PRIVATE SALE REQUIREMENTS

You have found the asset that you want to buy, Congratulations! The supplier happens to be a private seller. That is, the supplier is NOT a dealership, LMCT supplier, industry recognised supplier or manufacturer of the goods.

For the protection of you, the seller and the financier, the below paperwork is required to confirm that the person selling the goods is the one who owns the goods, that you will own the goods once paid, and that the goods are exactly what it is meant to be, in good, working condition.

It is a good idea to inform the private seller, or Vendor, that you will obtaining finance for the purchase and

the below items will be required so they can prepare paperwork in advance.

Registration Papers

To confirm WHO is selling the goods and to verify the identifiers of the asset (e.g. engine, VIN, registration numbers).

Invoice (or TAX Invoice if seller has ABN & GST registered)

From the OWNER of the goods to create the sale of the asset to our BORROWER (with GST applied if seller is ABN & GST registered), with relevant disbursements. We will issue seller with template or populate invoice for them to sign.

Payout letter OR Evidence of purchase

Payout letter from Other Finance Company (OFC) with valid expiry date, if applicable. Payout amount to be mentioned in the disbursements on the above Invoice/Tax Invoice.

If the vehicle is not under finance the vendor may have to supply the invoice from when they purchased the car or a stat dec to say that the vehicle is not under finance and that they bought it from ‘where & when’ as evidence to prove WHO paid for the goods and is therefore the OWNER.

Bank statement/encoded bank slip

From Vendor, to verify the bank account into which balance of funds will be paid (as per disbursement on invoice).

If a statement, it must be dated within 3 months and show the vendors name and address and the bank name, BSB and Account Number (amounts can be blackened out). Usually the top of a bank statement is sufficient.

Inspection

Inspection of the asset by the broker or an accredited authority such as Redbook. Payment of inspection is to be made directly to Redbook by the applicant.

Vendor Drivers Licence

A copy of the Vendor’s (individual/Director of Company) Drivers Licence is to verify the person authorising the sale is the owner of the vehicle (part of anti-money laundering laws).

For more information please contact our offices on 03 9370 9811 or email leasing@commfin.com.au.