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Leon, Solicitor
Category: Australia Law
Satisfied Customers: 44386
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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Does a asset need to be in a persons name to put on a loan

Customer Question

hi there
does a asset need to be in a persons name to put on a loan agreement ?
Submitted: 1 year ago.
Category: Australia Law
Expert:  Leon replied 1 year ago.

Good Afternoon

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise but a guide to assist you.

If you are seeking to list it as a security then the person that the agreement is with has to be the owner.

If they are not the owner then you cannot use it as security to protect the loan.

I hope this makes sense and is of assistance. if there is nothing further

thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

Please do not forget to leave positive feedback.



Customer: replied 1 year ago.
if you are going for a personal loan for a car .and tell the bank a car that you are buying but don't buy the car . The bank puts a interest on the car but the person never bought the car is this fraud ?
Expert:  Leon replied 1 year ago.

Good Afternoon

They will want to place a charge on the car and they will not give you the money to pay the car dealer. In most cases they will hand the money to the dealer and will want to see a contract.

They need the details of the car you are buying e.g. VIN numbers registration etc.

If you are not the power then they cant put the charge on it the PPSR will not allow it.

Customer: replied 1 year ago.
I bought a car in June this year now I have a investigator from Westpac bank saying they have a interest in the car . But somebody has taken a personal loan and put my car up on a agreement with bank and they never owned the vehicle ? Do the bank have any attachment to the car ?this bloke telling the bank he was buying my car ?
If it was a personal loan he took out and the car not in his name does the bank have a leg to stand on ?
Expert:  Leon replied 1 year ago.

Good Afternoon

Do you have the paperwork for the car?

If this has happened I think your identity may have been stolen.

Have they sent you any information?

Customer: replied 1 year ago.
The inspector said it might be fraud
There's chasing a person not known to me
The Westpac bank has registered a interest on the Ppr But can the bank can do this if cars not in the bloke who has taken personal loan out name ? I think the bank and inspector and the bloke on the personal loan papers are in trouble with this ! I have requested information from the inspector via email and waiting for reply on whom at wrap ac the solicitor can speak to
Expert:  Leon replied 1 year ago.

Good Afternoon

I believe it is fraud and they have used your details and managed to get a loan.

You have to go to the PPSR and get the details of it. If it is in your name then this person has used your identity to do this and you have to request it be removed.