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| The Pub For General Automotive Related Talk |
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12-08-2009, 10:29 PM
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FF.Com.Au Hardcore
Join Date: Feb 2007
Location: Perth
Posts: 6,875
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The daughter and I checked out a car for her and it fitted the bill, air bags, ABS, low kays for a 4 cyl car 10 years old.
Anyway it was going for $7500, got him to $7250. Put a $250 deposit cheque on it to pick it up next weekend and pay the balance. He wants the chq made out to his girlfriend who we don't even see. Get home, do a REVs check and it says it has money owing. Rang the guy and asked him, "Whats the go?". He said he will use my deposit chq to put towards whats owing and it should be clear by the end of the week.  : I'm really glad I only put down $250, but I'm getting a bit nervous so I was just wondering if anyone else has had experiences like this. Can I demand a letter from whoever has money owing on it to say it's all clear? Does he have to give me a letter now saying it's free from any emcumbrances, and will these letters stand up in court if someone tries to repossess it?
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jaydee351 4DV8 |
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12-08-2009, 10:41 PM
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B-Series Powered!
Join Date: Feb 2005
Location: Northern Suburbs - Melbourne
Posts: 582
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If he gives you a letter.. just do another REVS check. It should show clear, if it doesn't he is most likely being full of it.
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2003 BA Futura Pacemaker 4490's, 2.5" metal cat, 2.5" mandrel bent exhaust, hi-flow air filter, more to come! |
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12-08-2009, 10:43 PM
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In the jungle
Join Date: Apr 2008
Location: Sydney
Posts: 609
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Make the cheque out to finance company for the money owing on the car.
Ask him to prove how much he owes. |
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12-08-2009, 10:45 PM
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Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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For the deal to go through, ask for the finance company and an account number of the loan. Get the seller to call first, and give permission for you to find out balances etc.
DO NOT rely on the seller to pay the loan off. You write out 2 cheques in the sale, 1 for the loan, made payable to the loans company, the other, being any leftover to the seller. I sold a car on behalf of a mate. This is exactly how I handled it as it was under finance. |
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12-08-2009, 10:46 PM
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Performance Inc.
Join Date: Aug 2008
Location: In a cave
Posts: 2,554
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All you have to do is get him to contact his finance company stating the amount owing on the car the day you are buying it in WRITING. You then get 2 cheques drawn 1 to the finance company for $xxxx and 1 for him for the remainder. He will then pay out the loan as the cheque is no good to him and he will be debt free.
This is how my bank delt with a 2nd hand car I bought a few years ago. Same as above post......lol
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In The Garage...  FPV Super Pursuit Build no 0080/91 Lotus Exige S/C S240 Kart Hasse Chassis 100J Power Quote:
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12-08-2009, 11:11 PM
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FF.Com.Au Hardcore
Join Date: Apr 2006
Location: Brisbane
Posts: 1,768
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as previously mentioned.. get balance of the loan... pay the loan.. and if there is any remainder in the price of the car.. it goes to the seller..
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12-08-2009, 11:32 PM
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FF.Com.Au Hardcore
Join Date: Feb 2007
Location: Perth
Posts: 6,875
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Cheers guys, I hope it works out this way for me too.
I'll play it cautiously before I hand over any more quids.
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jaydee351 4DV8 |
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13-08-2009, 12:11 AM
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Sling Shot
Join Date: Jun 2009
Location: Canberra
Posts: 444
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To save you much trouble, take the money back and look for another car. Will be easier on you and your pocket in the long run (peace of mind).
Its a 100% certainty that you will find a better deal. Just drop the one you are at, get your deposit back and look else were. Its just not worth it!!! You have learned an important lesson. Ask if there is any money owing on the car next time you look at buying a car. But seriously, there are SOOOO many cars out there good for a first car that gets good mileage. And there is no point wasting your time with paper work and all the works, just because it has a loan owing... Just ask first, and buy the car outright. Cant go wrong mate! |
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Buying a car with money owing, what's my options?
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