There is a registered security interest on this vehicle. When a registered security interest is showing always presume that there is still money owing on the vehicle regardless of when the repayments should have finished or what you have been told by the seller.
The recommended procedure to follow before you purchase the vehicle is to ask the seller to obtain a settlement statement from the secured party (Due to the privacy act, secured parties can only release details of the loan balance to the person they entered into the loan agreement with). The settlement statement will show the balance required to be paid to satisfy the loan. As the buyer it is recommended that you make one payment to the secured party to repay the outstanding balance as shown in the settlement statement and one payment to the seller (being the difference between the sale price less the payment to the secured party).
If the seller states that the loan has been repaid then ask the seller to obtain confirmation from the secured party that the loan has been fully repaid and that the secured party will remove their registered interest.
Sometimes a registered security interest relates to a previous owner. It should be the responsibility of the seller to sort this out. In this situation the seller may be able to talk directly to the secured party to explain the situation. The secured party will usually be able to confirm whether there is money owing or not. If there is not then the seller should ask them to remove their interest.
DO NOT BUY THE VEHICLE IF A SECURITY INTEREST IS SHOWING AND YOU HAVE NOT ENSURED THAT THE OUTSTANDING BALANCE HAS BEEN REPAID AND THE REGISTERED INTEREST WILL BE REMOVED. THE VEHICLE MAY BE REPOSSESSED.
If you require any further assistance relating to the removal of a registered security interest please contact AutoFinder.