Carfreakz Clutched October 31, 2011 Share October 31, 2011 need some advice.... bought a 2nd hand honda accord last yr...but the car was under my wife name, due to some issues my loan cannot be approved. thinking of transfering the car to my name, possible? i understand this will hv another transfer to the log card. dealer told me in order to do that my wife have to "sell" my the car, the procedure is the same as me buying the car from another person, true? is there a way where my wife just transfer the ownership of the car to me, and i maintain my current loan amt? also by doing so, i need to have the insurance under my name too rite? coz currently insurance is also under my wife name, whihc is a whopping 5K! advise needed thanks in advance ! ↡ Advertisement Link to post Share on other sites More sharing options...
Old-driver 5th Gear October 31, 2011 Share October 31, 2011 need some advice.... bought a 2nd hand honda accord last yr...but the car was under my wife name, due to some issues my loan cannot be approved. thinking of transfering the car to my name, possible? i understand this will hv another transfer to the log card. dealer told me in order to do that my wife have to "sell" my the car, the procedure is the same as me buying the car from another person, true? is there a way where my wife just transfer the ownership of the car to me, and i maintain my current loan amt? also by doing so, i need to have the insurance under my name too rite? coz currently insurance is also under my wife name, whihc is a whopping 5K! advise needed thanks in advance ! Must do it the legal way dude... transfer name to you and yes, will add one more owner to the logcard. and check with your finance company on the loan thingy... Link to post Share on other sites More sharing options...
Hamburger Hypersonic October 31, 2011 Share October 31, 2011 need some advice.... bought a 2nd hand honda accord last yr...but the car was under my wife name, due to some issues my loan cannot be approved. thinking of transfering the car to my name, possible? i understand this will hv another transfer to the log card. dealer told me in order to do that my wife have to "sell" my the car, the procedure is the same as me buying the car from another person, true? is there a way where my wife just transfer the ownership of the car to me, and i maintain my current loan amt? also by doing so, i need to have the insurance under my name too rite? coz currently insurance is also under my wife name, whihc is a whopping 5K! advise needed thanks in advance ! in short.....no. this is no motorcycle Link to post Share on other sites More sharing options...
SGCMmaomao 6th Gear October 31, 2011 Share October 31, 2011 need some advice.... bought a 2nd hand honda accord last yr...but the car was under my wife name, due to some issues my loan cannot be approved. thinking of transfering the car to my name, possible? i understand this will hv another transfer to the log card. dealer told me in order to do that my wife have to "sell" my the car, the procedure is the same as me buying the car from another person, true? is there a way where my wife just transfer the ownership of the car to me, and i maintain my current loan amt? also by doing so, i need to have the insurance under my name too rite? coz currently insurance is also under my wife name, whihc is a whopping 5K! advise needed thanks in advance ! Hi.. U will not be able to do so unless u decided to pay in full.. From wife to u, u have to re-finance the loan and no u cannot just continue the loan like tat.. applying of loan require log card, they will reject the loan as ur wife and u have the same address. they will think tat u r trying to cheat $$ out from this.. 5k insurance premium, is ur wife below 27yo or her licence less than 2 years? or she had recently kanna a claim? Link to post Share on other sites More sharing options...
SGCMmaomao 6th Gear October 31, 2011 Share October 31, 2011 do not increase the no of owner at the log car for this kinda stunt.. if u wanna re-sell ur car, dealer will take this as an excuse to slash the price down.... Link to post Share on other sites More sharing options...
Carfreakz Clutched October 31, 2011 Author Share October 31, 2011 Hi.. U will not be able to do so unless u decided to pay in full.. From wife to u, u have to re-finance the loan and no u cannot just continue the loan like tat.. applying of loan require log card, they will reject the loan as ur wife and u have the same address. they will think tat u r trying to cheat $$ out from this.. 5k insurance premium, is ur wife below 27yo or her licence less than 2 years? or she had recently kanna a claim? my wife license is into her 3rd yr.... Link to post Share on other sites More sharing options...
Carfreakz Clutched October 31, 2011 Author Share October 31, 2011 (edited) in short, i cant transfer the ownership from my wife to me....sigh.....better dun hv any speeding tickets..if not i will be nagging non-stop, LOL in tat case, how abt the car under my wife name, but insurance under my name, my wife insurance premium is way too much.... coz i remember last time, when i was 20yrs old, the car is under my dad name and the insurance is under my name, though is slighly more expensive, but i believe is much cheaper than 5K!!!, based on me being 35yrs old.... thanks for the all the advise!! Edited October 31, 2011 by Carfreakz Link to post Share on other sites More sharing options...
Mllcg 3rd Gear October 31, 2011 Share October 31, 2011 (edited) in short, i cant transfer the ownership from my wife to me....sigh.....better dun hv any speeding tickets..if not i will be nagging non-stop, LOL in tat case, how abt the car under my wife name, but insurance under my name, my wife insurance premium is way too much.... coz i remember last time, when i was 20yrs old, the car is under my dad name and the insurance is under my name, though is slighly more expensive, but i believe is much cheaper than 5K!!!, based on me being 35yrs old.... thanks for the all the advise!! now cannot liao. insurance name and car name must be same person. if u are planning to drive the full 10 years, just transfer to your name. otherwise dont. Edited October 31, 2011 by Mllcg Link to post Share on other sites More sharing options...
