About To Buy A New Car

[R33-RB26DETT]

Hi Guys,

I am about to buy an R33 GTR, the car is on finance with the current owner and I want to make sure that I don't inherit the debt upon purchasing the car.

I am sure someone here would be able to share some experiences and the best way to safeguard from this?

Any help would be appreciated. Cheers.

[vidospace]

Most times I have purchased a car its been on finance. You should be paying by bank cheque direct to the finance company to pay off the loan. Get copies of all the paperwork first too!

[R33-RB26DETT]

Most times I have purchased a car its been on finance. You should be paying by bank cheque direct to the finance company to pay off the loan. Get copies of all the paperwork first too!

Aha, that makes sense.

So i need to actually pay the finance company the amount remaining on the loan + the difference to the person selling the car?

I will ask him for all the documents and paperwork regarding the loan. Cheers for the advice.

[kessian]

Are you takin a loan out for the car? If so notify the bank that is giving you a loan to contact the bank that there loan is under. The bank will then send a seperate cheque to that bank to cover the debt, and the remainder to the person selling the car.

This is what has been done to all the cars i have purchased.

Regards,

Matt

[R33-RB26DETT]

Just to clarify, I am not taking out a loan to pay for the car.

Its the current owner who has finance on the car.

[vidospace]

yes thats right. One cheque to the finance company and the other to the owner for the balance.

[vidospace]

Also get the finance company to send you a copy of the paid out confirmation or call them and confirm final payment.

[R33GTRKid]

ask him to provide you with a letter from his financier confirming the payout figure on the day of settlement.

Contact REVS in your state to ensure that it is the same financier that has the encumbrance noted and that there is no others.

Arrange for a bank cheque in the name of his financier and meet him at the bank that the financier deals with and hand deliver that bank cheque to the teller with the relevant account details.

Give him the balance, that is how I have done it each and every time

[_Ryan_]

how is this a forced induction tech issue?

[paulr33]

gotta be boost cut

[Munkyb0y]

how is this a forced induction tech issue?

because if he buys a car, and then finds that he somehow is in debt to a lending institution, he is going to forcefully induce bleeding to the 3rd party.

ok?

Edited March 10, 2009 by Munkyb0y

[R33-RB26DETT]

Thanks guys

[GTR-N1]

Also get the finance company to send you a copy of the paid out confirmation or call them and confirm final payment.

CORRECT!

Final Pay-Out figure needs to be confirmed at the 11th hour!

Otherwise, at the 11th hour, the owner can refinance and bump up the loan.

One sticking point can be that the finance company won't give you the final payout figure unless the owner is there with you to supply personal details to comply with privacy laws > and then pass the phone to you.

On one occasion, I had to go with the owner to his finance company to pay the 1st cheque to his finance company; and then the 2nd cheque to him.

REVS may not even get wind of the payout for a couple of days

[Count Grantleyish]

Hi all,

Sorry for grave digging the thread.

But I'm quite keen on buying a car but it's under finance except that the purchase price is less than what it is owed to the finance institution.

I've been communicating with financer and seller so I'm seeking first hand expriences from buyers like me (I haven't bought a car under finance before).

Thanks in advance.

Grant

[GTR-N1]

I believe that the finance institution Grant will ask both of you to come in at the same time.

1) you will be ready to hand over a bank cheque for the purchase price

2) the seller needs to hand over the balance in cash or bank cheque (and NOT a personal chq)

3) as you get your receipt for the above, you can sign the transfer of rego there and then = SAFE > sigh of relief

[Count Grantleyish]

Terry,

Thanks for your tips & advice, I've just got a email from the financer, they prefer me to use EFT directly to the institution so I'll have a chat with the seller and see what he reckon. Personally I think bank cheque is the way to go but I'll also have a chat to the broker.

Cheers

Grant

[Puppey]

Hi Guys,

I am about to buy an R33 GTR, the car is on finance with the current owner and I want to make sure that I don't inherit the debt upon purchasing the car.

I am sure someone here would be able to share some experiences and the best way to safeguard from this?

Any help would be appreciated. Cheers.

There is one safeguard. VICROAD has this system ... I forgot what it is called. You just purchased it over the phone for $25 or so.

What it does is it will protect you forever for any hidden finance attached to the car. Just call VICROAD and ask them. I did the same to mine.

Hope it helps.

[Dorifta]

in victoria u call the vehicle securities register 131171, it tells u who owns the car and whether it is owned outright

[MSTRshenanigans]

Actually, the finance company needs to contact the REVS to have it manually removed. Had a chick do it over the phone in a 10 minute convo.

The payout figure is always valid for up to 7 days from when they provide it.

A REVS check costs between $10-$40.