Best Practices When Buying, Selling, or Trading a Lance
Things to consider for not only a successful transaction, but also for your safety!
Safety
- Don't meet a buyer alone. If it is a drivable type of RV, please make sure that you (and whomever you bring) ride with the buyer if they seek a test drive. If you must meet a buyer alone, be sure to meet in a public space. When you arrive, ask to take a picture of them holding their driver's license, and then send the image to a trusted friend or relative.
- Do not disclose any non-relevant personal information. Remove any personal information, documents, and belongings from the vehicle before showing it to potential buyers.
Only accept cashier’s checks, certified bank checks or direct wire transfers.
Your bank can verify and validate a cashier’s check with the issuing bank or financial institution. Check ahead of time with the bank on proper procedure and be sure to perform the transaction with the buyer during business banking hours. The buyer will have to acquire this monetary instrument ahead of time, which helps to ensure they are serious about the purchase and weeds out those who aren’t.
Disclose major issues or accidents
- Most states require by law that a vehicle seller discloses any past flooding or accidents to a vehicle that have occurred. Failure to present this information or have the buyer sign a document indicating acknowledgment of the details can reduce the chance of a future lawsuit.
- Withholding important information can be considered fraud. Always be a good seller and answer legitimate questions about the vehicle truthfully. You don't need to show how much you paid for the vehicle if you are making a profit.
Don’t hand over the title until funds are received.
If you accept some form of personal or business check, remember that the account holder can issue a stop payment.
Make sure the buyer signs the title and a bill of sale upon receipt.
- If a buyer assumes possession of a vehicle and is later involved in an accident, they can claim that it isn’t their vehicle and that they are only borrowing it. With the buyer signing the current title in the appropriate transfer signature location, this proves that they did indeed take ownership.
- In addition, create a printed document (two copies) with the buyer’s legal name, your name as the seller, the make, model, year of the vehicle or RV, the date of purchase, and the mileage (if a drivable), and the sale amount. As buyer and seller, you should both sign each copy and keep one for your records. After the buyer has signed the title, take a picture of the document (or have a copy made).
- On the sales agreement, state that the buyer is purchasing the vehicle “as-is,” with no warranties.