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Hey guys im looking to get a new 4x4 for work purposes and am really keen on the SR5 Hilux's.

Ive spotted out a very mint one for a bargain of the price however it has money owed on to the sellers bank (Commonwealth).

From what he has told me he still has about 25,000 still owed on the vehicle which is a pretty big sum. I really want the car and he seemed legit and trust worthy.

I am just wondering what would be the best way to approach this so that i dont get f*cked over in the end as ive heard many stories of this happening. Any way out there to cover my ass and still land a sweet deal on a great car?

Edited by r34_25GT

when you buy the car you pay the finance company what is owing and then the balance to the guy selling it. if he is selling it for less than what's owing, walk away.

i should note that that only applies if it is a secured loan (where the car is the collateral for the loan). if he simply got a personal loan to buy the car then it is no problem as the car isn't secured against the loan so if he stops paying the repayments they don't take the car, just any possesions to the value of what's owing.

ask for proof yo.

so does it mean, like when you buy a financially encumbered car, and then the seller doesn't pay off his loan, the car can be repossessed? doesn't sound fair to me.

Yep, should the encumbered car not paid off, it can get repossessed regardless of name of registered owner.

To avoid this, pay directly to the financial institution directly.

^^ its the banks car.. not the sellers.. seller doesnt pay residual.. bank marks car as being stolen.. police will take the car if you're driving it.. unfortunately its a whole lot of headache for the person who buys it..

OP if you want some advice send me a pm - just finished 6 years in this industry..

count: the reason im asking if its a personal loan or secured debt is the processes involved in meeting the criteria of the sellers contract.. the seller doesnt have to tell the buyer but usually if you ask the seller off the cuff they will just say it.. what has the seller got to hide by not telling you this? After all, he wants to sell the car for some reason. If he refuses, then just be cautious.

Edited by defari

I sold a car that had money owning on it that was more than what I was selling it for the finance company agreed to remove the revs listing on it upon receipt of the amount I was selling it for,

The car was sold for $7500 and the loan was for $9000

So the guy who bought the car paid 7500 directly into the loan account and the revs was removed the second the funds cleared,

Just make sure you get something in writing from the finance company before you do the money transfer or cheque payment, outlining all the details

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