Jump to content
SAU Community

Recommended Posts

Just finalising the purcahse of a car but i have been told it is not 100% his, how do i sort this out? He said make a cheque out to him & the finance company but how can i be sure this is the amount owing & that he is not going to increase the loan off the car once i buy it? :wave:

Edited by Minko
Link to comment
https://www.sau.com.au/forums/topic/154000-purchasing-an-encumbered-car/
Share on other sites

Do a REVS check...that way you know for sure which finance company has a vested interest.

These are about $15 or so, and if you are getting a loan for the purchase or the car, your financial institution should perform this check as part of the loan process.

Hope this helps :O

Easy do a check to find out exactly what is owing on the car. Then when it comes time to buy you send the finance company a cheque for the amount owing first...they'll release full ownership to you and you pay the seller the remaining amount.

Cheers, he is getting the finance company to fax me a letter with how much is owing so ill give the owner a check for him & 1 for the finance company. Whats this release ownership thing? does the finance company send me something?

You might want him to put the agreement in writing (signed and dated) to say that within 7 days of sale of the vehicle he will pay the amount outstanding to his relevant financial institution... just to be safe!

you should make the cheque out to the financial institution and post it to them from his place, or take the money to them in person.

if you make the cheque out to the institution and he doesn't give it to them then it doesn't cost you anything. it just means you only paid whatever the amount was that you gave him on top of what he owed, then you can just send the institution a cheque to pay off the car so it doesn't get reposesed.

You might want him to put the agreement in writing (signed and dated) to say that within 7 days of sale of the vehicle he will pay the amount outstanding to his relevant financial institution... just to be safe!

This will make absolutely no difference. The car remains the sole property of the bank until the vehicle is paid out. The only safe way to get that legally sorted is for him to get a letter from the bank saying they have no interest in the vehicle any more. It is just called a letter of no further interest, and they will only give that if the car has been fully paid out, but they are just waiting on the last payment to clear. Banks are required to clear vehicles from REVS within 48 hours.

No matter what he says / writes / does, nothing is stopping the bank from coming and taking your car off you, and they WILL bring the police to do it if you don't just hand it over.

Dave.

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now


  • Similar Content

  • Latest Posts

    • Thanks for doing that Duncan! Makes you a good person in my books. We don't get kangaroos or wombats here. But we have bats and it's similar. AFAIK it's often the mums with a baby attached that get hit because they drop lower when starting from a tree. If you hit an animal, check on it. https://www.ifaw.org/au/resources/wildlife-rescue-app An app to get the closest wildlife rescue contact.
    • My dream is also to have a proper hoist, but I don't think it will ever happen. My quickjack is probably as close as I'll ever get, it really is very good though. 
    • Yeah we keep on in the dailies, it is pretty poor how many animals get hit and the driver leaves without checking....have saved a couple of little ones over the years. Bit of a gruesome job though, pouches generally need to be cut open because they are so tight and often the joey doesn't realise mum is gone so they are still locked onto the teat. I checked the modules in front of the DS wheel where an oil cooler should go.... There is the radar unit - that can go for race use) One of the 2 HX water pumps, the silver cylinder. That needs to be kept but might be able to be relocated But the bad news, the big computer mounted vertically in front of the wheel (blocking any potential air exit) is the electric steering computer. That is required until/unless i do a hydraulic steering conversion, and in CAD based modern car design it is not like I can just pop a big unit like that somewhere else (plus the loom would be too short anywhere else too). So, the passenger side is OK to clear out (just use a smaller washer reservoir, potentially elsewhere), but the DS no beuno
    • Well, all the best with the new camry It was interesting to hear about the UK process, it is generally a lot more streamlined here with a shipping agent looking after all the import side (noting the exact final price can still be a surprise.....) and I've used a few different brokers on the japan (or US) side, and never had any trouble with any of them....luck of the draw I guess. You mentioned you didn't get the auction sheet (understandable since you bought it from a dealer, not auction), but I always try and get hold of that because they are pretty thorough. I've imported 2x R grade vehicles over the years and both were fine, repairs in Japan are pretty thorough compared to here in Oz.
    • BTW I measured the jack I have, it is 70mm at the saddle but you only have about 700 until it returns to 150mm high at the cylinder so it is good but no magic bullet.
×
×
  • Create New...