Vehicle Finance Question

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nakedmolerat

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#1554379 17-May-2016 20:19

Fred99:

So if the asking price is $35k, what do expect to sell it for? What's a "low ball" offer, and what's retail price in a car yard? Private seller, no warranty or CGA protection, and no finance immediately available are serious impediments.

I expect it's going to be a long slow and painful process selling a used car for that price, the finance owing on it is going to make it even harder. People with ready cash do tend to want to feel that they've got a bargain.

A mate just sold his 3 yr old ute for $35k late last year. It was a sweet process. The guy got the loan from the bank and paid him full on the day he picked up the car. He does not even bother to test drive the ute prior to that. Those finance companies with high interest has no problem giving out the loans.

Wheelbarrow01

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#1554428 17-May-2016 21:37

Fred99:

So if the asking price is $35k, what do expect to sell it for? What's a "low ball" offer, and what's retail price in a car yard? Private seller, no warranty or CGA protection, and no finance immediately available are serious impediments.

I expect it's going to be a long slow and painful process selling a used car for that price, the finance owing on it is going to make it even harder. People with ready cash do tend to want to feel that they've got a bargain.

It's a 2012 Ranger XLT 4x4 with 111,000kms on it, with extras including extended Ford factory warranty until February 2018. When comparing apples with apples, it's the second cheapest 2012 XLT 4x4 Ranger on Trademe with the lowest kms (for that year or earlier), a lockable Sportlid worth circa $3k, and the only 2012 example advertised as still being under factory warranty until 2018. The Ford extended warranty is only available to purchase before it reaches 100,000km, so it's not like someone could buy a similar mileage vehicle and just purchase the warranty separately, and even if they could, it would cost them $1500 extra anyway.

The worst low ball offer was $25k - even the local Ford dealer said they'd give me $31k. There are 3 similar age, spec and mileage Rangers (minus sportlid and warranty) currently advertised for between $34,500 and $39,000. The local ones I have viewed for comparison are, by and large, ex-lease fleet vehicles which do get knocked around, with dents/scratches particularly around the load area. Mine has had two private owners, neither of whom have used it as a work vehicle, so it's pretty much in as new condition inside and out.

The warranty provides a certain peace of mind which I think no other similar age Ranger can provide (at least, nobody else is advertising an extended warranty anyway). I by no means expect to get back what I paid for it ($35k is not even close), but I think my asking price is fair given what's available and considering the extras mine has over all the competition bar none.

But I digress - the purpose of this thread was not to discuss whether I am asking the right price. It was more about the singular line of questioning from one interested party. I just expected them to either come view it, or at least discuss my bottom dollar, or even features of the vehicle, before they start asking about my personal finance arrangements. Maybe I am just hyper sensitive to scams.... but when they started asking what I pay in interest and what term I took it on I just got suspicious, particularly when the entire conversation is via text message. Those are the sort of details I'd expect to be asked in a candid face to face or phone conversation which also encompasses questions about the actual car at some point, but it just seems really weird by text message. I have tried to call them but they don't answer.

When I bought the vehicle I called the seller, discussed and agreed a price subject to inspection, then arranged my finance on that basis, then flew to Auckland to view it, after which I obviously bought it. I instructed my financier to pay part to her financier, and the balance was paid direct to her. I can't say I was interested in particular details of the sellers finance arrangement - not in the same way this person is interested in mine anyway.

dickytim

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#1554526 18-May-2016 06:17

I don't think this necessarily looks like a scam, I agree with other posters about the buyer just wanting to make sure he can afford the vehicle, asking about your current finance terms makes sense if he was wanting to potentially take over the loan.

I can't see how he can scam you based on this, also being a late model the assumption will be that mechanically it will be Ok especially with the warranty in place.

As mentioned above it is hard to sell a car with finance as it used to be an easy scam, most people don't realise that it is a straight forward process to purchase a vehicle with finance owing and it happens all the time!

Good luck with your sale. I would love a Ranger!

frankv

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#1554530 18-May-2016 07:08

I'd go ahead, but continue to be alert.

A typical scam is to pay you the money from someone else's account (e.g. using a stolen credit card), then ask for a refund (less a very generous amount "for your trouble") via an untraceable path like Western Union.

Another one is to overpay you (again from a stolen source), and then ask you to pay the "shipping company"... its the shipping fee that they're really after.

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