Debt security interest...

[racefactory]

just a quick one here guys... I've heard finance companies are extremely slack with clearing a fully paid off debt security interest from a vehicles name. However, not a believer in borrowing for a vehicle myself I have no idea about how finance works in this regard.

To those in the know- With the statement below in question, is there a good chance the money still hasn't been paid off? I highly doubt the finance company will tell me how much is still owing on the vehicle or if all payment has been completed.

Financing statement #F81GP8XN1X827583

Expires: 2013, Oct 08
Status: Registered
Registered on: 2008, Oct 08
Finance statement number: F81GP8XN1X827583
Version: Current financing statement

Has anyone had a vehicle taken taken from their possession due to a security interest?

[Ronin]

just a quick one here guys... I've heard finance companies are extremely slack with clearing a fully paid off debt security interest from a vehicles name. However, not a believer in borrowing for a vehicle myself I have no idea about how finance works in this regard.

To those in the know- With the statement below in question, is there a good chance the money still hasn't been paid off? I highly doubt the finance company will tell me how much is still owing on the vehicle or if all payment has been completed.

Financing statement #F81GP8XN1X827583

Expires: 2013, Oct 08
Status: Registered
Registered on: 2008, Oct 08
Finance statement number: F81GP8XN1X827583
Version: Current financing statement

Has anyone had a vehicle taken taken from their possession due to a security interest?


Thats only 5 years finance. I would say there is a good chance there is money owing on it. One of the dealers on here will have a better idea.

[Latte]

just a quick one here guys... I've heard finance companies are extremely slack with clearing a fully paid off debt security interest from a vehicles name. However, not a believer in borrowing for a vehicle myself I have no idea about how finance works in this regard.

To those in the know- With the statement below in question, is there a good chance the money still hasn't been paid off? I highly doubt the finance company will tell me how much is still owing on the vehicle or if all payment has been completed.

Financing statement #F81GP8XN1X827583

Expires: 2013, Oct 08
Status: Registered
Registered on: 2008, Oct 08
Finance statement number: F81GP8XN1X827583
Version: Current financing statement

Has anyone had a vehicle taken taken from their possession due to a security interest?

Had a few dealings with this type of thing.

One thing I;ve learnt is if a licensed dealer has owned the car after a debt has been registered the debt stops with them if they onsell it. So thats something to check that might save your bacon (might not stop the repo trying it on, but they have no claim to the car).

Also another thing I learnt (not relevant but I'm a sharing kinda guy). I ended up "collecting a debt" by being given a car (I'm a little guy so it wasnt stand over or anything), of course it had finance up the waazoo and eventually a repo came knocking. I explained I'd spent a lot of money tidying it up since I got it and wanted my stuff off it (BS but I needeed time to think), he agreed and said he'd be back the next day as he got paid regardless of the state of the car - at that point I hinted he might need a tow truck, he smiled and left. When he came back the next day he was surprised the motor was still in it, everything else had been stripped :innocent: (If I had the tools and the time)

[Motu]

I've been driving a car with a debt on it for 5 years.The finance company released the car to me,but wouldn't erase the debt as the previous skipped the country.The car is worth nothing,and I keep nothing of value in it....I carry a phone in case I come back to an empty car park.

[Mully]

If you can find out the company, they may very well tell you if they are still interested (cos you would be smarter to pay it to them, rather than the seller).

What does the seller say about it?

[racefactory]

They just say they know nothing about it.

It must be from one of the previous owners in Tauranga... I don't think it's from this person in Auckland.

[racefactory]

I've been driving a car with a debt on it for 5 years.The finance company released the car to me,but wouldn't erase the debt as the previous skipped the country.The car is worth nothing,and I keep nothing of value in it....I carry a phone in case I come back to an empty car park.

I'm not sure I understand, why haven't they just taken it from you yet?

[neels]

I bought a bike that when I checked (before buying) had 2 security interests against it. Had a quick chat to the companies concerned and they told me off the record that there was nothing owing, and to get the owner concerned to contact them and get it cleared and confirmation that it had been done.

I believe the maximum they can take out is 5 years, which they routinely do and don't clear so it's still in place if the customer comes back to them for finance again.

[racefactory]

Ok I just called up the place and said to them I'm buying the vehicle and want to pay off any outstanding debt right now. They said ok sure, gave me some account details, asked me if I want to pay by credit card or invoice etc and then when I asked how much to pay they told me to fuck off.

Fuck this western culture of debt and hire purchasing- just trouble.

I guess that vehicle is stuck with that debt title now from someone 2 or 3 owners ago and nothing can be done?

[neels]

I guess that vehicle is stuck with that debt title now from someone 2 or 3 owners ago and nothing can be done?
Ah yeah, if it's from a couple of owners back a big pain in the arse getting it sorted. You'd have to track them down to deal with the finance company 'cos they won't deal with you, and they're going to have fuck all interest in sorting something on a car they sold ages ago.