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Transactional services for direct buyer & seller deals


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Neutral Newbie

Anyone has car to take over. I will pay for the paperwork. Looking for a car of 2-3 more years to use. Prefably 1.6l and below, Japanese make.

 

Dealers are charging exorbitant prices, skyrocket!

 

Just trying my luck here.

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Neutral Newbie

Question for the general board - should I expect used car prices to change significantly following 4 JUN?

 

I am looking at late 2005 and 2006 vehicles and don't have a problem to pay 50% down. I plan to own the vehicle through the full COE term and narrowed primarily to Lexus models (IS/GS) due to reliability + decent OMV.

 

I have found a very well-maintained GS with depreciation rate of about $11k/year that seems reasonable based on the market supply today. That said, I am trying to balance whether to pull the trigger now OR simply wait a month or so. For this range of vehicle, do you all think the used market pricing will drop out once the new MAS rules take effect?

 

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Neutral Newbie

Question for the general board - should I expect used car prices to change significantly following 4 JUN?

 

I am looking at late 2005 and 2006 vehicles and don't have a problem to pay 50% down. I plan to own the vehicle through the full COE term and narrowed primarily to Lexus models (IS/GS) due to reliability + decent OMV.

 

I have found a very well-maintained GS with depreciation rate of about $11k/year that seems reasonable based on the market supply today. That said, I am trying to balance whether to pull the trigger now OR simply wait a month or so. For this range of vehicle, do you all think the used market pricing will drop out once the new MAS rules take effect?

 

If I were you, I would choose to wait till after 4 June. For the reason that, there are less demand (translate to less competition) to buy used car and generally, I would expect the car price to drop when lesser demand on used car. However, on the flip side, you may wish to also consider that, the choice of a better condition car would be lesser or limited as compared to current market used cars available. This is because, dealers are clearing their old stock now and would less willing to take in any new stock ever since the new rule kick in. Hence, once old stock cleared, new stock will be much lesser than current stock level. Hence, less chance for you to find a good condition car with lower price. This is my personal view :)

 

 

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Neutral Newbie

Hi all,

 

 

My name is Chris and currently taking my driving licence and soon enuff will be able 2 pass out thinking of getting a car any recomendation or advice

i am preparing 2 take a loan and plus cash upfront payment around 50,000 possible 2 get a car based on this price tag?

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First, it depend how much is the vehicle price. From there, you will need to loan how much is the LTV whether you can loan up to 60% or only 50% of the vehicle price.

 

It also depend on your monthly income whether you have met the minimum income requirement to loan with the bank.

 

Lastly, your insurance will be very high especially those driver who have just passed their driving license, not to mention if you are 27 years old and below.

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Neutral Newbie

Hi

 

I am buying from a direct owner a 2007 car. I have only manage to get a 40% bank loan from the agent he appointed and will be releasing the rest of the funds to him in Cash.

 

I'm a little worried as there is no proper agreement and everything is verbal. Is there a way where sgcarmart office can be a witness. How can we be certain that the transaction will be a smooth one.

 

Pls help

 

 

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(edited)

Hi

 

I am buying from a direct owner a 2007 car. I have only manage to get a 40% bank loan from the agent he appointed and will be releasing the rest of the funds to him in Cash.

 

I'm a little worried as there is no proper agreement and everything is verbal. Is there a way where sgcarmart office can be a witness. How can we be certain that the transaction will be a smooth one.

 

Pls help

 

cannot base on verbal only.. else later u give cash $$ already he said never take. how?

 

best is cashier order.. strictly no cash..

 

u need to have some sorts of paperwork or agreement on hand.. do you have the NRIC copy of seller? or at least take down his particular?? ask the agent to do the paperwork for u.. else u say u not comfortable to pay the rest.. :)

Edited by Yenyenpark
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Hi everyone,

 

I wonder how the payment & transfer of vehicles are supposed to be done between buyer & seller when there are no bank loan involved? This sale is done thru consignment basis.

 

I understand that I need to prepare cashiers order to the seller, then he will release the car to me & then the dealer will do the transfer of name after that, maybe next day.

But my worry is - what if I give him the cashiers order, he hand me the car, but then the dealer don't transfer the name or he don't authorise the transfer of name to me? That means he's legally still the owner & he actually can seize the car from me...

But yet to be fair, on his part he also worry that if he pass me the car & transfer name to me first, then I don't give him money in full or if my cashiers order is a fluke, then he lose his car yet get no money back...

 

Besides signing bilateral documents which is technically no use, what can be done to make both parties feel safe?

 

I've asked the dealer to ask the seller to come LTA together to do the transfer and then we go to bank with him so he can cash in the cashiers order, but apparently he is leaving the dealer to run everything for him, as long as he gets paid first before he signs & authorised the transfer... But he has already passed the car to the dealer to help me touch up some paintwork...

 

Although he is ok to hand the car over, in the eyes of the law, LTA transfer is still most important as it means legal ownership..

 

So what can I do to circumvent this catch 22 situation, so that I minimize my risks...

 

As u can see, it's bugging me and giving me insomnia until this late hour...

