Shern25 2nd Gear August 30, 2008 Share August 30, 2008 I just sold my old car to a 2nd hand car dealer. The car is still with me and will transfer to him in about 2 weeks time. He has given me $1K deposits and I have banked in. The price he offered is actually close to $1K more than what the AD can offer me for trading in. Everything seems fine and smooth except... there is a finance form he said I am supposed to sign in order for him to check with the bank regarding my bank loan. After I signed on the line, he asked me to sign again on a blank portion a distance away from my first signature. The form was only printed on half of the paper with the other half empty. So he got me to sign again on the empty portion of the paper, saying the bank required it for verification on the first signature. I did what he told me without 2nd thot, but now i realised this is not really right. Will he make use of my 2nd signature on the empty part of the paper to work things out to trick me into some hefty loan or smtg like that? Does anyone who has this experience when selling his car? I intend to call the bank to verify if this is a standard practice, and will go into his office next week without calling him to catch him by surprise to demand an explanation and to scribble off my 2nd signature...i hope I will not be too late.... ↡ Advertisement Link to post Share on other sites More sharing options...
Shern25 2nd Gear August 30, 2008 Author Share August 30, 2008 Link to post Share on other sites More sharing options...
Cs3004 1st Gear August 30, 2008 Share August 30, 2008 Never sign anything without reading. I brough a secondhand conti car from the dealer 6 year back and sign the paper without reading. At the end, I was told to pay additional $1200 per year for my 7 year loan. I went to the lawer and CASE but I am still in the losing end because they had my signature. Expensive lesson learn. I had to fetch out almost 10K when I sell my car after driving for less then 3year. Link to post Share on other sites More sharing options...
Modykoh 1st Gear August 30, 2008 Share August 30, 2008 call him to clarify lor... one more thing...make copy of the doc yu signed... this is the baseline doc if you worry of fraud. hope that help Link to post Share on other sites More sharing options...
Shern25 2nd Gear August 30, 2008 Author Share August 30, 2008 wah...so jialat. really a heavy lesson learnt. I think I better act quickly first thing on mon. Really thanks for sharing your lesson learnt. Link to post Share on other sites More sharing options...
Shern25 2nd Gear August 30, 2008 Author Share August 30, 2008 Thanks for the advice. I will look for him on mon. Link to post Share on other sites More sharing options...
Modykoh 1st Gear August 31, 2008 Share August 31, 2008 your case An la....sleep well don worry...should be happy to get your ride...think of wat mod to do instead.. Link to post Share on other sites More sharing options...
Chrispie 5th Gear August 31, 2008 Share August 31, 2008 i just sold my car too. The car is still with me and intended date dealer will take away the car is tuesday. What i did was that i agreed on the price he will take my car, and i call the bank for the full settlement. Bank told me amt is 34k, and dealer promised me 24k. So in the end i need to top up 10k. I will write a cheque of 10k payable to bank, and dealer will pay 24k on my behalf. Thinking of that, i reckon that there is a chance he does not pay the bank and drive the car away... and my loan not settled as promise. Abit scared leh.. Any thing i can do to safeguard myself before tue he is to take my car and do the transfer? Hope to get some advise... Link to post Share on other sites More sharing options...
Shern25 2nd Gear August 31, 2008 Author Share August 31, 2008 Thanks. But what if after enjoying the ride for few months, then comes a lawyer letter sueing me for defaulting payment of tens of thousands and demand immediate payment... I have experience this before few years back when I rented a flat and the owner use my wife's photocopied I/C to buy a car. Then we receivied a lawyer letter saying we own the car company $50K. In the end nothing happen as the car company found the car, but it was really a week of sleepless night, an experience I do not want to go thru again. Link to post Share on other sites More sharing options...
Shern25 2nd Gear August 31, 2008 Author Share August 31, 2008 Never never pass your car to the dealer until u called the bank and confirmed that your loan is completely settled (including the 10K u passed to him, make sure it has paid to the bank also). There is no such thing as passing the car to him with the loan not completely paid off. Be very careful and make your stand to protect yourself. Remember that you are dealing with someone very experienced in this area so he is a very strong opponent to you if he have intention to work things out against you. Link to post Share on other sites More sharing options...
Carmour 4th Gear August 31, 2008 Share August 31, 2008 Hi Chrispie, Your car cannot be transferred until your loan is fully paid up. So no worries on dealers cheating you of your car. It is a standard practise for the dealer to take-over the car before settling the loan, and doing the transfer. Writing a cheque of $10K to the bank to settle your loan may not be acceptable. The dealer may request for a cashier's order. Actually, dealers are as afraid of getting cheated by consumers as you are afraid of getting cheated by them. Plenty of dealers getting played out by consumers, just that they do not speak out in the forums. Link to post Share on other sites More sharing options...
Chrispie 5th Gear August 31, 2008 Share August 31, 2008 I think what can be done is also for the dealer to send me the cheque of 24k payable to the bank and i be the one to submit both cheques for the settlement, while this time he can do the trf at LTA. That should save the time and safeguard both parties. Link to post Share on other sites More sharing options...
Shern25 2nd Gear August 31, 2008 Author Share August 31, 2008 The dealer will not do that by passing u the cheque because u can run away with his $24K so he also scared u cheat him. Best is to wait until he settled the loan for u, then pass him your car. Link to post Share on other sites More sharing options...
Shern25 2nd Gear August 31, 2008 Author Share August 31, 2008 There is one true case in spore when the dealer take the owner's car without settling the loan and promised will handle all paper work. Then in the end the car was exported to a european country, causing problem to the exporter when he realised the car was not de-registered at all, and causing the owner having to pay double loans (one for his new car, and the other for his old car that has been exported). The dealer ran away and cannot be found, cheating both the owner and the exporter. The owner has no choice but to keep paying the outstanding loan for his old car on top of the loan for his new car which is bought from the same dealer also. So it's really crucial that we do not pass the car to any dealer until we called the bank to confirm the loan has been settled. Link to post Share on other sites More sharing options...
Chrispie 5th Gear August 31, 2008 Share August 31, 2008 bro, i think the dealer has no grounds to be worried because: 1. His cheque is payable to bank and not me. 2. When he hands me the cheque, i pass him all the signed documents and IC for him to do the transfer. So the car will be transfered to his name already. The only problem arise only when the cheque he issued bounce... Link to post Share on other sites More sharing options...
Carmour 4th Gear August 31, 2008 Share August 31, 2008 Your concerns are valid too. But if you insist to this method doing things, I doubt that many dealers (or even car buyers) will be willing to deal. Reason is that after the loan is settled, many things could happen if the seller is still holding on to the car. 1) car crashes 2) car accessories are taken out 3) seller refuses to hand over car As I said, you are scared of the dealer, the dealer is also scared of you. Cheers. Just pointing out the standard industry practices. Link to post Share on other sites More sharing options...
Shern25 2nd Gear August 31, 2008 Author Share August 31, 2008 Then you can wait until the cheque has been accepted into the bank before u pass the car to him... Link to post Share on other sites More sharing options...
Chrispie 5th Gear August 31, 2008 Share August 31, 2008 I just wonder if such a problem may happens: 1. The loan not settled 2. The car transfer successful. 3. Becomes a situation that legally he owns the car. 4. I am still liable for the loan as it is not settled successfully. 5. He can do what ever he wants with the car... Any one that can enlighten me? ↡ Advertisement Link to post Share on other sites More sharing options...
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