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+--- Thread: RV lending process - signing a cooperation agreement before receiving funds (/Thread-rv-lending-process-signing-a-cooperation-agreement-before-receiving-funds--71073)
RV lending process - signing a cooperation agreement before receiving funds - vicparson - 07-06-2021
<p>My husband and I have been looking for a van for about 10 months and three weeks ago found the perfect van, year of manufacture, mileage, floor plan, all updates, etc., 2016 Fleetwood Bounder LX 33C, used.<br><br>I immediately bought a loan for a car on wheels, and Southeast Financial came back with a better rate and term, so I applied and got approved.<br>The SEF demanded our ID cards and the NADA price and demanded an inspection of the van, which we wanted to do anyway. No one buys a new or used van without a thorough inspection.<br><br>Anyway, I was wondering where my credit package was, they should have emailed it to me. Come to find out that they want the private seller to send them a copy of the title deed and sign the POA so that the SEF can change the title deed or certificate of ownership before they release the funds. This is what is required by the SEF, I have asked to familiarize myself with their RV lending practices/policies. Needless to say, the seller does not like this, as well as I do, and we would like SEF to use the escrow service.<br><br>I am reaching out to the community to find out if this is a standard process when it comes to a private seller, or if someone has encountered a similar process or can advise how to deal with it so that we can finance the loan.<br><br>Thank you all in advance.<br></p>
RE: RV lending process - signing a cooperation agreement before receiving funds - Hunterecca - 07-08-2021
<p>Looks pretty standard, but everything depends on the state where you are, and it's better to have a look at the papers before suggesting anything<br></p>
RE: RV lending process - signing a cooperation agreement before receiving funds - RichardSmithe - 07-08-2021
<p> If I'm not mistaken, bank factoring differs from the usual process in that the banks require several additional obligations from the client. For example, opening an account at the same bank or a pledge, which in principle contradicts the nature of factoring. In addition, the term of consideration of an application for factoring and the package of documents is longer at the bank than in the factoring company, because you have to go through the application review procedure at the bank's credit committee, in addition, with small amounts, not every bank will work. The uniqueness of <a href="https://factorforyou.com/staffing-factoring-companies/">staffing factoring</a> is not at your expense, but the company can increase the delay of payment to buyers and push away their competitors. </p>