Hi everyone,
Need your advice, looking for a used car and came across one privately listed.
Contacted seller, he is saying car is on business/ company name and they want to show less amount on papers due to some commercial purposes and tax issues etc. Seems a risk to me!
I am new to all this, can you guys please suggest if I should consider this vehicle or what are the risks involved? Can I be in trouble after buying?
Thanks guys…Happy saving! 😊
Cash is good for seller, m buyer and car is on company name?
Any risks for me later?
cash is good for both parties.
Don't see any additional risks when paying with cash.
I think he just wants to put on the books that he sold his car for 5k, when he really sold it for 10k.
As with any private seller, make sure he doesn't have any money owing on it.
Thanks, I pulled car history report which does not show any money owing and everything seems alright as it’s a 2016 model car.
where can I find the car owner name?
where can I find the car owner name?
you can't unless the registered operator gives it to you.
What's the car?
Get the company name, do an asic search. Get the company owners name. Make sure it matches the person selling you the car so there is authority for disposal.
nothing wrong with cash, some people will accept a cash cheque into their personal name.
Thanks, I’ll try to find out.
Cash is no problem, but make sure that the car is owned by who is selling it and they have the right to dispose of it. Then check if it is leased or owned. If it is registered to the company and the company is under administration or receivership, they can not sell it to you, and even if you pay for it, they can still seize it back and it’s big issues to get your money back.
Run it through PPSR, check the rego paperwork, if company owned, check company on ASIC, if all clear, pay cash.
Thanks, PPSR says no security interest on this vehicle and car history is fine too, how can we check authorised person name details to sign transfer paper if it’s on company name?
Pay for an ASIC search. It should tell you the directors of the company. It will be safe to make the assumption they are authorised to sell it.
Lol cash no papers
Sounds like a scam
Papers are there but as I said the seller asking to pay half amount in cash and to show half amount on selling paper. Thanks
It is also to your advantage to put down less than you pay on the transfer papers because you will pay less transfer fees. But keep in mind that the few may be applied the market value if they think the price listed is too low.
Walk away, it sounds too dodgy. There are plenty of other 2016 model cars out there for sale.
Exactly. The more i read over it and the more questions OP answers, the more dodgy it is sounding. Time to drop it like a hot potato. If they are asking for dodgy shit to be done, then something is amiss.
What I don’t get is, pay half in cash, what do you pay the other half in?
And NEVER put on a transfer slip anything less than what you paid. If you ever have a dispute in the future and you need paperwork to rely on how much you paid, this could be what defines it. Tell them that no, you want a receipt for the whole amount.
That scam ended years ago
If it's too cheap of a purchase price they revert to market value to determine your stamp duty.
Many thanks, yes I walked away :)
Make sure you get the transfer of ownership section signed on the original rego papers, not a copy. Make sure you get a receipt.
Thanks, my worry is anyone can sign papers as it’s on company name, how to find the actual person name who is authorised to sign?
Too much risk and hassle. It's time to walk away.
Walk away OP.
Theres no shortage of cars for sale in Australia.
If they are caught cooking the books then you come under scrutiny and aiding them to defraud
walk away unless they are willing to do it right.
If he needs to sell it for 5 then offer him the 5 so his accounting troubles disappear
Thanks everyone for sparing your valuable time.
I really appreciate and have walked away from this dodgy deal..
😊
cash is good.
what model and how much?