Help with sold car? / finance

jandr12, Aug 17, 8:40pm
Hi there, Just looking for advice on behalf. If a car is sold, and it has money owing on it, the finance company is not open until Monday so security could not be taken off until then. Is it OK to have a bank cheque written out to the finance company on the saturday and do the change of ownership or is it safer to wait until Monday. What protects both the seller (who intends to pay the finance off) and the buyer (who may be concerned about purchasing a car with money owing!)
kazbanz, Aug 17, 8:50pm
In theory its too late now to do anything about the situation untill monday.
If I was the buyer I wouldn't be prepared to part with my money untill I was sure I could personally pay the finance company and have the security released right then.Be that in the company of the seller.
My reason being that the settlement figure can change and the security might "forget" to be released.
So I would be waiting till monday. But Im a cynical barsteward having seen it all go wrong
jandr12, Aug 17, 8:52pm
If there is 100% no chance the settlement figure would change, would a bank cheque (made out to the finance company for the figure) protect the seller and buyer!
kehua, Aug 18, 5:10am
I know you can cancel a bank cheque on weekends. Rather see it finance being sorted in person.
kazbanz, Aug 18, 6:24am
I just wouldn't do it.I can think of too many senarios both ways that it can go horribly wrong.
chookin3, Aug 18, 8:17am
I wouldn't touch it unless it was financed through a good finance company or bank and you were paying the money directly to the finance company with a agreement that the security was to be lifted. It's crazy how many people buy cars without even knowing what a security is!
ratherbefishin, Aug 18, 8:25am
My suggestion is, do not let the car go till it's paid off, or do not collect it till the car is paid off, and get it in writing ffrom the finacne company as they are shockers for not lifting the lien.