Just Commodores Forum Community

It takes just a moment to join our fantastic community

Register

Help In Buying New Car

Discussion in 'VF Holden Commodore (2013 - 2017)' started by scaredyet, Feb 15, 2020.

  1. scaredyet

    scaredyet Active Member

    Messages:
    236
    Likes Received:
    70
    Trophy Points:
    28
    Joined:
    Sep 17, 2016
    Location:
    Mosman
    Members Ride:
    Holden VZ Lumina Wagon
    Guys, my generous old man decided he wants to buy me a new car(used) I'm using his old VZ Wagon he gave me a few years back.

    Anyway I have found a nice example and we have agreed on price but the only problem is he has money owing on it and says he can't pay it off till he sells the car.

    How can I trust he will pay it off. I offered to take the car for what he owes and pay him the rest when he pays it off but I take the car and am waiting for a reply.

    He says he can be trusted and he doesn't want to damage his business credit but I don't know.

    What should I do. I have the day off tomorrow and wanted to see the car in person
     
  2. stooge

    stooge Well-Known Member

    Messages:
    904
    Likes Received:
    498
    Trophy Points:
    63
    Joined:
    Apr 3, 2014
    Location:
    wa
    Members Ride:
    VF SSV
    get him to get a "payout figure" on the vehicle and you pay that figure directly to the finance company then pay him the remainder(if any).
    you will need the payout figure for the date you are going to pay as it changes with interest.
    make sure all the transfer/sale/receipt paperwork is done before you pay anything.

    if he does not agree to that you just walk away.
     
    Last edited: Feb 15, 2020
  3. Skylarking

    Skylarking Well-Known Member

    Messages:
    2,898
    Likes Received:
    1,472
    Trophy Points:
    113
    Joined:
    Feb 3, 2018
    Location:
    Downunder
    Members Ride:
    Commodore Motorsport
    Agree with @stooge that you need a payout figure.

    But I’d go a little further and talk with the finance company directly. I’d see if a bank check is acceptable payment to finalise the loan and whether I could arrange with the finance company to have seller and buyer complete the transaction at their offices where the final payment can be made, printouts produced, titles cleared, etc, all on the spot and to ensure all is above board. I’d also ensure they update the PPSR database to show the now clear title...

    But even finance companies may not want to be so helpful by providing a statement on their letter head, post final payment, that the loan is payed off... been their, tried that.. too much bureaucracy and a buyer that was too busy to take half a day off to get it sorted, so just walked... guess I don't trust sellers screen shots and such as reliable info... found a better unencumbered car later :p
     
    Milo 6.0 likes this.
  4. Milo 6.0

    Milo 6.0 Active Member

    Messages:
    316
    Likes Received:
    105
    Trophy Points:
    43
    Joined:
    Jul 8, 2019
    Location:
    perth
    Members Ride:
    2013 vf ssv wagon/bf xr6 na(daily)
    If it were me id find another car tbh,too much hassle.
     
  5. VS 5.0

    VS 5.0 Well-Known Member

    Messages:
    4,791
    Likes Received:
    4,810
    Trophy Points:
    113
    Joined:
    Jul 17, 2006
    Location:
    Perth WA
    Members Ride:
    VE SSV Z Series M6
    It will be however bank cheques don't carry the weith they used to (due to fraudulant cheques circulating) and are treated the same as any other cheque for clearance purposes so won't be immediate.
     
  6. Clintix

    Clintix Member

    Messages:
    54
    Likes Received:
    7
    Trophy Points:
    8
    Joined:
    Feb 18, 2019
    Location:
    Perth
    Members Ride:
    VF II SS Regal Peacock Sedan
    I recently sold my car that had finance left on it.

    1) I got a payout letter from the finance company gave it to the buyer, his bank paid the balance owing direct to the finance company.
    2) He turned up to pick up the car gave me the balance in cash, transfer papers signed and it was done.

    Most finance companies have ways to make payments via BPAY, EFT, direct deposit.
     
