Found a car I might like to buy and did the carjam report.
Report returns a security held over the vehicle (bank).
Having not ever had to deal with this before what is the correct way forward if I do wish to buy the car?
I would assume there must be a safer way than just the assurance of the seller that they will pay off the debt after the sale of the car?
Thank you for any advise!
lusty9,
Jul 2, 8:42am
Does the listing say there is security and if not let the seller know you are aware of it. Then take it from there. If you have trust issues ask to pay the finance company directly.
cammey,
Jul 2, 8:53am
Report on money owing is free from ppsr. Carjam just clip you for data that is free from the government department that collect it.
richynuts,
Jul 2, 9:22am
Tell the sellers you will go with them to the bank to pay off the loan to get the security lifted then you will pay them the difference. if any
a.woodrow,
Jul 2, 9:24am
Pay the outstanding loan direct to the finance co/bank.
Pay the balance (if any) to the owner
Don't do it any other way.
mss2006,
Jul 2, 9:28am
Thank you all.
Heard loud and clear!
supernova2,
Jul 2, 11:13am
Fine in theory but what do you do if you pay the finance coy and then the seller decides he doesnt want to sell/runs away/etc?
The only totally safe way is get the seller to sort out the monkey and then deal with the seller about buying the car.
mimik3,
Jul 2, 9:20pm
Correct, get the seller to clear any outstanding debts and to provide you with a letter from the finance company that the loan has been paid. Then recheck the PPSR.
rovercitroen,
Jul 2, 9:47pm
I have done the above a few years ago. I bought a car off a guy who was going overseas. We went together and I gave a bank cheque to the finance company for most of the sale price and then I gave the seller the balance of a few hundred dollars. Be aware that it can take a week or so for the security over the vehicle to be lifted. It took about 10 working days to actually clear the security from the register. It doesn't happen immediately when you settle the loan.
merv4,
Jul 2, 10:30pm
also be aware that you can buy a car ,check it out [all good]and if you say you will pay for it and collect it later ,the seller car raise a loan against it in the mean time ,;; happened to a friend ;; big trouble
holdensorfords,
Jul 4, 7:22am
How do you get a free report on money owing on ppsr? Do you have to register? If you have to register, can any Joe Bloggs register or do you have to be a company? Thanks.
gabbysnana,
Jul 4, 5:19pm
if you have an account with them each search costs $3. they have never been free.
kevymtnz,
Jul 4, 6:17pm
yip thats what i told carjam i said they were scam artists
cammey,
Jul 4, 8:53pm
Gabbys Nana is right, it does cost $3.
But its still a lot cheaper than carjam. You can check the seller is the registered person from on the NZTA website and also check the vehicle isn't stolen free as well.
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