SELLER GUIDE
PRIVATE VEHICLE / EQUIPMENT SALES
11 MAY 2022
Selling Your Vehicle or Equipment
As you have decided to sell your vehicle or equipment privately to a purchaser, there will be a range of information requested in order to satisfy the financier requirements and enable settlement to occur.
This GUIDE is designed to assist you as the seller with:
Understanding the private vehicle/equipment sale process
Why information is being requested by us and the financier
Details of how the information we and the financier receive is handled
The Why
When you sell your vehicle/equipment privately, there is a greater potential for financial and personal risk than there would be selling to a dealership. Fraud and identity theft are two potential risks.
All financiers, whether yours and/or your purchaser’s, have a range of legal obligations to ensure everyone involved in this process is protected and the sale is genuine. Establishing bona fide ownership of the vehicle/equipment, and title flow, are critical elements to this process.
And that means a range of checks have to be taken before the sale can be finalised.
The Checks
As your purchaser wants to finance the vehicle/equipment then the proposed financier requires:
• All of us involved are who we say we are
• Acceptable proof of ownership (e.g. original invoice) and confirm title flow (e.g. receipt)
• Any finance you owe on it will be paid out when the vehicle/equipment changes hands
• Your vehicle/equipment is in good condition for its age and usage
• The sale proceeds will be paid into your bank account
Which means I may ask you to provide more information than you may have expected.
Please remember it is for the protection of all involved and also because the law imposes a range of legal obligations on any financier involved.
My Role
As your purchaser’s broker, my role is to make sure the financier has all the information required so it is confident the vehicle/equipment meets its finance criteria, the sale is genuine and settlement can be completed.
Your Information
You can expect me to ask you to provide a range of information so the financier involved is confident about financing the sale.
I may ask you for some, or all, of the following:
There may be other requirements depending on the type of vehicle/equipment involved and how it is used.
Your Rights
The personal information you give me is handled in accordance with the Privacy Act and both my business’ Privacy Policy and that of the financier involved. You have the right to:
Ask me and/or the financier involved for our respective Privacy Policies which set out how each of us manage the information you provide and for how long
Ask to see whatever information either I and/or the financier involved have about you
Have any incorrect information corrected
Please Ask
If you have any questions or are concerned about providing the information, you are most welcome to contact me to discuss what is being required, why and how it will be managed.
Find out how me and my team can assist your business
ring 0410 533 680
or contact me at
carla.r@quantumbusiness.com.au
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice.