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Loren, Attorney
Category: Legal
Satisfied Customers: 28516
Experience:  30 years experience representing clients.
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Im selling an RV with an agreement for $20,000 down and 6 payments

Customer Question

Im selling an RV with an agreement for $20,000 down and 6 payments at $7500 each. Should I transfer title or just wait to the end of payments and sign over pink slip? I was going to require insurance to list me as payee. My thought is that this would avoid the tax issue until transfer of ownership
JA: OK. The Lawyer will need to help you with this. Have you consulted a lawyer yet?
Customer: No
JA: Please tell me everything you can about this issue so the Lawyer can help you best. Is there anything else important you think the Lawyer should know?
Customer: How much does it cost?
JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.
Customer: can you withdraw the text box so I can read the other responses - one is similar.
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Lawyer about your situation and then connect you two.
Submitted: 5 months ago.
Category: Legal
Expert:  Loren replied 5 months ago.
Good morning. I am Loren, a licensed attorney, and I look forward to assisting you.The problem is that if you transfer title before being paid you bear the risk that the buyer will default and you no longer own the RV. If you retain title you are going to be named in any lawsuits for claims arising from the operation of the RV.You best bet may be to transfer title now but retain a lien (based upon a signed security agreement allowing you to repossess the vehicle in the event of default). When the RV has been fully paid you can release your lien.

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