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

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time2roll

Southern California

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Posted: 11/11/19 10:58am 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.
So after the POA is signed when do you hand over the title and RV?
How long do you wait for a check?

Takes a bit of blind faith sometimes. I would still want some type of sales contract that specifies these details including retention of the RV until payment is made. Too easy to damage the RV and then the finance falls through.


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MarkTwain

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Posted: 11/11/19 11:31am 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. ?


BOGUS, FRAUDULENT!!!!!! DEAL. CALL YOUR POLICE DEPT. AND GIVE THEM THE NAME, ADDRESS AND PHONE NUMBER OF THIS BUYER.

DutchmenSport

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Posted: 11/11/19 12:52pm Link  |  Quote  |  Print  |  Notify Moderator

I would not do it. I've been taken to the cleaners over unscrupulous deals in the past. Never again. Give me the cash, I'll give you the signed title in front of a notary with signatures and dates and receipts.

And be sure to remove the license plate from the RV before handing them the keys and keep the state registration papers that goes with the plate number.

Cash for title, nothing else. Otherwise, go take a hike! Once you've been burned, you don't care about sob-sob stories any more. It's easy to tell people to take a leap if they snagglepuss around!

Your gut feeling is telling you this does not sound right otherwise you would have never posted your question here. Follow your gut and don't get burned!

gbopp

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Posted: 11/11/19 01:04pm Link  |  Quote  |  Print  |  Notify Moderator

MarkTwain wrote:

BOGUS, FRAUDULENT!!!!!! DEAL. CALL YOUR POLICE DEPT. AND GIVE THEM THE NAME, ADDRESS AND PHONE NUMBER OF THIS BUYER

What will the police do? The buyer and seller are negotiating the terms of a private sale.

RubyRV

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Posted: 11/11/19 01:24pm Link  |  Quote  |  Print  |  Notify Moderator

Im in direct contact witht the finance company. Loan is approved but they want the POA before they issue the check, which will be sent to buyer to then be given to my. Unfortutnatly there is no "bank" to actually go to. I will be back in contact with the lender tommorow. I told them i will hand over the notorized a POA along with the title upon receipt of the check. I dont see why they say no, when they are trusting their borrower to give me the check and him to collect the title from me. Last convertaion they said thats against company policy. I will try again tommorow to reasonably work this out with them.

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Posted: 11/11/19 01:26pm Link  |  Quote  |  Print  |  Notify Moderator

colliehauler wrote:

I have never heard of such a thing. I would talk to your bank and see what they say. With power of attorney what would keep them from taking everything you have?


You can give limited or situational power of attorney, if you were unaware. Wife and I have done it multiple times, buying homes. One of us would not be present at the signing, so we did a 1 time POA before hand.


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TenOC

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Posted: 11/11/19 01:29pm Link  |  Quote  |  Print  |  Notify Moderator

Many (Most) car dealers have you sign a POA when you trade in your old car. It is in all the other stack of papers. If the bank is going to give you the check within a few minutes of signing the POA, no problem. But if it is a few days?????????


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mich800

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Posted: 11/11/19 01:36pm Link  |  Quote  |  Print  |  Notify Moderator

TenOC wrote:

Many (Most) car dealers have you sign a POA when you trade in your old car. It is in all the other stack of papers. If the bank is going to give you the check within a few minutes of signing the POA, no problem. But if it is a few days?????????


That is true. But also a little different. It is between the dealership/finance company and the purchaser not the seller in this case. Presumably the finance company in this case would be titling the vehicle in the purchasers name so would be stepping it their shoes. Not the one selling the vehicle. This does not mean it is a scam just different. So the OP is performing their due diligence to to into this transaction with eyes wide open.

RubyRV

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Posted: 11/11/19 01:37pm Link  |  Quote  |  Print  |  Notify Moderator

TenOC wrote:

Many (Most) car dealers have you sign a POA when you trade in your old car. It is in all the other stack of papers. If the bank is going to give you the check within a few minutes of signing the POA, no problem. But if it is a few days?????????


yes, that's standard procedure when trading to a dealer AT CLOSING.
But, like I've said the lender wants the POA executed before issuing and sending the check out. I figure is will be at least a several days before I will see a check...
They are sendng the check to the buyer and in turn he will give it to me at wich time im required to give him the title

Veebyes

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Posted: 11/11/19 02:13pm Link  |  Quote  |  Print  |  Notify Moderator

I would not feel comfortable with that arrangement either. We did a direct transaction with the seller.

We went into the sellers bank together. Sat down with the banker. Banker opened an escrow acct. My bankers check went in. I got title. Bank took out balance owed on trailer & transferred the rest to the seller. Escrow account closed. Everyone happy.


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