ghostwriter
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anyone know the process which we as the seller should do when the buyer is taking the vehicle through a leasing/ finance? I tried searching forum but no proper info to be found. ☹️
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1. Agree on a price with the buyer and get an advance and a letter written in the buyer's handwriting on the terms and conditions
2. Do a valuation. Ask the buyer to pay for it and hand the valuation over to the buyer. Get a duplicate key done, if you don't have one.
3. Buyer will ask for a copy of the CR and a copy of the NIC. You can either give it to him or ask the finance company to contact you and give the copies to the finance company directly
4. Wait
5. Wait more if the facility is taken from a bank or People's Leasing
6. If the finance company is LOLC, wait even more
7. If the finance company is LOLC, tear your hair off around about now
8. Suddenly you will get something called a Delivery order. At this point, go to the finance company with your car and its papers, get the balance money from the buyer, get the delivery order from the finance company, hand over the original CR, original revenue license, original VIC (if applicable), original luxury tax reciepts (if applicable), sign the transfer papers provided by the leasing company AND THE CAR. If you don't have a duplicate key yet, just take any key in your house.
The moment you sign the transfer papers and get the delivery order, your dealing with the buyer is over. The car belongs to the buyer and the leasing company is duty bound to hand you the balance money. The Delivery Order is only issued after the buyer obtains full insurance and if the buyer crashes the car, the finance company is still legally bound to pay you.
However, if you sign the transfer papers but don't hand over the car and if you crash the car, the insurance company can refuse to settle and the leasing company will refuse to pay.
9. You will get the balance as a cheque from the leasing company on the next working day or two days later, if its LOLC.
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wow thanks alot crosswind for taking so much of your time. I have a good idea about the process now. The buyer gave me an advance but didn't ask me to do a valuation. I will wait and see then. At least now I know what happens. Thanks alot again for you valuable time. He said it was CDB Finance he's arranging it with.
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