Am looking at a car on TM and thought I would do a security check on it. Showed up as having a security interest with Nissan finance. Still keen on the car but how do I go about buying it without being stung or is it a good idea to walk away!
net_oz,
Oct 9, 4:15pm
Don't.
jason18,
Oct 9, 6:00pm
Organise with insurance company to pay them direct.
curlcrown,
Oct 9, 6:17pm
Have you had a chat to the seller yet!
klrider,
Oct 9, 6:47pm
STAY AWAY.
kazbanz,
Oct 9, 7:24pm
Claude what you need from the seller is honesty. So ask them if there is money oweing on the car. if they say noDON'T instantly assume they are lying. Some finance companies are notorious for not releasing securities when they should. It could be too that the LAST owner before this one actually hasn't paid it off.-In which case I would walk away because thats a nasty ol can o worms. If the seller says YES there is money owing then you need a settlement figure from the finance company and its expirey date You need this in wrighting. Its also a good idea to get the cotact persons name and their contct details. Then you do the deal on the cloear understanding that YOU will pay the settlement figure and will pay the balance to the seller. you need to cover yourself and ensure the security is lifted.
a.woodrow,
Oct 9, 8:24pm
Couldn't have put it better myself +1
crzyhrse,
Oct 9, 8:44pm
That would be my take on it too.
craig04,
Oct 9, 11:42pm
I sold a car with money owing. I told the purchaser how much etc, and suggested to him that if he wanted the car, we meet at the finance companies office and we settle the debt there and then for peace of mind. He was happy with that.
kazbanz,
Oct 9, 11:45pm
NOW that WAS DARN GOOD THINKING OL SON
d.snell,
Oct 10, 4:47am
Quite straightforward, from the listing T&C: Regardless of whether you are a motor vehicle trader or not, if you are selling a car on Trade Me, you are required to ensure that the buyer of the motor vehicle takes the motor vehicle free of any security interest, and you must disclose in the listing whether there is any security interest over the vehicle.
If it's not disclosed in the listing, it is in breach and should be removed. Especially if it is a classified where Q and A aren't available.
owene,
Oct 10, 9:41am
DON'T TOUCH IT. Why can't the previous owner settle the debt prior to sale!
kazbanz,
Oct 10, 7:01pm
And you know for certain that they haven't ! I've lost count of the number of trade ins I've had with "money owing" that turned out to have been a slack finance co failing to release the security NO I'm notsaying just charge in but do give the owner the chance.
kiwicon,
Dec 24, 10:41am
agree 100% with Kazbanz. I sold i bighorn, they did a security check before handing over any money and it had finance company interest come up on their report. so managed to track down the person, was quite a mission actually as I swapped a hard top for a MX5for it, then sold it a couple of days later for 1600. Situation ended up was they (owners before hand) had used it as collateral on a horse float. they had paid it off but the finance company never took it off their system. So be straight up and ask the person.
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