Private Sale Receipt

[Dillz]

Yeah, just on my way to church or the shops.

[arronm]

It's all good. I called the PPSR and got the info I needed. The car is not under finance. YAY!

Now you have piece of mind.

[MAXout]

Now you have piece of mind.

This is true. In about 13/14 hours the car will be mine! >=]

[Dillz]

That's why your still up then I guess?

[Pazzo]

Yep I sold a immaculate BF MK2 with absolutely nothing wrong with it . Always babied my car never saw over 4000rpm.

[MAXout]

That's why your still up then I guess?

Are you assuming I was still awake due to not having piece of mind? Or due to excitement.... Excitement is correct! :D

[PookeyMaster]

I've never dealt with a private purchase of a car before so I have a question.. If the car is under finance (as many cars are) and part of the sale amount should go straight to the finance company, should you as the purchaser pay that portion directly to the finance company or is the sellers responsibility to handle that?

Oh and congrats on the purchase max!!

To answer your question, there are several ways of doing it.

The safest way, is to get two bank cheques, one for the seller and one for the bank. In the example, the cars $10,000 and has $7,500 finance on it. When it's time to pick up the car, meet with the seller, drive with them in the car to the bank and together you resolve the debt with the bank by handing over your $7,500 bank cheque. After processing the payment, you will be given the title to the car by the bank. You then hand the seller the cheque for whatever extra they get ($2,500 in this case), sign all the paperwork and then return to their house with them to drop them off/get any other papers you need.

Using this method, you are ensuring that the money owed to the bank actually makes it there and isn't just pocketed by the seller. You have to use a bank cheque as its the only payment (other than cash) that the lenders will accept and give you clear title to the car at the time of payment.

The less safe way is to simply hand over the $10K cheque and hope that the seller is honest and gives the $7,500 to the bank.

However, if the loan on the car is larger than the selling price, it is safer to do the reverse. If there is $12,000 loan on the $10,000 car, the safest option is to get the seller to pay you the $2,000 extra and fill out the paperwork for the car and loan to transfer it all to your name. Then you go yourself to the bank and pay it all off. If you do the normal thing I outlined above, you can be burnt. There's nothing stopping the seller refusing to sign the transfer forms after you've given the bank a $10K cheque and keeping the car in his name. Doing it yourself in this instance ensures they have an incentive to sign over ownership.

Fark that! Very bad move, there is a website that does it. Costs about $60 and they email it to you instantly. You would be mad not too.

Says first to register, everything owing on the car, written off, auto or manual, colour, etc

Think it helps a bit too in court if something goes wrong.

Only the one from the PPSR counts in court. The good websites will give you the original copy with the rest of the stuff (like colour, model, options, etc.) which is what you want if things do go south

For $3.70 though, the PPSR is way cheaper and it's not hard to ring Ford yourself with the VIN to check the options, colour, etc.