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

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• qhumberd Administrator, Moderator Posts: 739

  February 9 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 Member Posts: 3

  February 9

  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 Administrator, Moderator Posts: 739

  February 9

  @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 Member Posts: 196

  February 9

  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 Member Posts: 34

  February 9

  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 Member Posts: 3

  February 9

  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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