Jump to content
SAU Community

Purchasing An Encumbered Car...

Minko

By Minko,
in General Automotive Discussion

 Share

Recommended Posts

Minko Collaborator

Minko

Posted
Posted (edited)

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
SMR33 Grand Master

SMR33

Posted
Posted

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

Ant97GTR Grand Master

Ant97GTR

Posted
Posted

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.

Minko Collaborator

Minko

Posted
  • Author
Posted

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?

Johnny Cash Experienced

Johnny Cash

Posted
Posted

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!

mad082 Grand Master

mad082

Posted
Posted

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.

Crimpage Community Regular

Crimpage

Posted
Posted
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
 Share
Go to topic listing


  • Similar Content

  • Latest Posts

    • Dose Pipe Sutututu
      What brakes on R34 GTT(Europe)

      By Dose Pipe Sutututu · Posted

      Pads for R32 GTS-t, R32 GT-R non V-Spec (Sumitomo), R33 GTS-t and R34 GT-t are all interchangeable. R34 GT uses a 2x piston caliper, hence it didn't fit.
    • soviet_merlin
      WGNC34 - floor mats

      By soviet_merlin · Posted

      Checked with amayama and nope, the full S2 manual set is not available anymore. Unsurprising, but still disappointing as the ? on availability gave a glimmer of hope.
    • joshuaho96
      Tomei gasket

      By joshuaho96 · Posted

      I've heard the Tomei USA head gaskets are decent if you want to o-ring the heads but otherwise not recommended.
    • GTSBoy
      What brakes on R34 GTT(Europe)

      By GTSBoy · Posted

      The 296mm rotors are the R33 turbo brakes. The 310mm rotors are the R34 turbo brakes. The calipers are nearly the same, but not. They're the same caliper but the R34 caliper has longer legs so that it sits out far enough to go over the rotor. The pads are the same for both. When you say, "I bough tsome EBC"....did you just mean pads? Or rotors? 310mm rotors fit under 17" wheels. There may be some wheels without enough clearance though. I can't fit my fingers between the barrel of my wheel and the "corners" of my R34 calipers, but there is plenty of room behind the spokes. This is on Enkei RPF1. You can fit 324mm rotors inside a 17" wheel, but I'd be willing to bet that it would be close to impossible with the Nissan/Sumitomo caliper (using an adapter, of course), because the Sumitomo caliper is fatter than the Brembo caliper that is supposed to go on the 324mm rotors.
    • Kapr
      What brakes on R34 GTT(Europe)

      By Kapr · Posted

      Hi. Can someone tell me what brakes(and mainly WHERE) can i buy brakes on R34 GTT? I bought some EBC which SHOULD go on my car(i have GT but it has GTT brakes) but it does not fit, Brakes are "too" small(296mm) Are 310mm be good or? I have 17 inch wheel so no "big boys" but for me driving i just need one that fits and i can get here in EU/Czech.
×
×
  • Create New...