Vehicle transaction pin

[Sforester]

Folks, your advice will be appreciated..

 

I am selling my car to a private buyer. He actually engaged a friend (dealer) to help him to arrange the finances and ownership transfer arrangement.

The dealer actually asked me for my vehicle transaction pin because he mentioned that this pin is required for the bank to process my settlement and to facilitate the buyer's bank loan process.

Well, I understand that the pin is necessary for ownership transfer, but do the banks need the pin to process seller's loan settlement and buyer's loan arrangements?

I would thought that the pin is only required during actual transfer of ownership at LTA. I really don;t feel secured sharing my pin at this stage.

 

Bros/sises, any experience with this matter? Thanks.

[Jefkking]

Hi, Ya, don't provide any as "PIN" was meant for Transfer of ownership & nothing to do with loan arrangement.

Get him to meet you at your Finance Firm for the settlement of your outstanding loan of which is better way and if the buyer really need to loan from Fiinace, then his "friend" / "Broker" can do it at his own preference.

 

Make sure your loan is fully settlement before & get your balance CASH in your favor from the buyer before you agree to make arrangement for the transfer of car ownership or else it'll be too late for you to regret once transfer of ownership is done (Transfer fees shall be borne by buyer NOT you)

 

After that, surrender your Insurance for refunds of balance premium oif which you'll receive about 1 month later in form of cheque from your Insurance firm to your favor.

Edited November 3, 2011 by Jefkking

[Sforester]

Hi, Ya, don't provide any as "PIN" was meant for Transfer of ownership & nothing to do with loan arrangement.

Get him to meet you at your Finance Firm for the settlement of your outstanding loan of which is better way and if the buyer really need to loan from Fiinace, then his "friend" / "Broker" can do it at his own preference.

 

Make sure your loan is fully settlement before & get your balance CASH in your favor from the buyer before you agree to make arrangement for the transfer of car ownership or else it'll be too late for you to regret once transfer of ownership is done (Transfer fees shall be borne by buyer NOT you)

 

After that, surrender your Insurance for refunds of balance premium oif which you'll receive about 1 month later in form of cheque from your Insurance firm to your favor.

 

Bro, thanks very much for the useful tip. Cheers.

[Boxster]

Better dun give them the pin until they have fully paid you. The car can be transferred within mins after they have the pin. I have seen dealers transfer car by just having the pin and they call up their office and the transfer is done

[SGCMmaomao]

Folks, your advice will be appreciated..

 

I am selling my car to a private buyer. He actually engaged a friend (dealer) to help him to arrange the finances and ownership transfer arrangement.

The dealer actually asked me for my vehicle transaction pin because he mentioned that this pin is required for the bank to process my settlement and to facilitate the buyer's bank loan process.

Well, I understand that the pin is necessary for ownership transfer, but do the banks need the pin to process seller's loan settlement and buyer's loan arrangements?

I would thought that the pin is only required during actual transfer of ownership at LTA. I really don;t feel secured sharing my pin at this stage.

 

Bros/sises, any experience with this matter? Thanks.

 

yes... u r right... I never heard of this b4... care to share who is tat dealer? u can PM me..

[SGCMmaomao]

Hi, Ya, don't provide any as "PIN" was meant for Transfer of ownership & nothing to do with loan arrangement.

Get him to meet you at your Finance Firm for the settlement of your outstanding loan of which is better way and if the buyer really need to loan from Fiinace, then his "friend" / "Broker" can do it at his own preference.

 

Make sure your loan is fully settlement before & get your balance CASH in your favor from the buyer before you agree to make arrangement for the transfer of car ownership or else it'll be too late for you to regret once transfer of ownership is done (Transfer fees shall be borne by buyer NOT you)

 

After that, surrender your Insurance for refunds of balance premium oif which you'll receive about 1 month later in form of cheque from your Insurance firm to your favor.

 

 

if u wanna avoid all this, clear off ur o/s, once the bank release the form b, u can meet the buyer and dealer at LTA with ur IC to let them do the transfer of ownership on the spot.. then u can take the $$ at the same time...

[Patkuah]

"PIN" every car got pin ??? i don't know that .. after driving so many year .. what that hur..

[Alim]

Folks, your advice will be appreciated..

 

I am selling my car to a private buyer. He actually engaged a friend (dealer) to help him to arrange the finances and ownership transfer arrangement.

The dealer actually asked me for my vehicle transaction pin because he mentioned that this pin is required for the bank to process my settlement and to facilitate the buyer's bank loan process.

Well, I understand that the pin is necessary for ownership transfer, but do the banks need the pin to process seller's loan settlement and buyer's loan arrangements?

