hi guys, just have a quick question hope u guys can answer me

[Guest]

i have just bought a very cheap car with a very good set of mags. im worry that these mags got finance on them. would the mortgage be transfered to the new owner (ME) or still belong to the old owner?? i dont want my car to have no wheels on when i park the car in the shopping mall becoz the mag shop take them away lol.

[dubbedup]

 rexpower said:

i have just bought a very cheap car with a very good set of mags. im worry that these mags got finance on them. would the mortgage be transfered to the new owner (ME) or still belong to the old owner?? i dont want my car to have no wheels on when i park the car in the shopping mall becoz the mag shop take them away lol.

i don't think they will aye, it just go to a debt collector on the person who had the hp..its not like a loan for a car when the car is collateral.

[Guest boostin]

Plus how are they going to prove its those exact wheels?

[MercuryFree]

Yes, they CAN reposess them, if they have been secured against. If you know the dude's name you bought them / the car off you can search this http://www.ppsr.govt.nz/cms for $1 or something which will tell you what (if any) debt securities have been registered against things he owns (and what those things are, I believe). Don't do the motor vehicle search just search for the guy himself (as that search will tell you if there's finance on the vehicle but not the rims).

You're screwed if they ARE secured against and it's under his partner's name or something though, no way to check that without her details etc.

Hope that helps...

[Guest]

i guess if they are, ring the finance company ( if it tells you ) and see what they can do, otherwise be ready to stash the wheels under the house lol

-smurff

[ODB]

First of all the wheels dont have a mortgage over them.

A Mortgage(french for death(mort) and grip(gage) only refers to property or bare land.

anything else (cars, livestock, term investments, boats, machinery....you name it and it could be there) goes on the government PPSR register.

You can search this but i am unsure of the fee. I have an account there through work and all my searches just get charged to that lol.

I am unsure of the legalities of reposessing the wheels off you, rather than the original owner. Legally i would suggest as you have signed nothing and that as the car/wheels now belong to you that it would be not legit for them to repo off you.

They would have to seek redress from the original owner due to the contract of sale he has entered into with you. Im pretty sure as part of the ppsr stuff he should be disclosing to the other party(finance company) that he has sold the item they are using as security for his loan.

Im not a lawyer, but i do know a bit about the PPSR stuff.

Id suggest:

1. Check PPSR register for him and see if there are any items that come up. As Mercuryfree says do a general search for him and it will bring up all items on which he has used as security for lending.

2. If this fails to turn anything up check www.vedaadvantage.com and search for him again. This will show you who he has applied for credit with recently. From here you can prob deduce who the wheels are financed through.

3. contact this finance company and explain the situation. DO NOT GIVE YOUR DETAILS. find out their policy in such situations.

4. Seek legal advice / visit citizens advice bureau. At worst case scenario the repo man is lookin for your wheels and you! you need to seek advice on whether they can legally reposses wheels.

Alternatively sell wheels and buy a new set of differing type. They then have no recourse aslong as the vehicle itself hasnt been used as security.

Sorry for long post!

[Guest]

 ODB said:

First of all the wheels dont have a mortgage over them.

A Mortgage(french for death(mort) and grip(gage) only refers to property or bare land.

anything else (cars, livestock, term investments, boats, machinery....you name it and it could be there) goes on the government PPSR register.

You can search this but i am unsure of the fee. I have an account there through work and all my searches just get charged to that lol.

I am unsure of the legalities of reposessing the wheels off you, rather than the original owner. Legally i would suggest as you have signed nothing and that as the car/wheels now belong to you that it would be not legit for them to repo off you.

They would have to seek redress from the original owner due to the contract of sale he has entered into with you. Im pretty sure as part of the ppsr stuff he should be disclosing to the other party(finance company) that he has sold the item they are using as security for his loan.

Im not a lawyer, but i do know a bit about the PPSR stuff.

Id suggest:

1. Check PPSR register for him and see if there are any items that come up. As Mercuryfree says do a general search for him and it will bring up all items on which he has used as security for lending.

2. If this fails to turn anything up check www.vedaadvantage.com and search for him again. This will show you who he has applied for credit with recently. From here you can prob deduce who the wheels are financed through.

3. contact this finance company and explain the situation. DO NOT GIVE YOUR DETAILS. find out their policy in such situations.

4. Seek legal advice / visit citizens advice bureau. At worst case scenario the repo man is lookin for your wheels and you! you need to seek advice on whether they can legally reposses wheels.

Alternatively sell wheels and buy a new set of differing type. They then have no recourse aslong as the vehicle itself hasnt been used as security.

Sorry for long post!

Thanks for ur help!!! the car has had 10 different owners in the past 8 years. the last owner owned the car for 3 months 2 weeks 1 day only. should I check PPSR register for her only?? Cheers

[Swindog]

Mate, the wheels themselves wont have security on them. However the car they are on will or would have been on.

They cant put security on the item thats being financed...otherwise its pointless. What would happen is the guys car will disappear then when they realise the mags arent on it theyll come get your mags then or sell his car to cover the costs.

You can check whether they have security over them but youll need the right finance company to ring as i doubt the ppsr register will list the mags themselves (due to not being able to secure the item hes ticked up) but search the car rego on there. On the other hand if you do a lemon check or carjam check on his car itll also show whats secured against his car. As mercuryfree said, if they are ticked up against another persons name you wont find out but my guess is if he ticked them up the finance company would have secured them against the car.

[Guest]

 Swindog said:

Mate, the wheels themselves wont have security on them. However the car they are on will or would have been on.

They cant put security on the item thats being financed...otherwise its pointless. What would happen is the guys car will disappear then when they realise the mags arent on it theyll come get your mags then or sell his car to cover the costs.

You can check whether they have security over them but youll need the right finance company to ring as i doubt the ppsr register will list the mags themselves (due to not being able to secure the item hes ticked up) but search the car rego on there. On the other hand if you do a lemon check or carjam check on his car itll also show whats secured against his car. As mercuryfree said, if they are ticked up against another persons name you wont find out but my guess is if he ticked them up the finance company would have secured them against the car.

hi mate, i have done the carjam check on the car and it has no security against the car therefore i bought the car but after i got the car then i was thinking how they can afford these expensive mags on a car which is that old and bad.

[Swindog]

Ive ticked up mags and sheet before, they cant put security on the item they are ticking up. If theres no security on the car id say you were ok. But thats not to say its not on another car either. But the finance companies normally will only secure to the vehicle the items are being fitted too. This includes stereos etc.

I wouldnt stress. Just carry a bat

*Swindog in no way condones carrying weapons of any kind.

[ODB]

if there is nothing against the vehicle id say you are sweet then mate.

Again id search the guy on PPSR register to be sure.