Help! I purchased my used Hyundai from a local dealer 2 years ago and have decided to sell it but upon having a valuation prepared by another dealership, it has been discovered that there is a finance company with interest on my vehicle until 2021!! What are my rights? I have been driving and paying for this car for 2 years and now technically it is not even mine. If the other owner defaults, they can take my car. It is all such a mess. I am hoping for some useful information on what my rights are and what avenue I should take when approaching the dealer. The contract states that it is to be clear of title. Thank you all.
From memory there's provision under the PPSR Act that if a vehicle is sold by a dealer in the ordinary course of business that the buyer takes it free of any interest. Go back to the dealer in question, point to the contract clause and request they take steps to remove the interest.
Also from memory, they're supposed to show you a clear PPSR certificate... but I could have that wrong.
Also from memory, they're supposed to show you a clear PPSR certificate... but I could have that wrong.
Its likely that the finance was paid out but they did not bother removing the security interest, but still, no point in taking any chances, do as Rob advises.
It is also possible someone put the security interest on your car after you purchased it.... Did you mention your car as an asset on any paperwork you filled out in the time you have owned it?
It is also possible someone put the security interest on your car after you purchased it.... Did you mention your car as an asset on any paperwork you filled out in the time you have owned it?