  7. BlackVXGTS

    BlackVXGTS Well-Known Member

    Messages:
    3,633
    Likes Received:
    598
    Trophy Points:
    113
    Joined:
    Aug 14, 2004
    Location:
    Melbourne, SE
    Members Ride:
    GEN-F2 GTS A6, VS Clubsport 185 A4
    Too risky and complex. Plenty of good unencumbered cars out there. Never trust a seller (also never trust anyone who says "trust me").
     
    Deucefanny, Suami, Geoff6666 and 4 others like this.
  8. KING46Calais V

    KING46Calais V Active Member

    Messages:
    315
    Likes Received:
    180
    Trophy Points:
    43
    Joined:
    Feb 27, 2018
    Location:
    Sydney
    Members Ride:
    2017 VFII Calais V 6.2L Sed
    That's exactly what I did
    No problems at all
     
    Suami likes this.
  9. VS 5.0

    VS 5.0 Well-Known Member

    Messages:
    4,791
    Likes Received:
    4,810
    Trophy Points:
    113
    Joined:
    Jul 17, 2006
    Location:
    Perth WA
    Members Ride:
    VE SSV Z Series M6
    That's great when the purchaser is financing the purchase.

    Different when the purchaser is paying cash.
     
  10. stooge

    stooge Well-Known Member

    Messages:
    904
    Likes Received:
    498
    Trophy Points:
    63
    Joined:
    Apr 3, 2014
    Location:
    wa
    Members Ride:
    VF SSV
    all finance companies are setup for the vehicle/house/etc to be sold as it happens every day and there is no risk involved as long as the existing finance company is paid out by the purchaser or their finance company during the sale process.
    you just make sure all the transfer paperwork is done then pay all parties involved and you are good.

    if the amount being paid is over $10,000 the existing finance company might not let you pay "cash" into their account over the counter because of changes in the law so it may need to come from your bank account.

    if you are really worried i am pretty sure you can contact a finance broker that will be the middle man but that will cost you.
     
  11. scaredyet

    scaredyet Active Member

    Messages:
    236
    Likes Received:
    70
    Trophy Points:
    28
    Joined:
    Sep 17, 2016
    Location:
    Mosman
    Members Ride:
    Holden VZ Lumina Wagon
    Yeah thank guys for the advice. The payout figure is more than our agreed sale. He's down $924 dollars once I buy the car.

    He couldn't believe that we didn't trust the guy. My dad's a business man and the seller was saying how can he do business if he doesn't trust his customers as an example.

    The car was at a caryard for 29K and didn't sell and he wanted 25500 and we agreed at 22k even but only two weeks rego left.

    Then he agreed to meet at the bank and pay the finance off and then go to the car( I was hoping to drive 2.5hrs and I spect the car and pay a deposit which be both agreed)

    The car is advertised on carsales but he put plates that are from a different car and he said the plates on them were his business plates so he took them off. I did get the right plate number and it checks out with revs etc.

    He is the first owner and he also said he has a twin of that car so he's got exactly the same car which he bought two of
     
  12. wetwork65

    wetwork65 A wet business

    Messages:
    760
    Likes Received:
    310
    Trophy Points:
    63
    Joined:
    Mar 12, 2006
    Location:
    Sydney
    Members Ride:
    VF SSV Wagon & VF SV6 Wagon
    Sounds like a lot of work here to sort this one out.
    Between the finance and swapping plates.
    Why would he take a loss on the payout figure?
     
  13. Skylarking

    Skylarking Well-Known Member

    Messages:
    2,898
    Likes Received:
    1,472
    Trophy Points:
    113
    Joined:
    Feb 3, 2018
    Location:
    Downunder
    Members Ride:
    Commodore Motorsport
    Too involved with elements of shady from that seller slash business man o_O as such I’d have given him and his car a wide berth :rolleyes:

    Problem is, after some buyer effort we feel invested and it becomes harder for some to walk away from a deal. That’s why care sales people try and draw out what should be a short and simple buying process into hours of “negotiation”. It just serves to psychologically lock a person into a bad deal :oops:

