Car with finance question

[chunsa]

Hi everyone,

I just have a question in regards to selling a car with finance. I have searched the forum and did not find the answer.

I have found a thread on buying a car with finance on it and these seem to be the main steps:

- Get a printed copy of the remaining balance on the financed car.
- Pay the balance owing to the financial institution and not the seller.
- Pay the remaining balance to the seller.

More could be read at these threads, which I found useful.
http://www.ozhonda.com/forum/showthread.php?t=55099
http://www.ozhonda.com/forum/showthread.php?t=43004

Now, the problem that I have is, I have a car I want to sell on finance. However, I have a buyer who would like to buy the car on finance also. I do not have much details into this but how would I go about this? The buyer also claim to wanting a copy of the rego paper for his finance company. Is this correct?

Any help is much appreciated.

[[[d a n n y]]]

not oo sure if i understood your correctly but you are trying to sell a cal that has finance still on it?
wat u do u'll have to pay the finace off. and sell the car.
usually the finance company will get a personal loan for u and u just pay the personal loan back when u sell the car

[clayton4115]

better still, buy a car you own, not what the bank owns.

[Whispaa]

better still, buy a car you own, not what the bank owns.

I think he's trying to sell his car, which is on finance.

I suggest you contact the buyer and get them to get all the directions from their finance company, or speak to your finance company. Some may work differently to others so opinions here might not be useful... Like mine :p

[clayton4115]

or ring the racq or racv or nrma or whatever car organisation and they can let you know.

[chunsa]

Basically, I'm trying to sell a car with finance to someone who wants to buy my car with his own finance company. Hope that makes sense.

I will probably ring up my bank to double check soon anyways. Thanks for everyone's help.

[matt]

buying and seeling cars which are under finance is not too difficult it just takes a bit more time

i think the only problem you may run into is that your car will be listed on REVS as being under finance.

so the finance company your buyer wants to use will see that and may be reluctant/wont give him the money for the loan, which inturn means you dont have the moeny pay off the loan on your car to remove it from REVS.

im not too sure how you will get around it but maybe you could try getting the two finance companies talking, ie actaually get a direct contact from each company and get them to talk to each other. maybe they can do a direct payment between each other rather than issuing bank cheques in all sorts of directions.

HTH

[Spunkymonkey]

Bought our ek4 years ago which was owing a bit in finance. Didn't bother with a revs check because that was obvious. Put a small deposit on the car and waited for the owner to pay the remaining and give us the receipt and then paid the rest of the money to them. Speak to your finance company as mentioned previously and see what they can do for you.

[matt]

Didn't bother with a revs check because that was obvious.

that fine for a cash purchase but finance companies will ALWAYS do a REVS check when the car is being purchased under a secured loan.