Sale to dealer qns

[Forummer]

Hi

 

I have sold off my car to a dealer and handed over the car physically yesterday.

 

I got with me now the sales and purchase agreement which states at what time I handed over the car, loan redemption amount, agreed price I am selling to them the car. They have already gotten hold of the pin from LTA for me to make the transfer. My IC is with me now.

 

I have also with me the loan redemption amount from my finance company which the dealer had made a request 3 days ago on my behalf. The finance company said in the letter that payment has to be done by Wed, 12 noon.

 

There is no topping up required on both ends.

 

I am concerned that they do not make good the payment to the finance company by the stipulated date and time as I have heard horror stories before.

 

What can I do or should I just wait? Please advice.

[Marky3113]

seems like everything is in order, if the dealer never do the finance settlement for you, the PIN is useless as the car will not be able to be transferred as it still has outstanding finance on it

 

finance settlement will take some time, car's title will usually clear 1 working day after payment has been received your finance company. then car get transferred to the dealer and u can log into onemotoring.com to check if car still reg under your name.

[Forummer]

seems like everything is in order, if the dealer never do the finance settlement for you, the PIN is useless as the car will not be able to be transferred as it still has outstanding finance on it

 

finance settlement will take some time, car's title will usually clear 1 working day after payment has been received your finance company. then car get transferred to the dealer and u can log into onemotoring.com to check if car still reg under your name.

 

Ok. So if I do go in on Wed/Thurs to one motoring and key in my number plate plus NRIC, and I do not see my car means it is transferred?

 

I actually send an email to the finance company to do a chaser to the dealer on my behalf. I told the finance company to keep it confidential between me and the bank.

[Forummer]

Hi any bros out there to clear my doubts? Or am I worrying too much?

 

So far dealer has not made payment. Bank says they have all the way to 28 May noon to make payment by cheque. If by cash, it can be on 31 May itself.

[Forummer]

anyone? called dealer.. he says no time to clear loan wor...

[Throttle2]

anyone? called dealer.. he says no time to clear loan wor...

 

 

Oh oh....lazy bugger type.

 

Which dealer?

 

Name and branch?

 

Did you trade in your car?

 

 

Edited May 28, 2013 by Throttle2

[Forummer]

Oh oh....lazy bugger type.

 

Which dealer?

 

Name and branch?

 

Did you trade in your car?

 

Its called CDM in short (C** D****n M****r) . Casetrust accredited and member of used car trade association.. Of course I know that even with all these, still cannot be trusted fully.

 

Not traded in. Just sell. Price offered was just nice to cover loan outstanding. No top up required from both sides.

 

Today 2pm was the cut off date for cheque payments.

 

He called me after I made two calls then he said,"My boss not in town. Also my admin havent do yet. sorry. tmr do." I told him, nowadays internet very powerful, once your name is destroyed, you are finished. So hurry up.

Edited May 28, 2013 by Forummer