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11 replies to this topic | 59 praises

#1

Posted 10 November 2017 - 02:10 PM

Agent008
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How to change vehicle ownership from father to son?

I call lta. Lta say must change insurance.

I call car insurance, insurance say must change vehicle ownership at lta first.
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#2

Posted 10 November 2017 - 02:16 PM

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Insurance not transferable.

Gotta transfer car ownership w LTA first. Son has to get own cover note for the insurance b4 can do transfer

Car ownership on log card will count as 2 owner. Doesn't matter if Father to Son, Daughter, granmarder, etc

#3

Posted 10 November 2017 - 02:51 PM

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Insurance is not transferrable, so need to get new insurance for the car. Only with new insurance's cover note, then can do the transfer at LTA. Need to pay $$ for transfer, just like buying/selling car.

 

While insurance is not transferable, the NCD might be transferable, if applicable. Some insurance companies will allow, while most will not. So if the father has 50% NCD, and is not planning to get another car within the next 1 year, can ask to transfer the NCD.


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#4

Posted 10 November 2017 - 03:11 PM

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In the past it is doable. For current, I would say just keep the dad's name and you are the additional driver. Else next time you sell to dealers they will take it as 3rd hand.

Edited by Andyngps, 10 November 2017 - 03:11 PM.


#5

Posted 10 November 2017 - 03:37 PM

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go apply insurance in your name and pay the premium. Insurance issue you a cover copy of your insurance. With this go to LTA with your dad to fill up transfer form, pay $11 transfer fee and the car is under your name...

 

i am assuming no loan on car

 

If there is loan, settle loan then after 1 day see above. I think no need transaction pin from bank since your dad going down with you, please ask bank to confirm

 

if loan but no money settle loan, i think just remain your dad name better


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#6

Posted 10 November 2017 - 03:56 PM

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what Galantspeedz mentioned is correct.

 

loan must clean before transfer can be done, no matter father/son or strangers. 

buyer (son) need to buy insurance on the car before transfer can be done. 

Once loan cleared, insurance bought, both father and son just go to LTA office with IC to do the transfer, payment over counter is $11.

please also check that road tax is up to date. 

after that father call insurance company to cancel policy.  [grin]


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with the spirit of the MCF tiko club..............We are................ TIKO RANGERS!!!


#7

Posted 10 November 2017 - 04:31 PM

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Wah sei....MCFers can give better explanation than LTA. Kudos
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#8

Posted 10 November 2017 - 05:20 PM

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LTA so funny.  Chenghu is Chenghu.

 

Father to son is no different from seller to any buyer.  Just follow that.

 

Obviously car ownership must have insurance cover. 

 

Loan must be cleared before sale/transfer.


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#9

Posted 10 November 2017 - 08:03 PM

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How to change vehicle ownership from father to son?

I call lta. Lta say must change insurance.

I call car insurance, insurance say must change vehicle ownership at lta first.

 

What's the intention to change ownership? Is your dad getting on and the quoted insurance premium is now getting too high? Or is he thinking to reduce his liability (i.e. reduce loan for improving credit bureau report)?

 

As detailed by so many helpful members here, there is the question of outstanding loan on your existing home - not as straightforward and just transferring the name over to you even if you are the one servicing the loan for your father.

 

So, just to be clear, the steps you need to execute to effect the change are exactly as per how you would purchase a car from any third party.

  1. Existing loan must be settled with the finance company; concurrently, you have to secure a new loan with another (or the same) finance company - this is to trigger the Form B release to LTA for them to perform the transfer.
  2. Apply for new insurance under your name - and check if you can transfer your father's NCD over to you.
  3. Head down to LTA with both your original NRICs, your insurance certificate and a completed Form M01 (Download it here) and pay $11 for the transfer.
  4. DONE!

Hope that helped.


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#10

Posted 21 November 2017 - 12:13 PM

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What's the intention to change ownership? Is your dad getting on and the quoted insurance premium is now getting too high? Or is he thinking to reduce his liability (i.e. reduce loan for improving credit bureau report)?

 

As detailed by so many helpful members here, there is the question of outstanding loan on your existing home - not as straightforward and just transferring the name over to you even if you are the one servicing the loan for your father.

 

So, just to be clear, the steps you need to execute to effect the change are exactly as per how you would purchase a car from any third party.

  1. Existing loan must be settled with the finance company; concurrently, you have to secure a new loan with another (or the same) finance company - this is to trigger the Form B release to LTA for them to perform the transfer.
  2. Apply for new insurance under your name - and check if you can transfer your father's NCD over to you.
  3. Head down to LTA with both your original NRICs, your insurance certificate and a completed Form M01 (Download it here) and pay $11 for the transfer.
  4. DONE!

Hope that helped.

 

Then what about road tax? Need to pay first before paying coe pqp?



#11

Posted 21 November 2017 - 12:24 PM

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Then what about road tax? Need to pay first before paying coe pqp?

 

You definitely need to have a valid road tax.. and should renew it if it is due or overdue... But as long as it is valid during time of transfer, it shouldn't matter..
 



#12

Posted 21 November 2017 - 12:33 PM

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How to change vehicle ownership from father to son?

I call lta. Lta say must change insurance.

I call car insurance, insurance say must change vehicle ownership at lta first.

 

When LTA say must change insurance, doesn't mean TRANSFER to your name.

 

It means, you get your OWN insurance under your name.


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