DO NOT BUY THIS SPORTIVO IN VICTORIA!!

[sx_corolla]

I was about to purchase this vehicle and found out it was dodgey deal. You will

end up with a $40,000++ debt because of the finance on the vehicle. Careful!!

The husband even posed as a police officer and i did the checks with no avail.

This is a warning to all you corolla fans out there. Its in the tradingpost for only $18,995 03' - 72,000km - Red - In kings lake/hawthorn - Rego SNW627.

Cheers

Edited April 30, 2006 by sx_corolla

[mick0082]

Thats a good 'heads up' from sx_corolla.

I would suggest doing a REVS (Register of Emcumbered Vehicles) check on any second hand vehicle prior to any sort of transaction.

[xoom]

did u manage to get ur deposit back ?????

[vitagen]

hey its illegal to buy a car with finance owing on it apparently

[CORZZA]

thats what i thought!

[sx_corolla]

So far no, but I'll prolly report them to the police if they dont for theft.

Im just feeling sorry for the next person who will just hand over the money without

making sure the vehicle debt is clear.

[xoom]

I guess the thing i dont understand is this ....

The debt is associated to the person .... Ok they borrowed the money 2 buy a car .... they then sell the car without telling the finance company .... at the end of the day that person still owes the finance company $X that they borrowed ... What does that have to do with the poor person who bought the car ....

As far as i c it money change hands so did goods that transaction is seperate to the one that the original owners has with the finance company and if they still owe money on the car the finance company should be taking that up with the person who took out the finance .... i just dont understand how its centrally linked back 2 the car ????? Sounds so illogical and stupid .....

Again another situation where the law makers got it all wrong i reckon ....

[eggbert_99]

umm ok .. working for a large finance company .. i can shed some light ...

The car in this case is the "security" for the loan ... another word for it is the collateral ...

so despite selling the car ... if the finance company dosent get its money then the car can be repossed ... no matter who has ownership of it now ...

the most important thing every car owner should do is get the VIN number and check it on REVS

youd be silly if you didnt ... you can pay $10 or something like that and you get a certificate that the "title" of the car is in the owners name ...

It is illegal to sell a car that has finance on it .. coz really you dont own the car .. the finance company does .. until you have completely paid it off and the security is released through REVS ...

[neK]

Another way to think of it is that the car is technically owned by the finance company until the debt is paid off.

So when you buy a car thats got debt on it, you make sure your make the cheque out to the finance company as opposed to the person to ensure the debt of the car gets paid.

Cos if you dont and they bank the cheque in their own name, as far as the finance company is concerned, the car still belongs to the finance company, and if you wanna keep the car pay for it, meaning you will need to invest in several poles and baseball bats and go "clubbing"

That is why there is secured and unsecured debt.

When taking out a personal loan, you have a higher chance of approval and lower interest repayment if you take a secured loan.

If you take an unsecured loan the rate is usually higher.

Also with insurance, leased/financed cars usually attract a higher premium than cars that a fully owned.

[sx_corolla]

It does seem logical that once you purchase the vehicle under finance, the debt owing on the vehicle "should"

be still in the original persons name ..... but it doesnt work like that.

The vehicle must have a clear title and no debt owing before you hand in the transfer documents into vicroads or you will have the finance company knocking on your door asking for the money.

Its usual thing to happen is, you get an offical letter from the finance company through the current owners on the amount owing on finance (eg - $12,500). Then you get a bank cheque for $12,500 in the name of the finance company - NOT the owner. Any remaining ontop of that amount will be forwarded in a bank cheque to the seller. Just make sure you attain the paper work from the finance company stating the loan is paid out and then call up the finance company directly with the finance ref# to confirm this info.

If something sounds really dodgey it usually is. This person in reference got seriously edgey/angry when i asked for those details and refused to provide them to me. They wanted $13000 into her bank account and the rest in cash. Didnt add up

[RXSeven]

That really sucks. You're a avery rare person for going to the trouble to tell us man, cheers.

