Buying a used motorhome with existing loan?

[Denise L]

DH would like to buy a used motorhome. The one we are looking at has an existing loan that the owners would need to pay off. They would use the purchase price to help pay down the loan, and they would still owe about $16-20K .

Is this situation pretty standard between two banks? Is there anything to worry about, or will the banks take care of making sure the funds are paid before transferring title? We don't want to inherit a loan!

 

[Art4th]

I would think the loan will need to be completely paid off before the transfer takes place. The bank has a lein on the motor home. The current owner will probably need to take out a personal loan to transfer the debt.

 

[BigAl_50]

You want to make certain you don't overpay; the value of motor homes has taken a big hit like the large SUVs with the increase in gas prices. When all is said and done; I would not purchase an item that has a lien on it owed by a third party....this has TROUBLE written all over it.

 

[Gramma5]

We love our MH!

We bought a used MH in Jan. from a physician and after negotiating a price (it had been for sale since the previous Mar.) he still had $8,000 left on his loan. He had to pay off the loan before the deal was finalized. We researched MH for over 9 months and looked all over the country for what we wanted. We found this 2004 Pace Arrow MH in NC.(we were in MN) and so we bought it sight unseen (other than the internet pictures and a friend who went to look at it for us) with the stipulation that we would come to NC on our way to Fl.(for the winter) and spend a night in it BEFORE we signed the papers! We feel we got a great deal(about $20,000 less than similar MH were selling for)! It is more of a buyers market in MH's than even houses. Gas prices have scared travellers and many are just wanting to get rid of them and take their loses.
We have now travelled and lived in it for 4 months and love it! We are even staying at Fort Wilderness at Disney for a week next spring with our grandkids. It sits at our home in Fl. for most of the winter and then we live in it up North from May thru Sept. Best of both worlds , for us...........Good luck in your adventure!

 

[Denise L]

Thanks for the advice. I suppose that banks might do this kind of transfer all the time, so we'll see.

The owners didn't accept our offer and didn't counter. I suppose selling a motorhome that was purchased from the dealer is a lot like selling an overpriced TS and expecting a lot more than it is worth. Well, we aren't in a hurry, so we will keep looking.

 

[jschmidt]

Motor homes are like elevators, another one will come along!

 

[GrayFal]

Thanks for the advice. I suppose that banks might do this kind of transfer all the time, so we'll see.

The owners didn't accept our offer and didn't counter. I suppose selling a motorhome that was purchased from the dealer is a lot like selling an overpriced TS and expecting a lot more than it is worth. Well, we aren't in a hurry, so we will keep looking.

Good idea!


BTW, where would you store it?

 

[Denise L]

BTW, where would you store it?

Well, we'd have to level our side yard and put in a new fence/large gate and probably add a paved driveway to the side yard. We can't park it in the street or in the front of our house.

It is so much cheaper to buy a resale timeshare! But then you can't camp out under the stars at the Bear Tooth....