You must guarantee to a buyer that a vehicle has clear title. is not subject to any mortgage, security or debt.is entirely owned by the seller (this is you, unless you’re selling on consignment).the engine has ever been replaced (include the date, if you know it).Ī vehicle that has a clear title of ownership:.its odometer reading (both in words and figures).the vehicle’s engine number (or chassis number if it’s a caravan).the name of the immediately previous owner (this is you, unless you’re selling on consignment).You can include this information in the contract for sale. You need to give the buyer a signed statement telling them about the vehicle’s previous owner. The buyer is bound by the contract only when the cooling-off period ends. You are bound by the contract as soon as it is signed by all parties. give all buyers a copy of the contract.complete a contract for sale (purchase contract).you give the buyer a copy of the signed notice.If the vehicle is written-off you must give the buyer a notice. is a repairable or statutory write-off (which cannot be registered).You need to tell the buyer if the vehicle: the buyer is entitled to avoid the contract within 7 days.If you do not give the buyer a copy of the form: give the buyer a copy of the approved form.Ĭooling-off period and statutory warranty (motor dealer or chattel auctioneer to buyer) form (PDF, 172KB).fill in the approved form before you sign a contract.They may also be entitled to a statutory warranty. Your customer is entitled to a cooling-off period of 1 business day. give the buyer a trust account receipt.Ĭooling-off period and statutory warranty.place the deposit in your trust account.If you sell the vehicle on consignment, you must: This includes any deposits or an option to buy. When the buyer pays you any money, you must immediately give them a receipt. You need to complete the following steps before you sign a contract of sale with the buyer. use letters that are each at least 5cm tall.In any of these cases, the information on the sign must: You can still use a single sign for common information (such as if all cars have no cooling-off period, but only some have statutory warranty), but will also need individual signs for information that varies.Īn individual sign must clearly refer to a specific vehicle. This could be to tell customers that a vehicle has: use letters that are at least 10cm tall.įor any information that varies between vehicles on the same premises, you must have individual signs on each vehicle.make sure that it’s clear, readable and easy to see.place the sign at your main entrance (this will usually mean the main entrance of your office).If you only use a single sign, you must make sure that its information applies to every vehicle with no exceptions. You may use a single sign for your entire premises if, at those premises, you only sell: whether or not a statutory warranty applies to the sale.if there is no cooling-off period (for sales by auction or on consignment).When you sell a used vehicle, you must use signs to tell your customers: Once the final payment is made, the HP contract ends and you own the car.Print Selling a used vehicle (standard sale)Īs a motor dealer, you must follow certain rules when selling a used vehicle. You pay an initial deposit, followed by monthly payments which are set by you. When the contract expires, you return the car, or take out a contract on a new one. You take control of the car for a contractual period and make fixed monthly payments. You can either pay this to keep the car, part-exchange for a new car, or hand the car back. At the end of your payments, a final larger payment remains. You pay an initial deposit, followed by monthly payments. Speak to one of our product consultants for more information. Just let us know if you know you have a poor credit score – it means we can efficiently find a finance option to suit you. We work with more than 20 lenders to find the right finance package for everyone. That doesn’t necessarily mean you won’t be able to arrange a finance deal with us. We also have lenders who can underwrite this type of finance, normally offering a personal loan facility based on your credit score and not on the vehicle.Ĭan I still get finance with a bad/poor credit rating? We can advise you on the ideal time to change your car – pop into a branch and speak to one of our product consultants. I’m in negative equity with my current car – can I still get finance? You simply need your debit or credit card (to pay the initial deposit) and your driving licence, as a form of identification.
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