Good Sam Club Open Roads Forum: Signing a power of attorney for bank when selling your RV
Open Roads Forum Already a member? Login here.   If not, Register Today!  |  Help

Newest  |  Active  |  Popular  |  RVing FAQ Forum Rules  |  Forum Posting Help and Support  |  Contact  

Search:   Advanced Search

Search only in General RVing Issues

Open Roads Forum  >  General RVing Issues

 > Signing a power of attorney for bank when selling your RV

Reply to Topic  |  Subscribe  |  Print Topic  |  Post New Topic  | 
Page of 7  
Prev  |  Next
2012Coleman

Florida

Senior Member

Joined: 08/20/2012

View Profile






Posted: 11/11/19 09:32am Link  |  Quote  |  Print  |  Notify Moderator

Don't do it - all the sudden there will be something wrong, the purchaser will want it for less, and you won't be able to do anything about it. Not sure what a bank would want you to essentially give them your RV before you got paid for it.

Tell the buyer if he wants it, it will be on your terms, not his, otherwise pack sand.


Experience without good judgment is worthless; good judgment without experience is still good judgment!

2018 RAM 3500 Big Horn CTD
2018 Grand Design Reflection 303RLS

time2roll

Southern California

Senior Member

Joined: 03/21/2005

View Profile



Good Sam RV Club Member


Posted: 11/11/19 09:50am Link  |  Quote  |  Print  |  Notify Moderator

colliehauler wrote:

With power of attorney what would keep them from taking everything you have?
Limited power of attorney for a specific transaction is fairly common. Not exactly an all access pass.


2001 F150 SuperCrew
2006 Keystone Springdale 249FWBHLS
675w Solar pictures back up

midnightsadie

ohio

Senior Member

Joined: 01/07/2008

View Profile


Offline
Posted: 11/11/19 09:59am Link  |  Quote  |  Print  |  Notify Moderator

go talk to your bank manager.NOW

mich800

Pontiac, MI

Senior Member

Joined: 05/30/2004

View Profile



Posted: 11/11/19 10:02am Link  |  Quote  |  Print  |  Notify Moderator

The signed title is their power of attorney. Receive payment, sign title, problem solved. Or do you not have possession of the title?

Cloud Dancer

San Antonio and Livingston TX USA

Senior Member

Joined: 06/08/2001

View Profile



Posted: 11/11/19 10:07am Link  |  Quote  |  Print  |  Notify Moderator

Quid pro quo means dando y dando means giving and giving, at the same time. That's why this saying is popular in Spanish, emphasis on the "at the same time". When a certified agent handles it, the title is turned over when payment is assured. Ask your bank.


Willie & Betty Sue
Miko & Sparky
2003 41 ft Dutch Star Diesel Pusher/Spartan
Floorplan 4010
Blazer toad & Ranger bassboat

RubyRV

Ft.Lauderdale

New Member

Joined: 02/15/2018

View Profile


Offline
Posted: 11/11/19 10:13am Link  |  Quote  |  Print  |  Notify Moderator

mich800 wrote:

The signed title is their power of attorney. Receive payment, sign title, problem solved. Or do you not have possession of the title?




I have possession of clean title. SE Financial is a large lending Institution that a lot of RV dealers in S.Florida use.
I offered to present it at same time customer gives me the check and I will hand over signed and notarized POA and title together. SEF said no.

RubyRV

Ft.Lauderdale

New Member

Joined: 02/15/2018

View Profile


Offline
Posted: 11/11/19 10:18am Link  |  Quote  |  Print  |  Notify Moderator

time2roll wrote:

Seems odd. Are you familiar with this bank?

Usually you would just sign the title to release it to the buyer or bank. Bank would hand you a check at the same time.
Possibly ask to do this in person at a branch. Check should be immediately presented.



I know RV dealers who deal with SE Financial, not a "bank" but a lending Inst. No branches, they are out of Tennessee. Dealers I spoke to said this is normal but at time of closing. But that's limited to their experiences only...

mich800

Pontiac, MI

Senior Member

Joined: 05/30/2004

View Profile



Posted: 11/11/19 10:30am Link  |  Quote  |  Print  |  Notify Moderator

RubyRV wrote:

mich800 wrote:

The signed title is their power of attorney. Receive payment, sign title, problem solved. Or do you not have possession of the title?




I have possession of clean title. SE Financial is a large lending Institution that a lot of RV dealers in S.Florida use.
I offered to present it at same time customer gives me the check and I will hand over signed and notarized POA and title together. SEF said no.


It does seem like an odd policy. But companies often have odd policies. Would make more sense to get a power of attorney from the buyer to aid in dealing with the title that would now be in the purchasers name.

Edd505

Elephant Butte, NM

Senior Member

Joined: 05/20/2015

View Profile



Good Sam RV Club Member

Offline
Posted: 11/11/19 10:41am Link  |  Quote  |  Print  |  Notify Moderator

RubyRV wrote:

I have a prospective buyer for my RV and HE is getting a loan thru Southeast Financial. I have complied with all their requests, RV inspection, Purchase Order, now they want me to sign a Power of Attorney giving them control over my title prior to giving me a check. I said I would sign one and hand it over with the title on receipt of the check. They said no check till I sign it.
QUESTION. Has anyone done this ? Do I have concern ? ETC. ?


His bank or yours? I did this with a truck and my bank was in direct contact with his. The banks did the paper work & wired the money between the two. I was standing in his bank so I knew it was an actual bank. His bank held the title & mine the money. Have your bank make the contact & when they are satisfied they will have the money transferred to them. You have a 3rd disinterested party as the go between.


2015 F350 FX4 SRW 6.7 Crew, longbed - 2017 Durango Gold 353RKT
2006 F350 SRW 6.0 crew longbed sold
2000 F250 SRW 7.3 extended longbed airbags sold
2001 Western Star 4900EX sold
Jayco Eagle 30.5BHLT sold, Layton 24.5LT sold


egrove

Dallastown, PA

Senior Member

Joined: 07/07/2001

View Profile



Good Sam RV Club Member

Offline
Posted: 11/11/19 10:54am Link  |  Quote  |  Print  |  Notify Moderator

I recently sold an RV and the buyer used this company to finance. They asked for same from me. I was a little hesitant at first but did a little research and went ahead with it. Had no issues, and process went smooth for me. Wasn't so smooth for the buyer, but that was for unrelated issues.


Eric Grove
Dallastown, PA
2019 Tiffin Open Road Allegro 34PA

View an online map showing campgrounds in the US

Add a Visited States Map to your signature


Reply to Topic  |  Subscribe  |  Print Topic  |  Post New Topic  | 
Page of 7  
Prev  |  Next

Open Roads Forum  >  General RVing Issues

 > Signing a power of attorney for bank when selling your RV
Search:   Advanced Search

Search only in General RVing Issues


New posts No new posts
Closed, new posts Closed, no new posts
Moved, new posts Moved, no new posts

Adjust text size:

© 2019 CWI, Inc. © 2019 Good Sam Enterprises, LLC. All Rights Reserved. | Terms of Use | PRIVACY POLICY | YOUR PRIVACY RIGHTS