Question Selling a coach with a lien on it

[sheridany]

Here’s what’s is really important. Alright @Neal whatcha going to buy to replace the ventessex?

 

[FL-JOE]

We did our transaction like Sheridan basically. The weird twist for us was our buyer was actually trading his coach to his dealer back home, therefore his dealer was buying ours outright.

The dealer didn't want to wire transfer funds to my lien holder and the balance to me so he did certified checks. I told them and the buyer up front that I would not release my coach until both checks had cleared plus my lien holder had provided me with "written" documentation that the coach was paid in full. They totally agreed. I was still in my coach several days after the checks had cleared but everyone was okay with this. I maintained my insurance until the day the new buyer showed up and left with it.

 

[redbaron]

One thing to remember with the in and out deal...or a half deal...you are in charge of the sale. This means you don't need the dealer sales staff to engage your customer *unless* your customer wants to trade in their old coach.

Said another way, you can now accept trade ins on your sale!

 

[Buly]

We bought our coach with a lean on it. Just made a check for the bank to satisfy the lean and one to the owner for the balance.
No big deal.

 

[Jireh Financial]

We did our transaction like Sheridan basically. The weird twist for us was our buyer was actually trading his coach to his dealer back home, therefore his dealer was buying ours outright.

The dealer didn't want to wire transfer funds to my lien holder and the balance to me so he did certified checks. I told them and the buyer up front that I would not release my coach until both checks had cleared plus my lien holder had provided me with "written" documentation that the coach was paid in full. They totally agreed. I was still in my coach several days after the checks had cleared but everyone was okay with this. I maintained my insurance until the day the new buyer showed up and left with it.

I don't understand why the dealer would not wire. Maybe his bank charges a small fee? The other electronic way to move funds is ACH. Its an overnight move and funds are accessible the following morning. The problem with checks is what you mentioned, they take time to clear accounts. For us, we much rather send funds electronically. It also eliminates USPS, FedEX or UPS loosing the envelope. (been there done that).
Ken

 

[FL-JOE]

I don't understand why the dealer would not wire. Maybe his bank charges a small fee? The other electronic way to move funds is ACH. Its an overnight move and funds are accessible the following morning. The problem with checks is what you mentioned, they take time to clear accounts. For us, we much rather send funds electronically. It also eliminates USPS, FedEX or UPS loosing the envelope. (been there done that).
Ken

I agree Ken, and we were shocked as well. When I spoke with the dealer (small Iowa dealer) I assured him that I would not release the coach until my lien holder provided me with written documentation that the lien was paid off. He had paid for the checks to be delivered next day air to the lien holder plus to me but I told him it could be another week or more before the lien holder actually posted it paid plus for me to get documentation. He and the actual buyer agreed to wait. It would have been a lot "cleaner" to do a wire transfer. Now I don't know how the rest of the transaction between that dealer the the buyer of my coach was being handled. This buyer with his "trade in" coach was in Florida and they were making arrangements to get his coach back up to Iowa. I have zero knowledge of that financial arrangement, maybe it was a cash deal maybe not.