So, you want to know how to sell a camper with a lien. But just to let you know straight away – it’s a little trickier than you think.
In fact, the whole process of selling is already challenging as it is. With a lien, it just gets more complex.
Is it possible, though? Absolutely.
And we’re here to help you make it much easier and more straightforward by giving you these tips. Take a look at these 6 steps and expert advice on how to sell a camper with a lien. Let’s get started!
6 Steps on How to Sell a Camper with a Lien
Perhaps you no longer need your old camper.
Or you are in need of extra cash, and you think your camper is still worth a few thousand dollars.
No matter what your purpose for selling your RV, knowing how to sell a camper with a lien is valuable knowledge when the need for it arises.
Here are the steps you should take throughout the process.
1. Know how much your camper is worth.
First things first, you have to decide on the price point.
When you are certain about the actual value of your vehicle, you can sell it at a good price that you and your buyer can agree on.
Some sellers get a bad deal because they are uncertain about the selling price of the item. So, they sometimes end up giving such a low offer that cost them a considerable loss in the end.
Moreover, buyers who are searching for the right vehicle may get turned off by your enormous price. If you are charging more than you should, then you run the risk of losing a potential buyer.’
This is why before you put your camper up on buy and sell platforms, make sure you are 100 percent sure about the correct price tag to put on it.
The goal is to find that sweet spot, so you can sell quickly if you need to while getting a decent return on your investment.
So the big question is, how can you know your camper’s value?
Basically, many people think of it based on the total cost they spent on it – the base price, insurance and registration fees, taxes, enhancements made, and so on.
They may also factor in any repairs, upgrades, or maintenance done to the vehicle over the years.
But the process of determining your vehicle’s value is not at all this simple. A quick way to go about it, though, is by consulting a price guide such as the NADA. This will give you an idea on how your vehicle compares with an exact same unit as yours – model, make, manufacturing year, and so on.
Knowing these details, however, will only provide you with an estimation of the price. Thus, you should also take a look at your camper’s overall condition, mileage, and where you are currently located. All of these factors can either increase or decrease the price you are looking to sell it for.
The takeaway, though, is that you should compare your vehicle with others that are in the same condition and mileage. By doing so, you can have a better idea of what your vehicle is truly worth instead of taking the advice of someone who has no idea about its actual price in the market.
2. Deduct your outstanding balance in the loan.
Like we said earlier, selling a camper with a lien is complicated because it’s either you will lose money or make a little bit that you deserve.
This process is easier to do than step number one because it does not involve rough estimations. Instead, you can easily determine the accurate amount of cash you owe.
You should have some paperwork to refer to when it comes to figuring out the numbers. Once you have done that, you can subtract it from the total selling price of your camper.
Unfortunately, you need to prepare to lose money if your camper’s value is lower than what you currently owe the bank or wherever you have applied for a loan.
3. Look for buyers.
With the price all clearly defined, now you are ready to get to the next step – put your camper up on sale.
But before you openly sell it to some online marketplace, you should take a step back and consider a couple of options for your situation.
We recommend that you start with selling privately if you wish to have a better deal. When you sell to folks you know, the yield is much higher than when you let the dealership do the work.
But at the same time, you should openly indicate that your vehicle still has a lien on it. This is very important, so your potential buyers know what to expect and decide to proceed or not.
Your advertisement should be compelling enough to entice people to buy. Then, you can share it on your social media or simply spread the word to individuals whom you know might be interested in buying a camper.
Selling privately is a practical option if you are not in a rush to get rid of your camper. However, the faster way to sell is still through a dealership. They have a larger market, which increases your chances of selling your vehicle.
However, you need to make sure that the dealership is not selling your camping for such a bargain. You may want to get it done fast but be sure you still get what your money’s worth.
4. Increase your camper’s value compared with the rest.
If your camper is old, that does not mean it has to be ratty-looking.
This is why you should take a look at the competitors and their camper’s condition before you sell.
With hundreds of thousands of campers hoping to get sold, not all of these come out with a reasonable price. Unless your camper is clean, well-maintained, and a relatively new model, it is highly likely to sell for less.
Hence, beat-up campers don’t sell quickly enough. If they are sold at all, the price point is usually quite low.
5. Consider an escrow service.
Selling a camper with a lien is challenging as it is. So, for your peace of mind, you want to make sure the entire transaction is secure and smooth.
An escrow service involves having the buyer deposit the funds in an escrow account. The only way to release the funds to you is by completing the title and releasing the lien.
The beauty of this service is that it protects your interest, as well as the buyer. This also gives you an edge above the competition, since buyers always want to feel secure when making a purchase.
Do take note that an escrow service comes with fees. But the good thing is that you can split the fees with the buyer since it works for both of your advantage.
6. Seal the deal.
When you have the title ready to be turned over to the buyer and your debt ready to be paid off, then you are ready to do the final steps – sealing the deal.
At this point you may have decided to pay the debt off or have it transferred to the camper’s new owner. In some cases, there are banks that can offer some kind of a loan to help you pay your mortgage off.
This is what we call a bridge loan, which intends to settle the difference from your vehicle’s selling price and the money you currently owe.
In case these steps on how to sell a camper with a lien do not seem too quick and simple for you, there are a few other options you can choose from.
For instance, you can consider simply renting it out, which helps you to make profits and then eventually pay off your loan. Once you have paid it all off, then you can sell it without much complications.
Another thing you can do is to trade in. It works by allowing you to trade your current vehicle in for a more affordable one. After this process, the money you currently owe will be tacked onto a new loan. You can spread your payments out, so it is more affordable to pay the loan off.
We do not strongly recommend this process, however, since banks are unlikely to loan out a higher amount than what your camper is worth. There is also the risk of getting stuck in a nasty financial situation in the end.
Between the two options, renting it out is smarter. For your peace of mind, you can check out listings that take care of roadside assistance, payment and deposit management, and everything else to for your security.