Buying a car that was purchased on a credit card lol (1 Viewer)

[Mr Will]

There's a service (check nrma sites for info- I don't know the details) where you can check about ownership status of the car. I think it costs money from memory but at least you are more informed about the purchase beforehand.

Btw, some credit cards can have unbelievable limits.

its called a revs check...

 

[7th Sign]

ok so I have found this car for sale its going for a pretty good price, yet this thing is the guy thats selling it tells me he purchased it on a credit card and now needs to sell it to pay back the credit card company?

Does this sound dodgey?

Like if I buy it and the credit card dont get their money back will they just take the car?

What if I get a revs check on it and it states "no money is owed on it" does this mean that the cars 100% mine and the credit card compnay can not touch it?

 

[Not-That-Bright]

Like if I buy it and the credit card dont get their money back will they just take the car?

If you buy the car you incur the debt.

 

[7th Sign]

I think it depends if he has the car down as equity for the credit card co,

Its a good price but i think I might be checking out this bmw atm balmain instead...high k's but good price...

 

[Jiga]

I think it depends if he has the car down as equity for the credit card co,

Yeah cos if it isnt, than the debt is seperate from the car and you wont get chased... the revs check would show that right?

Also, dont credit cards have a limit of like $2000 or so, so how did he buy what a $5000+ car with a credit card... it sounds alittle dodgey in that respect.

 

[7th Sign]

mate you can get limits with credit cards of up to 50 grand....even more if you want to be that crazy...I think this guy would have paid around 10k + for the car but...

It may be a bit dodgey but, Will get the engine number and vin and get a revs done asap...

 

[seremify007]

There's a service (check nrma sites for info- I don't know the details) where you can check about ownership status of the car. I think it costs money from memory but at least you are more informed about the purchase beforehand.

Btw, some credit cards can have unbelievable limits.

 

[MiuMiu]

Also, dont credit cards have a limit of like $2000 or so, so how did he buy what a $5000+ car with a credit card... it sounds alittle dodgey in that respect.

My dad put his last merc on his credit card. He paid it off a couple of days later, it was just so he could get the rewards points.

Even my credit card has a $5000 limit (not that I use anywhere near that amount).

 

[seremify007]

My dad put his last merc on his credit card. He paid it off a couple of days later, it was just so he could get the rewards points.

Even my credit card has a $5000 limit (not that I use anywhere near that amount).

LOL quite a few people do that But then, interest-free-periods are there for a reason!

 

[MiuMiu]

Hehe yeah my dad has never paid interest in his life, he just uses it for the rewards!

 

[sikeveo]

My dad put his last merc on his credit card. He paid it off a couple of days later, it was just so he could get the rewards points.

Even my credit card has a $5000 limit (not that I use anywhere near that amount).

was your dads merc <15k ?

 

[Serius]

was your dads merc <15k ?

limits dont have to be less than 15k, gold cards usually have 50k and ive even heard of some platinum cards being unlimited

 

[ToO LaZy ^*]

that would be the american express black.
both of my credit cards have a 45k limit (amex, visa), but of course, under my old mans name