Advice Sought: Traded-in car has not been paid out

[strike]

Originally Posted by Gaz

In WA you only have a week or 2 after selling a car to notify the transport people? If your to slow ya cop a fine or something

Most states similar?

I dont think that is relevant for Motor car traders as they dont actually transfer the vehicle to there name, I think they transfer from the owner to the new owner. Correct me if I am wrong?

[cycle myth]

From memory and in WA - dealers don't transfer into their own name just into their "police book" so they don't need to do the stamp duty thing.

So the best test that all is done is if your loan account is nil.

[Smoke Pursuit]

Is the dealer big or small...

DO you have a contract saying they are going to pay out your trade in at X amount?

[Iggypoppin']

Originally Posted by cycle myth

From memory and in WA - dealers don't transfer into their own name just into their "police book" so they don't need to do the stamp duty thing.

So the best test that all is done is if your loan account is nil.

do you work in a bank/finance company?
you are pretty knowledgable about this sort of thing.

[Rob's 76 Effy]

Ring your bank to cancell direct debit not your finance company

[pcman]

i used to work for a wrecking yard and dealt with all the paperwork for buying and selling vehicles

the vehicle must be transfered into the lmct business name within 14 days btw they pay no stamp duty and low fees cause they do this lots

then when the vehicle sells they then transfer the vehicle from them into the buyers name and they/the buyer pay stamp duty on this

[nugget378]

Originally Posted by Explorer_Me

Ring your bank to cancel direct debit not your finance company

The bank wont do this if you have signed a direct debit agreement, the company you signed the agreement with has to, so you have to go through them, which in this case isn't much help..

[Paull]

The only sure fire way to cancel a direct debit is to cancel the associated bank account and create a new bank account.

[Rob's 76 Effy]

Originally Posted by nugget378

The bank wont do this if you have signed a direct debit agreement, the company you signed the agreement with has to, so you have to go through them, which in this case isn't much help..

Bull dust, i have done it, just ring the bank and tell them to block the direct debit, no need to close your account and open a new one

[4Vman]

Originally Posted by Explorer_Me

Bull dust, i have done it, just ring the bank and tell them to block the direct debit, no need to close your account and open a new one

The bank won't stop the debit.... it will keep coming out. He's authorized GE to take the money, not the bank to transfer it, there's a difference.
GE have to cancel it.

[maccamom]

Originally Posted by 4Vman

The bank won't stop the debit.... it will keep coming out. He's authorized GE to take the money, not the bank to transfer it, there's a difference.
GE have to cancel it.

Entirely correct, have been in a similar position before and had to take legal action to stop the payments, luckily the other side wavered before it went to court.

Edit - one thing that comes to mind is that many banks can block certain amount transactions, that is if you repayment was some obscure amount, say $401.23, like many are you can block this amount from coming out of your account. Sort of a side step from the direct debit authorisation, this obviously doesn't work though if your payments fluctuate.

[UNR8D]

make the next payment to protect your credit file, anything over 60days is listed on your file and it can make it hard to get further finance, that aside what the agreement is listed on the contract is what they pay out, not what is still owing now and the financier has the obligation to pay you back any overpaid funds when the account is finalised.

payments on a DDR 'direct debit' cant change as they have to take the agreed ammount, so if your payout was $300 and your DDR was $400 they will just refund the $100 after the account is closed its a legal document that cant alter from what is given, to cancel your DDR you call GE not your bank as you have authorised it from them, yes a bank can stop a DDR but it will cost you $$ to do so and at the moment i dont see why GE wouldnt let you stop it/make manual payements untill its sorted.

the finance company have every right to their money as it wasnt them who have stuffed up, its the car dealer so you need to take it up with them for the interest/fees you have incurred due to their lazyness.

[Laminge]

Originally Posted by maccamom

Entirely correct, have been in a similar position before and had to take legal action to stop the payments, luckily the other side wavered before it went to court.

Edit - one thing that comes to mind is that many banks can block certain amount transactions, that is if you repayment was some obscure amount, say $401.23, like many are you can block this amount from coming out of your account. Sort of a side step from the direct debit authorisation, this obviously doesn't work though if your payments fluctuate.

They can?

Apca and BECS regulations control the direct debit system , the user Agreement will stipulate how to cancel a direct debit.

[Tavers]

It's not GE's fault, and I won't risk my credit by not paying. I am going to see if they can defer the next payment to get it sorted.

