Question on debt against car..

[RS13]

how can u tell if there is?

Easiest way is to text the rego to 3463, very easy when you're out looking at cars as you get a reply normally within a couple of mins. Costs $1.00 per check last time I used it though.

[Boosted_162]

Car was bought from a registered dealer, was on behalf but the car was in their name, not sure how long but they are on the records between me and last owner (dealer was Fast4's btw). Yes it did go through their books, have all paperwork etc.

Just home from seeing them, guy i deal with normally was on holiday (Brendon) but i talked to one of the other guys, and he assured me not to worry about it. He said more than likely is finance company not updating records (Marac), but if i call and thats not the case, to get in touch with them again.

He could tell i was stressed to hell about it!

Car doesnt live at registered address either.

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.

Thats very interesting! (and relieving!)

[h8wrxs]

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

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

youre right, my first trueno i bought it took them 6 weeks to clear the debt of the rego

i got told by AMI insurance that even if you do buy from a dealer, the car can be repossessed from you...

[BZG Wagon]

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!

Even so I guarantee the debt still will!

Some other finance company (possibly Veda) would have bought it cheap.

[l SIC l]

I had the same issue when it came to selling my old white 5-speed Supra. The guy said he had cleared the title (which we made him sign a buyer's agreement upon purchasing it initially) and when we came to selling it, the new owner (one I sold it to) said that there appears to still be security interest on the vehicle. We got in touch with the owner and he said he had cleared the title before he sold it to us, so he got in touch with his bank and they said it was cleared of the finance, but they forgot to change the 'status' (??).

I don't know if that was any help at all, but if it is, then it's there ^ lol

EDIT: This is kind of what everyone is saying anyway

[Boosted_162]

I had the same issue when it came to selling my old white 5-speed Supra. The guy said he had cleared the title (which we made him sign a buyer's agreement upon purchasing it initially) and when we came to selling it, the new owner (one I sold it to) said that there appears to still be security interest on the vehicle. We got in touch with the owner and he said he had cleared the title before he sold it to us, so he got in touch with his bank and they said it was cleared of the finance, but they forgot to change the 'status' (??).

I don't know if that was any help at all, but if it is, then it's there ^ lol

Thats what im hoping this is, unfortunately the finance company isnt open until monday so have to wait till then to find out.

If there is infact money still owing, then i have to take this up with the dealer which i have to say has got me nervous

[l SIC l]

Nah, don't be too nervous. 'Fast4sandturbos' are very reputable, they won't be BSing you - it is in their interests to get the issue sorted. They aren't going to try rip off customers (well, more than they already do anyway!) by tricking them into a vehicle with money owing

[dnalunchie]

I had a similar thing happen when I sold my Type R. I sold it to AJZ (my flatmate) and he owned it for about 4 months, when he came to sell it the new owner did a check on it and it stated that I still owed GE money on the car despite having paid the debt the second AJ brought the car. I rang GE about this and they said this was not uncommon as it could often take 3-6 months for debts paid to their head office to be cleared off the local branch where the initial loan had been given.

[Boosted_162]

Well so far so good, rang Brendon today, unfortunately the finance person wasnt in today, but he looked through his paperwork and loan was paid back. Just need to ring on wednesday to confirm its getting/been taken off the car.

Made me feel a heap better hearing that

[iOnic]

Hide it at my place so the repo dudes can't take it away

[Boosted_162]

Hide it at my place so the repo dudes can't take it away

Haha, sure! I bet you want me to leave the keys as well? Its not registered to my place anyway, and there aint gunna be no repo men

[iOnic]

May need to move it from time to time so yeah keys would be nice