Advise needed

[Ommph]

Hi,

 

I m collecting my Octy on 01 May 07......but my current car's installment is due on 28 Apr 07.

 

I tried calling the bank to stop the GIRO but they said i must call the auto loan bank (Citibank).

 

Questions:

 

1) If i call up the Citibank to stop the GIRO...will they ask me for full settlement on the spot? I have agreed to trade in my car so the used car dealer will settle the loan with my top-up. I understand that the full settlement shld be ard mif of May 07.

 

2) who is supposed to inform the Citibank? Me or CA or Used car dealer?

 

3) if they deduct my latest installment, my full settlement amt will be different. will the used car dealer pay me back?

 

4) Any better way on how to do this?

 

This is my 1st time trading in car so advices are greatly appreciated.

[Fisheye]

I think it should not be a problem...your car dealer should be able to refund by check the amount that was deducted a few days before your collection...but make sure you have an agreement bet yourself and the dealer

[Ommph]

So i need to make it clear to the used car dealer?? but i dun think i will see him when i collect my car.....can i go thru the SE in CA?

[BoneStock]

try not to use giro to pay car installments in the future.

[Ommph]

Just curious....shldn't the SE settle with the citibank to inform them?

Edited April 26, 2007 by Ommph

[Imamiah]

er... no offence, but ur advise is...er..rubbish

 

ommph, i've being paying car laon using for GIRO for my 3rd car now. dun worry about it. tink u scat lugi rite? wont lugi one lah, e full settlement amount (n interest rebates) will take into consideration e payments u hv paid up to the very settlement date.

 

worst case senario for me - new car arrive on 8th, GIRO on old car deduct 1 day later (coz due to administrative delay, GIRO not cancelled). e bank will rebate by cheque. but juz need to monitor urself

[Apollo]

giro arh... goto bank fill form.

 

no nid call. once u sign, giro will take 1-2 month to stop.

 

anyway, i always give lousy advise.. who else want it?

[Ommph]

but the used car dealer will settle the loan after i pass him my car,rite? so how can i monitor?? will citibank send me a full settlement document when it is settled? Sorry ah..a lot of questions to ask.

[BoneStock]

to each its own. my wife worked in banks for over 10 years...i am drivng my 5th car now.

[Quantum]

can collect car on public holiday mah?

[Redeel]

The used car dealer will get a full settlement receipt when they settle the outstanding loan. You can ask to see a copy of it. =)

 

eddie (90085584)

[Gz0707]

bro, any particular reason that you do not use Giro for installments? I am curious on this point.

[Ommph]

Oh...i din know dat...thanks! Shall ask for it.

[Ommph]

Can.......coz the car had already been registered. As long as the SE is working, i think can collect ba.