So any legit advise from gurus are appreciated.

 

Thanks in advance.

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Neutral Newbie

a bit tricky....that is why i try to avoid consignment car whenever possible....but every business dealing has its own risk.....if i were you i would break the payment into 3 stages: 1) deposit of $500-$1000, 2) downpayment upon collection of car between 40% to 60% (cashier's order), and 3) balance payment right after LTA transfer using either direct transfer, cash cheque, or cashier order.......there is no way to eliminate the risk but the best thing is to reduce it [:(]

 

of course you gotta get the consensus of the seller and dealer, then put it in contract

 

not sure if anyone else has other suggestion?

 

 

Hi everyone,

 

I wonder how the payment & transfer of vehicles are supposed to be done between buyer & seller when there are no bank loan involved? This sale is done thru consignment basis.

 

I understand that I need to prepare cashiers order to the seller, then he will release the car to me & then the dealer will do the transfer of name after that, maybe next day.

But my worry is - what if I give him the cashiers order, he hand me the car, but then the dealer don't transfer the name or he don't authorise the transfer of name to me? That means he's legally still the owner & he actually can seize the car from me...

But yet to be fair, on his part he also worry that if he pass me the car & transfer name to me first, then I don't give him money in full or if my cashiers order is a fluke, then he lose his car yet get no money back...

 

Besides signing bilateral documents which is technically no use, what can be done to make both parties feel safe?

 

I've asked the dealer to ask the seller to come LTA together to do the transfer and then we go to bank with him so he can cash in the cashiers order, but apparently he is leaving the dealer to run everything for him, as long as he gets paid first before he signs & authorised the transfer... But he has already passed the car to the dealer to help me touch up some paintwork...

 

Although he is ok to hand the car over, in the eyes of the law, LTA transfer is still most important as it means legal ownership..

 

So what can I do to circumvent this catch 22 situation, so that I minimize my risks...

 

As u can see, it's bugging me and giving me insomnia until this late hour...

So any legit advise from gurus are appreciated.

 

Thanks in advance.

 

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Thanks cygnus for the valuable advise.

Just got home from meeting with dealer.

Initially, Dealer says the owner still have outstanding loan & needs me to settle the loan for him first before he willing to do transfer for me.... Man... If I settle the loan for him first & he change his mind about transferring the car to me, then I'm stuck... Plus the headache of counting cents for the loan settlement.

Luckily, I insisted that I will not pay a single cent until the car is transferred to me.

My argument is that the cashier's order once made out can't be cancelled, the risk for them is minimal.

Dealer did not want to come into the picture as consignment car is technically transferred to me direct without the dealer coming into the picture to buy the car & transfer it to the company's name first etc.

After playing ping pong, i finally got the dealer to come into the picture, and the arrangements that we agreed upon is as follows:

Dealer settle seller's outstanding loan first using their money.

Dealer obtain bank's letter to show full settlement.

Seller authorize the transfer of the car to me & dealer take car from seller for touch up.

Once car ready for collection, I make out cashier order in dealer's name.

Once dealer see cashier order, the Dealer let me collect car & together we go LTA to let me witness the transfer of name to me.

Once name is transferred to me, I hand over cashiers order to dealer.

Dealer then return any outstanding amount to seller.

In this case dealer takes the risks and I'm secure from any fraud as I ensure I have both car & transfer in my name before releasing the money.

So it's a lucky turn for me...🍀

Just hope the dealer sticks to their word & follow thru with this so that I can minimize risk & inconveniences.

Once again, thanks for the kind sharing Cygnus.

😊👍

 

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Neutral Newbie

Greetings,

 

Is there a penalty for full settlement if i took a cashback when i purchased the car?

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Neutral Newbie

Dealer did not want to come into the picture as consignment car is technically transferred to me direct without the dealer coming into the picture to buy the car & transfer it to the company's name first etc.

 

Had a bad experience with consignment my car. My car was on consignment (as i not in hurry to sell) I was guaranteed that my car number will not be made know, true enough the post in a popular used car website is blacken, but when i check around, my vehicle registration was being circulated around although the used car website maintain they did not and will not. I pull out finally. I got to know when one dealer walk up to me when i was signing my new car sale commented, "we have already seen your car few month already". Guess got to be extra careful even with consignment too. :angry:

 

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Neutral Newbie

hi all, I'm looking to sell my car, a two door sports car (V8), for a very good price as I'm moving abroad.

 

What might be best way to get a quick deal done?

 

Thanks!

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My advice to u, collect cheque on the day of transfer. why is there a need to wait 2 days? Being co-operative, u could pass him all the doument that is needed for transfer of ownership. But when i come to payment. Request for a cheque on the day of transfer. Don't wait 2 days. Not even wait 1 day.

cheque can bounce.

 

rule of thumb. always demand cashier's order from dealer.

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Trying to sell my 2010 may peugeot 308sw. Bought at $98k one year ago. Now the highest offer received was $85k. Do you think its a good offer? 2010 cars have good coe value compared to those 2009 cars selling now. Planning to downgrade to something smaller.

one year lose 13k ... suck thumb [laugh]

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