Buying a car worries

eseriesaddict · 17-05-2014, 02:02 AM

Hi all,

So I have found a great BF mkII XR6 6 speed manual and it ticks all the boxes i wanted. However ... the people who own the car live 3 hours away and in a country town. The issue is that the car is secured to a loan and they need the money to pay it off. Fair enough, I'm happy to pay the money straight into the loan account so i know its paid off, but they want to keep the car until the funds clear in the account. Now that concerns me. I can't leave there with no cash and no car?! But they won't seem to take the fact that a receipt is a proof of payment. So what do i do? What do i say to them?

Sorry guys just at a loss with this one, any help would be greatly appreciated

Regards,
Jamo

yearby · 17-05-2014, 02:13 AM

Walk away.

eseriesaddict · 17-05-2014, 02:16 AM

I know this is a dumb thing to say, but they seem nice and genuine, just not very educated in this stuff. If it was a car i thought i could find somewhere else again in this condition and mega low KM i would easily just walk away, however I very much want this car, have been looking for a long time for something that ticks these boxes

Cheers

dirtyclevo · 17-05-2014, 03:42 AM

usually when you call up a finance company and want to close a loan they process it then and there. payment in full shouldn't take days to clear.

i did it with my credit card, did it in a phone call

93EB_SXR6 · 17-05-2014, 12:34 PM

Pay into their account and sleep in the car in their driveway until the account clears.
Or don't buy.

monzie · 17-05-2014, 12:43 PM

Do the change over at the finance company's office, that way seller gets the OK and buyer knows that the title is clear.

Peter

blueoval · 17-05-2014, 01:13 PM

Quote:

Originally Posted by monzie

Do the change over at the finance company's office, that way seller gets the OK and buyer knows that the title is clear.

Peter

^^^ This. It's the only way they will get peace of mind and you get your car. Whether its at their bank or financial institution, you can meet them there, they drive the car there, you both go into the bank, the bank can confirm and issue an official notice of release (or something like that) confirming its been paid, and you take possession of the car and your on your way.

**Silver Ghia** · 17-05-2014, 05:03 PM

Safest thing to do is what yearby said. Walk away. Its up to the seller to provide a clear title of the car when they sell it.

hedgehobb · 17-05-2014, 05:07 PM

Quote:

Originally Posted by 93EB_SXR6

Pay into their account and sleep in the car in their driveway until the account clears.
Or don't buy.

Use the glovebox as a temporary toilet.

Oh and walking away with no car AND no money = no way.

93EB_SXR6 · 17-05-2014, 08:21 PM

Trailer Park Boys it.

Yellow_Festiva · 17-05-2014, 09:33 PM

Quote:

Originally Posted by Silver Ghia

Safest thing to do is what yearby said. Walk away. Its up to the seller to provide a clear title of the car when they sell it.

I'm curious how a seller of a car under finance can provide it with clear title? Many cars are sold under finance and the seller seems to be the problem here, not the fact the car has a loan.

This may actually be a great opportunity. I picked up a car 2 weeks ago with a sizable discount because it was in woop woop... 4.5hrs from me.

Be proactive, get onto the finance company and explain the situation to someone there. I would try to buy the car during their office hours and arrange the payment over the phone, or arrange for someone at home to do an EFT and email them the receipt.

Once that is done, get the finance company to verbally tell the seller the car has been paid out and can be released, or they can shoot an email to the seller stating that to put them at ease.

Pay any difference direct, have the paperwork in order, pay your insurance and drive your car home.

If you think it's the car you really want you would be mad to walk away IMO.

danzvtil · 17-05-2014, 10:40 PM

Quote:

Originally Posted by Yellow_Festiva

Be proactive, get onto the finance company and explain the situation to someone there. I would try to buy the car during their office hours and arrange the payment over the phone, or arrange for someone at home to do an EFT and email them the receipt.

Once that is done, get the finance company to verbally tell the seller the car has been paid out and can be released, or they can shoot an email to the seller stating that to put them at ease.

Pay any difference direct, have the paperwork in order, pay your insurance and drive your car home.

If you think it's the car you really want you would be mad to walk away IMO.

You cant phone up a financial institution and discuss another persons loan, it wont happen.
Others have said, meet at the sellers financial institution, take a bank cheque made out to the bank or cash, the seller needs to provide you with these details.
IF the amount you are paying is less than the amount on the loan it is up to to seller to have a plan b up their sleeve with regards to paying the difference.(although you may not know this until the day you are there)
Once the loan is payed out the bank will provide you with a letter stating they no longer have an interest in the vehicle, owner signs the rego paper and your off.

danzvtil · 17-05-2014, 10:44 PM

OH! and years ago I sold a $16k car on which I had a loan for $8k, the buyer didn't even ask if it was under finance, gave me a bank cheque, and drove away, he is lucky im trustworthy and went straight to the bank with it!

eseriesaddict · 17-05-2014, 10:45 PM

So the finance won't be an issue, they have agreed to come up to Perth and we can do a direct deposit into the loan account and close the loan together, they don't have a problem with that at all. However ... now i have seen the car I was hoping you guys could give me some advice on what it would cost to fix a few things wrong with this car. Just a bit of sun fade on the clear coat and a bit of rust at the spoiler. The clear coat has started to come off on the rear quarter a little and just starting to haze on the bonnet and boot. Its a BF MkII XR6 in Ego with 87000km on the clock. Its the 6 speed manual and drives really nice, just the body stuff. They want $9500 but said they'd do 9. It is pretty cheap but they only have done 4000km in 18 months so its sat a lot hence the paint damage. How much do you think to fix the paint and what do you reckon of the deal. Thanks so much guys, very much appreciate the responses!

