Peteandsharon
Well-known member
Hey guys,
I'm in the process of getting my rig ready to sell and my plan right now is to sell through consignment with my dealer. But while I have it at home getting it ready I've had inquiries about it. So it brings me to a question. I have never sold a large item like that privately while still owing on the loan. If I sold it privately it was already paid off and the few times I got rid of something like a car that still had a balance it was as a trade in. So, I'm not sure how you tell someone you don't know that you have to take their money first and pay off the loan before they can get the title. If I were the buyer I'd have trouble doing that even if I took possession of the rig physically without the title. And I'm not sure I'd like someone taking physical possession of my rig while the title was still in my name for liability sake. So how is this typically done from anyone who has gone down this path before.
Thanks,
Pete
I'm in the process of getting my rig ready to sell and my plan right now is to sell through consignment with my dealer. But while I have it at home getting it ready I've had inquiries about it. So it brings me to a question. I have never sold a large item like that privately while still owing on the loan. If I sold it privately it was already paid off and the few times I got rid of something like a car that still had a balance it was as a trade in. So, I'm not sure how you tell someone you don't know that you have to take their money first and pay off the loan before they can get the title. If I were the buyer I'd have trouble doing that even if I took possession of the rig physically without the title. And I'm not sure I'd like someone taking physical possession of my rig while the title was still in my name for liability sake. So how is this typically done from anyone who has gone down this path before.
Thanks,
Pete