Selling car with finance owing.

ilsautomotive · 08-12-2006, 07:09 PM

G'day all,

A quick question, I am currently selling a car (Eunos) which still has a fair bit owing on the loan and will take a good 3 years to pay off. However, it was a personal loan (CBA) rather than a car loan if that makes a difference.

My question is, is there any legal complications with selling it when there is still finance owing? I've been caught out by questions as I know nothing about this.

PS, doing something about the EA is next on the list when this car is gone, so stay tuned!

Cheers for any help!

rag top · 08-12-2006, 07:17 PM

If it is a personal loan, then there is no encumberance on the car. If it was a car loan, the car would be security, and it would also be noted on your insurance policy that the finance provider has a vested interest in the vehicle.

Do a revs check to see.

Jeeepers · 08-12-2006, 07:30 PM

As Rag top says, if it was a personal and unsecured loan, then the lender won't have any claim in place on the car. So you should be able to sell it. You can still sell it if the lender had claim to it, but it would be a little more complicated. You'd need to work in with them, and the sale price would have to cover the financed amount. Although some finance companies may decline this option for a private sale.

rag top · 08-12-2006, 07:30 PM

Sorry, I meant a VSR check (for Vic registerd cars).

Here is a decent summary on the process:
http://www.moneystuff.net.au/Default.aspx?tabid=160

It also mentions what to do if there is finance owing on the vehicle.

ilsautomotive · 08-12-2006, 07:43 PM

Many thanks guys, great info!!

Kenaz · 08-12-2006, 09:44 PM

Quote:

Originally Posted by ilsautomotive

I am currently selling a car (Eunos)

That's a shame, it looks awesome with the BBS rims and clear indicators.

Sundeep · 08-12-2006, 10:25 PM

I think he has 2 Eunos'? Maybe I'm mistaken.

Quote:

doing something about the EA is next on the list when this car is gone, so stay tuned!

I've been tuned for 3 years... my tuner is just about broken!

Sundeep

Kenaz · 08-12-2006, 10:30 PM

Quote:

Originally Posted by Mr. Dose

I think he has 2 Eunos'? Maybe I'm mistaken.

Ahh yeah I forgot about the 30X? is it?

Damo · 08-12-2006, 10:44 PM

organise a few mod days Jack, I probably have all the parts you may be missing or have misplaced over the years to get your EA back up and running.

ilsautomotive · 10-12-2006, 09:57 PM

Quote:

Originally Posted by Kenaz

That's a shame, it looks awesome with the BBS rims and clear indicators.

Cheers Ash, I have just gotten over spending huge dollars on cars, I've learned my lesson. My new car is actually a 500 (the 30X was the coupe) which has many of the 800's qualities but is more economical, simpler and newer. It's the black car below.

Quote:

Originally Posted by Mr. Dose

I've been tuned for 3 years... my tuner is just about broken!

Ha! Even I had forgotten how many years it has been.

Quote:

Originally Posted by Damo

organise a few mod days Jack, I probably have all the parts you may be missing or have misplaced over the years to get your EA back up and running.

Cheers Damo, I'm back in touch with Jase and it looks like we will be having mod days in early January, with the focus on just getting it running. I'll then be deciding which car I keep!

gngtho · 10-12-2006, 11:32 PM

As i have done this several times with my loan, if it's a personal loan you can do anything you want with the car.

if it's a car laon, thats when the car is encomberd and you can't sell it.

ive had my loan for a few years now and i've sold 3 cars, its ok.

Im saying this with 100% confidence.