How to Transfer car ownership to another person?

[Powerkeong]

Hi, I wanted to get rid of my OPC ride now and my colleague is interested to take over. However, I doesn't know the procedure to transfer my bank loan to his? Anybody knows how am I going to go around doing it?

 

My Insurance also.. Dunno what to do with it..

 

I need to sell to him as trading in my car or sell to dealer = 8K loss!!!

 

How some experienced ppl here can help.

 

Ima under Maybank..

 

Thanks..

[Butakim]

Check with your finance company on the loan. Most likely, you have to fully redeem your loan and your colleague have to take up a new one. Can't transfer.

 

Same for insurance. He will have to get a new insurance. You can call up your insurance company. You need to terminate your insurance once your car is sold or else if your colleague have an accident on the date of transfer. It would be messy.

 

Also, check out www.onemotoring.com.sg for the transfer fee. LTA will charge a transfer fee of few hundred to few K to transfer the car.

[Chrispie]

If you really trust your friend, then can just make him pay you and you pay bank.. and nominate him as a 2nd driver under ur insurance..

 

but if he runs away.. good luck...

[Galantspeedz]

you can;t just transfer like that. It has to be a sale and purchase.

 

either you pay in full then he take loan from bank and chq issue to you

 

or

 

ask him seek loan from bank to pay to your current bank to redeem the loan

 

best is pay $500 and get a dealer settle the paperwork for you

[Ixat]

Find out your full settlement amount. Work out the installment your colleague will have to pay. It may be different from what you are paying now due to early settlement charges/penalty if any.

 

If both sides happy, than reckon you should find a dealer to do the paperwork (transfers, etc) and loan securing (they may have better chance of securing a loan in such times).

 

Just my 2 cents.

[Mage]

avoid "transfer". Do a clean redemption of ur loan & terminate ur insurances. Have ur colleague get his own insurance + loan on his own name & credit. Much cleaner.

[Sniperben]

LTA will not allow a transfer of ownership if the vehicle is under hire-purchase. you have to redeem your loan first.