Private Sales Direct, Private vehicle financing.....legit?

[FalconZA]

Hi,

so i am selling my motorcycle and the buyer wants to finance, I got an email from Standard Bank telling me that they have appointed a company called "Private Sale Direct" to facilitate the private sale....but i have never heard of this company and google tells me nothing about them, why doesn't the bank handle it themselves?

Has anyone else dealt with them? are they legit? All i need is a scam here.

they want me to post them my registration document before payment (isn't is usually pay first, registration documents after? When you settle a debt you don't ask the bank for the registration documents first lol), need copies of bank statements and a ton of personal information to finance for the buyer.....so I need to make sure.

all i need is to send them my registration documents and this thing is a ruse.

thanks for any information.

 

[werfie]

I also haven't heard of this company, but a while back I sold my car privately through FNB, also to someone who wanted to finance and they also referred me/buyer to a private company to handle the process (can't recall their name now).

I inquired at the time, and was told it was common practice for the banks to outsource this. As I understood at the time, it cost's them too much to deal with the admin and although the finance is still with the bank, these private companies basically take on the role of a dealers F&I department when you buy the car through a dealership, to take care of all the Admin and check all the Documents, etc.

I also doubt that Standard Bank will appoint a company without them being credible. But experiences from others help soothe the nerves, I know.

 

[Colin62]

I bought privately and financed it a few years back, and if I didn't know the seller well and if we didn't trust each other, it would never have gone through. The bank won't release the money until they have the registration documents (yes, and when you sell they won't release the registration documents till they have the money - it's all geared to make their life easier, not yours).

As I said, if we didn't trust each other, the deal would never have been able to happen.

 

[Dysan669]

Very common practice for banks with private sales. The bank needs to be very sure to who and for what they fork out cash.
Wesbank uses a company called Title Guard. Had to deal with them twice when buying bikes privately on finance.
Its a massive mission to provide them with all the paper work but that's how it works.

 

[werfie]

Title Guard

Ah Yes, that's the name I was looking for.

 

[Lyd]

I have the same situation!

There is a guy looking to buy my car privately with financing through Standard Bank. The person that called and mailed me from S.B was Karen van Niekerk <karen@psdirect.co.za> and the email looks sketchy (@psdirect?).

When I called S.B, they said that isn't from them. I can't find any real info about psdirect AKA Private Sales Direct on Google.
For the "Car check with Boston" the payment info is to FNB, and FNB confirms that their bank account has been open for a long time (which is abnormal for a crime account).

Weird thing is that they buyer is legit (called his company and confirmed his details). Supposed to meet him tonight, worried I get robbed and murdered.

 

[MR.C]

Will you tell us if you get murdered ?
How ?

 

[Beachless]

psdirect.co.za is quite new only a few months old but it was registered by chocolatecars.co.za that was created on 2010/01/22 14:50:25 how they are connected I have no idea.

1a. domain : psdirect.co.za
1b. action :
1c. Registrar : Hetzner (Pty) Ltd
2a. registrant : Zak Blom
2b. registrantpostaladdress: 258 Main Ave Ferndale,Johannesburg, , 2194, ZA
2c. registrantstreetaddress:
2d. amount :
2e. paymenttype :
2f. billingaccount :
2g. billingemail :
2i. invoiceaddress :
2j. registrantphone : +27.117060096
2k. registrantfax :
2l. registrantemail : zak@chocolatecars.co.za
2n. vat :
3b. cname :
3c. cnamesub1 :
3d. cnamesub2 :
3e. creationdate : 2015/03/20 14:32:30