Buying a car?

[arros 0]

Nice BMW 540 I saw in the weekend- really liked the car. All set up to have a pre purchase check at Bellars on the North Shore tomorrow.

Did a VIR check- bingo: money owing on the car. Talked to the owner-They wanted me to pay purchase price into finance company account (or some 'holding account' or some such thing) and they would pay money owing. This all takes 7-10 working days for debt to clear. They say thay did not have enough to clear all of the debt. Pretty simple- all I wanted them to do if pay off the debt before I paid them. No mention was made of money owning until I called querying waht the VIR repoert has said about security on the car.

No really making inferences here. It's not necessarly a dishonest situation-just would have been better if I had known when we talked terms the previous day. It did come up in conversation- "due for service I don't want to have it serviced.. just want to get rid" (or words to that effect) Few odd things wrong with the car- but not too worried as I was going to get it checked out.

The lesson to remember is if there is security against a car the debtor defaults- the finance company can reposs the car. You buy a car in good faith but it can be take away.

VIR- $30 online with credit car (can do on phone too- 0900 number) and report is emailed in about 15 seconds- so easy.

Get an inspection report done- can save a lot of hassle. I dont really have anything against the owner- seemed a good guy actually.

I REALLY LIKED THE CAR- damn shame to let it go

[greenday-rulz21 6]

Yea, VIR's are really helpful when trying to find out anything dodgy about the car or seller.

I got one with my 323 and it said there was interest owing, but it turned out that the security interest was registered against a previous personalized plate which was on the car. So i'm all good.

For the amount of money it costs, you really can't go wrong.

[CamB 48]

Check out http://www.consumeraffairs.govt.nz/consume...money-owed.html

You can text and find out for $1 a yes or no:

You can use your mobile phone to access the PPSR by sending a text message to FIND (3463) with the motor vehicle registration number and/or Vehicle Identification Number (VIN) or vehicle chassis number (if the vehicle does not have VIN). This service will cost you $1. You will get a Yes or No response and also an SMS ID you can enter to get a full printable report.

Then if its a yes you can worry about a full report.

[kiwi535 538]

Yea, VIR's are really helpful when trying to find out anything dodgy about the car or seller.

I got one with my 323 and it said there was interest owing, but it turned out that the security interest was registered against a previous personalized plate which was on the car. So i'm all good.

For the amount of money it costs, you really can't go wrong.

same with a couple of cars i looked at...one showed a interest in ANOTHERcar which was wearing the PP previously on the car

[bravo 35]

As little as $7 at carjam.co.nz also.

[M3_Power 636]

VIR is useful if you want full history on the car - i.e. when it was brought in, who owned it before ect ect ...

If you are just checking security interest, then the BEST website to use is the official government website - www.ppsr.govt.nz

It's the official security register for personal properties - and it only costs $1 to do a search.

[e30plz 1]

You can text and find out for $1 a yes or no:

I tried that one and didn't get a text back..

[briancol 3]

The best bet is to purchase you car from a reputable Registered Motor Vehicle Trader. By law they must gaurantee clear title (ie. no money owing) and in doing so you are also covered by the Consumers Gaurantees Act.

Now what car did you want to buy?

[1rotty 40]

Whats the drama-make out 2 cheques- 1 to the party with the interest & 1 for the balance to the owner.

Its no big deal.Certainly not losing a good car over.

[1rotty 40]

The best bet is to purchase you car from a reputable Registered Motor Vehicle Trader. By law they must gaurantee clear title (ie. no money owing) and in doing so you are also covered by the Consumers Gaurantees Act.

Now what car did you want to buy?

No offence Brian but the discrepancy between dealer sale prices & private on 540s is HUGE & IMO,as long as you purchase with due care,not justifiable.

[OLLIE 26]

carjam.co.nz is the win

[Nu-Del 0]

I ran into the same issue with my project car.... The finance company were happy to release the interest on it as long as they got the full proceeds from the sale

But to get that to happen I ended up contacting the finance company myself and sorting it all out

[M325is 0]

My car was being used as security on a mortgage when I bought it back in 04, I got a loan from the bank to cover what I couldn't, but before the bank would loan the money they themselves ran a check, pulling up all info on the car, they then dealt with the people involved, I had nothing to do with it, once it had been sorted the bank loaned the money and I purchased the car. I think they added $30 onto the loan and gave me paper work stating there was no securities on the car anymore. People don't tell you these things when checking the car out in person, I guess its kind of embarrassing for them, but still they should reveal everything. In my case the guy said he had forgotten as it had been years since he had signed off his mortgage.

[bravo 35]

A story on Fair go this week like this.

A dude bought a car, then it was repo-ed by GE money. Turns out two owners back, a sale and purchase agreement had been made on the car, the prospective buyer used the agreement to obtain finance and used the car as security, got the money, then backed out of the sale. Car was subsequently sold, then sold again, and the current owner got stuck with the problem.

In the end, GE Money gave the car back (with some minor damage) after being taken to court and after a bit more prodding from Fair Go paid the poor guys $1700 legal bill for taking them to court.

A $1 text could have saved him alot of trouble...