Looking at buying a vehicle,know there is money

owed on it, is there a website you can go to, too find out how much,thanks

Text the plate number to 3463. You might also want to read the Car Purchase Gone Wrong thread for some light entertainment.

they already know it has owings. Best to cross it off your list and make it public on face-föök and there likes

Either using franc123's number or carjam etc to find out who the finance company was and how much was owing, then I would call the finance company to get an exact figure for making full and final payment. I have never bought a vehicle with a security interest on it, however I would probably want to make a full and final payment to the finance company myself and give the seller the remainder of the purchase price to satisfy my end of the deal.

Eh? Surely one can buy a car with money owing, you just need to work with finance company?
And what has Facebook got to do with it?

Carjam, Motorweb, Motorcheck etc etc. Worth every penny of the fee to establish who holds a security over the vehicle, and when. Be aware- there can be MORE than one security held over a car, do NOT just take the owner's word for it.

As opposed to the mindless entertainment the thread mentioned above has descended into; advice at this point is straight forward.

Find out who holds a security over the vehicle. Assuming it's one security, you have to have the owner of the car contact the financier and produce a "settlement figure" on the loan, which will also have an expiry date (i.e. the date that figure is no longer relevant, and you will need ANOTHER settlement figure from).

You will probably not be able to obtain this yourself- under Privacy Act terms, the financier is unable to provide this information to you unless the owner gives express permission (usually in writing) for this to be provided to you.

The settlement figure is the amount needed to pay back the outstanding money owing and give you clear title to the car.

Say, for example, it's a $5000 car you're buying. The settlement figure is $3000. In this case, you pay the finance company DIRECTLY the $3000 owing, and the balance of $2000 to the owner, once the finance company have (a) confirmed receipt of your payment and (b) confirmed in writing that they are lifting the security. At this point, you really want to have possession- even temporarily- of the car.

If it's the other way around- known as "upside down" in the trade- the car is worth $5000, but the settlement figure is $7000 owing- more than the value of the car- then you pay the $5000 sale price to the finance company AFTER (or in the case of cash, at the same time) as the owner pays the remaining $2000 to them, to bring the total up to the $7000 owed.

If they can't come up with the $2000, you have two options.

1- Walk away.
2- See if the owner can negotiate with the finance company to re-finance the balance of the amount- $2000- via a "new" loan with something else (another car, or asset) as security. It is CRUCIAL such an arrangement leaves the vehicle you are buying with free and clear title- in other words, the finance company agrees (in writing) to lift the security upon writing a new loan for the balance the current owner has to come up, and you do NOT under any circumstances pay your $5000 to the finance company until you have it in writing that the transaction with the old owner for a new loan has been completed.

It's a bit like selling and buying a house with mortgages on the same day, lawyers run around transferring loans, titles and securities around so the net result is you lift the debt from the house you're selling, with the proceeds you're receiving from the buyer, while at the same time paying the owner of the house you're buying, and having a new security placed upon it.

In the words of William Rice Burroughs- "Always get it in writing"!

Hope this helps!

Thanks, that was my thinking.