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Offline mhh

  • Chief Test Pilot

  • Joined: Feb 2006

  • Location: Adelaide
I had an experience with Sydney-based lender Assetline that I'd like to share. When selling my Aventador SV, I discovered Assetline had registered an interest in the car. This was because a potential buyer had borrowed some money from Assetline. However he couldn't settle my deal so no sale took place. When I contacted Assetline, explained the situation and asked to have their interest in the car struck out of the PPSR register, they refused to remove it until the previous "buyer" refunded their money. Then they ignored phone messages from me and let every call go to voicemail. This went on for over a week with numerous requests for a call back being ignored. When the owner of Assetline eventually called, he was apologetic and fixed the problem - just like he should have done a week earlier.

You can draw your own conclusions about the ethics of this company.



Offline Aircon

  • Master Baiter 300kph+ club
  • Who said it couldn't be done?

  • Joined: Mar 2007

  • Drives: TBA
  • Location: Melbourne, Australia
  • Name: Peter
Staggering.
What paperwork had been done?
Were they conned by the purchaser who couldn't settle?
I love my car. Buy your own



Offline mhh

  • Chief Test Pilot

  • Joined: Feb 2006

  • Location: Adelaide
Staggering.
What paperwork had been done?
Were they conned by the purchaser who couldn't settle?

The purchaser was well acquainted with the lender. They were "working things out" - while Assetline made me wait.



Offline dodger

  • Tommy Gunna

  • Joined: Dec 2009

  • Location: Melbourne
You can't place a caveat on a property without very good reason and proof you would think the same should apply to any asset. They didn't have a financial interest in the car they had a financial interest in whoever borrowed the money.



Offline mhh

  • Chief Test Pilot

  • Joined: Feb 2006

  • Location: Adelaide
You can't place a caveat on a property without very good reason and proof you would think the same should apply to any asset. They didn't have a financial interest in the car they had a financial interest in whoever borrowed the money.

They were happy to have my help to put pressure on their borrower to get their money back and didn't care how this inconvenienced me.



Offline amgsl55

  • Tooth hurty

  • Joined: Feb 2011

  • Location: Adelaide
You can't place a caveat on a property without very good reason and proof you would think the same should apply to any asset. They didn't have a financial interest in the car they had a financial interest in whoever borrowed the money.

That's the way it should be.  The family court doesn't care if there is a real interest or not they will place caveats on anything, not that it's a family court situation in this matter.



Offline Aircon

  • Master Baiter 300kph+ club
  • Who said it couldn't be done?

  • Joined: Mar 2007

  • Drives: TBA
  • Location: Melbourne, Australia
  • Name: Peter
I recently placed a caveat on a property owned by someone who owes me money. The owner just sent a letter in and had it removed. Oh well. However, I'm surprised there was any problem having the interest removed if assetline had no proof of the prospective purchaser actually acquiring the car.

What was the registration authority's stance on this?
I love my car. Buy your own



Offline dodger

  • Tommy Gunna

  • Joined: Dec 2009

  • Location: Melbourne
There's always this perhaps it might inconvenience them.......

http://www.cio.org.au/



Offline mhh

  • Chief Test Pilot

  • Joined: Feb 2006

  • Location: Adelaide
There's always this perhaps it might inconvenience them.......

http://www.cio.org.au/

Thank you. I've commenced the grievance process by writing to Assetline and will follow it up with a complaint to the CIO.



Offline dodger

  • Tommy Gunna

  • Joined: Dec 2009

  • Location: Melbourne
Thank you. I've commenced the grievance process by writing to Assetline and will follow it up with a complaint to the CIO.

Particularly with the value of your cars you need to get the process sorted.
Good luck.




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