i bought a car,cash off trademe,i recieved ownership papers etc and 5 months later i sold it.Now its been repossessed because the original owner still had the car on finance and didnt pay it off.I didnt check if there was money owing,nor did the person who bought it off me checked.What shall she do!,I do,We do.and legally who still owns it when its still under finance and the car has been sold twice since.!grrrhhh
phillip.weston,
May 29, 6:27am
I guess the new owner could try track down the original owner and see if they can settle the dispute that way.
r15,
May 29, 6:36am
the way i understand it, its not your problem. and let that be a reason to check EVERY time before buying!
and yes i think the current law is shit, but i cant think of a better way of doing it
richyrich,
May 29, 6:50am
couldnt,when doing a change of ownership that an alert would come up showing money owing.You shouldnt be able to sell a car(twice)with money owing.,SO,Even though we both had "certificate of registration",with our names as registered owners,we didnt actually own the car.The Finance company and the original owner still owned it.Well,I'll be F**ked!
richyrich,
May 29, 6:51am
Just checked carjam and now the finance company is the registered new owner.
r15,
May 29, 6:57am
time to drive it past a few speed cameras then!
les6,
May 29, 7:39am
a bithard when its been repossesed!
im_andrew,
May 29, 7:42am
Registered owner of a vehicle does not mean you are the legal owner. You can argue it till you are blue in the face but thats what NZTA will tell you too
dvince,
May 29, 8:16am
For furure referrence; text the number plate to 3463 for security checks. Only costs $1.10
les6,
May 29, 9:03am
buyer beware is the way it works,often the bait is just a really good price!As they say if it sounds too good to be true,often it is!
big.b-lil.c,
May 29, 9:18am
as i understand it the op can walk away. the new owner maybe able to work out something with the finance co.
cjohnw,
May 29, 10:11am
The vehicle is used as security over the amount of the loan. Therefore the finance company own the vehicle up to the amount owing to them. If repayments stop, the finance company is entitled to repossess the vehicle from its CURRENT owner and sell the vehicle to recover the amount of the loan, plus costs. Any additional funds realised would then be reimbursed to the current owner and the debt would then be released. The new owner can opt to continue the repayments, but depending on what they have paid originally for the vehicle it may not be economically viable.
beaker59,
May 29, 11:00am
Its never economically viable! wonder why!
franc123,
May 30, 3:05am
You have a bloody good point there, why should innocent vehicle buyers have to perform such detective work with finance companies and the PPSR to ensure that sellers are telling the truth!How hard could it be to flag such vehicles in NZTA's system to indicate that they have money owing on them!And also to automatically alert the financially interested parties the instant someone attempts to offload an encumbered vehicle!The practice of people trying to sell encumbered vehicles would be stamped out instantly if this was implemented.Who owes who what is of course not NZTA's problem but given that C of O changes in the case of private sales are often the only documented evidence that a sale has taken place, having a flag system would help everybody concerned.
les6,
May 30, 4:03am
the ppsr is the flagging system!
elect70,
May 30, 4:34am
It aint the LTNZ job to fiind outthe financial arrangementsof carswhen the change of owner ship occurs ,they just give you a certificate of registration & it doesnt meanthere may be attachments overit . Up to buyer to check & get recieptfrom sellerstatingthere is no security over the car .
vjregal770,
May 30, 4:57am
FFS, it's not like it costs a grand to check this stuff out BEFORE buying a car.
Sorry, NO sympathy here.
franc123,
May 30, 5:09am
Yes but its not linked in any way with registered ownership changes is it!Thats the point I was trying to make above if the last three posters had read my previous post properly.
vjregal770,
May 30, 5:16am
I read your post just fine, thanks.
It the simplest thing in the world and costs next to bugger-all to check if a car has money owing. Your choice if you don't. You said yourself that it isn't the NZTA's job. You're the one buying the car - YOU do it.
And if you choose not to, and it turns to sh*t, well that's just tough isn't it! Caveat emptor all the way.
But at least you saved 10 bucks, eh!
neville48,
May 30, 8:16am
You bought it ,you used it ,you sold it ,its gone, not your worry anymore so sleep soundly in the knowledge that no-one can take anything off you, so stop worrying.thread finished.
richyrich,
Apr 21, 2:50pm
i concur,lesson learnt!.Thanks
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