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qhumberd
Moderator

Purchasing a used Tab 320: Experience purchasing from seller who is still financing the camper?

Bugeub
Bugeub Member Posts: 10
in Looking to purchase a trailer?
Hello everyone,
My wife and I are purchasing a 2022 Tab 320 (yay us!). The seller financed their purchase with a bank and have not paid off the camper yet. The seller called their bank and asked how to proceed with the sale, but I am still a little confused about the process after discussing this with the seller. It seems that the seller and I will meet at a branch of the bank, I will provide a cashier check made out to the bank, but then the bank wills end the seller an electronic title within 5 business days and then the seller signs the title over to me. Is this a standard process? I am concerned that I won't have the title in hand or that the bank isn't sending the title directly to me. I am concerned about having the seller still in the process. I am not worried about the seller doing something dishonest, but I am worried that the seller might drag their feet. I would really appreciate some insight into how this works. 
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  • qhumberd
    qhumberd Administrator, Moderator Posts: 776
    edited February 9
    In my opinion this works well for the bank and the seller, but I see no protection for you unless you have a signed contract concerning the title transfer. What you describe is you paying off the seller's loan (which is great for seller and the bank), then the bank issues the title to the seller (as they were on the loan, and then it is the good will of the seller to transfer that title to you. Unless you know this seller well enough to trust them, you have limited protection in the description above.

    When we bought our 400, the seller had paid off the loan, then had title in hand. I paid with a cashier's check and he gave me title. 


    2019  T@B400 Boondock Lite "Todd"
    2016 Toyota Tundra 5.7 Crew Cab
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  • Bugeub
    Bugeub Member Posts: 10
    qhumberd said:
    In my opinion this works well for the bank and the seller, but I see no protection for you unless you have a signed contract concerning the title transfer. What you describe is you paying off the seller's loan (which is great for seller and the bank), then the bank issues the title to the seller (as they were on the loan, and then it is the good will of the seller to transfer that title to you. Unless you know this seller well enough to trust them, you have limited protection in the description above.


    That's totally how I see it. I have no reason to think that the seller is a crook, but you never know. And of course how motivated will the seller be to give me the title in a reasonable amount of time, etc. I'm concerned. 
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  • qhumberd
    qhumberd Administrator, Moderator Posts: 776
    @Bugeub Uncommon things do happen, uncommonly. Like a medical/family emergency in the 5 days waiting for the title, and the seller has to leave. Then there you are, not wanting to pressure someone with a family emergency.
    2019  T@B400 Boondock Lite "Todd"
    2016 Toyota Tundra 5.7 Crew Cab
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  • NorthIsUp
    NorthIsUp Member Posts: 197
    I don't like it. He doesn't have the title. Let him take out a signature or other type loan for what's still owed. Why does the seller still owe on a 2022? It shouldn't be much. A 2022 was probably purchased in 2021, which is about 5 years ago. You're on the hook if something goes wrong. 
    I'm not great with $$$ in life, but I wouldn't do this. 
    Jean & Arnie  Nevada
    2019 T@B 400 BL
    2021 Toyota Sequoia 4WD

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  • mx4789
    mx4789 Member Posts: 54
    I'd say it depends on which state the transaction takes place in.  See if there any escrow companies, or title transfer companies available.  Basically, you send them the $$, they have the seller sign over the rights to the title to them, they pay off the loan and collect the title and then turn around and sign the title over to you and give the seller whatever money is left over. Or something like that... the key word is escrow which involves an unbiased 3rd party that acts as an intermediary for a fee.
    2025 Tab 320 S BD
    2024 Nissan Frontier
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  • Bugeub
    Bugeub Member Posts: 10
    Thanks for the suggestions. I will look into a title transfer company and some other options. It's either that, put a whole lot of faith in the seller, or walk away. 
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  • mx4789
    mx4789 Member Posts: 54
    Try to think of it like this… people buy/sell cars and houses that are financed all of the time so there’s got to be a way that someone has already thought about or dealt with. Good luck! Be sure and post back here with your experience so everyone can benefit from what you discover! And post pics if you you end up with a Tab!!
    2025 Tab 320 S BD
    2024 Nissan Frontier
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  • westernstates
    westernstates Member Posts: 21
    I ran into this same problem when I was going to buy a R-Pod camper at a discount price on a nearly new trailer. Long story short I lost my $1000 deposit because I felt unsure about the process of obtaining title. In the end I ended up buying a nearly new T@B 400 and am very happy I missed out on the R-Pod and ended up with the 400. Only wish I hadn’t put down a deposit, oh well, live and learn.
    2021 T@B 400 BD
    2021 Ford F150 2.7 turbo
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