    Lots of other good cars without such sales drama available so I’d be spending effort elsewhere ;)

    And be wary of someone with two of a kind... especially as he’s already tried to pull a shifty on you. It wouldn’t surprise me if such people swap wheels, or even the whole car... I’d be inspecting VIN & engine number as well as rego on the car and wanting immediate delivery. I’d never pick up a car some days later, from such an owner who has two of a kind, just too shifty for my liking :eek:
     
    wetwork65 and VS 5.0 like this.
  14. Skylarking

    Skylarking Well-Known Member

    Messages:
    2,898
    Likes Received:
    1,472
    Trophy Points:
    113
    Joined:
    Feb 3, 2018
    Location:
    Downunder
    Members Ride:
    Commodore Motorsport
    From what was said, the seller was wanting to get the cash at delivery and then pay off the loan himself.... :eek:

    Or maybe not pay off the loan or only pay part of it so it’s then the buyers problem to sort out... it all sounds rather shifty :oops:
     
    wetwork65 likes this.
  15. stooge

    stooge Well-Known Member

    Messages:
    904
    Likes Received:
    498
    Trophy Points:
    63
    Joined:
    Apr 3, 2014
    Location:
    wa
    Members Ride:
    VF SSV
    The seller being a businessman should know that private sales like this can often be scams and as a businessman he should do what is necessary to accommodate the customers concerns to make the sale.

    If you really want this vehicle then find a broker to be the middleman and handle the payments and paperwork as it protects all parties involved.
    It will cost a few hundred bucks but it is better than blindly trusting some guy that says "trust me get in the van"
     
    Last edited: Feb 15, 2020
  16. scaredyet

    scaredyet Active Member

    Messages:
    236
    Likes Received:
    70
    Trophy Points:
    28
    Joined:
    Sep 17, 2016
    Location:
    Mosman
    Members Ride:
    Holden VZ Lumina Wagon
    Do you guys want me to post up the car sales ad or not? I found an ad he had on trading post the car was for 27500 and he states there that we got 7 years warranty for the vehicle not the normal 5 year and I just messaged him and he said it's 3 years and it's expired.
     
  17. scaredyet

    scaredyet Active Member

    Messages:
    236
    Likes Received:
    70
    Trophy Points:
    28
    Joined:
    Sep 17, 2016
    Location:
    Mosman
    Members Ride:
    Holden VZ Lumina Wagon
    To be honest I love my vz wagon I have and there's nothing wrong with it. My dad came up with the idea for a newer car for me because of all the money I was spending on the old car. I don't really care if I get a new car or not and to be honest I don't have a good feeling about this. He will have trouble selling the car under these conditions and I don't think I know anyone who would buy a car with finance owing and trust the seller to pay off his loan
     
    Last edited: Feb 15, 2020
  18. stooge

    stooge Well-Known Member

    Messages:
    904
    Likes Received:
    498
    Trophy Points:
    63
    Joined:
    Apr 3, 2014
    Location:
    wa
    Members Ride:
    VF SSV
    You dont trust him, just pay extra for a broker to do it all if he says he wont let the broker do it then walk

    https://www.carsearchbrokers.com.au/can-a-car-broker-help-you/

    .
     
    Lex likes this.
  19. scaredyet

    scaredyet Active Member

    Messages:
    236
    Likes Received:
    70
    Trophy Points:
    28
    Joined:
    Sep 17, 2016
    Location:
    Mosman
    Members Ride:
    Holden VZ Lumina Wagon
    What happens when the payout figure is more than the sale figure. Then what do these guys do. I think it's a bit too much mucking about
     
  20. stooge

    stooge Well-Known Member

    Messages:
    904
    Likes Received:
    498
    Trophy Points:
    63
    Joined:
    Apr 3, 2014
    Location:
    wa
    Members Ride:
    VF SSV
    If the payout figure is more than the agreed sale the seller has to pay the remainder and the broker will handle his payment to the finance company.

    The broker does it all so you end up with a clear title.
     

Share This Page