buying a car that has finance on it

[BANKS]

Are you paying with finance? when i bought my VY it was $18,000

He owed $11,000

I paid $1800 deposit.

Esanda (my finance company) Placed $11,000 directly into HIS finance to pay the car off, bacause thats the agreement we came up with. Which saves alot of worries from both parties.

Then placed $5200 into his personal account along with my $1800 deposit.

 

[blackjuice]

thank you heaps for the help guys.. it does seem like a pretty big risk, so i might just wait for another deal to pop up because im sure there is more more then one Vy commodore out there lol....When I look at the car tomorrow ill ask him if its on finance see what he says;

 

[Cobez]

I'd find out how much is owing, go to the seller, tell them you will pay out what they owe and for the actual car, you will pay the balance.

EG: The car is worth $15,000, the seller owes $9000 to finance, you pay out his or her $9000 left owing, and give him or her $6000 for the car. Unless of course you talk the price down etc, then adjust the figures accordingly.

 

[VTSSDUDE]

I spoke with my bank as I was thinking about selling my car. I have a car loan with this bank. They told me for me to sell my car with money still owing on it, is for me to write a letter to the bank manager letting them know I have put the car up for sale, how much approx I will be selling it for. Then when I sell the car I can then pay the loan out.
Yes so it is a trust on the seller. No it's not illegal. By the way I am not selling my car now, I keep looking at it and keep loving it for some reason.

 

[Troy711]

thread cleaned.. keep it on topic this time

 

[AttaBoy]

I recommend you stay away from the cars that owes finances if you do not feel you trust the owner...

But if the car you really want then thread carefully and make sure that the owner pays it off.

And being it a commodore I'm sure there are other plenty good examples you could find apart from this one..

 

[cxcxcxvcvcvc]

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.

Just going by what ive been told from various places!
Fair enough if its true but i wouldnt be buying a car that still has finance on it except if i dealt directly with the finance broker and had all the details of the loan transfered into my name ect, but meh thats me lol!

Wow, no offense but your dad is very gullible.

HAHA no offence taken i totaly agree with you!

 

[Rufus®]

From memory, its been awhile since i've sold a car with finance owing, you have to get permission from the credit provider to sell the car?

If you do decide to go down that route, make sure you get the owing balance on the day you repay the debt, or you agree to put extra on the loan, which the guy you're buying off will get back once the loan is finalised.

 

[emazingli]

I agree with Juzo. It's not illegal when it process in legal.

 

[acarmody]

Epic thread dig mate.