It is attached to your personally - but the security or the loan is the car. So if you fail to pay the loan the finance company takes the car, sells it to recover the debt.If there is still money owing after this then they still chase you personally for the debt
bellky,
Aug 2, 9:47pm
Exactly^. Google search Personal Property Securites Act.
delerium1,
Aug 2, 10:20pm
Stop talking about something you know NOTHING about.
notorious.tp,
Aug 2, 11:02pm
Yes I have come across some advice from a finance related person, and they said the only thing todo is to take him to small claims court, in which he wont turn up and ill automatically win as hes overseas, then etc etc all the long processes later he will be struck with a warrant for his arrest as not paying any repayments, so as soon as he get into the border he will be questioned by police, but this could take a while, but will be worth it in the end.even if it will be like getting blood out of a stone, he will still hopefully be in for a shock when he flys back to visit his family and cant clear customs.
But thanks everyone for your advice, hope this happens to no one else as this is just sickening that someone can do this. and there should be measure to let this not happen in the first place, regardless of the amount of people who have sold cars the proper way with finance, I imagine there would be well over 80% more people who have been ripped off by this, hence why I think they should make it illegal to change ownership on a financed vehicle so this cant happen to the huge amount of unsuspecting people
friendly_prawn,
Aug 2, 11:40pm
personally I would just dissapear the car. The finance company were the ones that agreed to loan the money to this clown.There mistake, let them clean up the mess. They have more money than you and they can afford the loss if they cant recover the money.I can imagine some big fat cat sitting in his penthouse suite overlooking the bay etc etc. Stuff them, their stuff up, let them do the dirty work of recovering the money. Im not sure what the law is concerning the handing over of the car but if there is no law that requires you to hand over the car I would be just putting it in to safe storage some where and forgetting about it for a few years. The satisfaction of knowing that the finance company will be forever chasing this scum bag would be of some satisfaction to me if I were in your shoes.
bellky,
Aug 2, 11:48pm
Bad advice^. Trying to maintain possession of the finance company's security will work out worse for you than going with the flow (working with the finance co.).
friendly_prawn,
Aug 3, 12:08am
Comment with out an explanation is worthless.
Explanation please Bellky!
Also please note! "Im not sure what the law is concerning the handing over of the car but if there is no law that requires you to hand over the car"
trdbzr,
Aug 3, 12:15am
There is already a safeguard in place. Its called a VIR/Carjam report and it costs $20. If you just relied on your friend's advice that he had checked, and didn't bother to do it properly yourself, then its your fault. That $20 out of your own pocket would have saved you thousands of dollars and a lot of headache.
friendly_prawn,
Aug 3, 12:17am
re read 1st post.He did what he was supposed to, or thought he had. His cock up was getting his mate to do it for him.Just bad luck his mate screwed up and told him no dosh owning. Wouldnt have mattered if the crook had borrowed money just before selling the car anyway.read post 42.
kazbanz,
Aug 3, 12:51am
Sorry mon the car completely legally belongs to the finance company. It was never the sellers property to sell. Actually if its a recent loan its also possible that the justice department get first dibs on it if the seller has outstanding unpaid /not under arrangement court fines. An inaccurate comparission would be if the seller had stolen the car and onsold it. Same senario still two victims but the car must be returned to its origonal owner. I know its not the same but for the sake of this discussion its a good comparisson. I think its unfair to say about some fatcat. Thats irellavant in this case.
friendly_prawn,
Aug 3, 12:57am
Not to me it isnt. I dont owe no fatcat no favours. If it were an old granny broke on her last dime, you bet I would put her before me. In this case does he owe the finance co any favours! Its not like he has any contract with them.
Is there a law that states he must give the car back to the finance co! Is there!Can anyone show me the law that states this!I thought this was now a civil case! Seems it's a civil case when he wanted to go to the police about it!
kazbanz,
Aug 3, 1:37am
Yep there is a law--check the PPSR its all there to see.
So where do you think finance companies get their money from!could be that little old granny you talk about with her life savings. Gee mate its not hard to maybe think now and then.
friendly_prawn,
Aug 3, 2:22am
So where do all the profits of the company go to! Back to the old grannies! Tui's anyone! Gee mate, its not hard to think now and again.
friendly_prawn,
Aug 3, 2:23am
Cheers smac, now that I have opened my mouth, I better have a good read of this. Appreciate the post. Will go through this when I get back tonight. cheers mate.
kazbanz,
Aug 3, 4:09pm
FP-Some of the bigger finance companies are "owned" by banks. Or should I say their biggest investors are banks. But the rest of the investors are ma and pa types
gunhand,
Aug 3, 4:21pm
This is what happens when you dont read all pages start to finish (and understand) loan agreements.If not said above, you are not supose to on sell any item on finance unless you notify the finance company. As Kaz said its not really your item till paid for.Although you may own a persentage but the way they devalue thats unlikely either. And people are asking. Why can this be done etc. Well there are systems in place allowing you to check as said, its a whole industry itself. Relying on peoples honesty dosn't work these days unfortunatly.
bellky,
Aug 3, 4:26pm
Here are the purposes of the Act: "An Act to reform the law relating to security interests in personal property and, in particular,??
supernova2,
Aug 3, 5:34pm
Small problem here - for that to happen you have to serve him with the documets which is going to be a slight difficuly if he has "done a runner".It really anoys me that people suggest actions when they in fact have no idea what they are talking about.
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