settlement agreement clauses

[kabal]

You may not sell, lease or otherwise alienate the goods financed in terms of your agreement with BMW Finance until such time as the full amount due to BMW Finance has been paid in full by way of cash or bank cheque.

Registration documents will not be released until such time as all payments made have been cleared. Due to the processing systems of the bank the duration of the clearing process is 14(fourteen) days.

so this basically means you cant sell your car to pay it off ?? :dunno:

 

[prospect]

You may not sell, lease or otherwise alienate the goods financed in terms of your agreement with BMW Finance until such time as the full amount due to BMW Finance has been paid in full by way of cash or bank cheque.

Registration documents will not be released until such time as all payments made have been cleared. Due to the processing systems of the bank the duration of the clearing process is 14(fourteen) days.

so this basically means you cant sell your car to pay it off ?? :dunno:

Of course you can. I sold mine and the buyer picked up the reg docs from BMW Finance 3 days later.

 

[Rooi_Willie]

The buyer can make arrangements with the finace company to settle the car, but, the papers will still be issued to the original owner of the car, and must then be transferred to the buyer's name.

An easier and safer way is to do it (should the buyer not trust the seller to deliver on the papers) is through a dealer. Have the buyer settle the car. Then have the dealer (any used car dealer) request the papers. Once they have it, they can issue it to the buyer.

I paid a fee of R90 for paperwork, but some dealers might charge more.

 

[Twinz]

As stated above :thumbs:

 

[Bayn46]

Yep, friend of mine still had quite a bit owing on his car as he had bought it recently. When he decided to sell it, the seller just paid the settlement amount to the bank. At this point the bank would then transfer ownership to you, but since he was selling it he just transferred it straight to the new owner.

 

[kabal]

so it basically sounds like a pain in the ass, especially considering that my settlement <<<<<<<<<< than my selling price, so you would essentially have to get the buyer to make 2 payments.

maybe considering a trade would be easier????

 

[Rooi_Willie]

so it basically sounds like a pain in the ass, especially considering that my settlement <<<<<<<<<< than my selling price, so you would essentially have to get the buyer to make 2 payments.

maybe considering a trade would be easier????

When I bought my Bm, it was the same situation.

What I did was to get the owner to pay the difference between what I give him and what the settlement was. After he made his payment, I made my payment (just to make sure that he did his part) and then the dealer requested the papers. It does not have to be one payment, it can be two, as long as the total sum is = to the settlement ammount. Only thing is that it can take up to 7 days for the payment to reflect at the finance company.

BUT, once the payment has been made, I was able to take possession of the car. :joy:

It's basically the only choice you have, and the safest, if you are selling privately.

Oh, and just inform the finance company of what you intend, to be safe

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Yep, friend of mine still had quite a bit owing on his car as he had bought it recently. When he decided to sell it, the seller just paid the settlement amount to the bank. At this point the bank would then transfer ownership to you, but since he was selling it he just transferred it straight to the new owner.

The finance company issues the papers to the original owner, who then has to transfer to the new owner.

Bank cant issue to new owner because the contract is between finance company and original owner, and original owner is still the owner on the natis docs.

Only dealers an by-pass this step, which makes things easier and safer for the buyer.

 

[anile8-zn]

Sold my 350z like this a month ago.
Buyer paid bank the settlement , an then he paid me the balance of the selling price .
Docs arrived 4 days later and he changed ownership .
Pretty easy

 

[Sankekur]

Wow 4 day's wait for the papers, that must be nerve-racking to say the least.

 

[Fordkoppie]

Wow 4 day's wait for the papers, that must be nerve-racking to say the least.

In dear old SA you should consider yourself lucky to recieve it in 14 days

 

[zabbo]

When financing through BMW Finance, the form has a field stipulating that the purchase price is paid to
A) To bank X in settlement of amount outstanding
B) Balance is then payable to the seller's bank

Smooth process if dealing with reliable finance house.