Selling 4by with finance

[mabsydney]

I have a 4by I want to sell, it still has 2 years finance left on it. Anybody know how I can sell this privately and provide some security to both buyer and seller?

[davejb]

You have to find out the payout figure from the finance company, relative to the date of sale. The purchaser then needs to get a cheque made out to the finance company for that amount. and then pay the rest to you.
Alternatively if the sale price is less than the amount owing the seller needs to make up the difference. All this is so that the finance company will remove the mortgage on the vehicle, preventing it being repossesed from the new owner if you fail to meet the payments.
Under no curumstances should you buy a vehicle without a clear title as you may lose it to the finance company.
Vicroads issue a certificate stating wether the vehicle is clear of finance or not. This certificate gives you a large degree of security but is not 100%
fool proof. Hope this is of some help

Dave

[mabsydney]

mmmm........thanks Dave..........I wondered about that........so the buyer can make the cheque to the finance company.....that makes sense.

Vicroads.....never heard of that..........I did a Revs check on my current truck when I bought that...........is it a similar thing???

Martin

[mabsydney]

mmmm........thanks Dave..........I wondered about that........so the buyer can make the cheque to the finance company.....that makes sense.

Vicroads.....never heard of that..........I did a Revs check on my current truck when I bought that...........is it a similar thing???

Martin

[ozy1]

yes, a revs check will be a similar thing, VIC roads is the department in victoria like the RTA here in syd

[blkmav]

The truck I bought was under finance. I had a bank cheque made out to the finance co. for the payout amount. I then went with the owner to the finance co. and watched him pay it out. They gave the owner a letter stating they had no further interest in the vehicle and it had a clear title. I then went to VicRoads and transferred registration.

Interestingly if you know the payout figure and the finance co. you can call them to ensure the amount the owner told you is 100% correct. In my case I called the finance co. with the amount the owner told me and they simply said yes.

[davejb]

As a follow on to my previous post I did the same as Blkmav when I bought the Mav
Dave

[mabsydney]

thanks for the info guys

[sierrajim]

Most finance companies will also fax you the current payout figure and the account number for the contract, this way the purchaser can electronically pay out the finance contract.

Some companies like Westpac will only accept cheque but most can do TT.

Just keep in mind that even if a seller says that XYZ Bank has a lein over the vehicle is doesn't mean that no one else does.

Do a title search to see who/how many banks have an interest in the vehicle.