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Read the WELCOME ALL BMWFANATICS post.
Please beware of these vehicles part of a fraudulent transaction
- Thread starter ASH
- Start date
gerald5ive
Member
well with all the times the dealers rip us off on below trade prices when buying and above retail when selling......Its about time someone ripped them off.
dvst8
///Member
If the cars were purchased on Finance, the dealer would only release the cars with a Bank release note. The bank is then liable for payment. If there is fraud on the finance app and the bank only picked up after providing a release note, they still liable and would initiate their own fraud investigatons and action. Dealer still gets paid. Bank will repo the Cars.
However, the proxy for these cars would be the bank and ownership transfer to someone who buys these cars will not go through as the Bank is seen as the legal owner until paid for and would not authorise transfer.
If the cars were bought Cash, it can get tricky. Cars were delievered with Registration Papers and it does not matter if they were paid for or not, transfer can be done to the "New" owner as there is no proxy on the car.
Technically, the cars are not stolen. Dealer delivered them. They just havent been paid for.
The dealer can go to court and get an order to stop the sale or transfer of these cars. The question is, what is the status until a ourt order is granted ? Can they be transfered ? If they are transfered before an order is granted, will the new owner lose out on the car and his money ?
:fencelook:
However, the proxy for these cars would be the bank and ownership transfer to someone who buys these cars will not go through as the Bank is seen as the legal owner until paid for and would not authorise transfer.
If the cars were bought Cash, it can get tricky. Cars were delievered with Registration Papers and it does not matter if they were paid for or not, transfer can be done to the "New" owner as there is no proxy on the car.
Technically, the cars are not stolen. Dealer delivered them. They just havent been paid for.
The dealer can go to court and get an order to stop the sale or transfer of these cars. The question is, what is the status until a ourt order is granted ? Can they be transfered ? If they are transfered before an order is granted, will the new owner lose out on the car and his money ?
:fencelook:
gerald5ive
Member
Rayzor said:
Also true, The person buying the car is going to have the wrong end of the stick. I have no mercy for dealers though. Example they charge you R3k for "On the road costs" when the actual cost is Less than R1k (+-R500Lic + R120 Queuing service + R100 Dept fee + R240Plates)
I bought a bike frm a dealer for my friend. They insisted that i have to pay on the road fees of +-R2k even though i paid cash. (I can understand that a financed vehicle has to be registered but if its a cash buy its my responsibility)
I checked the a few random vin numbers none of them came up as stolen on E-natis and CAS sytem all had different owners the only thing they had in common was the date of first registration 2012 07 31 all are owned by different people and I can't publish peoples private info here.
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