Buying A Car With Money Owing On It?

[iwanta34gtr]

Hi Every1,

Looking at buying a car in NSW which has money owing on it.

I have never bought a car with money owing on it before so just wanted to clarify and confirm the process.

What I am planning to do is -

- Find out how much cash is still owing on the car

- Make out 2 cheques (One for the finance company for the amount still owing, and the other cheque for the seller for the balance so they can keep the rest).

- Go in to the finance company with the seller, give them the cheque and ensure its for them to pay off the car

- Write a receipt for the purchase (something I always do anyway)

- Do the standard rego transfer in to my name

Is there anything else that I may have missed here? Also curious how long it will take for the car to be taken off REVS (for financial interest being on it) if any1 knows.

Thanks in advance.

Cheers.

Edited November 1, 2011 by iwanta34gtr

[Staz88]

That is the correct process.. just make sure you get a copy of the receipt from the finance company that states all money owing on the car has been paid.

Regarding time to remove the car from REVS:

[quote name= Revs FAQ}

How long does it take to remove an encumbrance record from REVS once the car or boat has been paid out?

Once an encumbrance has been finalised' date=' the interest holder has 14 days in which to remove the registration from REVS.[/size']

What can I do if the interest holder takes longer than 14 days to remove the encumbrance from REVS?

You can lodge a complaint with REVS about the late cancellation of the encumbrance by downloading the form, "Complaint – Late Cancellation of Interest" from REVS website (http://www.revs.nsw.gov.au/about/appforms.htm).

Complete the form and return it to REVS, together with evidence that the debt has been paid.

REVS FAQ here:

http://www.revs.nsw....u/about/faq.htm

Edited November 1, 2011 by Staz88

[iwanta34gtr]

Thanks so much 4 the info Staz88.

[God_speed]

Hey,

Just did this exact process on the weekend. As the only day we could make the transaction was a Saturday, I located the only ANZ branch open on a Saturday (Sydney Airport) and went with the seller to bank the cheque there.

As Staz said, will need a copy of the letter from Esanda (or equivalent) later, to confirm.

Make sure the payout figure is obtained only a few days <at the most> before the exchange occurs , as the amount is continually updated, and you don't want to pay 99% of the amount owing to the finance company because the account won't get closed as there's still an amount outstanding, even if it's 5c. The finance company will usually provide a date at which time the payout figure expires.

[iwanta34gtr]

Thank u Matt.

I was looking for a drive around until i find my GTR and found a evo VIII, but i wont be moving forward with it.

It originally came from dealer - All Imports.

Nuff said.

[God_speed]

Nice

Better luck with the next one then mate.

[Galois]

There might also be a minimum time the finance has to be paid off in, worth considering...

[cherring]

Thank u Matt.

I was looking for a drive around until i find my GTR and found a evo VIII, but i wont be moving forward with it.

It originally came from dealer - All Imports.

Nuff said.

All Imports are bad?

[D_I_F]

With the finance company ask for a payout letter 7 days in advance.