Read this! Encomberance Checks!

[slipperywhenboosting]

I bought a rx7 three years ago and have since rebuilt the car from the ground up, put in a s5 13b turbo, completely overhauled the interoir, 18" mags, custom paint job, custom bodykit and lots of electronics and motor upgrades. Over $15000 was spent.

Two weeks ago i received a letter from savings and loans saying i must surrender the car to them due to an unpaid loan. i didn't understand this because i paid for the car outright. when calling them they told me that a loan was taken out six years ago for the car by a past owner and $5900 was still owing.

After seeking legal aid i was told i could either pay them $5900 or surrender the car. due to financial diffuculty as i am now a uni student and no family member or friend willing to help me out i had to give up the car.

Legal aid asked why didn't i get an encomberance (outstanding loan) check done on the car when i bought it. being ninteen i had no idea such a check could be done.

I have found out now that checks can be done for $10 at any registration department.

If you or anyone you know know is buying a car privatly or through a car yard, get this check done, even if you know the person you are buying the car from.

I will keep every one posted on what happens.

Thanx for taking the time to read this.

[blx]

I hope like hell you get it back! I hate when shit like that happens!

Keep us posted.

[The_Paladin]

keep us posted.............

i think i would have either made the car 'dissapear' or ripped it to shreads then stripped it for anything of worth (radio, upgrades, engine, seats..........steering wheel etc)

i dont know much about these laws...........was it a bank or the government closing in on you?

[mindflux]

Dude you should have got a revs check done.. and only that magic magician guy could get out of a situation like this..

you need to track down the old owner and beat the shit outta him for the money.

that is the ONLY way your going to get outta this

[unwritten law]

REVS is your friend, its well worth susin out before buying....

Do you know where the previous owner is ?

Good luck with it

[Isurus oxyrinchus]

I think this has been posted by some sort of script or someone with too much time, This Same Post is posted in heaps of threads in a bunch of forums...

I guess he wants Everyone to know...

[predator]

Well maybe he doesn't want people getting burnt?

But its true, it always pays to do a finance check on a car. In fact its one of the common things people recommend, but you're the first person I've heard where its actually happened to. I'm sure it does happen a reasonable amount though.

Debt collectors will track down the debt eventually unfortunately... so always pays to check that the car is not on existing finance.

[sweetr33]

shit tough luck dude. Hope all goes well and u get it back asap.

[Nexus9]

I think I would have taken everything off the car that I had bought for it, and given back the remainder to them.

Do they have the right to seize your property, if it was placed on the car after you purchased it????

Especially if you have receipts for all the modifications on it then it is not part of the original purchase and therefore was not sold to you by the previous owner, so therefore (imho) should not have been seized because it was not part of the original loan agreement.

The original loan covered the cost of the car as it was not as it is now.

Get a good lawyer and try and get some of the parts that "you" paid for, not the loan company, back.

Best of luck and I hope it works out for you.

[MJ]

yeah man you should have stripped the car of all its goodies before you had to hand it over

tough luck about that man, hope it works out for ya

[Spook's_Skyline]

i got my car checked out before i bought it

everyone should do the same

[Isurus oxyrinchus]

it is great advice, You usually can't strip a car back, because they take it the way it is....

[Nexus9]

But that is my point, lets say they take the car and it has my wallet and my mobile phone in it at the time of seizure, does that mean then that they get to keep those items because they were "in/on the car"?

I reckon with a decent lawyer you could get back the items that were added to the car after purchase.

[predator]

I reckon you just wait until they've got a court order to have the cop escort show up and take it away

That gives you plenty of time to take the bits off, but you'd still be out of a stack of money.

[Nexus9]

But if the loan company had to spend even half of the amount owing on the car to get it fixed for selling, they may offer it to him at a discounted price to recover some of the loss.

[51jay]

Did you buy it priv atly or from a dealer?? If from a dealer then he's responsible for the debt. Iwouldnt be handing over the car just yet. I'd be wanting a detailed description of the car including condition at the time they took on the debt. There is nothing to stop you returning the car to that condition befor you give it back. It is all they are entitled to. Id also be chasing up the guy who sold it without permission from the loan company.

You can also (with their agreement) sell the car yourself and pay them the outstanding loan. Iassume it's now worth a lot more than the loan due