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Financial Interests Rev Check?

JoelyMoley

By JoelyMoley,
in General Automotive Discussion

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JoelyMoley Mentor

JoelyMoley

Posted
Posted

hey guys, potentially purchasing a R33 tomorrow but a quick revs check came up with the following:

THERE ARE FINANCIAL INTERESTS RECORDED AGAINST THE SUPPLIED VEHICLE

IDENTIFIERS

VEHICLE DETAILS MATCHED WITH RTA

what the hell does this mean?

also the R33's disk breaks are getting alittle worn so i wanted to get a general opinion on the price of some replacement disks, installed from a normal local mechanic

cheers guys

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dat16dog Contributor

dat16dog

Posted
Posted
hey guys, potentially purchasing a R33 tomorrow but a quick revs check came up with the following:

what the hell does this mean?

also the R33's disk breaks are getting alittle worn so i wanted to get a general opinion on the price of some replacement disks, installed from a normal local mechanic

cheers guys

means the owner owes money to a financial instatution (bank,finance company etc) and the car is the collateral (ie if you buy the car and the loan isnt payed out the car can be repossed from YOU!)

CARSICK Rising Star

CARSICK

Posted
Posted

I once wanted to buy a European car that through REVS, came up with the statement, "...INTEREST ON THIS CAR".

When I confronted the owner, he stated that there was still a residual lease and that I could pay 1 cheque to him and 1 to the institution.

Not being totally convinced, I got permission to talk to some representative at the institution and together we came up with the idea that myself and the owner complete the transaction at the institution.

Once we arrived at the institution, all papers were signed; but before handover of the 2 cheques, the institution did a further check to see if the then owner had taken out another loan on the car, which came out negative.

The institution then told me that REVS would still state "...INTEREST ON THIS CAR" for another 48 hours - but the car was clear of any encumberances.

You just need to make sure that there's not more than 1 loan on that car before you pay off the existing loan ie. 1 cheque to the owner and 1 to the institution > paid at the institution.

.:: GimpS-R34 ::. Grand Master

.:: GimpS-R34 ::.

Posted
Posted

^^^ correct, and what i was going to say..

you can either tell him to pay off the loan first.. or write one chq out to him and one to the bank.. if he owes more money on the car then what he is selling for then walk away unless he pays it off..

and do be sure to check that there is only one loan on the car.. if he pays it off you can get another revs check 48hrs later and show the financials are gone..

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