Used car loan

[klvru]

Ok this is not Cj related.

My friend just bought an used car which wasn't financially encumberred. He paid off the remaining loan as shown from previous owner account at st george. The statement was stated that this payout amount of xx$ is only valid for today until the end of business hour, any later than that an interest of xx$ will be count towards.

He made the payment via b-pay, half an hour after business hour and it took 3 days to clear(payment made on Friday, and it was cleared on Monday/Tuesday). So he's wondering if there were any interest and if the loan has been paid off? The previous owner sent him a copy of the statement of it being paid off, but it looks weird.

So he's wondering if is possible to go to St. George with the previous payout statement to enquire?

[aspir3]

If the car loan is not paid off they will reposes s his car.

I would contact St George.

[lena91]

If the loan is in the previos owners name the bank will not discuss anything with him. Its part of the Privacy Act. All he can do is take the word of the previous owner and have the paperwork.

[LZY_EYE]

Generally speaking, you provide the finance company an intent of paying out the loan. They can either freeze the payout figure, or will give you a quote 3days from the day you enquire to cover the timeframe for BPAY to process.

If the payment didn't clear till 3 days after the payout quote, most likely there will be interest to pay as it is generally calculated daily.

[klvru]

If the car loan is not paid off they will reposes s his car. I would contact St George.

That's the thing he is worry about

If the loan is in the previos owners name the bank will not discuss anything with him. Its part of the Privacy Act. All he can do is take the word of the previous owner and have the paperwork.

And this is what he and I was thinking. The owner is from NZ and I believe he went back to NZ already

[LZY_EYE]

Get a REVs Check (or QLD equivalent) done.

This will show any encumbrance on the vehicle. If it is clear, then no Finance Compay has any interest in the vehicle.

[klvru]

He did that previously and during that time, the payment have not been cleared. So he is wondering if there's any other way instead of REVs? He's not sure how updated REVs is?

[FFEEkY]

REVS should update on the fly.

Contact St George with the rego paperwork, safety cert, and receipt of purchase and talk to them. If your friend made the payment, he should still have the BPAY details. Even if he over pays by $100, he needs to do it as the car may still have finance owing, and interest will be mounding up on any remaining balances

[klvru]

Thanks guys, will ask him to drop by to st george tomorrow