Oz Dreaming

All,

Beware when you are buying a car as if there is finance left on the car it stays with the car and you are liable. This has happened to someone at work who has paid $15K for a car about 3mnths ago. His rego was coming up for renewal but didnt get the reminder. Wehn he asked QLD transport they said that the seller had not sent off the registration info.

He did a search (costing i think $33) and found not only had it not be registered that there was finance still left on it. It doesnt say how much however on researching it found that the finance stays with the car, so that the banks have collateral if someone doesnt pay. He is worried if he asks the bank with the finance how much it is it may be something stupid like 15K. He apprantly can register it himself but then the bank owns the title to the car until the finance has been paid off. Therefore once registered will be liable for what is left.

To make things worse it looks like the seller has done a right con on him. When he went to view it the "owner" was in a block of flats and came down to see him "alarm bells starting". The vehicle was registered at the owners business address, which he now knows hasnt been that for 3 yrs, This matched the owners driving licence. The search also shows that the taco had been wound back.

He asked the bank to see where the bank draft was paid into but found out it was cashed at the casino. The mobile number doesnt work now either.


This also puts into question the people who plan to run up debts before going back to the UK. Basically the ones who buy cars on finance who think they are ripping off the banks are actually ripping off the innocent public.

This guy has 2 kids and now thinks the only option is to strip the car and sell it for parts

Amazulu

It's a sad story, but doing that $33 credit check before buying is vital. I sold my Golf privately last year and the guy who bought it did the check before handing over any money. It's a smart move.

deb68

We did the credit check before we purchased from a dealer also, you never know. The system here makes the purchaser do all the leg work and if you don't then you will end up paying the piper

Kiwipaul

WRONG

The seller dosn't have to advise QLD of a sale. Seller must complete a Vehicle Registration Transfer Application give part A to buyer and keep part B himself buyer then has to inform QLD of the transfer.

The seller only has to inform QLD IF he belives the buyer hasn't re registered the vehicle in his name.

Just sold my car privately and thats the procedure in QLD.

Oz Dreaming

Like i said in my post it was someone at work and as i have never brought or sold a second hand car am only going on what he told me. I do know that the guy didnt get this Part A paperwork though (so again the seller looks more than dodgy) as he is asking QLD transport on how he can register it in his name.

So starting off with just WRONG does seem very blunt/ rude even for a Kiwi but i suppose being frustrated at not winning a rugby world cup for so long would annoy you.

Pomster

we have bought a couple of cars and there is no way I would part with several K without running some finance checks etc.

But maybe I am just overcautious.


When we buy a house we also have checks which seems to perplex people...I am not parting with 100,000s of dollars without knowing it will remain upright.

Sounds like your mate just did not do sufficient checks- not sure of what his comeback is though.

xzibit

To be fair though, it's kind of his own fault for not checking it out first!!