Hi Guys,
So I found a vehicle that I am interested in, and having conducted a PPSR - I found that the vehicle has interests on it, and is registered to a company/organisation.
There's lots of advice regarding buying a car that has money owing from a private individual seller - but nothing on from a company.
Anyone been through this before or any advice?
Thanks
As previous no different. Ideally you need clear title before proceeding. Don’t accept their word that they will use your purchasing funds to pay out the vehicle.
Should they want to go down that road and you want the vehicle, ask them for a current copy of a payout advice. It could be for more or it could be less than their asking price. If it’s less then you split the payments, one to their financier and one to them. If it’s more,they will need to stump up for the negative equity.
If you are comfortable dealing in that world go ahead, if not just move on to the next car.
Is it a Yaris?
Was my first thought too…15k?
Haha I did read that post too :)
Let the company pay off the car first before you purchase. Ideally they should show you the confirmation of payment unless you want to wait for the PPSR register to be updated.
Have the company pay off any outstanding debts on the car, provide evidence it has been done, and then you buy the car.
It's a buyer's market out there right now and dealers are falling over themselves to entice customers. Find another car if you have any doubts at all.
And make sure that the right person is signing off on selling the vehicle. It could be anyone at the company pulling a dodgy to sell it. It will need to be signed over to you by a director or their representative.
Ah interesting, I guess this is the part that I'm not sure about! How do I know that the seller is genuine owner-boss?
That, I am not sure of. Usually I would avoid encumbered cars, doubly so for encumbered company vehicles.
The other danger is if that vehicle was listed as an asset and the company was in administration/liquidation at the time, even the director may not have the right to sell the vehicle. Director skips out with your cash, administrator turns up and repossesses the car.
I would personally move on, there are a lot of vehicles in the market at the moment with a lot less headaches than this one.
Just DONT !
Pretty much same advice buying from a private individual will apply.