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Selling my car - Advice please

 
 
Adam Smith
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Posts: n/a
 
      12-11-2003
Hi,

Sorry for the off topic post, but you all seem pretty knowledgeable about
most things (and I can't see a nz.cars newsgroup).

I (after a few months of trying) have sold my car privately. I went to the
post office, transfered the ownership and recived a bank cheque from the
buyer. I banked the cheque this morning and am waiting for it to clear (7
days, whats with that?).

Now thats all good, but I have finance on the car. I sold it for $9,000 and
the outstanding finance is $8,000. As the cheque hasn't cleared yet I can't
pay off the finance. Is it a normal situation for the finance on the car to
still be in place while the bank cheque clears?

I haven't missed any payments and the next one isn't due for about 5-6 days
after the cheque will clear. Once the cheque clears I will pay the loan off
in full.

I guess what I am worried about is that the ownership won't have transferred
properly, or that the new owner will have a tow truck turn up at his garage.

Are my concerns justified?


Thanks for your help.

Adam.






 
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SNOman
Guest
Posts: n/a
 
      12-11-2003
Adam Smith wrote:
> Hi,
>
> Sorry for the off topic post, but you all seem pretty knowledgeable about
> most things (and I can't see a nz.cars newsgroup).
>
> I (after a few months of trying) have sold my car privately. I went to the
> post office, transfered the ownership and recived a bank cheque from the
> buyer. I banked the cheque this morning and am waiting for it to clear (7
> days, whats with that?).
>
> Now thats all good, but I have finance on the car. I sold it for $9,000 and
> the outstanding finance is $8,000. As the cheque hasn't cleared yet I can't
> pay off the finance. Is it a normal situation for the finance on the car to
> still be in place while the bank cheque clears?
>
> I haven't missed any payments and the next one isn't due for about 5-6 days
> after the cheque will clear. Once the cheque clears I will pay the loan off
> in full.
>
> I guess what I am worried about is that the ownership won't have transferred
> properly, or that the new owner will have a tow truck turn up at his garage.
>
> Are my concerns justified?
>
>
> Thanks for your help.
>
> Adam.
>
>

If you had taken to the cheque to the issuing branch you should have
been able to cash it straight away, rathering than depositing it in your
own account and having to wait for it to clear.

 
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JJD
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Posts: n/a
 
      12-11-2003
On Fri, 12 Dec 2003 10:13:09 +1300, SNOman <(E-Mail Removed)>
wrote:

>> Thanks for your help.
>>
>> Adam.
>>
>>

>If you had taken to the cheque to the issuing branch you should have
>been able to cash it straight away, rathering than depositing it in your
>own account and having to wait for it to clear.


Which doesn't really address the issue of cheques "clearing".
Clearing what? Everything in banking is on computer and, as when I
use my EFTPOS card, it should be resolvable immediately. What's the 7
days carry-on, or the three days on personal cheques, or even
overnight? Well, the answer can only be that the bank has all this
dosh for just the few days it needs to cut a nice slice of interest
off it from some short term cash investment. Your few thousand, a
couple of hundred here, a few more thousand there, all adds up to a
very tidy sum for the bank to cream it off every day.

Who gave them the right to do this? When they take my bank charges,
do I have the right to tell them they'll have to wait three days while
I make sure the funds are cleared? The word "scam" springs to mind,
but, naturally, I would never use it.

<rant off>

Oh, and for the original poster, bank cheques are not like cash - I
believe they can be stopped. You have received nothing until it shows
up in your account.

JJD

 
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Rider
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Posts: n/a
 
      12-11-2003

"Dumdedo" <(E-Mail Removed)> wrote in message
news:(E-Mail Removed)...
>


Wrong place to put your message


 
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Malcolm Moore
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Posts: n/a
 
      12-11-2003
On Fri, 12 Dec 2003 10:55:42 +1300, JJD <(E-Mail Removed)> wrote:


>Which doesn't really address the issue of cheques "clearing".
>Clearing what? Everything in banking is on computer and, as when I
>use my EFTPOS card, it should be resolvable immediately. What's the 7
>days carry-on, or the three days on personal cheques, or even
>overnight? Well, the answer can only be that the bank has all this
>dosh for just the few days it needs to cut a nice slice of interest
>off it from some short term cash investment. Your few thousand, a
>couple of hundred here, a few more thousand there, all adds up to a
>very tidy sum for the bank to cream it off every day.
>
>Who gave them the right to do this? When they take my bank charges,
>do I have the right to tell them they'll have to wait three days while
>I make sure the funds are cleared? The word "scam" springs to mind,
>but, naturally, I would never use it.


That's a nice conspiracy theory but it ignores real practice.
If you deposit it in an interest bearing account you will be paid
interest from the day it was deposited, not from the day it was
cleared (providing it does clear of course). The delay only prevents
you withdrawing the money before they are sure it really exists.

><rant off>
>
>Oh, and for the original poster, bank cheques are not like cash - I
>believe they can be stopped. You have received nothing until it shows
>up in your account.


Blank bank cheques have also been stolen in the past, and people have
been known to alter a legitimately issued cheque.

It is possible to request express clearance at the time of depositing
a cheque, it costs money but would have possibly solved the original
problem.

Regards
Malcolm.

 
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Adam Smith
Guest
Posts: n/a
 
      12-11-2003
Noted, thats why I apologised in the first place. If I mentioned that the
car involved had a 16 bit processor in its fuel management computer would
that help?

