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Thread ID: 140453	2015-10-14 07:45:00	Buying a used car then getting it re possessed.	mzee (3324)	PC World Chat

Post ID	Timestamp	Content	User
1409860	2015-10-14 07:45:00	On Fair go tonight there was a warning about buying a car which is financed by a 3rd party. Overseas it is common practice for a vehicle which is financed by a 2nd party to be registered in the finance company's name & the buyers name. The car can not be disposed of unless both parties agree. The buyer is the caretaker of the car & is responsible for it in every way. When the loan is paid off the car becomes the registered property of the buyer. If you wished to sell the car before the loan was paid off, the finance company could transfer the loan to the new purchaser and would be register jointly. This is all so simple, no laws required. If you are then foolish enough to buy a car part registered to a finance company you would not be able to take ownership without the finance company's permission.	mzee (3324)
1409861	2015-10-14 18:23:00	But here it isn't. Anyway, it's simple enough, do a check on the car. Other than finance it tells you all sorts of other stuff, like if it's been wound etc.	pctek (84)
1409862	2015-10-14 20:07:00	Yep ,all this has been a well known issue for 40+ years (thats as far back as I can remember) Nothing really gets changed, the whole car registration / ownership issue has never been sorted. I dont see why its so hard to get this right. The fact that ownership registration has nothing to do with who actually owns the car just makes no sense at all.	1101 (13337)
1409863	2015-10-15 00:34:00	It's not hard to check on the car before buying. How far do we have to go to protect people from their own stupidity?	inphinity (7274)
1409864	2015-10-15 03:05:00	But I wonder if in NZ, a 2nd party (e.g. car dealer), could actually cover (provide a loan and sometime an extended warranty) for their nominated third party (finance company). This rather than that third party acting/providing the loan directly (i.e. they bypass some. So already a ad-hoc 2 party setup exits sometimes. If in a 2 party deal, what about insurance? Does buyer and Finance company pay, and for a claim, who gets the payout for a write-off? I think too, some people (with marginal debt/credit issues/limited income may have a greater chance of getting finance from a third party. I know interest rates may be bit higher, but late payment penalty rate can be quite high. I once had to get third party, when I had limited income, and minor debt at the time.	kahawai chaser (3545)
1409865	2015-10-15 05:08:00	Buy the sort of cars I buy its not a problem. Usually not much money owing when you buy a Morris 1100.	prefect (6291)
1409866	2015-10-15 08:01:00	Buy the sort of cars I buy its not a problem. Usually not much money owing when you buy a Morris 1100. Pay you to remove?	Whenu (9358)
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