Lawman123 Neutral Newbie April 26, 2007 Share April 26, 2007 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. ↡ Advertisement Link to post Share on other sites More sharing options...
Acemundo Supercharged April 26, 2007 Share April 26, 2007 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 Link to post Share on other sites More sharing options...
Eddie47 Neutral Newbie April 26, 2007 Share April 26, 2007 Hi TS, in the first place are you taking a loan from any banks? Link to post Share on other sites More sharing options...
Kk88 Neutral Newbie April 26, 2007 Share April 26, 2007 if taking loan...can the banker co-ordinate with the sellers banker instead? Link to post Share on other sites More sharing options...
Mroonws Clutched April 26, 2007 Share April 26, 2007 In the first place, can you transfer the car ownership when you still have loan??? I doubt so...Have to check with the banks.... Link to post Share on other sites More sharing options...
Nhyone 4th Gear April 26, 2007 Share April 26, 2007 If the current owner has a loan, he won't be able to effect the transfer at LTA. It will be blocked. Link to post Share on other sites More sharing options...
Redeel Neutral Newbie April 26, 2007 Share April 26, 2007 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) Link to post Share on other sites More sharing options...
Lawman123 Neutral Newbie April 26, 2007 Author Share April 26, 2007 thanks a lot. That's very useful help. Link to post Share on other sites More sharing options...
Boxster 2nd Gear April 26, 2007 Share April 26, 2007 (edited) Anyone knows if the newly registered cars still have log cards nowadays? Edited April 26, 2007 by Boxster Link to post Share on other sites More sharing options...
Ody_2004 Turbocharged April 27, 2007 Share April 27, 2007 No log card liao. You just get a few pages of print out. Link to post Share on other sites More sharing options...
Mroonws Clutched April 27, 2007 Share April 27, 2007 No more log card...now using computer print out.... Link to post Share on other sites More sharing options...
Lawman123 Neutral Newbie April 27, 2007 Author Share April 27, 2007 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? Link to post Share on other sites More sharing options...
Mroonws Clutched April 27, 2007 Share April 27, 2007 Got receipt....Just like going market buy vegetables.... Ask him to show you??? Link to post Share on other sites More sharing options...
Carmour 4th Gear April 27, 2007 Share April 27, 2007 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. Link to post Share on other sites More sharing options...
Eddie47 Neutral Newbie April 27, 2007 Share April 27, 2007 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. Link to post Share on other sites More sharing options...
Carmour 4th Gear April 27, 2007 Share April 27, 2007 That's rite! that's what I heard. But if "the bank dun release the loan until the seller Link to post Share on other sites More sharing options...
Eddie47 Neutral Newbie April 27, 2007 Share April 27, 2007 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? Link to post Share on other sites More sharing options...
Yongwd 1st Gear April 27, 2007 Share April 27, 2007 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. ↡ Advertisement Link to post Share on other sites More sharing options...
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