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Col Crawford - Celebrating 50 years
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Q: Unregistered car for two years finance company still owed from six years ago I am third person to purchase can I register it ??
A: Hi Lisa,
I don't see why you would have any problems registering the vehicle, however you need to consider that the car could be repossessed at any time considering there is money owing on it. I imagine that the borrower may not have kept the payments up, therefore if you spend money registering it, you need to do so with the understanding that you could lose that money if the finance company finds the car.
I would suggest speaking with the person who borrowed money against it to try and persuade them to pay out the loan.
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Q: Our daughter has just got her P’s and we are looking at getting her a car. If our budget is around $15-16000 does anyone have any recommendations as to the type of car?
A: I would suggest a Japanese vehicle from an ownership cost and reliability point of view. I would also strongly suggest buying a vehicle that has a 5 star ANCAP rating. Depending what her driving needs are, I would suggest a Corolla or Yaris, Mazda 2 or 3, Subaru Impreza.
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Q: I bought a car under finance with registration and insurance.
Gave it too my daughter under the arrangement that she will pay fortnightly installment,she changed the registration into her name and no longer pay instalments
Because the finance company has got the loan under make/model/registration of that car,have I got rights too repossess the vehicle?
A: Hi Shawn,
I would definitely suggest seeking legal advice.
I imagine that the test will be to understand who actually has ownership title of the vehicle. The name a vehicle is registered in does not prove title, it simply allocates legal responsibility.
If the lender has security over the vehicle, they will repossess it no matter what name it is in as they have the legal right to do so.
I hope it ends well for you, good luck.
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Q: I am looking at kicking off an SMSF but have always been wary of the costs associated. I have come across E Super Fund who are an online company who provide the structure and regulatory requirements including auditing for about $800 per year. Sounds like a great deal, but I'm always worried about deals that sound too good to be true.
Has anyone used them or does anyone know enough about them to be able to give any insight or feedback?
I want to ensure I've done my due diligence before moving.
A: Hi John,
I have looked at esuperfund also.
Definitely keen to hear from anyone who has tried them. Like you, I was afraid of entrusting my retirement funds with an unknown new player in the market.
Sounds like a very reasonable offering, but it's a massive risk if something goes wrong.
John Stevenson
7 years ago
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Q: I have a fairly new car that I purchased 18 months ago and currently have a payout figure on my secured personal loan of $27k.
This is about $10 500 more than the car is currently worth if I sell it privately.
I would like to buy a cheaper car (around $10-12k) and sell my car. This means that I'll need a loan of roughly $22 000.
Should I apply for another person loan to cover this and sell my car? Any advice appreciated.
Kate
A: Hi Kate,
I would suggest that you will be better off sticking with your Golf.
Older European cars don't hold their value and can often be extremely expensive to maintain.
Also the extra fees you will incur by paying out early, and new loan origination fees etc could quickly ad up to more than you are looking to reduce the loan by.
Often people find them selves in a position of minus equity with a car, the worst thing you can do is to dig a deeper hole by starting a new loan in an even worse situation than you were previously in.
I would suggest trying to make extra payments to reduce your minus equity as quickly as you can.
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Q: How far can the gap between RBA rates and bank rates spread? Is the cost of funds truly growing at the same pace as bank rates are moving upwards? Will the RBA or other governing bodies to anything to stop this if it is actually just profiteering?
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Q: I am looking at buying my first car. Buying it privately seems so much cheaper. Are there more risks involved in buying a car privately?
A: Hi Sheridan,
Yes, there are sometimes better deals to be had from the private market, but you need to be super careful, I would not recommend buying privately unless you have a deep knowledge of cars and the potential pitfalls of buying privately.
When buying from a reputable dealer the cars are usually inspected by the dealer before being offered for sale and come with a roadworthy certificate, warranty and most importantly guaranteed clear title. A dealer also must (by law) disclose if the vehicle has had any major panel repairs, has been flood damaged or has been written off.
There are many, many back yard car sales people buying written off cars from interstate that do not show up on your history checks and selling them in other states.
I have been in the industry for over 20 years and can tell you that there are a lot more of these types of operators in the private market than you would ever imagine.
My advise is to spend a few more dollars and buy from a reputable dealership.
Good luck with your purchase.
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Q: How to replace rear shocks on a Saab convertible 2001 9.3 ?
A: Hi Ivan,
I'm not a mechanic, but would suggest using a good local mechanic. If you are confident to do it yourself but need some guidance, I would suggest buying a Haynes workshop manual for your particular model. These are very comprehensive and will give you all of the information needed.
Hope this helps.
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Q: I've recently taken on a new mortgage and have a small amount of leftover money each month, am I better to pay it into the mortgage or are there investments that will perform well enough to offset the mortgage interest?
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Q: What's a realistic private sale price for sale on a 2011 Suburu outback with about 70,000ks? Good condition, sunroof, tinted windows.
A: Hi Justin,
Depending on condition you should probably ask in the very late teens or very early twenties for it.
I would be happy to make a dealer offer if you wanted to drop it into Chatswood Toyota.
We might offer a little less than the private market, but we would settle immediately should you decide to accept.
Good luck with the sale
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Q: If a financial institution calculates interest daily, is it only business days? Is this the same for deposits as loans?
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Q: How can I look at a broad range of home loans to work out which is best for me? I really want to compare more than just the interest rate ?
A: Hi Nicole,
Thanks for taking the time to answer, much appreciated.
I'm not ready just yet, but will look you up when I am.
Thanks again,
Rob.
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Q: How can I look at a broad range of home loans to work out which is best for me? I really want to compare more than just the interest rate ?
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Q: What is the difference in requirements for an investment home load opposed to an owner occupier?