Went to the yard today as the owner was 'supposed to be there'.. surprise surprise, he wasn't - nor was my car.

I am going to return on Sat morning and demand in writing it be settled by Wed next week, or I will take action to have the car repossessed.

I am over this!

[fordomatic]

stuff saturday mate go back this afternoon, get his mob and ring him and say i will see you at the dealership in an hour, get serious with it or you will get screwed over even more.

[4Vman]

Id go back and wait till someone addresses your question and DO NOT leave until you're totally satisfied with the outcome.
Make it very clear to them, in polite but strong certain terms you wont be leaving till its sorted out TODAY.

[whales]

Originally Posted by 4Vman

Id go back and wait till someone addresses your question and DO NOT leave until you're totally satisfied with the outcome.
Make it very clear to them, in polite but strong certain terms you wont be leaving till its sorted out TODAY.

Agree 100%

[aussiblue]

Deleted

[GT0132]

Mate, I can't believe you want to delay this till Saturday. It seems you have no idea of the severity of this situation and the potential problems that to me are gonna manifest the longer this is left.

Ring the dealer NOW and tell them at 3.30pm you'll be on their premises to collect:

1. A bank cheque payable to GE (or whoever you're using) for the payout value

2. A bank cheque payable to you for the payments GE have debited to your account with post trade in.

If at 3.30pm they can't deliver then either take back your old car and rescind the purchse of the new one or otherwise make an appointment to see a good lawyer

If these guys are on the verge of going bust the longer you leave it, the harder it will be

[geckoGT]

Originally Posted by GT0132

Mate, I can't believe you want to delay this till Saturday. It seems you have no idea of the severity of this situation and the potential problems that to me are gonna manifest the longer this is left.

Ring the dealer NOW and tell them at 3.30pm you'll be on their premises to collect:

1. A bank cheque payable to GE (or whoever you're using) for the payout value

2. A bank cheque payable to you for the payments GE have debited to your account with post trade in.

If at 3.30pm they can't deliver then either take back your old car and rescind the purchse of the new one or otherwise make an appointment to see a good lawyer

If these guys are on the verge of going bust the longer you leave it, the harder it will be

Absolutely, the longer you allow this to last, the more trouble it can mean for you. Remember, they still hold a car that you are financially liable for.

[ebxr82nv]

Threaten leagal action. Even if you get the finance side of things sorted talk to the department of fair trading they might be able to get some money back for you.

[Tavers]

Thanks for the input guys. It's fantastic. I plan on getting this sorted tomorrow one way or another.

[falconboy]

Good. Pussy footing around won't get you anywhere mate. This is a motor dealer you are dealing with and you will need to play hard, and maybe even play dirty if it comes to that. It looks like they will not do anything unless they have no choice. So don't give them that choice.

[honer]

Updates ?!

[Tavers]

Confirmed the owner is onsite. About to go over there to vist him in person.

[4Vman]

Originally Posted by Tavers

Confirmed the owner is onsite. About to go over there to vist him in person.

Take a can of "whoopass" and if he want sort it out spray it everywhere....

[burnz]

you should have blocked the direct debit and told ge what the going on.

and yes i'v have been able to block direct debit the anz charges $14.00 to block any debit.

[Tavers]

Originally Posted by burnz

you should have blocked the direct debit and told ge what the going on.

and yes i'v have been able to block direct debit the anz charges $14.00 to block any debit.

If I did that, I would get myself in trouble. GE would file a late payment and non payment against me. It would put a mark on my credit history for dishonoured payments. I wasn't going to risk that.

Went into the dealer, had the usual apologies and other excuses. BUT, it is sorted. I have a printed confirmation of the transfer to GE as well as a cheque for the payment I made a month ago.

Hopefully come Tue I can get confirmation from GE the funds had been transferred and the car has been settled.

[burnz]

Originally Posted by Tavers

If I did that, I would get myself in trouble. GE would file a late payment and non payment against me. It would put a mark on my credit history for dishonoured payments. I wasn't going to risk that.

Went into the dealer, had the usual apologies and other excuses. BUT, it is sorted. I have a printed confirmation of the transfer to GE as well as a cheque for the payment I made a month ago.

Hopefully come Tue I can get confirmation from GE the funds had been transferred and the car has been settled.

hopefully then GE with the payment/proof that was a month ago will refund the direct debit's.

glad to see that it's sorted now but serve's as a reminder to all ppl dealing with loan's and buisnesses.

[honer]

Glad to hear its all sorted