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Read This! Encomberance Checks!

slipperywhenboosting
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slipperywhenboosting Contributor

slipperywhenboosting

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Posted

I bought a rx7 three years ago and have since rebuilt the car from the ground up, put in a s5 13b turbo, completely overhauled the interoir, 18" mags, custom paint job, custom bodykit and lots of electronics and motor upgrades. Over $15000 was spent.

Two weeks ago i received a letter from savings and loans saying i must surrender the car to them due to an unpaid loan. i didn't understand this because i paid for the car outright. when calling them they told me that a loan was taken out six years ago for the car by a past owner and $5900 was still owing.

After seeking legal aid i was told i could either pay them $5900 or surrender the car. due to financial diffuculty as i am now a uni student and no family member or friend willing to help me out i had to give up the car.

Legal aid asked why didn't i get an encomberance (outstanding loan) check done on the car when i bought it. being ninteen i had no idea such a check could be done.

I have found out now that checks can be done for $10 at any registration department.

If you or anyone you know know is buying a car privatly or through a car yard, get this check done, even if you know the person you are buying the car from.

I will keep every one posted on what happens.

Thanx for taking the time to read this.

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https://www.sau.com.au/forums/topic/35244-read-this-encomberance-checks/
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GT-Rmgedon Collaborator

GT-Rmgedon

Posted
Posted

Woah, feel sorry for ya man. Usually if you are buying a fast car from a young bloke there is the possibility that it may be out on a massive loan - always do a Revs check on the intended purchase (Is the safest way - as Blackdoggette mentioned) There is also a point where if there is money still owing by the seller and the loan is not registered with Revs you can purchase a certificate from em to barr any repossesion from a loan credit place or bank. I assume this was private sale? Private saleis the easiest way to get a bargain & also the easiest way to get into trouble. Watch out there are plenty of shady private sellers out there! Hope everything works out for ya. Fingers crossed!

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