I would thought that the pin is only required during actual transfer of ownership at LTA. I really don;t feel secured sharing my pin at this stage.

 

Bros/sises, any experience with this matter? Thanks.

 

 

Before anything can happen, please put in place a sales agreement between you and the "dealer". Whether "dealer" and his friend has agreement you don't care.

 

With the agreement signed and deposit collected first, then he can apply the bank loan for the buyer.

 

Wait for approval-in-principle, other things like PIN and Full settlement can come later.

 

 

[Forgot2bme]

PIN is for dealers who have accounts with LTA and they can do transfer of vehicle online without having to make the trip down.. Else the conventional way is to have buyer and seller meet at LTA after settling any hire purchase balance and the transfer can be done over the counter.. PIN has nothing to do with loan if i'm not wrong.

[Zniper]

ya lor... wat pin? seriously i dun noe wor...

[Sforester]

ya lor... wat pin? seriously i dun noe wor...

It is a transaction Pin used for deregistering yr car or transfer ownership to another perso . Its confidential and can only be retrieved by current car owner. Treat it as a secret code that can unlock the deed of your car. Can be requested at LTA or onemotoring portal.

 

Guys, thanks for all inputs. I told the broker off in a subtle way and he seems unhappy (dun really care though).

[Nlatio]

Sorry to bring back an old thread, don't one to create a new one.... as I bought a new car from PI and trade in my ride... now my coe secured, I need to go pay balance payment for the ride and was told to apply transaction pin and bring along. Was told do not open the letter and pas to them on payment date.

 

Not too sure how all this work, need advise. Thanks.

[Blueray]

Sorry to bring back an old thread, don't one to create a new one.... as I bought a new car from PI and trade in my ride... now my coe secured, I need to go pay balance payment for the ride and was told to apply transaction pin and bring along. Was told do not open the letter and pas to them on payment date.

 

Not too sure how all this work, need advise. Thanks.

 

The pin is to enable the transfer of your trade in car to the dealer.

 

In my case, there was no instruction to not open the letter as it is addressed to me and I recall 2 letters were received, one PIN and one to inform that a PIN has been generated and mailed out.

 

Hope this helps.

[Nlatio]

The pin is to enable the transfer of your trade in car to the dealer.

 

In my case, there was no instruction to not open the letter as it is addressed to me and I recall 2 letters were received, one PIN and one to inform that a PIN has been generated and mailed out.

 

Hope this helps.

Thanks bro... so long they don't screw me.. haaa....

 

But I should get them to write down in the Contract somewhere??

[Alpha78]

Sorry to bring back an old thread, don't one to create a new one.... as I bought a new car from PI and trade in my ride... now my coe secured, I need to go pay balance payment for the ride and was told to apply transaction pin and bring along. Was told do not open the letter and pas to them on payment date.

 

Not too sure how all this work, need advise. Thanks.

When the dealer has your current car PIN, he will be able to transfer your current car to him. Not sure what's the industry practice, but I told my PI that I would bring the PIN document along when I hand over the old car and collect the new car. My salesman didn't have any issues with that arrangement.

[Blueray]

Thanks bro... so long they don't screw me.. haaa....

 

But I should get them to write down in the Contract somewhere??

 

Should be OK if the PI is a reputable company with track record.

 

I presume the understanding is one for one on day of delivery ? This should be pretty standard.

[Nlatio]

Thanks bro for the advise.... will tell him I pass to him when new ride ready and pass the pin to him when collect new ride and pass old ride to them.

[JCSL]

Vehicle Transfer Pin:

 

It is a PIN used to do transfer and also dereg.

 

I am sorry to be blunt, but please... stop being foolish about they can take your PIN and trf you car out just like that.

 

The trf can only be done when Full Settlement has been done and LTA clears it for transfer, else the PIN is a useless piece of paper.

 

 

Why Do The Dealer Want To Take The PIN? When Should You Release The PIN?

 

1. Dealer wants the PIN so that they feel safe to do settlement and after LTA release for Transfer they can effect transfer immediately, to prevent Seller play anyone out.

 

2. Seller should only release the PIN in such circumstances, eg.

Car sold for $50k, buyer takes a loan of $25K, balance of $25K in C/O or Cash or Chq(subject to clearance) you can release PIN upon recieving the $25K balance and Loan disbursement $25K. If seller has settlement, eg $20K, PIN should be released when Seller rcvd the balance of $30K less settlement

 

In all instances, seller collected the $ and car still under his/her name, there is no fear, in fact dealer sould be worried as money paid and awaiting Bank/Finance to raise Form B to LTA to clear for transfer.

 

 

Hope it helps to solve the "PIN" myth