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33 replies to this topic | 0 praises

#1

Posted 26 April 2007 - 12:09 PM

Lawman123
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Need some advice on transfer of car ownership:

Suppose i want to buy a second hand car (relatively new car, abt 1 or 2 years) directly from a owner, i know that we can make a trip to LTA to do the transfer, which is relatively easy.

However, if the owner borrowed a car loan from a bank, how do i ensure that the car will not be towed away by the bank should the owner failed to pay the car loan. How does it work? I saw a few such cases in the newspaper before, and it is really a nightmare to find your newly bought car towed away.

#2

Posted 26 April 2007 - 12:18 PM

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you shld contact the bank to show them the sales agreement between you and the seller and ask them to issue statement how much you need to redeemed the loan. you then have to pay the bank that amount of money before they will release the original log card

#3

Posted 26 April 2007 - 02:04 PM

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Hi TS, in the first place are you taking a loan from any banks?

#4

Posted 26 April 2007 - 02:06 PM

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if taking loan...can the banker co-ordinate with the sellers banker instead?

#5

Posted 26 April 2007 - 02:08 PM

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In the first place, can you transfer the car ownership when you still have loan???
I doubt so...Have to check with the banks....
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#6

Posted 26 April 2007 - 03:26 PM

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If the current owner has a loan, he won't be able to effect the transfer at LTA. It will be blocked. smile.gif
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#7

Posted 26 April 2007 - 03:33 PM

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Basically, the current owner's loan has to be settled with his financing bank first. The bank would then release a form B (think that's what it's called) to LTA in a few days, and LTA would only allow the transfer of ownership after seeing the Form B.

Of course, if you are not taking any financing, then you pay the owner the full amount when he settles the loan. If you are, then you need to get your car loan approved first. Your bank would be able to help with the ownership transfer too.

eddie (90085584)

#8

Posted 26 April 2007 - 03:37 PM

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thanks a lot. That's very useful help.

#9

Posted 27 April 2007 - 01:33 AM

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Anyone knows if the newly registered cars still have log cards nowadays?

Edited by Boxster, 27 April 2007 - 01:37 AM.

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#10

Posted 27 April 2007 - 08:18 AM

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No log card liao. You just get a few pages of print out.

#11

Posted 27 April 2007 - 09:40 AM

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No more log card...now using computer print out.... nod.gif
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#12

Posted 27 April 2007 - 09:55 AM

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yah i understand that there is no more log card. In this case, how do we know whether the seller has settled the bank loan? If we are paying full cash for the transaction, isn't it scary? Scarlee car get towed away by bank how?

#13

Posted 27 April 2007 - 11:23 AM

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Got receipt....Just like going market buy vegetables.... tongue.gif
Ask him to show you???
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#14

Posted 27 April 2007 - 06:18 PM

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If taking a loan to purchase the car, I heard that a contra is not possible.

Anyone can verify that?

As in, you cannot apply for the loan until the seller has fully paid up his loan.
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#15

Posted 27 April 2007 - 06:22 PM

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I dun think so, the only thing is I believe your financing bank will not release the loan until the other party's loan is settled. I.e. Cannot transfer ownership and collect car until this is done unless got private agreement. lipsrsealed.gif

#16

Posted 27 April 2007 - 06:32 PM

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That's rite! that's what I heard.

But if "the bank dun release the loan until the seller‘s loan is fully paid", then how does the seller fully pay his loan? Fork out the whole outstanding loan one shot? Don't think most car owners can do that.
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#17

Posted 27 April 2007 - 06:58 PM

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Sorry, I think I must elaborate a bit. If I'm not wrong, if let's say the car loan is $50K and the seller's outstanding loan is $60k then the seller's financing bank will make sure the seller pay the difference first and the buyer's bank will confirm with the other bank, only then the buyer's bank will release the $50k to the other bank. Am I rite?

#18

Posted 27 April 2007 - 08:00 PM

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Either you (if not taking loan, using full cash) or your finance institution (your bank loan) must clear the seller's car finance liability before LTA can allow you to do ownership transfer.

If the liability is not cleared, LTA current computer system will not allow both parties to do ownership transfer until the seller's liability with the finance institution has cleared. Once it is cleared at the finance institutation end, they will update the LTA system within 24hrs before any ownership transfer can be done.

Hope that helps.
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#19

Posted 30 April 2007 - 12:16 AM

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Once it is cleared at the finance institutation end, they will update the LTA system within 24hrs before any ownership transfer can be done.


The update can be instantenous. Just a few clicks on the finance company's part, you are able to effect the transfer already. This is very important when you're already at LTA. Don't ask me how I know.
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#20

Posted 05 May 2007 - 11:29 AM

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Need some advice on transfer of car ownership:

Suppose i want to buy a second hand car (relatively new car, abt 1 or 2 years) directly from a owner, i know that we can make a trip to LTA to do the transfer, which is relatively easy.

However, if the owner borrowed a car loan from a bank, how do i ensure that the car will not be towed away by the bank should the owner failed to pay the car loan. How does it work? I saw a few such cases in the newspaper before, and it is really a nightmare to find your newly bought car towed away.


ask him full settle the loan first. and the only way to do the transfer is to use the original logcard but if he dun fully settle the car den cannot get logcard den cannot transfer car.

looking at this point, it is safer to get the car from direct owner den dealer.
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