Hope you are all having a lovely start to the weekend.
I am selling my car privately and have had a buyer come inspect/test drive and was happy with it. He had a loan approved to pay for the car.
How does this work, the finance company pays me directly (via eft presumably)? Are there any things I need to be wary of?
Have only dealt with cash payments when selling cars, so this is new to me.
Fund can still be retrieved after transfer to another accounts
get money
with drawn fund
buy apple gift cards
buy iphone 14 pro
sell on marketplace
get cash
go to casino, wash money
deposit into westpac account
done
infact just do the later that should be fine
I purchased blue chip shares with my sale proceeds to prevent any claim - ended up making a capital gain which was a bonus
EFT is a common way to pay for cars. Receiving money from the finance co via the private buyer should make no difference. You just need to ensure the money is clear before you hand over the keys and rego papers.
Cool thank you both, seemed too straight forward to be true, ha. I’ll look to liaise directly with the finance company when providing my details, to reduce the risk of info being incorrectly passed on from the buyer.
Yep, it's all legit, you just keep the car and drive as usual until the money is in your account. Under no circumstances do you let the buyer have the car until then. It's a longer more involved process but you can be assured it's more official, and documented and no future issues will ever come back to bite you.
Should be fine. The financier msy have more questions than normal to confirm the existence and ownership of the car. Even hail damage check. Depends on amount
What does that have to do with the seller?
They will want to know the car exists etc. They wont trust the word of the buyer on their own.
Depending on the financier, they may want photos of all sides of car, plus interior, plus VIN plate.
Of course, but they can do that without the seller's involvement.
the finance company pays me directly (via eft presumably)?
Usually the finance instution gives money to the buyer and buyer to you. Not sure if this has changed
Are you sure that's right? I don't see how the finance company could secure a loan against a car by paying the buyer first (for the buyer to pay the seller). I'm pretty sure that's only for unsecured loans.
For max safety tell them cash only, preferably in small denominations, either in a mysterious briefcase, or sack with dollar sign on it.
Once the loan is approved and signed it's transferred same day to your account usually instantly. If not wait till you see it in your account.
He may just have an unsecured personal loan, and vehicle won’t have a lien on it?!?!
Wait - can you now get a secured loan on a car purchased from a private seller? Granted the last time I got a loan to buy a car was 18 years ago but I couldn't find any lenders at the time who would offer a secured loan on a car I was purchasing privately. I had to get an unsecured loan which means the lender needs to know nothing about the car - the lender paid me the money and then I paid for the car by bank cheque.
Yes you can get a secured loan on a privately purchased car :)
I recently sold my car to a buyer who used finance. It went really well but theres a bit more admin. The finance company wanted proof that I owned the car, so I had to provide rego papers. They also wanted lots of photos of the car, I guess checking for damage. But it was all approved quickly and the funds were transferred the next day. The good thing about doing it this way is you dont need to worry about the buyer doing anything dodgy as the funds clear before the buyer picks up the car.
It will depend if its a secured loan (i.e. the finance company will have security over the vehicle) or unsecured. If it's an unsecured loan - they'll just give the money to the buyer. It its secured, they'll want to deal with you directly.
Had this
Finance company will call you up. Buyer should inform you of what the finance company is.
They will double check the car plate number and details and confirm what the buyer buying is of true nature
Finance company will double check BSB and account number u gave buyer is yours and is true.
Transfer will happen when money clears, move into another bank account or bank
hand keys over to buyer lodge paperwork of disposal
Probably a con job by a dodgy south-west sydney con-artist who owns a dodgy finance company.
When I sold my motorcycle, a inspector from the lending company came and inspected the bike.
Simples. He can pickup the car only after the EFT is in your account with the full amount showing as funds available.
For extra peace of mind you can always transfer it to a different account as soon as the funds are in.