Settling your outstanding vehicle finance

Submitted under: Selling a used Car and general motoring articles

 

Buying vehicles that are financed.

We buy cars that are still on lease or with outstanding settlements provided our conditions are met, an explanation of the procedure can be found below:

  • We will meet with you to establish a value on the car
  • We will contact the financial institution with you for the settlement balance which they email to the account holder (You)
  • We will pay you 75% or less R5000 of the agreed amount
  • The balance will be retained until your provide us with a settlement letter from the bank, the original registration document, a copy of the proxies Id and signed yellow form
  • We will only consider purchasing the vehicle if the settlement is less than the value of the car
  • Below is an example of the procedure

 

If we offered R100.000 for a particular car but you owe R96.000 or more on the vehicle, we will NOT consider buying it at all. The settlement MUST be atleast R5000 less than the amount we offered.

 If we offer R100.000 for a particular car and the settlement or outstanding amount is less than R95.000 or less

Then;

  1. We will settle the vehicle on your behalf, We will retain the deposit slip.
  2. You will contact the bank to confirm settlement and to process the order of the original registration documents OR you will contact the bank and grant us power of attorney over the account (This changes depending on the bank or financial institution)
  3. We will complete an "agreement of sale" drafted by our attorneys and complete all the necessary paper work.
  4. You will sign an affidavid at the local police station.
  5. We will pay you the balance less a minimum of R5000.00.
  6. We take delivery of the vehicle
  7. The balance will be paid to you on reciept and completion of:
    1. The original registration document (Bank will post)
    2. The original settlement letter (Bank will post)
    3. A stamped yellow form signed by the proxy of the bank (Bank will post)
    4. A certified ID of the bank's proxy (Bank will post)
    5. A signed blue form (We will provide)
    6. A final agreement of sale (We will provide)

Sell your vehicle, We pay cash for cars

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