Hi OzB,
I'm looking at a particular car has $15,000 owing to the bank. It's under union bank so I'll pay it outright. Any options, he suggested to come with him to the bank but I don't want to due to location and COVID… Any other options you can suggest please? Thanks for reading.
It's a PITA, but you can contact their bank and obtain a payout figure and date and pay direct to the bank with release from PPSR etc. Anything over that to the seller.
I've bought a car on finance. The seller provided a letter from their bank with the payout figure.
As the purchaser, I provided 2x bank cheques.
The first cheque was made out to the bank for the remaining loan figure.
The second cheque was made out to the seller for the adjustment to the selling price.
This. just need to ensure you are paying the finance institution. It gets a bit tricky if the amount owed is higher than the price of the car.
Not as simple as that. You need to make sure the financer release the PPSR at the same time. You don't know if the vehicle is currently about to be repo'd and they could be selling the vehicle quickly to avoid this. Also nothing stopping the seller from doing a dodgy and altering the loan.
buyers agent?