Retuning to the community for advice so I don't get caught out later.
I inspected a Prado today (private seller) and liked it. We'll be paying cash for the purchase so no real dramas.
Owner told us the vehicle has finance owing, I also did the PPSR check and no surprises there so all good. Finance is about 80% of the car value.
My question is, what is the safest method of payment to ensure the finance company gets their share and don't hassle us afterwards.
1- Pay seller the full amount via bank transfer on the day of purchase and let them pay the bank back (that way the risk is that if the seller doesn't pay to the bank, we'll be trouble later?).
2- Pay the bank directly the amount owing and difference to the seller. I suppose this way at least we know the money goes to the bank but I suppose seller would want to get the transection to be cleared before they hand over the car.Or worse the seller walks away with free money paid the bank lol ( the only contract we have is via a text message?)
It's a decent amount so not sure what's the best way to do it. What's the low risk option for both parties in your opinion?