Nev Posted November 20, 2014 Report Share Posted November 20, 2014 (edited) Some advice would be great if anyone has some to give, on either the problem below or what to watch out for when buying privately, also how do i get a privately bought car into my name?So i found a car i like from a private seller, and want to buy it, He currently has it on a novated lease which as i understand it means that it is owned by the leasing company and his work is standing surety while he pays it off.Here is a description but i have no idea who he is leasing it through:http://www.smartleasing.com.au/novated-leasingThe bank told me i cannot get a secured loan on a financed vehicle so i will take a personal loan and pay cash,How do i go about buying this thing..?!?!?Really worried about not ending up with it in my name once i pay, anyone done something similar before?PS, im very clued mechanically so not worried about being able to find faults, this is more the getting ripped off financially kind of concern.Could be a bit of JHB paranoia coming through? Edited November 20, 2014 by Nev Quote Link to comment Share on other sites More sharing options...
Sunnyskies Posted November 20, 2014 Report Share Posted November 20, 2014 You need him to advise who the novated lease is with and who his contact is at the finance house. Essentially you are buying the car from his finance house so your bank cheque must be in favour of the finance house up to the outstanding value of the novated lease and the balance in his name and you need a discharge of their security interest over the vehicle, in Australia there is a register known as the PPSR which records all security interests over things like cars. I'm not sure who has to sign the transfer paper, but I think it may need to be the finance house. I would just ask the finance house when you get settlement numbers from them and I would ask them to send you a confirmation that the security interest has been released. When you pay the settlement amount to the finance house make sure you get the signed transfer docs and road worthy certificate, you can also ask for a deed of discharge from the finance house (essentially a standard form document) so even if there is a delay in the discharge being registered you can prove that the security has been discharged. 1 Quote Link to comment Share on other sites More sharing options...
Nev Posted November 20, 2014 Author Report Share Posted November 20, 2014 Cool thanks Sunnyskies,Going to be careful but feeling much better about it after going to see the car, it was at the blokes house, his wife's car is an Audi SUV (looked new) and he has a sports bike and a cruiser parked in the garage next to the jeep.He also said he is happy for me to settle with the finance house directly, i have a copy of the rego papers (in his name) and will be doing the look up on the register.I think my JHB spider-sense was malfunctioning Quote Link to comment Share on other sites More sharing options...
Nallan Posted November 21, 2014 Report Share Posted November 21, 2014 Bought my car from a guy who had a handle bar mustache and tattoos - Merv Huges lookalike, I was just a little concerned ....and scared - JHB spidey sense was going crazy.However the guy was the friendliest and most welcoming person I had the pleasure to meet - he told me to take the car for the weekend and pay him when I'm ready and he was not the only Aussie who told me that .Like a good SA person I did do the necessary PPSR (http://www.ppsr.gov.au/Pages/ppsr.aspx) check and it was all fine; its a different country from SA, ppl are not out to scam or steal from each other. Quote Link to comment Share on other sites More sharing options...
Nev Posted November 21, 2014 Author Report Share Posted November 21, 2014 yep thanks, I have done the PPSR as well, sent an email to the leasing company who has the security hold on the car to ask directly what is in involved, but all looking good so far Quote Link to comment Share on other sites More sharing options...
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