Vehicle Repossession/Surrender

[Priapus]

Just on price - is the 290k what he actually paid? Or settlement on it now, so actual price was far less? Is the 190k offered a trade for another car or a dealer buying outright?

I'd say try 'we buy cars' but they pray on those they can't afford and I will probably offer less.

If he can't do a real private deal, maybe get a dealer to broker a deal for him for 5-10k extra?

Though, 290k is really high ...

He paid 270k for a E90 335 BMW with 192k on the clocks. That was the first mistake. 190k is what the car is worth trade.

Does the insurance have shortfall cover?

 

[Drifter]

Thanks, appreciate the feedback. Will they try to get the best price? Or will they not care given that he has to pay it back?

Also, I was told there would be a judgement against his name, but he will not be blacklisted.

Judgement will be recorded on ALL credit buros. No debt for 5 years or until the judgement is rescinded.

 

[Hitchcock]

Judgement will be recorded on ALL credit buros. No debt for 5 years or until the judgement is rescinded.

Right, but financing houses / banks do not get a judgment when a client voluntarily surrenders a vehicle. When a client does this, he freely signs the surrender documents as well as acknowledgement of debt and a couple of other forms covering the bank and ensuring that the client will pay the shortfall.

Why get a judgment in this case? What judgment can a court make if a client freely surrenders the vehicle?

It is only when the client refuse to pay the shortfall that the bank would approach the court for a judgment in ensuring the money is received.

 

[Rouxenator]

Does it have one or two fuel tanks?

^^^ This ^^^ Very important question. Does it have a reserve fuel tank?

 

[zizo911]

^^^ This ^^^ Very important question. Does it have a reserve fuel tank?

Was it ever COTY?

 

[Rouxenator]

Was it ever COTY?

Nope, E46 was in 2001

 

[P924]

Was it ever COTY?

It won overall international engine of the year for 2007-2008 and in class of 2.5-3l it won 2007-2012...

 

[JackWhite]

Whatever happens, don't let it get to the point of the bank repo..ing it. The last thing he needs is corrupt employees taking out a cable or two and flagging that car as a non-runner and seeing it go for 60k to a buddy at the auction. He will then be in for 200k+

 

[Priapus]

Whatever happens, don't let it get to the point of the bank repo..ing it. The last thing he needs is corrupt employees taking out a cable or two and flagging that car as a non-runner and seeing it go for 60k to a buddy at the auction. He will then be in for 200k+

That happens?

 

[Bunta]

What ever he does , do not be stupid enough to get someone to take over the installments. Worse mistake you he will ever make

Sorry, I should have been more clear, get someone to take over the contract with the bank.

 

[P924]

Sorry, I should have been more clear, get someone to take over the contract with the bank.

Who would do that? That means they are taking over the car for the stupid price he paid?

 

[Rouxenator]

I know a guy that can sell cars for big money...

... if you have a problem, if no one else can help, and if you can find him, maybe you can hire saturnz

 

[Bunta]

Who would do that? That means they are taking over the car for the stupid price he paid?

someone maybe as dumb as him... the sweetner is that they don't have to pay a deposit.
Just a suggestion. He overpaid, who knows, theres a sukka born every minute, so quite possibly someone else would overpay too.

 

[P924]

someone maybe as dumb as him... the sweetner is that they don't have to pay a deposit.
Just a suggestion. He overpaid, who knows, theres a sukka born every minute, so quite possibly someone else would overpay too.

Fair enough.

 

[JackWhite]

That happens?

Yes

 

[Hitchcock]

That happens?

Yes, unfortunately it does.

 

[F1 Fan]

Yes, unfortunately it does.

Surely the seller can then fight the fact that something was stolen?

They are going to valuate the car when it gets to their warehouse. If they come up with a stupid value of like 100k, then surely it was reckless lending on their part? The car is in better condition now than when it was bought as some dents were taken out.

 

[Hitchcock]

Surely the seller can then fight the fact that something was stolen?

They are going to valuate the car when it gets to their warehouse. If they come up with a stupid value of like 100k, then surely it was reckless lending on their part? The car is in better condition now than when it was bought as some dents were taken out.

True. Unfortunately, 99% of the time, the person who surrendered the vehicle does not attend the auction and inspect the vehicle before it goes on the floor. If this is done, you can demand a stop to the auction and demand that the bank repair the vehicle to the condition it was before the auction starts again for the vehicle.

Also, it is imperative that you photograph the condition of your vehicle, inside and out, before handing it to the bank. Do this, even if it takes you 2 hours to do. They will wait for you.

If you claim any problems to the vehicle, the bank will ask you to provide evidence of the condition of the vehicle before it was surrendered.

Edit - I also need to mention that when you surrender a vehicle, often the bank will wash and clean it up. In certain instances they will repair small damage before it goes on auction to attempt to get more for the vehicle on auction.

 

[Wall]

is it insured? arrange a 'write off' or get it stolen

 

[biena]

is it insured? arrange a 'write off' or get it stolen

By arrange you mean go for dinner in central jhb and use street parking?