car with finance

[defect]

Im just after some info about the legalibities of purchasing a car that has money owning on it.

I did a revs check on the internet, here are the results
"THERE ARE FINANCIAL INTERESTS RECORDED AGAINST THE SUPPLIED VEHICLE IDENTIFIERS"


Any info will be much appreciated

[dauno]

its a bit of a tricky area, from my understanding the finance company still own security on the car - im 99% sure means you cant change anything on it. your best bet would be to speak to the transport department and the finance company.

[thaaznboi]

all you do is pay ur mate for the ek4 n get him to use that money to pay off the rest of the loan n finish it off then u own the car with no strings attached. it would b much easier n safer since he is a mate of yours so there will be no "wat if.."/"but.."

[55EXX]

my brother bought a prelude like that and he made a cheque to his bank loan and gave the remainder to him.

[SuiJin]

u know when you take out a loan to buy a car, it is required that you have insurance bought for the car, full comp.

when you buy a car on finance you technically buy the finance aswell. so you must pay off the finance.

either way there's no choice but to pay off finance.

[dupac->]

it would be like a stolen car.. finance companies dont care if the car is written off or not.. that car still has money owing on it..

so u really its like a stolen car scenario.. everything is useable except the block.

loan/finance needs to be paid off no matter what the state of the car is in..

my friend has a smashed up corolla repairable write off.. cannot sell off the car coz money has owing on it..

[dupac->]

u know when you take out a loan to buy a car, it is required that you have insurance bought for the car, full comp.

when you buy a car on finance you technically buy the finance aswell. so you must pay off the finance.

either way there's no choice but to pay off finance.


its only required to pay full comprehensive insurance for the first year..

anything after that not required

[dupac->]

errr
"not transferring names over" <<<<<<<----

I dont think you understand where I'm coming from. I said, I'm not transferring names over, so therefore how the hell do I have no choice but to pay off the finance... :<

i wreck the complete car if i cant register motor into another car. car is costing me less than a halfcut.

what I'm saying is, is there away around it so that I can put the running gear into another shell OR must I change the bottom end (diff engine number).


u cannot use the block.. the engine number will show that there is money owing.. so you shouldnt be able to get it registered esp if payments arent going to be made.. i guess they would treat it like a stolen block..

use everything but the block.

[dupac->]

if payments arent going to be made.. they will repossess the car.. (since the car's a wreck)

they will track the engine number to where it has gone (into what car) and i guess repo the engine aswell..

just piss off the b16a block and buy a b20b for $600
lol and use everything else form the ek4?

[defect]

yep, finally someone with a proper answer for me.
hahaha. thanks dupac. rep points for u.

i heard they cant repossess your car unless its parked in the driveway of where the car is registered. is that true?

[dupac->]

haha all good..

narh i doubt it. im sure the can repo the car where ever they find it. *shrugs* with that one

[aimre]

i seen em do it on tv. they just steal it from wherever. And the got like grapling hooks, too like take the car from like the front of your house quickly, then put it on a flatbed when ur not around

[MRGRIM]

re the car... weather you have it or not its the property of the finance company !!
if you take parts from it your stealing from them !!
re your question can they repo it yes they can from anywhere !! if this was a legit buy from freind you would have to pay the finance comp and then they give him what is left

*** these answer's from my step mother head of bad credit/repo for finance company***

[whtteg]

if you use any 'numbered' parts from the car it will come up on rta screen as stolen parts, this will bring up a screen that will ensure police will be called by rta and your details will be forwarded. you would be better off paying out the loan.

the finance company can legally break into the car (as they are legal owners) and have it driven or towed from where ever to where ever they want.