Selling an RV that has a loan outstanding can be a little more complicated than selling a vehicle that is fully paid off, but it can still be done. Here are some steps to follow when selling an RV with an outstanding loan:
- Determine the payoff amount: Contact your lender and ask for the current payoff amount on your RV loan. This is the amount you’ll need to pay to the lender to release the lien on the RV and transfer ownership to the buyer.
- Set the sale price: Once you know the payoff amount, determine the sale price for your RV. Keep in mind that you’ll need to sell the RV for more than the payoff amount in order to cover any other expenses associated with the sale, such as advertising, transfer fees, and taxes.
- Advertise the RV for sale: Use online classifieds, RV forums, and social media to advertise your RV for sale. Be sure to include detailed photos, a complete description of the RV’s features, and any extras that are included in the sale.
- Find a buyer: Once you start receiving inquiries from potential buyers, be upfront about the fact that the RV has an outstanding loan. Let them know that you’ll need to pay off the loan before you can transfer ownership of the RV to them.
- Close the sale: Once you’ve found a buyer, work with your lender to pay off the loan and release the lien on the RV. You may need to provide the buyer with a bill of sale and other documents to complete the sale and transfer ownership of the RV.
In conclusion, selling an RV with an outstanding loan can be a little more complicated than selling a fully paid-off RV, but it can still be done. By following these steps, you can successfully sell your RV and transfer ownership to a new owner.
