Need help buying a car on finance

[MWAKU]

im not sure how much finance he has left owed, but how do i go about this.

do i write up and agreement stipulating something along the lines of, that he needs to pay the finance with his own equities once the name is transferred to mine, and if not, I as the buyer have no responsibility over the finance owed and the company which needs to be owed must still only chase the previous owner "insert name". Will this be sufficient, and signature from me, seller and witness. will this hold in court if anything goes wrong? and be legally legit?

also should i write up a document stating that in regards to the deposit on the car, that if the buyer can not sort out the finance, he must return the deposit in whole, or if anything else becomes an issue on his side which in turn makes him unable to sell the car, bla bla?

cars about 60k so i really dont want anything to go wrong.. so i dont want any theories either, just want to know if u know ur stuff 100%.

[xenonkuraz]

i've know someone whose been in this situation before and that piece of paper could end up stipulating naught.

as many have suggested in the past and will continue to suggest - stay clear of encumbered vehicles.

worst case scenario (i know it happened to someone) you buy the car, he promises to pay the finances (written on paper etc etc) - skips town and disappears and you're stuck with the car and its encumbrance. The creditor comes after you because they can't reach him and its either you pay or you lose the car.

[lolmclol]

If theres finance owing on the car and you're considering a deal like this your better to pursue real legal advice as opposed to bro-advice.

Seen it before and it wasn't pretty, bank repossessed the car and the new owner was at loss the previous owner vanished into thin air etc.

[curtis265]

yes these written "agreements" mean nothing. So your best bet would be to get the car at a significantly low price. This way you can afford to pay out the rest of the finance and pay less stamp duty on the transfer

[ducbui91]

go to the bank with him pay off the remainder .. i just did that with a recent car

[MWAKU]

alright yeah best to go bank with him then thanks

[-JC-]

This really isn't a very difficult process guys, I work in finance and we do it all the time. All you need to do is have the person selling you the car obtain a payout figure from their finance company, this will come on their letterhead and stipulate the full amount of money that needs to be paid in order to remove the encumbrance from the vehicle. You should obtain a PPSR (Personal Property Securities Register) check (PPSR replaced REVS and is now national as opposed to state based) see here http://www.ppsr.gov.au/Pages/ppsr.aspx

The PPSR search will confirm the owner, vin, registration, lender that holds the encumbrance etc etc, so it should be matched up with the registration certificate for the vehicle, owners identification and the payout letter. Obviously there is room for fraud here as far as falsifying the documents, but I have found most frauds in this area pretty easily picked up (but as always, buyer beware, if something seems suss, it probably is).

Once you are satisfied that the person/car/finance amount etc are legit, have a bank cheque made up for the payout figure and made payable to the finance company or bank. The remainder of the funds are given to the person selling you the car. Do not, I repeat DO NOT fcuk around with a written 'agreement' or any of that crap, you will get ripped off. Anyone trying to rip you off likely knows the process I have outlined above and will do whatever they can to avoid doing things that way, trust your instincts here . . . or find someone who has done it before to help you.

[fillit]

Sound advice above.

Can I also mention do not have a cheque payable to a bank, as you can deposit that into any account held at the bank.

[-JC-]

Thanks Fillit. Spot on. The correct way is to have it made out to : 'XYZ Bank Credit Account [Name of seller as per payout letter].

[DakDak]

This really isn't a very difficult process guys, I work in finance and we do it all the time. All you need to do is have the person selling you the car obtain a payout figure from their finance company, this will come on their letterhead and stipulate the full amount of money that needs to be paid in order to remove the encumbrance from the vehicle. You should obtain a PPSR (Personal Property Securities Register) check (PPSR replaced REVS and is now national as opposed to state based) see here http://www.ppsr.gov.au/Pages/ppsr.aspx

The PPSR search will confirm the owner, vin, registration, lender that holds the encumbrance etc etc, so it should be matched up with the registration certificate for the vehicle, owners identification and the payout letter. Obviously there is room for fraud here as far as falsifying the documents, but I have found most frauds in this area pretty easily picked up (but as always, buyer beware, if something seems suss, it probably is).

Once you are satisfied that the person/car/finance amount etc are legit, have a bank cheque made up for the payout figure and made payable to the finance company or bank. The remainder of the funds are given to the person selling you the car. Do not, I repeat DO NOT fcuk around with a written 'agreement' or any of that crap, you will get ripped off. Anyone trying to rip you off likely knows the process I have outlined above and will do whatever they can to avoid doing things that way, trust your instincts here . . . or find someone who has done it before to help you.

Good advice.

[curtis265]

This really isn't a very difficult process guys, I work in finance and we do it all the time. All you need to do is have the person selling you the car obtain a payout figure from their finance company, this will come on their letterhead and stipulate the full amount of money that needs to be paid in order to remove the encumbrance from the vehicle. You should obtain a PPSR (Personal Property Securities Register) check (PPSR replaced REVS and is now national as opposed to state based) see here http://www.ppsr.gov.au/Pages/ppsr.aspx

The PPSR search will confirm the owner, vin, registration, lender that holds the encumbrance etc etc, so it should be matched up with the registration certificate for the vehicle, owners identification and the payout letter. Obviously there is room for fraud here as far as falsifying the documents, but I have found most frauds in this area pretty easily picked up (but as always, buyer beware, if something seems suss, it probably is).

Once you are satisfied that the person/car/finance amount etc are legit, have a bank cheque made up for the payout figure and made payable to the finance company or bank. The remainder of the funds are given to the person selling you the car. Do not, I repeat DO NOT fcuk around with a written 'agreement' or any of that crap, you will get ripped off. Anyone trying to rip you off likely knows the process I have outlined above and will do whatever they can to avoid doing things that way, trust your instincts here . . . or find someone who has done it before to help you.

+1 repped

[mocchi]

This really isn't a very difficult process guys, I work in finance and we do it all the time. All you need to do is have the person selling you the car obtain a payout figure from their finance company, this will come on their letterhead and stipulate the full amount of money that needs to be paid in order to remove the encumbrance from the vehicle. You should obtain a PPSR (Personal Property Securities Register) check (PPSR replaced REVS and is now national as opposed to state based) see here http://www.ppsr.gov.au/Pages/ppsr.aspx

The PPSR search will confirm the owner, vin, registration, lender that holds the encumbrance etc etc, so it should be matched up with the registration certificate for the vehicle, owners identification and the payout letter. Obviously there is room for fraud here as far as falsifying the documents, but I have found most frauds in this area pretty easily picked up (but as always, buyer beware, if something seems suss, it probably is).

Once you are satisfied that the person/car/finance amount etc are legit, have a bank cheque made up for the payout figure and made payable to the finance company or bank. The remainder of the funds are given to the person selling you the car. Do not, I repeat DO NOT fcuk around with a written 'agreement' or any of that crap, you will get ripped off. Anyone trying to rip you off likely knows the process I have outlined above and will do whatever they can to avoid doing things that way, trust your instincts here . . . or find someone who has done it before to help you.

Sound advice above.

Can I also mention do not have a cheque payable to a bank, as you can deposit that into any account held at the bank.

Thanks Fillit. Spot on. The correct way is to have it made out to : 'XYZ Bank Credit Account [Name of seller as per payout letter].

feel my bbc