>Sorry for the off topic post, but you all seem pretty knowledgeable about

most things (and I can't see a nz.cars newsgroup).

"Rider" <(E-Mail Removed)> wrote in message
news:brar0e$tf3$(E-Mail Removed)...
>
> "Dumdedo" <(E-Mail Removed)> wrote in message
> news:(E-Mail Removed)...
> >

>
> Wrong place to put your message
>
>



 
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~misfit~
Guest
Posts: n/a
 
      12-12-2003
Adam Smith wrote:
> Hi,
>
> Sorry for the off topic post, but you all seem pretty knowledgeable
> about most things (and I can't see a nz.cars newsgroup).
>
> I (after a few months of trying) have sold my car privately. I went
> to the post office, transfered the ownership and recived a bank
> cheque from the buyer. I banked the cheque this morning and am
> waiting for it to clear (7 days, whats with that?).
>
> Now thats all good, but I have finance on the car. I sold it for
> $9,000 and the outstanding finance is $8,000. As the cheque hasn't
> cleared yet I can't pay off the finance. Is it a normal situation
> for the finance on the car to still be in place while the bank cheque
> clears?
>
> I haven't missed any payments and the next one isn't due for about
> 5-6 days after the cheque will clear. Once the cheque clears I will
> pay the loan off in full.
>
> I guess what I am worried about is that the ownership won't have
> transferred properly, or that the new owner will have a tow truck
> turn up at his garage.
>
> Are my concerns justified?
>
>
> Thanks for your help.
>
> Adam.


You'll be fine.
--
~misfit~


 
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Rider
Guest
Posts: n/a
 
      12-12-2003

"Adam Smith" <(E-Mail Removed)> wrote in message
news:U_6Cb.26491$(E-Mail Removed)...
> Noted, thats why I apologised in the first place. If I mentioned that the
> car involved had a 16 bit processor in its fuel management computer would
> that help?
>
> >Sorry for the off topic post, but you all seem pretty knowledgeable about

> most things (and I can't see a nz.cars newsgroup).
>
> "Rider" <(E-Mail Removed)> wrote in message
> news:brar0e$tf3$(E-Mail Removed)...
> >
> > "Dumdedo" <(E-Mail Removed)> wrote in message
> > news:(E-Mail Removed)...
> > >

> >
> > Wrong place to put your message
> >
> >

>
>


I actually was refferring to Dumdedo


 
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JJD
Guest
Posts: n/a
 
      12-12-2003
On Fri, 12 Dec 2003 11:38:10 +1300, Malcolm Moore
<(E-Mail Removed)> wrote:

>>Which doesn't really address the issue of cheques "clearing".
>>Clearing what? Everything in banking is on computer and, as when I
>>use my EFTPOS card, it should be resolvable immediately. What's the 7
>>days carry-on, or the three days on personal cheques, or even
>>overnight? Well, the answer can only be that the bank has all this
>>dosh for just the few days it needs to cut a nice slice of interest
>>off it from some short term cash investment. Your few thousand, a
>>couple of hundred here, a few more thousand there, all adds up to a
>>very tidy sum for the bank to cream it off every day.
>>
>>Who gave them the right to do this? When they take my bank charges,
>>do I have the right to tell them they'll have to wait three days while
>>I make sure the funds are cleared? The word "scam" springs to mind,
>>but, naturally, I would never use it.

>
>That's a nice conspiracy theory but it ignores real practice.
> If you deposit it in an interest bearing account you will be paid
>interest from the day it was deposited, not from the day it was
>cleared (providing it does clear of course). The delay only prevents
>you withdrawing the money before they are sure it really exists.
>

It's not a theory, conspiracy or otherwise, because I have not done
any research and come bearing no empirical data - it is merely a
posit. I launched forth on appearances, a shakey platform indeed, but
you could help steady it by explaining why there is such a delay
confirming the money exists in these days of computing?

I can see the reasoning if you were talking about grey little clerks,
beavering away with quill pens, but we are in the age of instant
information. You can go to your bank's internet site right now and get
completely up to date information regarding your account.

JJD

 
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steve
Guest
Posts: n/a
 
      12-12-2003
Adam Smith allegedly said:

> Hi,
>
> Sorry for the off topic post, but you all seem pretty knowledgeable about
> most things (and I can't see a nz.cars newsgroup).
>
> I (after a few months of trying) have sold my car privately. I went to
> the post office, transfered the ownership and recived a bank cheque from
> the
> buyer. I banked the cheque this morning and am waiting for it to clear (7
> days, whats with that?).
>
> Now thats all good, but I have finance on the car. I sold it for $9,000
> and
> the outstanding finance is $8,000. As the cheque hasn't cleared yet I
> can't
> pay off the finance. Is it a normal situation for the finance on the car
> to still be in place while the bank cheque clears?
>
> I haven't missed any payments and the next one isn't due for about 5-6
> days
> after the cheque will clear. Once the cheque clears I will pay the loan
> off in full.
>
> I guess what I am worried about is that the ownership won't have
> transferred properly, or that the new owner will have a tow truck turn up
> at his garage.
>
> Are my concerns justified?
>
> Thanks for your help.
>
> Adam.


Provided the money ends up in your hands and you immediately pay off the
loan, there should be no trouble.

The car would only be re-possessed if you default on the loan...AND the car
is down on the loan agreement as security for the loan.

--
Best Regards,
Steve Withers
defenestrate: The act of throwing Windows out the window and replacing it on
your PC with some other operating system.


 
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