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Mutiple Bills of Sale on the same vehicle.


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If a loan company puts multiple BoS on a vehichle spanning several years for different loans with gaps of a year or so between the end of one and the start of another which BoS is the one that is valid.

 

Can all the Bills of Sale run at the same time, or does the issue of a new BoS cancel out the old BoS?

 

Is a BoS only valid for the period stated on it if the person had paid off the loan attached to it, or can the company still 'own' the vehicle even though the loan was paid off.

 

If someone gets to the end of their agreement and they haven't paid the loan does the company need to issue a new BoS to cover the new agreement?

 

Thanks.

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If a loan company puts multiple BoS on a vehichle spanning several years for different loans with gaps of a year or so between the end of one and the start of another which BoS is the one that is valid.

 

Can all the Bills of Sale run at the same time, or does the issue of a new BoS cancel out the old BoS?

 

Is a BoS only valid for the period stated on it if the person had paid off the loan attached to it, or can the company still 'own' the vehicle even though the loan was paid off.

 

If someone gets to the end of their agreement and they haven't paid the loan does the company need to issue a new BoS to cover the new agreement?

 

Thanks.

 

if the bill of sales are by differant loan companies then only the first bill of sale stands. and another thing to remember is its life time which is 5 years.

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If a loan company puts multiple BoS on a vehichle spanning several years for different loans with gaps of a year or so between the end of one and the start of another which BoS is the one that is valid.

 

My understanding is that it will always be the 1st BoS that runs true - subsequent BoS could be seen to be 'fraudulent' it is only where the lender and you agree that a new BoS can be registered that a subsequent BoS MAY be considered relevant.

 

Can all the Bills of Sale run at the same time, or does the issue of a new BoS cancel out the old BoS?

 

A lender can register as many BoS as they like BUT NOT on the same security for the same consideration (loan).

 

Is a BoS only valid for the period stated on it if the person had paid off the loan attached to it, or can the company still 'own' the vehicle even though the loan was paid off.

 

A BoS issued as a security instrument is valid until such time as the terms and conditions have been met - i.e if you have repaid the loan; the lender should make arrangments to cause the BoS to be marked as 'void'; therefore there is no way they can stake claims to a vehicle once the loan has been repaid or if the BoS is found to be void or unenforceable.

 

If someone gets to the end of their agreement and they haven't paid the loan does the company need to issue a new BoS to cover the new agreement?

 

NO, the lender cannot simply draw up another Bill of Sale - if the loan remains unpaid at year 5 - the lender must renew the original registration via the proper channels.

 

Thanks.

 

Hope this is helpful

Apple : )

[COLOR="red"][B][CENTER]"Errors do not cease to be errors simply because they’re ratified into law.” [/CENTER][/B][/COLOR][B][CENTER] E.A. Bucchianeri[/CENTER][/B]

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If it is the same lender, are they able to give you another loan on the car which pays off the previous loan and gives you some extra money.

 

If they can, does this BOS need to be sworn in to the court by a solicitor?

 

Also should a sworn BOS have a solicitor's name and address shown, or can they just sign?

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If it is the same lender, are they able to give you another loan on the car which pays off the previous loan and gives you some extra money.

 

Interesting point you raise - as lenders tend to enter into multiple agreements without thinking of the consequence to the Bill of Sale - effectively; if the 2nd loan you secure is used to clear the original loan - then this would mean that the Bill of Sale that the orignal loan applied to is clear - therefore the lender no longer has a loan secured by way of a bill of sale on the original loan - however; if the lender takes steps to secure the 2nd loan with a bill of sale and it can clearly be seen that the old one has ended and a new one has been entered into - then that is fine - it is where the lender gives you a second loan without clearing the first loan that they run into problems of potential fraud.

If they can, does this BOS need to be sworn in to the court by a solicitor?

 

Yes, they must follow the procedure as if they are doing so for the first time all over again and they must be sure that they meet the requirements of the Bos Act and CCA all over again for the 2nd loan.

 

Also should a sworn BOS have a solicitor's name and address shown, or can they just sign?

 

Since the BoS Act 1882; the Bill of Sale itself only needs to show the signatures of you and the person who witnessed you sign it. The lenders Address and Name must appear in the document as well. The document must be in the form as shown in the schedule of the 1882 Act - bear in mind the lender can add sections to this form only on the basis that the additional statements in no way infringe on your consumer rights.

However, the Affidavit must show the Solicitors Name and Address and confirm the name and address of the person who witnessed you sign the Bill of Sale and also the lenders details along with a mention of your occupation.

[COLOR="red"][B][CENTER]"Errors do not cease to be errors simply because they’re ratified into law.” [/CENTER][/B][/COLOR][B][CENTER] E.A. Bucchianeri[/CENTER][/B]

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