**FormulaFG** · 17-05-2014, 10:53 PM

Finance stuff aside, personally I'd walk away from that particular vehicle.

When you say this car "ticks all the boxes" what exactly are you looking for?

eseriesaddict · 17-05-2014, 10:59 PM

Quote:

Originally Posted by FormulaFG

Finance stuff aside, personally I'd walk away from that particular vehicle.

When you say this car "ticks all the boxes" what exactly are you looking for?

well I'm looking for an XR6/8, 6 speed manual, Colour ICC, lowish km and under $9000, so please if someone else knows of one in Perth I'd love to know about it but i have been looking for quite some time and they don't come along in this price range with 87,000km very often

Jamo

JC · 17-05-2014, 11:03 PM

You won't b able to insure it easily with that damage.

Buy mine - I'll kick in free freight.

eseriesaddict · 17-05-2014, 11:07 PM

Why wouldn't I be able to insure it? As long as you notify them and I plan to fix it up. And yours doesn't tick all those boxes does it ;) lol

11ford11 · 17-05-2014, 11:17 PM

if you can afford to loose the cash go for it and I hope it all works out well !

- but you clearing thier debt for them doesn't mean they have to continue with the deal and is nothing to do with the finance company once they have thier money. !!

imo ....WALK AWAY

mechanic · 17-05-2014, 11:28 PM

This is one of the oldest tricks in the book and if you believe them I've got a really big steel coat hanger bridge I can sell you.

xxx000 · 17-05-2014, 11:34 PM

The condition of the car, rust and paint issues, makes it not worth the price.

Car prices are incredibly low right now, you can do much better than that for value.

I'm starting to look for a car myself, nothing is selling fast. The ball's in your court not theirs

Yellow_Festiva · 18-05-2014, 12:01 AM

Quote:

Originally Posted by danzvtil

You cant phone up a financial institution and discuss another persons loan, it wont happen.

Course it can happen! I sold a car under finance on behalf of a housemate who had to go back home OS in an emergency and he just expressed his permission for myself to ask any questions about his loan that may help prospective buyers.

I then called the same loan place, told them that X, Y and Z were interested in buying the car and want to talk to you regarding payout.

Simple as that.

Perhaps I should have made it more clear that the buyer liases with the finance company with the help of the seller.... any seller wanting to sell a financed car would do all they can to make the sale go through.

Yellow_Festiva · 18-05-2014, 12:08 AM

Should that model have that degree of paint degregation???

Rust doesn't look too good either.... possible dodgy past repair?

How much extra would a better presented car be? A few grand?

So they are offering to drive the 3hrs to meet you and off load it??

I'm also leaning towards the 'walk away' advice now actually....

xxx000 · 18-05-2014, 12:12 AM

New on gumtree now
06 BFXR6 auto 105000kms immac in Shockwave blue
it's inJoondalup
$8700
Makes that ego one very expensive

pottery beige · 18-05-2014, 12:14 AM

that things rough as guts

would not buy

**GasoLane** · 18-05-2014, 12:45 AM

Quote:

Originally Posted by hedgehobb

Use the glovebox as a temporary toilet.

Oh and walking away with no car AND no money = no way.

Quote:

Originally Posted by 93EB_SXR6

Trailer Park Boys it.

Sometimes I wonder at the intelligence of our members.

The OP asks a reasonable question and this is what you come up with

neptune blue · 18-05-2014, 01:19 AM

Ticks all the boxes?
Is rust and delaminating paint work two of those boxes
I agree with potery beige its somewhat rough around the edges
It must be cheap?

Buying a cheapy and then spending money to fix it up sometimes can cost more than buying one that's just a little more expensive and in way better condition

Judging by the pics it appears that car may have spent most of its life outside

93EB_SXR6 · 18-05-2014, 02:17 AM

...it's just a joke GasOLane. Lighten up.

I also recommended in my original post to "walk away". I stand by that.

eseriesaddict · 18-05-2014, 02:19 AM

Quote:

Originally Posted by xxx000

New on gumtree now
06 BFXR6 auto 105000kms immac in Shockwave blue
it's inJoondalup
$8700
Makes that ego one very expensive

Definitely don't want an auto, chasing the 6 speed manual. There are plenty of autos around that price

XB GS 351 Coupe · 18-05-2014, 02:23 AM

Personally looking at condition of car it's expensive I would not buy it for that price, the clear coat on the paint has failed, not a cheap fix, then there is the rust that you can see, there must be more you can't see, tint is bubbling, and probably a heap of other issues.

Car looks uncared for and neglected IMO, so service history will probably be a shocker, looks like it has travelled a lot more than the advertised Km's and has never been garaged.

There are better cars out there for the $$$ and if you are going to repair this one you could have bought a better car in the first place and save the hassle.