Btw Eggy...when I was working at Harvey Norman I could've used your damn help GE wise!!! lol

[sx_corolla]

Hahah, just looking out for people so they dont get jibbed. This stuff could seriously ruin your life for the next 5+ years. Imagine paying off a 20k loan and you losing 20k in the process just because you were too trusting

with the seller.

Well, I just hope ppl read this and got a heads up with buying a financed car. (also to avoid the one in reference too)

Cheers

well ... gotta look for another car now

[MT]

good work sx... not many people would think to let others know... this could have landed u in trouble, lucky u were smarter than they average car buyer :P

u should keep looking for a sportivo tho... they're not all dodgy promise!

[RedLiner]

Its also likely that modifying your car while under finance is breach of contract....

IM breaching the contract...... :D

[omn1potent]

Notity the cops dude, in complete detail.

Edited May 2, 2006 by omn1potent

[03MikeSportivo]

That really sucks. You're a avery rare person for going to the trouble to tell us man, cheers.

Btw Eggy...when I was working at Harvey Norman I could've used your damn help GE wise!!! lol

GE........ oh dont even get me started @#$%$#

[eggbert_99]

That really sucks. You're a avery rare person for going to the trouble to tell us man, cheers.

Btw Eggy...when I was working at Harvey Norman I could've used your damn help GE wise!!! lol

GE........ oh dont even get me started @#$%$#

common .. let it out mate ... maybe i can help

[RXSeven]

That really sucks. You're a avery rare person for going to the trouble to tell us man, cheers.

Btw Eggy...when I was working at Harvey Norman I could've used your damn help GE wise!!! lol

GE........ oh dont even get me started @#$%$#

common .. let it out mate ... maybe i can help

Y'know what the sad part is? I was an employee hahahaha, NOT a customer and I still found GE frustrating at times lmfao. Looking into GE? Talk to Jase. He da man.

[eggbert_99]

if its easy it aint GE ... heheh ...

[Kenshin X]

Guys, reviving an old post...

Not sure if you know already but the things u should do BEFORE you even contact the seller.

1) Check with Vicroads, the seller should be posting at least the Rego/VIN of the car on the ad. check if its written off/has encumberance (finance) on it.

2) If you want to cover your a$$ from the bank reclaiming back the car becuz of bad debts from the previous owner, i believe there is some paper u buy from Vicroads protecting you from the bank to reclaim the car.

The catch is that: you must puchase (~$20) this from Vicroads approx 24 hours before the FULL AMOUNT is paid to the seller. Otherwise this piece of paper is void...

As far as I know, I never heard its "illegal" buying a car with finance on it. I'm sure alot of them are out there selling with them.

Hope this clarifies things for people =)

P.S. I did ALOT of research for my sportivo before I bought it... but now i'm sorta doubting whether its been in an accident or not becuz of the crooked panels in the front in reference to the bonnet. My uncle looked on the inside frames, but he said that they were all straight... (maybe bad quality control from SA?)

Regards all, and happy lifting :D

[eviltwin]

This is blunt and may come across quite harshly but really, i mean come on. if you were to buy any car these days you take the appropriate measures so that you do not get stung , if your paying for the car with a loan it's usually a condition of that loan ( pending how much money it is ) to have the car checked thoroughly for these types of things. When i bought my car i ran every check possible and once i felt comfortable and had inspected the vehicle from head to toe it was then that i made the purchase.

If theres someout out there trying to sting someone tell the police.

[Kenshin X]

This is blunt and may come across quite harshly but really, i mean come on. if you were to buy any car these days you take the appropriate measures so that you do not get stung , if your paying for the car with a loan it's usually a condition of that loan ( pending how much money it is ) to have the car checked thoroughly for these types of things. When i bought my car i ran every check possible and once i felt comfortable and had inspected the vehicle from head to toe it was then that i made the purchase.

If theres someout out there trying to sting someone tell the police.

hehe i only knew about the finance thing becuz my mum told me about a guy buying a 120,000 M3 only to get it taken off him the next week becuz of the bad bank credits with the old owner!

Talk about OUCH...