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Buying A Car With Money Owing On It?

iwanta34gtr

By iwanta34gtr,
in General Automotive Discussion

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iwanta34gtr Grand Master

iwanta34gtr

Posted
Posted (edited)

Hi Every1,

Looking at buying a car in NSW which has money owing on it.

I have never bought a car with money owing on it before so just wanted to clarify and confirm the process.

What I am planning to do is -

- Find out how much cash is still owing on the car

- Make out 2 cheques (One for the finance company for the amount still owing, and the other cheque for the seller for the balance so they can keep the rest).

- Go in to the finance company with the seller, give them the cheque and ensure its for them to pay off the car

- Write a receipt for the purchase (something I always do anyway)

- Do the standard rego transfer with the seller

Is there anything else that I may have missed here? Also curious how long it will take for the car to be taken off REVS (for financial interest being on it) if any1 knows.

Thanks in advance.

Cheers.

Edited by iwanta34gtr
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boiracer Grand Master

boiracer

Posted
Posted

make sure that you keep on top of the finance company to remove the car from the encumbered

vehicle register

sometimes they forget

(cough cough GE Money)

GE money??? for a car?? really??

seriously tho, yeah looks like you have it all sorted out yourself. but as Defari says. you shouldnt have to do any of this, not really your responsibility at all. 80% of cars are owned by the banks etc, this is a very common thing

Cowboy1600 Grand Master

Cowboy1600

Posted
Posted

GE money??? for a car?? really??

seriously tho, yeah looks like you have it all sorted out yourself. but as Defari says. you shouldnt have to do any of this, not really your responsibility at all. 80% of cars are owned by the banks etc, this is a very common thing

Depends whether the car is encumbered. If it's from GE Money, then it's likely that the loan is secured against the car. If iw34 pays all the money to the previous owner, he/she can go piss it up against a wall and then default on the loan. When GE comes looking for the car there's nothing stopping them taking it from the new owner and no onus on the previous owner to pay anything back.

Most cars are bought with an unsecured loan which means the lender has no claim on the car and will go after the debt holder specifically, not the vehicle with which the finance was used to purchase, however it sounds like in this case the car is encumbered.

At a guess I'd say defari doesn't actually understand the situation. Iw34 isn't paying the guys loan for him, he's paying out the remaining amount on the loan and then paying the difference to the previous owner. So a $50k car with $25k outstanding means a $25k cheque to GE and a $25k cheque to the previous owner. The car is now purchased and no longer encumbered.

scarf Proficient

scarf

Posted
Posted

you dont need to go to the finance companies office with the seller.

This is a waste of everyones time, and can be done over the phone.

At the ned of the day your not really dealing with the seller, but the finance company regarding payment.

Neither party will complain if you present a bank cheque to each of them.

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