Help: Bank loan cum Ownership transfer coordination.

[inlinesix]

Not that i know of. when i was with a finance company..... if it is cheque... bank will released immediately once cheque cleared...... the system itself is also immediate....... if it is cash, it can be immediate.... full settlement amount they can call beforehand to give them date of settlement, at most 1-2 days in advance.....

 

i suspect they may take your money and clear that loan instead... or just play you out.......

 

 

Agree with Radx, tell them to let you know when 'çaveat' cleared then do immediate transfer on stop before you pass them the Cashier order..... i advise you to tape your conversation

 

There is a cut-off time in LTA portal.  Before cut-time, will be next day.  Otherwise, 1 additional day.

 

For bank, only loan department can clear it.  For e.g., if i go to any branch of UOB Bank, will have to wait 1 - 2 days more.  If i go to loan department in Tampines, it is clear off next day.

[Matrix0405]

It is quite obvious that the car is still under the ownership of the bank or owner. The reseller is selling a car that they don have (the car not under their name). A ton of issues can frustrate the buyer - car owner unable to apply the transfer pin, owner out of town and back next month &  .....  the reseller carries no risk, and is relaxed, can take their own sweet time to complete the deal, even if deal falls through, they just makan your deposit. Try not to buy a car that is not owned by the reseller; but this is often revealed after the deposit collected.

 

[JCSL]

First, for car seller without loan, buyer who apply loan, the car need to be transferred to loan applicants name before loan can be disbursed. No 2 ways to it. I never heard that bank officer will help do the transfer and pay the cheque out immediately, maybe I am wrong.

 

Second, for car with loans, subjective to banks/finance, it can take up to 5 working days before the finance release for transfer after settlement, try BMW Financial. All buyers think that after loan paid up can immediately do transfer, I wonder who gave such information. Certain banks need 2 days some need 3 days, try OCBC. For clearing of loan, either buyer or seller has to redeem the loan first also, unless a dealer is helping to do the settlement with PIN on hand to safeguard their money paid for settlement.

 

Third, most dealers today are ESA with LTA, transfer can be done electronically on our terminals, as Long as the finance clears it for transfer. No one want to delay, if we don't transfer, we can get the loan disbursement also (if there is a loan) for cash buyer case, should be transferred on their terminal as soon as cash is fully collected and insurance activated.

 

Hope it helps

Edited June 1, 2016 by JCSL

[Galantspeedz]

First, for car seller without loan, buyer who apply loan, the car need to be transferred to loan applicants name before loan can be disbursed. No 2 ways to it. I never heard that bank officer will help do the transfer and pay the cheque out immediately, maybe I am wrong.

 

Second, for car with loans, subjective to banks/finance, it can take up to 5 working days before the finance release for transfer after settlement, try BMW Financial. All buyers think that after loan paid up can immediately do transfer, I wonder who gave such information. Certain banks need 2 days some need 3 days, try OCBC. For clearing of loan, either buyer or seller has to redeem the loan first also, unless a dealer is helping to do the settlement with PIN on hand to safeguard their money paid for settlement.

 

Third, most dealers today are ESA with LTA, transfer can be done electronically on our terminals, as Long as the finance clears it for transfer. No one want to delay, if we don't transfer, we can get the loan disbursement also (if there is a loan) for cash buyer case, should be transferred on their terminal as soon as cash is fully collected and insurance activated.

 

Hope it helps

 

your 5 days includes cheque payment waiting for clearance?

[JCSL]

your 5 days includes cheque payment waiting for clearance?

It's after clearance of cheque. Don't believe? Ask around... I settled so many BMW financials cars, they amounts all huge and mostly 6 figures. The 5 working days always makes me sweat :)

[Kezg1]

It's after clearance of cheque. Don't believe? Ask around... I settled so many BMW financials cars, they amounts all huge and mostly 6 figures. The 5 working days always makes me sweat :)

 

.. May I know how much will it cost to pay LTA when both the buyer n seller are there to do the transfer of ownership...assuming everything is in order

[TangoElite]

.. May I know how much will it cost to pay LTA when both the buyer n seller are there to do the transfer of ownership...assuming everything is in order

 

check here

 

https://www.onemotoring.com.sg/content/onemotoring/en/lta_e_services/online_enquiries/transfer_fee.html

[Kezg1]

check here

 

https://www.onemotoring.com.sg/content/onemotoring/en/lta_e_services/online_enquiries/transfer_fee.html

 

 

....Thank You..

[Kiario]

just to check for info regarding transfer.

 

for my case,

 

new car collected from AD on 11th April 2017, LTA pin submitted much earlier.

Today just check onemotoring, old car still under my asset and old car bank loan(OCBC) still outstanding under my name. Should I wait for a while more as there could be delay due to public holiday last week?