Selling car - Buyer using finance

[charliebrown]

Can only seem to find information about buying a car that has finance owing.

I'm selling a vehicle and have an interested buyer. I told him RWC will be obtained after he drops a deposit so i know he's serious and not wasting my time/money. He says he's going through a finance company, and that I have to provide him with license details, bank details and a RWC before i see any green.

Is this legit?

[RenzokukenJ]

Wouldn't give out my licence deets...

Seems like he wants to deposit the money from finance into your bank account instead of his..

Just tell him to get the money into his account first, then give you the money after. Otherwise no car and no rwc

[integraR]

What you want: tell him to get a loan in his name
cash goes into his account
he withdraws and pays you cash


What he wants: use your car as collateral
to get the loan at better rate
then moneys to you


take first option

[fillit]

Okay due to the nature of cars being sold around here, I presume the car is already more than 5 years old?

If so, this would likely disqualify an individual from a car loan at a major bank, as it's a requirement that at the end of the loan the car has to be less than 5 years old or so, this is to protect the bank as the car is used as security. If it's older than that the loan amount + recoup value (if you default) makes it not worthwhile.

So it's likely that he will need to get either a secured loan or unsecured loan, secured loan being using the car as collateral or unsecured as they are just borrowing on their own. Generally you can borrow more on a secured loan and at a lower interest rate.

Also a finance company would not drop the money into your account, they need to raise a facility limit on the purchases account say $20k, then drawdown the loan by debiting it and issuing a cheque or transfer, the purchaser then repays the loan through the account, same as how a mortgage works.

Basically calculate the cost of the RWC, ask him for the money and pass him your details. If he walks then at least you aren't at a loss besides your time.

[charliebrown]

Thanks fillit, was very helpful.

Told him cash only and to cough up a deposit if he's serious and i'll get RWC. Kunt fukd off somewhere, haven't heard back

[mocchi]

thought he was your dear neighbor