Sell car before 3 yrs is up

[Cornycow]

Hi all. Just wanna ask if its possible to sell ur car away even b4 3 yrs is up. coz theres a clause in the contract stating that you have to fulfil at least 3 yrs of payment b4 u can actually sell your car, if not u will have a pay of sum of penalty. anione can advise?

[Fondue]

YES. You can sell your car anytime you like. And YES, penalties do applies, and its usually a % of the total interest payable for your loan. Just check with your bank and you'll have all the figures.

[Missing]

yes. u need to pay an early settlement fee. its base on ur interest.

got formula one..

[Ben0704]

most early settlement is subject to rule 78. for some, it may have additional clause. example are: full cash rebate refund if within first 36 months.

 

so, do check out the contract clearly.

[Cornycow]

is there a way to avoid the penalty? lol

[Hilander4650]

no way! just endure a few more month lor..the penalty kick could be between 3k to 5k

[Adwin]

If there was, singaporeans would change cars the moment new models came out liao lor.......

[Ben0704]

endure is the word.

[Simply_lex]

It depends if you have any agreement in the 1st place when purchasing the car.

If u have taken the loan rebate, then most likely u have agreed and also applies

you are not able to re-financing with another bank for the agreed period of time.

[Watwheels]

U mean b4 buying your 3 yr old car u dunno about all these??

 

Now u want advise?

 

No offense but a bit too late to ask for one. U should be aware of all these b4 committing on a car.

[Relagsingh]

heh... quite 'cham'

 

buy a car then have to endure.

 

in sg, buy something that you really want and make it last.

[Windwaver]

Hi all. Just wanna ask if its possible to sell ur car away even b4 3 yrs is up. coz theres a clause in the contract stating that you have to fulfil at least 3 yrs of payment b4 u can actually sell your car, if not u will have a pay of sum of penalty. anione can advise?

 

You took rebate? If not,it depends on how long your loan is.

[Ben0704]

with car keep getting facelift and new model coming out. it is easy to buy something you want, but difficult to make it last, because it is very tempting.

[DarkLord]

Almost everyone likes Evo and what-have-yous... But not everyone can afford mahz..

[Relagsingh]

that's why dun buy all these evo here, evo there. every 2 years one new evo, in between got different specs. knn, how to catch up? like you say, not everyone can afford. even those rich people also play until sian end up getting conti and can make them happy for a few more years.

 

should get those affordable timeless classics. here's my choices:

 

1) RX-8 (the RX-7 lasted 13 years)

2) Golf GTi (Built to last)

3) Alfa 159 (gorgeous looks, the 147s and 156s still looks good)

4) MX-5 (Need i say more)

5) MRS (every exclusive IMO, no more replacement)

6) JDM/UK CTR or CL7 euro R (just look at the resale market, old type Rs are still very highly sought after)

 

notice all my choices are within 80k to 120k.

 

For those who go for budget cars or dun see the need to drive a good car, good for you. Dun be caught in the rat race for cars.

[Relagsingh]

well, if the right choice is made, i believe we can resist the temptation

[Joetan23]

as per mentioned by many, there is a formula to calcuate the early settlement fee and mainly depend on the outstanding interests. If you taken rebate, worst still. However, not all financial centre imposed this (nowadays, almost all will have). Around 4 yrs ago when I bought my car, it does not have this "penalty". So will depend on your financial centre.

[Relagsingh]

The rule 78 is applied by all banks and finance companies for early settlement.