As with other credit contracts, the buyer becomes the owner of the vehicle at the beginning of the contract. If you are worried because the vehicle you are looking at has this type of financing, you should get clarification from the vehicle seller. I recently acted for a funder in a scam. In this case, regular audits of the franchisee made up for some of the discrepancies that were followed and explained. However, the funder continued to be concerned and requested a new review. The new control solved other problems and the distributor was then introduced into the administration. Some of the vehicle values on the load were excessive and others were funded by means, sometimes more than twice. In some cases, the same vehicle would be placed on marshes with a slightly different registration or chassis number. If you made a vehicle history check on a car, this could indicate that the dealer has not yet paid for the storage financing. If this is the case, make sure the dealer will confirm that they will pay the full amount before you take over the property.
Oh, and get this in writing to speed up the process. To ensure safety, CarMoney will always perform a vehicle history check on every car you want to buy. In this case, a judicial administrator will follow the legal procedure, including contact with the company that made the facility available for the storage plan in order to remove all vehicles to which he would be financially entitled. It is likely that the financial company will sell these vehicles at an auction. You should be aware that these storage plans are usually personally secure. Therefore, if there is a defect in the auction, they may try to obtain that personal guarantee against the directors. Typically, a trader buys shares (usually as an agent for the funder) then enters the details into the storage system and sends an invoice to the funder. The funder transfers the title to the vehicle and transfers funds to the dealer (usually a percentage of the CAP).