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NSW Private Car Sale Agreement - Can I Repossess?

Discussion in 'Australian Consumer Law Forum' started by JarredW, 7 January 2015.

  1. JarredW

    JarredW Active Member

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    Hi,
    I was recently advertising my car for sale as it is still encumbered under finance (car loan), so I was selling to clear finance. A friend approached me and asked if they could take over the payments as they desperately needed a vehicle. We came to a private verbal agreement where they were to pay x amount of dollars to cover each finance repayment. As of late, they have not been paying, and I am now stuck paying the finance on a vehicle that is not in my possession of. What is my legal position as to repossessing the vehicle under Contract Law? The vehicle is still encumbered.

    Many thanks.
     
  2. Tim W

    Tim W Lawyer
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    Did the credit provider agree to any of this?
     
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  3. JarredW

    JarredW Active Member

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    No Tim, they are unaware of the situation
     
  4. Tim W

    Tim W Lawyer
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    Well, I suggest the first thing you do is speak to them.
     
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  5. JarredW

    JarredW Active Member

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    Thanks Tim,

    I have contacted finance company, and they have advised me to collect vehicle back. If i am confronted with any dispute, do I have the right to in clove authorities to collect. The car is registered under there name as so I wouldn't obtain any speeding tickets or parking fines, but still secured under finance company
     
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