buying a car that has finance on it

[calais24/7]

Been happening a lot of late

 

[anonymousmoose]

I sold my last car which was under finance. When the buyer paid the deposit I asked him for 2 days. Went cash in hand to the bank and settled up. I would never buy a car under finance personally; I'd pay a deposit and wait for the all clear from the seller.


/posted via mobile device\

 

[notthekingswood]

i am selling my car which is under finance and the buyer is paying out the remainder in full, now the finance company says not to hand over the car until i get a letter saying its clear, EFT (1 Day) or Cheque (5 days). the buyer is driving 4 hours to pick up the car on Wednesday so do i get them to pay it out Tuesday by EFT? or do i hold them off until next week?
i have heard most people just go into the bank EFT the money and hand over the car? thats what i was hoping for

 

[mpower]

I personally would not buy an encumbered car, the risk is there for you to lose out big time. I'm pretty risk-averse so I'll stick to unencumbered please.

 

[notthekingswood]

i should have my unsecured loan money tomorrow so might just pay it out myself then they can give me the bank cheque.

 

[Towcar]

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

I sold a car with finance still on it when I moved back to NZ. It was really simple, I got 2 cheques, one for me, the other to the finance company for the amount owing, really simple, and really quite common. All I did was call my finance company and ask how to do it, they were very helpful.

 

[notthekingswood]

i just sold mine, was going to have the buyer pay it out but the finance company advised me not to give them the car until i get the unencumberance letter 7 days after payment so i paid it out myself with a personal loan i got and they picked it up. and with the personal loan i bought another car so it all worked out

 

[gossie]

Follow the good information on this thread and you should be safe.

Going back to the '80s I bought two close to new vehicles......Fairlane ZJ and Jaguar XJ6 Series 3........that had lots of money owing on them. It was just a case of going to the company owed the money with the owner, paying it out with a bank cheque, and taking possession of the vehicles that were outside the finance company. The owners had previously had the road worthies done. I went to local transport depot and changed them straight into my name. The whole exercise took less than an hour and was a very good deal for me, and got the previous owners out of trouble.

 

[nes138]

Big thread dig... Better then starting 12 new ones I suppose

 

[mpower]

Big thread dig... Better then starting 12 new ones I suppose

like every other topic?