Legal Help, selling a car with money owing - Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars

BOF · 07-13-2003, 21:20

I have a query regarding the selling of a car that still has money owing on it. Car is my girlfriends VS, of which she still owes a little money on. A dealer has approaches us with what I consider to be a reasonable offer so now we are going through the sale process.

I will point out that this dealer has got to be the roughest, meanest, slimiest thing around and I wouldnt buy a car from him if he was the last caryard on earth.

Anyway this is the problem, first he says bank Cheque, now he says dealer cheque, I want Bank cheque or nothing, now it sounds like he is going cold on the deal, you would have to wonder why wouldnt you. Secondly we want to sign the car over today although he says he isnt going to payout the finance Co till tomorrow.

If we get a bank chq I know we are right, however what if he doesnt ever pay the finance co? I gather my G/F is responsible for the loan still? I was told this from Esanda direct. What should we do? request proof of payout of the loan prior to handing over the car and signing the papers? as if we do this, technically we could not go through with the deal and the dealer will have paid out the loan.

Whats the story?? Remember this guy is a pure snake.

Fordy · 07-13-2003, 21:42

Quote:

Originally Posted by BOF

. What should we do? request proof of payout of the loan prior to handing over the car and signing the papers? as if we do this, technically we could not go through with the deal and the dealer will have paid out the loan.

Whats the story?? Remember this guy is a pure snake.

When i sold my ute with money still owning on it i had to get a proof of loan payout receipt confirming the ute was paid off with the buyers money and i received the rest.

Basically your girlfriends car has to be bought by the dealer(or herself) before u can do the deal.

Its really confusing and it pissed me off when i had to do it.

XD 351 Ute · 07-13-2003, 22:37

Find someone else to sell the car to.
I think you've already answered your question judging by the description of this bloke.

Ed :)

honer · 07-13-2003, 22:44

When I sold my car with money owing on it, I had the buyer make the bank cheque out directly to the finance company, then made another cheque with the difference and sent them both off.

BOF · 07-13-2003, 22:58

Quote:

Originally Posted by XR8ED

Find someone else to sell the car to.
I think you've already answered your question judging by the description of this bloke.

Ed :)

I would if someone else was willing to buy it!

I will not name the dealer although I reckon this guy would have a new odometer with about 100,000kms less all ready to slot into this car. Hell I got it valued by about 10 wholesalers and this dealer is willing to pay a $1400 more than the next closest!!

BOF · 07-13-2003, 23:05

I found out some more info, provided he gives me a bank cheque and I get his word that he will pay the Finance Co, thats all I can hope for, although he cant sell the car unless he has paid the finance co, so he will have to pay eventually
HOWEVER, if he doesnt pay the Finance co and drives it around himself, puts a silly price for it on the yard and it sits in his yard month after month, my girlfriend must continue to make the payments on the car! So what they can do is if they get a buyer for it say in 6 months time, my GF will be due to 6 payments and they just need to pay the balance so the car can be sold.

Soxx · 07-13-2003, 23:09

It is illegal to bounce a cheque and if the dealer is licensed (if he isn't, run away), it really isn't in his interest to pull a swifty on you.

I personally think you'd be fine, but I understand you being hesitant.

Rick.

tranquilized · 07-13-2003, 23:22

You could re-finance the loan with a non-secured personal loan, then you can sell the car to anyone for cash

07-14-2003, 02:21

The dealer has to pay the owing amount out to the finance company, and will receive a receipt on doing so, but dont hand the car over till you see this receipt, otherwise you will have the bank sending you nasty letters with reguards to not keeping up with your repayments and youll be up a creek.

EFJase · 07-14-2003, 02:55

Why dont you ask for the entire amount to be paid to you, then pay off the finance with that? He might not like it though