Looking to buy a car that has money oweing , rang up PPSR and there is money oweing , which the owner said there would be . just wondering how to go about it so that the encumbrence is payed before the car is mine? im guessing the owner will be useing the money that hes sold the car to pay off the money oweing can someone point me in the right direction on how to go about it and if theres any risks invloved cheers

Go with him to pay it back, Then you give him the balance.Otherwise do not touch it Cheers Marty

all you need to do is get the certificate from PPSR it'll tell you who owns the car and I think how much is owed to them call the company and ask them what the payout figure is then get a cheque for that amount and the balance for the seller easy, done it prev myself

cheers guys PPSR wont tell you the amount only the lender

Quote: Originally Posted by MR.SUS [View Post] cheers guys PPSR wont tell you the amount only the lender Get him to provide a payout figure in writing from the financier and get a bank cheque to pay that amount then just cash him the difference if any DO NOT hand him money or a cheque

Don't buy it

Quote: Originally Posted by MR.SUS [View Post] cheers guys PPSR wont tell you the amount only the lender o.k you contact the lender,they'll give you the payout figure it's a 100% secure way of buying and you can sometimes get a better buy because some wrongly get scared off by the simple process

Quote: Originally Posted by rubensle [View Post] Don't buy it why not? ---------- Post added 12-09-12 at 15:38 ---------- Quote: Originally Posted by aus880 [View Post] o.k you contact the lender,they'll give you the payout figure it's a 100% secure way of buying and you can sometimes get a better buy because some wrongly get scared off by the simple process cheers mate so basically can go to the lender with him , get the pay out figure pay it while im there and the encumbrence will be lifted?

Quote: Originally Posted by MR.SUS [View Post] why not? ---------- Post added 12-09-12 at 15:38 ---------- cheers mate so basically can go to the lender with him , get the pay out figure pay it while im there and the encumbrence will be lifted? yep still get the ppsr cert though, it should still protect you

It is quite easy really if you do it the right way. I sold a car of mine with finance owing on it and this is how to do it: Ask them to get a payout letter from the finance company which will have the exact payout figure on it. This letter will have instructions on how to pay out the finance, generally their bank details and an address to send a cheque to. If the payout is lower than what you are buying the car for then you need to arrange to payout the finance and give the owner the difference. Usually you can go into the bank that the finance is with and pay it out over the counter which you will get a receipt for to show it is paid out in full. If the payout is higher than what you are buying the car for then the owner needs to come up with the difference and then you can both go in togethor to the bank and pay the whole lot out and off you go in your new car. Do not ever give the owner the money to pay the car out as there is too much risk that they won't do it and pocket the money and then you will become responsible for the debt. I hope this helps. I sold my car this way and the buyer went into the bank paid out the finance, then brought me a receipt and gave me the difference and i gave them the car. Easy.

cheers mate that helps heaps