Calvin79 2nd Gear October 31, 2011 Share October 31, 2011 Insurance can be under a different name... but the transfer can only be done if the loan is paid up... meaning u have to buy the car from your wife... not advisable to add on a additional owner unless u driving the balance of the years... even your wife sells to u cheap, u still got to pay up on the balance owed to the bank... guess its all about working out your sums to find out if its worth the trouble... i had the same problem in the past as my insurance premium went up due to claims... wanted to transfer to my dad but needed to settle in full... amount too big hence bo pian, continue paying high insurance... Link to post Share on other sites More sharing options...
Jonjees 1st Gear October 31, 2011 Share October 31, 2011 in short, i cant transfer the ownership from my wife to me....sigh.....better dun hv any speeding tickets..if not i will be nagging non-stop, LOL in tat case, how abt the car under my wife name, but insurance under my name, my wife insurance premium is way too much.... coz i remember last time, when i was 20yrs old, the car is under my dad name and the insurance is under my name, though is slighly more expensive, but i believe is much cheaper than 5K!!!, based on me being 35yrs old.... thanks for the all the advise!! That sort of insurance was a long time ago :) Basically you need to check the outstanding car loan amount on your ride, then go apply a loan for that amount. If approved then your wife "sells" the car to you. But like that bo hua cos you will lose out in the 78 rule. Easiest way is to sell your car and buy another that is in your name. Also for insurance, did you put yourself as named driver? In some cases, having yourself as named driver will bring down the insurance cost. Ask also for the highest possible excess, this will reduce the cost too. Link to post Share on other sites More sharing options...
Jonjees 1st Gear October 31, 2011 Share October 31, 2011 Insurance can be under a different name... but the transfer can only be done if the loan is paid up... meaning u have to buy the car from your wife... not advisable to add on a additional owner unless u driving the balance of the years... even your wife sells to u cheap, u still got to pay up on the balance owed to the bank... guess its all about working out your sums to find out if its worth the trouble... i had the same problem in the past as my insurance premium went up due to claims... wanted to transfer to my dad but needed to settle in full... amount too big hence bo pian, continue paying high insurance... should have checked if you can break even when you sell your ride after the accident. if you can break even, you should let it go and get another, then get insurance from another company. :) if cannot break even, its time to suck thumb ..... Link to post Share on other sites More sharing options...
Calvin79 2nd Gear October 31, 2011 Share October 31, 2011 should have checked if you can break even when you sell your ride after the accident. if you can break even, you should let it go and get another, then get insurance from another company. :) if cannot break even, its time to suck thumb ..... Couldnt break even cause the ride was less than 2 years that time... like u said... suck thumb and tahan... lucky thing for me was the increase of the COE prices early this year and managed to trade in the car for another one... got some money back to throw into the new 3 year old ride... sell high buy high... only good thing was the COE has since gone up even higher... Link to post Share on other sites More sharing options...
Jonjees 1st Gear October 31, 2011 Share October 31, 2011 Couldnt break even cause the ride was less than 2 years that time... like u said... suck thumb and tahan... lucky thing for me was the increase of the COE prices early this year and managed to trade in the car for another one... got some money back to throw into the new 3 year old ride... sell high buy high... only good thing was the COE has since gone up even higher... Amazing thing this COE isnt it? Sell high, buy high but can downgrade, buy cheaper with lower depreciation tahan until 2015, thats the slogan now :) Link to post Share on other sites More sharing options...
SGCMmaomao 6th Gear October 31, 2011 Share October 31, 2011 in short, i cant transfer the ownership from my wife to me....sigh.....better dun hv any speeding tickets..if not i will be nagging non-stop, LOL in tat case, how abt the car under my wife name, but insurance under my name, my wife insurance premium is way too much.... coz i remember last time, when i was 20yrs old, the car is under my dad name and the insurance is under my name, though is slighly more expensive, but i believe is much cheaper than 5K!!!, based on me being 35yrs old.... thanks for the all the advise!! Dun advise.. keep it under ur wifey name. If insurance is the issue.. Y not u ask ur broker to quote ur wifey as POLICYHOLDER and u r the PRIMARY driver, my understanding is the NCD will be build up under ur name instead.. the quote will be base more on u BUT ur wifey CANNOT drive the car AT ALL. Ur last time insurance not tat ex is how last time ago?? insurance premium increase almost every year.. ur wifey license over 2 years liao, her age leh? if less than 27yo she will still fall under "young and inexperience" clause. Honda brand loading points high high liao, be it accord, civic or jazz.. all super high de.. Link to post Share on other sites More sharing options...
SGCMmaomao 6th Gear October 31, 2011 Share October 31, 2011 else.. pay the premium via credit card installment.. usually it's interest free.. Link to post Share on other sites More sharing options...
Hamburger Hypersonic October 31, 2011 Share October 31, 2011 more over, there is still the transfer fee. Another hole in the pocket.... Link to post Share on other sites More sharing options...
Carfreakz Clutched November 1, 2011 Author Share November 1, 2011 thank all for the advise!!!! Link to post Share on other sites More sharing options...
Hyundai123 Neutral Newbie February 27, 2012 Share February 27, 2012 thank all for the advise!!!! I got the same issue as Carfreakz & my insurance premium shoot up. So it's not an idea to transfer ownership to my wife right? Btw, I got an accident while I am waiting for my new ride which will arrived in March... COE bid under my name already and LTA don't allow me to transfer ownership even before I take my car in March. ↡ Advertisement Link to post Share on other sites More sharing options...
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