Welcome to Just Commodores, a site specifically designed for all people who share the same passion as yourself.

New Posts Contact us

Just Commodores Forum Community

It takes just a moment to join our fantastic community

Register

buying a car that has finance on it

blackjuice

New Member
Joined
Jun 19, 2008
Messages
1
Reaction score
0
Points
0
Hey all,

Just about to purchase a VY commodore, called up VICroads to check to make sure car wasnt stole etc.. however it came up that there was interest/finance against the car. Now i know most people cant just go out and buy a car with cash so its not too much of a shock that it was brougth on finance. Just wanting to know what i could do to cover myself so the car doesnt get repossesed of me if he happens to not pay off the loan with the money I give him

Thanks!
 

Sabbath'

Redblock Jesus
Joined
Jul 3, 2006
Messages
6,279
Reaction score
4,206
Points
113
Location
Vic
Members Ride
80 Series// VFII Black Edition
I was in the same situation when i bought my SS. It comes down to trust aswell, the guy wanted to sell, i wanted to buy, we chatted, and came to an arrangement which worked for both of us

The guy still had 9 grand oweing to GE (worst lot ever)

What you need to do, is get the seller to get in contact with their finance company and request a payout figure. This will be valid for about 3 days, with this figure, you can then supply him with the money to pay the loan off. If you distrust him, you can request to maybe go to a branch of the institution and hand over the payment together, but this way, you've covered the finance, and your ass.

Hope it helps.
 

cxcxcxvcvcvc

Active Member
Joined
Sep 14, 2006
Messages
1,120
Reaction score
16
Points
38
Location
The Plains
Members Ride
VT Commodore
Hey all,

Just about to purchase a VY commodore, called up VICroads to check to make sure car wasnt stole etc.. however it came up that there was interest/finance against the car. Now i know most people cant just go out and buy a car with cash so its not too much of a shock that it was brougth on finance. Just wanting to know what i could do to cover myself so the car doesnt get repossesed of me if he happens to not pay off the loan with the money I give him

Thanks!

Mate dont do it!!!!
My old man did exact same thing..
First of all its illegal to sell a car that still has finance owing on it ect
But heres a story that happened to my dad!
This guy up north made an arrangement with my dad so that my dad took possesion of his car (a vs 5ltr stato) and my dad made the repayments on the finance and once the car was payed off the car would then be my dads! Well my dad put the money into this blokes bank account and was trusting the bloke to pay it off (the guy was supposed to be a mate) but the bloke spent the money with his girlfriend car was reppoed and my dad lost about 15K out of it with no car!!
To cut a long story short its just not worth the risk!,So for future reference whether going through a yard or private get a revs done and you will be right!, in this day and age mate its just not worth it!
 

BANKS

DW I'm a Spray Painter!
Joined
Aug 27, 2007
Messages
1,037
Reaction score
26
Points
48
Location
Gold Coast QLD
Members Ride
VZ SSZ Ute
First of all its illegal to sell a car that still has finance owing on it ect

Total bullshat....

Get him to sign a writern agreement stating that he will settle the finance owning with the money, that WILL hold up in court.

What DARKVL said is true aswell. It comes down to trust. If you dont trust the person, you dont hand over a large amount of money simple.
Just talk to the guy heaps and get to know him. He came over to my house, i helped him with everything to do with the car, he even drove me back home when I sold it!

Ill try and dig up my agreement to give you a guide.
 
Last edited:

Tatiana

We should have sushi Carol
Staff member
Joined
Nov 30, 2003
Messages
2,518
Reaction score
770
Points
113
Location
Land of the free
Members Ride
Equinox LTZ - runs on cocaine
First of all its illegal to sell a car that still has finance owing on it ect

Not always - depends on the type of finance. A personal loan for instance may hold no encumbrance over the vehicle. If you talk to your finance company if there is an encumbrance and inform them you wish to sell the vehicle, they will discuss the correct methods to do so.

my dad made the repayments on the finance and once the car was payed off the car would then be my dads!

Wow, no offense but your dad is very gullible.
 

howie

New Member
Joined
Aug 29, 2007
Messages
31
Reaction score
1
Points
0
Members Ride
VT S
Why cant you get him to get you a final payout figure then sign the rego papers and take the car and give him the cheque in the name Finance Company and any outstanding balance if any in his/her name.

Im sure this is what i did but that was a while ago and in NSW
 

Lumps of cheese

welcome to the machine
Joined
Nov 19, 2005
Messages
2,770
Reaction score
40
Points
48
Age
45
Location
Warrnambool
Members Ride
83 vh sle, 4x4 hilux, 03 monaro, 07 nightrain
Mate dont do it!!!!
My old man did exact same thing..
First of all its illegal to sell a car that still has finance owing on it ect
But heres a story that happened to my dad!
This guy up north made an arrangement with my dad so that my dad took possesion of his car (a vs 5ltr stato) and my dad made the repayments on the finance and once the car was payed off the car would then be my dads! Well my dad put the money into this blokes bank account and was trusting the bloke to pay it off (the guy was supposed to be a mate) but the bloke spent the money with his girlfriend car was reppoed and my dad lost about 15K out of it with no car!!
To cut a long story short its just not worth the risk!,So for future reference whether going through a yard or private get a revs done and you will be right!, in this day and age mate its just not worth it!

It is not illegal, as said you just need to make sure the guy you're buying it off pays out his finance.
From memory my brother did this when he purchased a car, one bank cheque to the place he owed money to pay out the loan, the rest in cash after he received paperwork stating the loan was payed, pretty easy really.
 

Lumps of cheese

welcome to the machine
Joined
Nov 19, 2005
Messages
2,770
Reaction score
40
Points
48
Age
45
Location
Warrnambool
Members Ride
83 vh sle, 4x4 hilux, 03 monaro, 07 nightrain
Why cant you get him to get you a final payout figure then sign the rego papers and take the car and give him the cheque in the name Finance Company and any outstanding balance if any in his/her name.

Im sure this is what i did but that was a while ago and in NSW

Bah, beat me to it, should've read more:)
 

Adza75

Active Member
Joined
Sep 15, 2007
Messages
417
Reaction score
55
Points
28
Location
Canberra
Members Ride
VFII SSV Redline
It's not illegal to sell a car that's still under finance, but the seller MUST pay out the finance owing.

I would make a cheque out to the finance company for the amount outstanding, and a second cheque to the seller for any balance.
 
Top