Mineral Clutched December 27, 2012 Share December 27, 2012 Dear bro and sis, Need your opinion and advice, hope you all can help. Recently I bought a new car and put down my deposit. At the same time, i will trade in my old car to the dealer. I took the full loan so I will get back tsome money from the dealer. I will collect my car soon. i need to hand over the old car to the dealer on the day when i colkect my new car. However I was told by the dealer that I only can get the trade in amount plus the deposit back from dealer after one month only. The dealer will pay me back with cheque, that's need time to process. This is the reason I got from the dealer. Is this the normal practice? Do you guy think this is normal when buy new car and trade in the old car with them? I thought I should collect the trade in amount plus the deposit from dealer after hand over my old car since the owner name of my old car will be transferred to dealer? Hope to hear from you guys soon . Thanks. ↡ Advertisement Link to post Share on other sites More sharing options...
Rayoflight 5th Gear December 27, 2012 Share December 27, 2012 (edited) b-------t! Which AD said this? By right when you trade in your car, they will at the same time do the full settlement for your old car and come out with the net proceeds to offset with your new car. Where got need 1mth! Even without trade in, previously when i sold my cars to direct buyers/dealers, they will settle everything and pass me the cheque / cash within 3days. Edited December 27, 2012 by Rayoflight Link to post Share on other sites More sharing options...
SGCMsmallcar 4th Gear December 28, 2012 Share December 28, 2012 Bro, dun trust them as your secondhand car will be taken by secondhand car dealers and not the agent. As for me just sold my ride too. I demanded cashier order on the day i hand over my ride. Everything went as planned. You will received emails n letter from LTA on the transfer of names. Pls take note that hand over car the transfer will be done less than 3 days. If not done means u still need to pay for your ex car installments as bank will come after you. Pls do your homework and dun get caught by this and screw your life up. Do your homework and enjoy yr new ride in peace. Link to post Share on other sites More sharing options...
Oakleykoh Neutral Newbie December 28, 2012 Share December 28, 2012 Full settlement should be done within 2-3 days. I faced this problem whereby my previous ride full settlement was not paid for 3 months, and I have to pay for 3 months Link to post Share on other sites More sharing options...
Fcw75 Hypersonic December 28, 2012 Share December 28, 2012 Dealer no money. Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged December 28, 2012 Share December 28, 2012 don't sell the car to them... obviously got some problem Link to post Share on other sites More sharing options...
Hamburger Hypersonic December 28, 2012 Share December 28, 2012 no cashier order no car handled over. can't do? deal is off. its that simple. Link to post Share on other sites More sharing options...
Mahjong74 Supercharged December 28, 2012 Share December 28, 2012 Dear bro and sis, Need your opinion and advice, hope you all can help. Recently I bought a new car and put down my deposit. At the same time, i will trade in my old car to the dealer. I took the full loan so I will get back tsome money from the dealer. I will collect my car soon. i need to hand over the old car to the dealer on the day when i colkect my new car. However I was told by the dealer that I only can get the trade in amount plus the deposit back from dealer after one month only. The dealer will pay me back with cheque, that's need time to process. This is the reason I got from the dealer. Is this the normal practice? Do you guy think this is normal when buy new car and trade in the old car with them? I thought I should collect the trade in amount plus the deposit from dealer after hand over my old car since the owner name of my old car will be transferred to dealer? Hope to hear from you guys soon . Thanks. Few years ago, trade in my old car for new. The car dealer do a full settlement for my old car the very same day. On the next day, the dealer come to my office, pass me the cheque and photocopy receipt of the full settlement from bank for my old car. I understand that normal practise is within 3 days. Good luck. Link to post Share on other sites More sharing options...
PorkChong Clutched December 28, 2012 Share December 28, 2012 once you hand over the car key and car,they will issue you a cheque.don't need to wait 1 month. Link to post Share on other sites More sharing options...
Briansoh 1st Gear December 28, 2012 Share December 28, 2012 Get cheque or cashiers order upon hand over. Even cheque might not be safe as it can bounce but sometimes no choice unless you willing to carry large amount of money. 1 month they trying to smoke you. Link to post Share on other sites More sharing options...
Mineral Clutched December 28, 2012 Author Share December 28, 2012 Hi thanks for your reply. I share the same thought as you too, one month is too long. Since I will pass the car to the dealer when I get my new car. In my case, I actually did not use the trade in amount to offset the new car price. Instead I took the full loan. So I should get back the trade in amount and the deposit from dealer upon collection if new car? Or what is the reasonable number of days usually for the dealer to pay u the trade in amount and deposit? Link to post Share on other sites More sharing options...
Ooosh 1st Gear December 28, 2012 Share December 28, 2012 What you have done is this - 1) Sell your car to a car dealer, get non-crossed cheque upon handing in car. 2) Go to Bank immediately to cash out the money and deposit into your account. (reason why is because some dealer after they found your car got scratches or whatever will hold back payment) 3) Use the money to go another dealer to buy another car you want. 4) Negotiate for $500 or less deposit and sign paper to ensure that if loan not approved, car after insepction got problem can take back deposit. A good thumb of rule is never trade in and buy from the same shop. Take money then with the cash, you have better negotating power and bargaining power too....from other dealers.. Link to post Share on other sites More sharing options...
Ooosh 1st Gear December 28, 2012 Share December 28, 2012 Sell car can be fast but buy car cannot be fast.... Link to post Share on other sites More sharing options...
Adrian_Tay Neutral Newbie January 5, 2013 Share January 5, 2013 I had the longest was for 1 week. The dealer said that they have to wait for the bank to reimburse the money after i sign the loan agreement form with them. Indeed 1 week later my car was settled and they showed me the bank prove. So i guess maybe if we were to loan the amount into the new car, we will need to wait for the bank to reimburse before the dealer will process with the payment. Link to post Share on other sites More sharing options...
Throttle2 Supersonic January 5, 2013 Share January 5, 2013 (edited) Dear bro and sis, Need your opinion and advice, hope you all can help. Recently I bought a new car and put down my deposit. At the same time, i will trade in my old car to the dealer. I took the full loan so I will get back tsome money from the dealer. I will collect my car soon. i need to hand over the old car to the dealer on the day when i colkect my new car. However I was told by the dealer that I only can get the trade in amount plus the deposit back from dealer after one month only. The dealer will pay me back with cheque, that's need time to process. This is the reason I got from the dealer. Is this the normal practice? Do you guy think this is normal when buy new car and trade in the old car with them? I thought I should collect the trade in amount plus the deposit from dealer after hand over my old car since the owner name of my old car will be transferred to dealer? Hope to hear from you guys soon . Thanks. Yi shou jiao chian yi shou jian huo. Otherwise black and white plse and no loner than 5 business days. KKN one month, then you give him the car in one month lor... Which dealer, what name? Just post here for our reference first. Edited January 5, 2013 by Throttle2 ↡ Advertisement Link to post Share on other sites More sharing options...
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