When to pay for a car?
Just won an auction for a car that needs to be picked up and towed away. If paying via online bank transfer, is it acceptable to pay after ownership has been transferred to me through NZTA? If not, how can I be sure that I won't lose my money if the seller backs out?
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Callum Community SuperuserHello Ed. You should work this out with your seller. Ideally before the auction ends or you purchase the vehicle, but sounds like it's too late now if you've already won the auction.
Yes, there is trust involved here, from both parties. You say how do you know the seller won't back out of the deal. But equally how does the seller know you won't take the car and not pay for it? Just go with your instincts. It's unlikely the seller will renege if they have been a member for a while and has a decent feedback record. Make sure you get some solid contact details for them. Landline is best, but few of them around these days.
Sometimes the way to go here is a deposit, then payment in full once the deal is completed.
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S Community SuperuserKia Ora Ed,If there were no payment terms specified in the Listing that would be between you and the Seller to negotiate though I would think it highly unlikely the Seller will accept payment by Bank Transfer after ownership has been transferred, for obvious reasons.If you are picking the car up you can consider paying cash on the day, it is the Purchaser who registers the vehicle's New Ownership, the Seller only notifies the Transport agency they have sold the vehicle & both parties can do this online at Pick up unless you have a towing company collecting the vehicle in which case the Seller would definitely request payment made & cleared into their Bank account prior to allowing their car to be taken.Otherwise Feedback can give you a good indication of whether you have an honest & trustworthy Seller there. - Bank transfers & cash payments are at Buyers risk if pre-paying before pick up. However you can also write in your negotiations for your Seller to confirm their notification to the Transport Agency of the Sale to you once payment is received into their account - Post Sale negotiations form part of the contract & would hold up should your case eventuate to a Dispute Tribunal. - Likewise if considering the option of a deposit, as Callum has suggested, ensure the negotiations include a clause for a refund of that deposit should the terms of the contract fall through otherwise the funds may be forfeited.All the Best! - Cheers.0 -
L Community SuperuserHi Ed. As S has mentioned any vehicle is generally paid for on the day it is collected. NZ Transport expect both parties to complete ownership change. Of course as a buyer if you haven't paid for the vehicle you don't own it, so cannot complete the forms until you have proof of ownership.
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