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Discussion Starter #1
Hey guys looking at buying a z but it still has money owing on it, the seller has been upfront about it, but whats the best way to sort this out?
cheers guys :)
 

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Whats the issue that you've run up against so far? Buying a car with an encumbrance on it should be pretty straight forward.

I had an encumbrance on my Skyline which I sold a few years back. The new owner was also using a secured loan to purchase the car - the banks worked together and it was smooth as, no trouble encountered what so ever.

Scott.
 

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Discussion Starter #3
Haven't ran into any issue as of yet, but just wondering what the safest way to deal with it is, i'm paying in cash so i don't want to just give him the cash and assume he'll fix up the money he owes out of that incase he doesn't. Just wondering if anyone has dealt with this situation.
 

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Usual practice is to get a letter from the finance co. confirming the amount outstanding. Then get a Bank Cheque payable to the finance co and the balance you can give to the seller.
 

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Usual practice is to get a letter from the finance co. confirming the amount outstanding. Then get a Bank Cheque payable to the finance co and the balance you can give to the seller.
Thanks for the reply mate, thats exactly what i ended up doing worked out well :)
 

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i have bought 7 cars and never knew thats how encumbered cars were dealt with. useful info to now know.

OP i hope all went well.
 
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