Help In Buying New Car

[scaredyet]

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

 

[stooge]

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

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.

 

[Skylarking]

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

 

[Milo 6.0]

If it were me id find another car tbh,too much hassle.

 

[VS 5.0]

I’d see if a bank check is acceptable payment to finalise the loan

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.

 

[Clintix]

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.

 

[BlackVXGTS]

Too risky and complex. Plenty of good unencumbered cars out there. Never trust a seller (also never trust anyone who says "trust me").

 

[KING46Calais V]

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.

That's exactly what I did
No problems at all

 

[VS 5.0]

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.

That's great when the purchaser is financing the purchase.

Different when the purchaser is paying cash.

 

[stooge]

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.