Is It Right To Buy A Seized Car. - Car Talk - Nairaland
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| Is It Right To Buy A Seized Car. by Nobody: 10:31pm On May 09, 2013 |
A friend that's into lending business just recovered a car used as collateral from a customer dat defaulted. He wants to sell d car because the customer have not been able to come pay the money since he seized d car. Pls, if I buy d car, hope there won't be any aftermath legal problems. Serious advices pls. Lawyers are most welcomed. |
| Re: Is It Right To Buy A Seized Car. by ZIMDRILL(m): 9:41am On May 10, 2013 |
BoomBoom101: A friend that's into lending business just recovered a car used as collateral from a customer dat defaulted. He wants to sell d car because the customer have not been able to come pay the money since he seized d car. Pls, if I buy d car, hope there won't be any aftermath legal problems. Serious advices pls. Lawyers are most welcomed. no specially if you dont if it was done within the legal lines of law or street justices |
| Re: Is It Right To Buy A Seized Car. by Nobody: 2:34pm On May 10, 2013 |
The borrower only wrote and signed a statement stating that he borrowed d money on so so date and he will pay back on so so date. And he's using his car as collateral for d loan. But the date has lapsed 2months, d car has been seized from him for almost 3weeks now and d man hasn't been able to come up wit the money. D lender has told him he will sell d car but he's just begging. |
| Re: Is It Right To Buy A Seized Car. by Fhemmmy: 3:06pm On May 10, 2013 |
BoomBoom101: A friend that's into lending business just recovered a car used as collateral from a customer dat defaulted. He wants to sell d car because the customer have not been able to come pay the money since he seized d car. Pls, if I buy d car, hope there won't be any aftermath legal problems. Serious advices pls. Lawyers are most welcomed. In a normal world, once there is documentation that is binding, i would buy, but in Nigeria where goats could drive a car, i will not touch such a car with the longest pole. Let the dude dell it in parts or to a dealer. |
| Re: Is It Right To Buy A Seized Car. by lonelydora: 5:43pm On May 10, 2013 |
Please, In Nigeria where the people are lawless, DON'T BUY SUCH CARS, The consequences will be greater than the excitement of buying a car. |
| Re: Is It Right To Buy A Seized Car. by Nobody: 6:56pm On May 10, 2013 |
...Run away no matter how much u like the car. You may end up paying that person's loan. ... |
| Re: Is It Right To Buy A Seized Car. by Nobody: 9:26pm On May 10, 2013 |
Fhemmy, lonelydora and chiebube have said it all... Don't buy it! |
| Re: Is It Right To Buy A Seized Car. by Nobody: 12:28am On May 11, 2013 |
Thanks y'all |
| Re: Is It Right To Buy A Seized Car. by Nobody: 2:33am On May 11, 2013 |
The only way I would buy that car is if the selling entity has transferred ownership to themselves first and have new documentations. There are simply too many used cars littering Nigeria now that there is really no reason to take such a risk. |
| Re: Is It Right To Buy A Seized Car. by dgitrader(m): 7:59am On May 11, 2013 |
Poster, run for your own good, ita a very dangerous deal. I am sure your friend has no govt lincense to operate a loan scheme, if that defaulter makes a case, police will fleece you dry and your car held as exibit, its a lawless country dear |
| Re: Is It Right To Buy A Seized Car. by wwwkaycom(m): 9:18am On May 11, 2013 |
how about using some unconventional means to ensure you don't enjoy the car, look elsewhere for a used car Bro, cheers! |
| Re: Is It Right To Buy A Seized Car. by Fhemmmy: 3:56pm On May 11, 2013 |
wwwkaycom: That is my thought too . . . |
| Re: Is It Right To Buy A Seized Car. by Originalsly: 8:21am On May 12, 2013 |
Common sense would tell me not to buy a car from someone who is not the legal owner.Street sense would tell me the car was stolen and the guy owe me story is a front. |
| Re: Is It Right To Buy A Seized Car. by aariwa(m): 10:29am On May 29, 2013 |
The man who intends to sell the car to you does not have any right to lend the money under the Money Lenders Act L.F.N and there there is no document from the borrowee transmitting ownership of the vehicle to him.In Law there is a principle called 'nemo dat quod non habet' meaning that you cannot give what you dont have.The risk involved is many cos the original owner may decide to become mischievous by binging a charge of stealing against you and you will have a very weak defense cos you dont have ownership. |
| Re: Is It Right To Buy A Seized Car. by JUO(m): 3:41pm On May 29, 2013 |
no buy, if na juju person? |
| Re: Is It Right To Buy A Seized Car. by Trac: 5:22am On May 30, 2013 |
Your judgement should be how you would feel if you it were you. How would you accept the condition? Indirect but also relevant Many cars get towed from complexes and auctioned-off after a period in the facility without ransom. Many end up in Nigeria. The law favours it but ethically, it's questionable. |
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