Transfer name?

[Wpower]

hi,

 

if i wanna do a transfer of ownership to another family member, need i redeem the existing loan? im thinking if i can let the family member refinance the existing and do a transfer.

 

 

anyone familiar with this?

 

 

pls advice

[Atlantis80]

Yes, the HP loan is tied to your name. So if you wanna transfer the car to your family member, you will need to redeem the loan and have your family member take up a loan to "buy" over this "used" car.

 

Beware of the Rule of 78 penalty

[Wpower]

how about refinancing?

 

can it be a alternative for redeeming? say family member take up this refinancing scheme from another bank and the existing loan will be carried over and carried on from then.

[Nautilus]

how about refinancing?

 

can it be a alternative for redeeming? say family member take up this refinancing scheme from another bank and the existing loan will be carried over and carried on from then.

 

You will still be liable for the rule of 78 penalty from your previous financer. It is just like redeeming your previous loan and taking up a new loan to pay for it.

[Chickensoup]

hi,

 

if i wanna do a transfer of ownership to another family member, need i redeem the existing loan? im thinking if i can let the family member refinance the existing and do a transfer.

 

 

anyone familiar with this?

 

 

pls advice

Very simple to understand this. Whanever you change the registered owners' name , the title of the ownership changes, so the finance company will have to re-do the loan package. This means redeem the loan, rule 78 applys plus some admin charge or penalty (terms may defer). Then re-apply car loan with new owner's income documents because liability is now on new owner.

 

In the eyes of the law, everyone is a individual regardless how they are related to the previous owner.

 

The bank may only approved the loan for you and not the next registered owner. In short, the loan is NOT transferable.

[Guyver]

hi,

 

if i wanna do a transfer of ownership to another family member, need i redeem the existing loan? im thinking if i can let the family member refinance the existing and do a transfer.

 

 

anyone familiar with this?

 

 

pls advice

 

Just let the other person continue the installment ..... if you trust that person.