sunnyj said:
What about the outstanding finance on the vehicle, what's the procedure for settling this - the amount owed is more than what the car is being sold for. Excuse the ignorant question - i've not purchased a vehicle on finance before.
Thanks
There's a few things you need to consider.
1. Have you seen the car?
2. Are you buying it cash or through bank finance?
If you are financing through a bank then your bank will pay the money into the sellers finance house. Since there will be an outstanding amount, it is up to the seller to settle the difference, it is not your problem.
If you are financing the purchase through a bank, the bank will have its own requirements that the seller has to fulfill, for Wesbank it is the below,
Procedure to be followed by the Seller:
1. Vehicle to pass a 101-point check and roadworthy at a cost of R621.00 to be performed by any of the centres listed below. (Roadworthy test is a
requirement of the Department of Transport.)
2. Please present the following to the technical centre when taking the vehicle for testing:
* Copy of the vehicle's Natis registration document
* Sale Agreement and Invoice
* Valid licence disk displayed on the windscreen
3. Please fax the following to WESBANK PRIVATE FINANCE at 0861 102 108, with the old account number noted on each page:
* Copy of the Natis registration document
* Proof of Seller's bank account into which funds must be paid
* Completed and signed Sale Agreement
* Roadworthy certificate
* Written settlement letter valid for 5 days or proof that vehicle has been paid in full by way of cancelled cheque or bank statements
4. Should any discrepancy be detected on the engine or chassis numbers, the vehicle must undergo police clearance.
5. In the event of the Seller being a company ((Pty) Limited or CC), please provide the following:
* A resolution authorising a member/director to transact on behalf of the company
* Confirmation that the company has agreed to the sale of the Goods
6. Personalised number plates must be removed by the Seller prior to finalising the transaction.
7. It is the Seller's responsibility to ensure that all arrear licensing fees and traffic fines are settled in full.
8. WESBANK PRIVATE FINANCE is not responsible for the cost of Number plates; this should be negotiated between the Buyer and Seller
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