks Flit. I will check that out. |
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Married to a Louie Lover
Posts: 3303
| I agree, I would work with the lender whose holding your note. They may be able to work with the buyers lender/bank and have the money wired directly and cut you a check for whatever is leftover once the note is paid. |
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Having Smokin Bandits
Posts: 4572
Location: Woodstown, NJ | Thank you. I'm going to give them a call.
One of the things I'm concerned about is if the person is driving six hours to get here and they don't know if they want the trailer until they get here, then how do we do this while they are away from home and here? They're going to want to take the trailer home with them. They're not going to want to drive back again another six hours. Or more. Some people were interested who were a few states away. I know people must do it all the time.... |
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 Shelter Dog Lover
Posts: 10277
| Let them get a loan and pay you in full you don’t need to be the middleman for their payments |
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 A Somebody to Everybody
Posts: 41354
Location: Under The Big Sky Of Texas | I would just have it all set up with my bank and ready to go like they are going to buy the trailer just in case they do want it. Let the bank know when you will show up {date} with the new buyers if that is the case so paper work will be in order and if its a certified check take the check to your bank first and if it clears then no problem. |
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 Extreme Veteran
Posts: 310
Location: North Dakota | OhMax - 2018-08-04 8:53 AM
I agree, I would work with the lender whose holding your note. They may be able to work with the buyers lender/bank and have the money wired directly and cut you a check for whatever is leftover once the note is paid.
This is what we did when I sold my trailer a couple years ago. I had a bit left to pay on my loan with the bank. The buyers bank wired my bank the total selling price of the horse trailer. My bank sent me a check for the difference a few days later and mailed the buyers bank the trailer title. |
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Extreme Veteran
Posts: 489
| When I bought mine, I had things set up at the bank before I drove to look at it. I told them the maximum amount it could be, but they understood the price might be negotiated for less. Once I decided I wanted it, I called my bank, the seller gave my banker his account routing number, and the money was transferred. In less than an hour, I was on the road with the title in hand. |
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