Sold My Car before It Was a Registered Write Off - Now What?

Silly-sausage88 on 19/10/2021 - 20:18

Long ass story but my car was damaged really badly in a parking lot. The person who did it couldn't be found, I had a third party policy and I wasn't feeling overly optimistic that they would be found. I sold the car for scrap/repair/what ever they wanted to do with my car.

Fast forward a few months, after tracking down CCTV and hours and hours following up with cops and insurance company and it looks like they are going to pay me out (market value minus salvage cost). It will be registered in NSW as a repairable write off so I thought it would be proper to offer the buyer their money back. Sale of the car was organised by my partner. They have repaired and sold it, but we were open and honest with them about having a pending insurance claim. They want the price that they sold it for; which is more than what I'll get back from the insurer.

Anyone have any advice on where I stand legally or have any advice on people to contact for legal advice? What rights does the buyer have?

Automotive

Comments

  • Hybroid on 19/10/2021 - 20:19
    +6

    Move on and buy a new car.

  • Bafranz on 19/10/2021 - 20:20

    From what you've said, might be best just to walk away from this one

  • SF3 on 19/10/2021 - 20:21

    Ask the insurer?

  • Ughhh on 19/10/2021 - 20:23
    +11

    having a pending insurance claim.

    No their issue. Should not have sold it if it was pending

    • solidussnake on 19/10/2021 - 20:44
      +1

      Agreed case closed !!

  • iNeed2Pee on 19/10/2021 - 20:40
    +3

    Definitely a Silly Sausage!

  • TEER3X on 19/10/2021 - 20:44
    +1

    Not sure I understand, but can't you tell them I can give you X dollars or nothing, take it or leave it?

    • Bafranz on 19/10/2021 - 20:49
      +2

      OP wants the car back to claim on insurance lol

      • dabs on 20/10/2021 - 09:40

        And the insurance payout is less than the he told the car for?

        • Bafranz on 20/10/2021 - 11:02

          The insurance payout is less than the person he sold it to will sell the car back to him for

          OP sold it for scrap

          • Chandler on 20/10/2021 - 13:28

            @Bafranz: OP sold it to "A" for scrap/whatever for $X.
            "A" repaired it and onsold it to "B" for $Y.
            OP now want's car back to get $Z from insurer (presumably $Z is greater than $X)
            "A" wants $Y to give car back to OP.
            OP posted to OzBargain for advice as $Y is greater than $Z.

            I think OP should just walk away. You sold the car as-is for $X. "A" spent $? repairing it and got $Y for it - they have every right (IMO) to ask you for $Y if you want the car back. TBH they should be asking for more, but then I'm also surprised they're able to get it back?

    • Ughhh on 19/10/2021 - 21:23

      The car no longer belongs to OP though.

  • spackbace on 19/10/2021 - 20:47
    +11

    Why tf would you spend time chasing it up, when you'd since sold the car?

  • deme on 19/10/2021 - 21:09
    +4

    I'm so confused after reading OPs post.

    Why didn't you stop at: sold the car

    It will be registered in NSW as a repairable write off so I thought it would be proper to offer the buyer their money back.

    Aren't you trying to get the car back to make more money?

  • freefall101 on 19/10/2021 - 21:10
    +6

    You sold it. All your rights to it ended when you sold it.

  • Kraise on 19/10/2021 - 21:44
    -3

    it's an expensive lesson but you finalised your losses the moment you sold it.

    consult a tax agent, maybe you can claim an asset loss on your tax return. just the difference between what insurance will pay you and what you sold it for.

    • Jayblesz on 19/10/2021 - 21:48

      As an individual, you can't claim a deduction for tax purposes, certainly not if you've received compensation for the damage and/or insurance claim.

  • Ponka on 19/10/2021 - 21:44
    +2

    What rights does the buyer have?

    Uh…it's their car?

  • Jayblesz on 19/10/2021 - 21:53

    OP, please state what the outcome you are looking for is? The required information to come to a conclusion seems ambiguous.
    Where you stand legally regarding what?

    Are you trying to figure out if you need to reverse the sale transaction in order to legally comply with the insurance claim? If so, and you expect to lose money in doing so, just contact the insurance company and notify them that you don't want to proceed with the claim…

    or am I missing something?

  • elgrande on 19/10/2021 - 23:02

    Did you casually mention to the insurer that you have sold the car?..

  • [Deactivated] on 19/10/2021 - 23:09
    -1

    English?

  • garetz on 20/10/2021 - 00:04
    +1

    The buyer owns the vehicle, you gave up all rights to it the moment you sold it. You have no recourse.

  • OMGJL on 20/10/2021 - 02:18
    +1

    at this stage, I'd say the best you can do is either walk away from this, or somehow contact the buyer and be 100% honest with them.

    "hey, this car has a warranty claim going on right now, I know that I give up all my right selling it to you, but maybe if we undo this we can BOTH get some benefit out of it?"

    like refund the car, and extra benefit split 50-50

    • isthatallyougot on 20/10/2021 - 08:11

      Nah , if you read OP's confusing post

      "They want the price that they sold it for; which is more than what I'll get back from the insurer."

      So why would they undo the contract when they would lose money on the deal.

      • OMGJL on 20/10/2021 - 16:34

        I saw that line, but thought there might be another chance, won't hurt to try right?

  • Mikeyy888 on 20/10/2021 - 02:51

    You owe them nothing they didn't lose any money at all

  • Mikeyy888 on 20/10/2021 - 02:53
    +3

    Ohhhh you want the car to get the insurance money bahhahahahhahahahhaha too late

  • EightImmortals on 20/10/2021 - 07:16

    "They have repaired and sold it, but we were open and honest with them about having a pending insurance claim. They want the price that they sold it for; which is more than what I'll get back from the insurer."

    So you sold it to buyer A and they fixed it and sold it to buyer B?

    Move on son.

  • isthatallyougot on 20/10/2021 - 08:13
    +1

    This has got to be the dumbest question I have seen in a while.

    Its like I saying I sold bitcoin last year at 20k ,but now its 90k , so can I undo the contract so that I can sell the bitcoin now for 90k.

    • spal on 20/10/2021 - 13:15
      +1

      Ask the question here. We can give advice on how to reclaim your bitcoins and resell for $90K.

  • spal on 20/10/2021 - 08:48

    Also, if you take the car back, you will probably have to pay stamp duty. And what about the current owner? Now they own the car, as your buyer has already sold it. So, where will this stop.
    Your best bet probably is to go back to the insurance and see if they would settle for a lower payout without the car. Although, having the car registered as a repairable write off now is probably not fair to the current owner. They will have issues in getting their roadworthy or pink slip.

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