Toyspeed.org.nz Message Board

by **Boosted_162** » Fri Feb 04, 2011 10:12 pm

Well im having a major stress at the moment.

Basically, i bought the car (my skyline) from a registered dealer and had registered debt against it. I specifically asked about this, and the dealer told me that the debt would be wiped upon sale as thats one of the benefits of buying from a dealer.

Now i just saw that there is still security registered against the car - whats the law and what should i do?! Havent had contact from anyone about it, i was just looking into it.

Cheers

by **cogent** » Fri Feb 04, 2011 10:23 pm

by **Sideros** » Fri Feb 04, 2011 10:26 pm

This ^

by **Boosted_162** » Fri Feb 04, 2011 10:26 pm

$&#$%, so i need to go talk to the dealer and ask why hes lied to me? Or to the previous owner who put security against it?

by **Sideros** » Fri Feb 04, 2011 10:30 pm

You should talk to the dealer as he's the one that gave you a verbal (not written?) assurance that it would be paid. If he doesn't fix it go see a lawyer or be ready to pay off the debt and take the other guy to court and then get paid back $5 a week for x weeks. (happened exactly like that to an old workmate of mine)

by **fuel** » Fri Feb 04, 2011 10:30 pm

When did you buy the car? It can sometimes take up to 8 working days to remove security on a car.

by **Boosted_162** » Fri Feb 04, 2011 10:32 pm

Anyone know what the deal is with going to the finance company/previous owner and making them remove security?

Will go see dealer asap

:evil:

$&#$%

by **Boosted_162** » Fri Feb 04, 2011 10:32 pm

fuel wrote:When did you buy the car? It can sometimes take up to 8 working days to remove security on a car.

More than 8 days ago...over 2 months ago (just).

by **fuel** » Fri Feb 04, 2011 10:36 pm

Go back to the dealership and talk to someone there.

by **Sick Puppy** » Fri Feb 04, 2011 11:03 pm

Sideros wrote:You should talk to the dealer as he's the one that gave you a verbal (not written?) assurance that it would be paid. If he doesn't fix it go see a lawyer or be ready to pay off the debt and take the other guy to court and then get paid back $5 a week for x weeks. (happened exactly like that to an old workmate of mine)

+ 1

How did you know about the security interest? Was there anything on the CIN about there being security on the vehicle? If it's not on there, you are fine, and it's the dealer's problem:

http://www.consumer.org.nz/reports/car-buyers-rights

"A registered motor vehicle trader will guarantee consumers "good title" to a car . This means they can legally sell the car and you will not be liable for any debts hanging over it, unless those debts were specifically pointed out to you in writing. This protection does not apply if you buy privately."

I'd still be heading back to the Dealers to get them to sort their shit out...

by **Boosted_162** » Fri Feb 04, 2011 11:06 pm

It was on there, but i originally saw it on carjam, so i asked the dealer BEFORE i bought it about it, he assured me it would be sorted after the sale (if i bought it).

Will go see dealer tomorrow, then CAB if no luck. Also have debtor's name, address and phone number incase i need it.

by **RS13** » Sat Feb 05, 2011 12:58 am

Sick Puppy wrote:"A registered motor vehicle trader will guarantee consumers "good title" to a car . This means they can legally sell the car and you will not be liable for any debts hanging over it, unless those debts were specifically pointed out to you in writing. This protection does not apply if you buy privately."

This. Talk to the dealer before doing anything.

by **tsoob** » Sat Feb 05, 2011 1:28 am

Thats pretty gay craig..

who was the dealer?

by **Leon** » Sat Feb 05, 2011 7:38 am

sometimes banks cock up.

I've bought a car that turned out to have a security interest.

Some phone calls later, I've got the bank with the security interest giving me huge grovelling apologies for not having cleared it from several years earlier.

by **joff_nz** » Sat Feb 05, 2011 8:21 am

I too have come across a car with a security interest against it which was supposed to have been removed ages ago.

by **gt4dude** » Sat Feb 05, 2011 8:43 am

how can u tell if there is?

by **Boosted_162** » Sat Feb 05, 2011 9:06 am

I carjam'd it seeing as i knew there was security against it before i got it, and wanted to make sure they had removed it.

Glad i did now! But either the guys still paying his loan off, or its not against the car anymore as its been many months since he got rid of it. Not taking any chances tho.

Talked to my bro in law and he had the same thing happen, finance company forgot to remove it so that makes me feel a bit better.

by **evil_si** » Sat Feb 05, 2011 11:01 am

Get the dealer to sort it asap, if they dont, your only bet is legal action,
Do not leave it at the registered address in the mean time.

Was it a licenced dealer?
Did it go thru there books?
Were they registered as an owner?

Problem you have while there is security against a car is you have no rights, if the guy that owes the money stops paying or if the finance company realises its been sold they will repo it,
They can flag rego numbers so if details change etc they automatically find out,

If it turns to crap and is put up for repo, you can be prosecuted fined and held liable for the full debt if you knowingly on sell, hide or strip the car.

by **Sideros** » Sat Feb 05, 2011 11:06 am

Boosted_162 wrote:Talked to my bro in law and he had the same thing happen, finance company forgot to remove it so that makes me feel a bit better.

With all that's gone on the past couple years what's the chances the finance company no longer exists!

by **matt dunn** » Sat Feb 05, 2011 11:09 am

The advantage of buying off a registered dealer is that the car cannot be repossed from you!

The finance intrest ends with the dealer so they become liable for the debt.

Also it can take a while for the debt to be cleared.

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