Newbie Question: How to transfer car under Dad's Name to me?

[Amokduke]

Hi,

 

recently my dad has retired and has pass the usage of the family car to me. What should I do to "take over" the car? Including the bank loan and stuff.. Do I look for LTA or the bank that is financing the car? What is the procedure? Thanks in advance! =)

[Alim]

No need to go through the transfer since it's your dad.

 

You just pay his monthly installment and use his insurance as a add-on driver will be cheaper.

 

Otherwise, your dad needs to full settle with bank and you need to get a new loan to takeover, plus insurance likely to be higher for you also. Not to forget, you still need to pay transfer fees etc.

 

 

[Icebrush79]

Hi,

 

recently my dad has retired and has pass the usage of the family car to me. What should I do to "take over" the car? Including the bank loan and stuff.. Do I look for LTA or the bank that is financing the car? What is the procedure? Thanks in advance! =)

 

Your avatar is dammed cute...

 

Well, you have to get the transfer of ownership via LTA. There's a fee that you have to pay for this... (depending on the car in question)

 

As for the bank loan and stuff, its dependent on certain factors.

 

I don't believe in taking loans for cars, cuz its not considered a very big ticket item... so personally If possible, settle the loan (if there'se any outstanding) in full...

 

Else, save the hassle of calling the bank and undertaking the loan to your name, at most, pay your dad whatever amount he has to fork out every month...

save you lots of paperwork.

[Babyt]

what happen if the owner of the car is dead and how to transfer the car to next immediate family member?

[Blackyv]

Your avatar is dammed cute...

 

Well, you have to get the transfer of ownership via LTA. There's a fee that you have to pay for this... (depending on the car in question)

 

As for the bank loan and stuff, its dependent on certain factors.

 

I don't believe in taking loans for cars, cuz its not considered a very big ticket item... so personally If possible, settle the loan (if there'se any outstanding) in full...

 

Else, save the hassle of calling the bank and undertaking the loan to your name, at most, pay your dad whatever amount he has to fork out every month...

save you lots of paperwork.

 

 

rich people talks are very different.... car is not consider a big ticket item....

[Icebrush79]

rich people talks are very different.... car is not consider a big ticket item....

 

Cut me some slack bro.... haha, its just a personal take lah....

 

I'm not rich

[Johnson28]

No need to go through the transfer since it's your dad.

 

You just pay his monthly installment and use his insurance as a add-on driver will be cheaper.

 

Otherwise, your dad needs to full settle with bank and you need to get a new loan to takeover, plus insurance likely to be higher for you also. Not to forget, you still need to pay transfer fees etc.

agreed.. least cost, least hassle

[Novestel]

Hi,

 

recently my dad has retired and has pass the usage of the family car to me. What should I do to "take over" the car? Including the bank loan and stuff.. Do I look for LTA or the bank that is financing the car? What is the procedure? Thanks in advance! =)

 

if possible, owner of the car remain as it is.

 

if name change, a lot of things would change. transfer of fees would be appro. $360 for 1600cc, depend on car.

insurance need to be in your name(might be higher). road tax must be valid. if loan is still servicing, need to redeem first and you take new loan(interest rate might be higher).

 

next time, if sell car, there is only one owner name, not the third and so on.

 

if all settle, you and your dad go lta to do the transfer, 5 minutes only, if no people.

 

[Alfc]

If you do official transfer, it will be like buying used car procedure - take bank loan + paper work at LTA.

But if you want to just "take over" without all the above hassle, then the consideration are more personal.

e.g legal title still your dad, something happen (touchwood), it is not your car but distributed per will (if any). So if got understanding among siblings then ok, otherwise later dispute. Also, if you default to pay your dad for some reason, the bank will go after him, not you. Or if you delay payment to him, then he becomes your "easy credit" in that sense.

Just think abt it.

[Leepee]

Father-Son....still want to talk about transfer the name?

Just carry on the bank installment with your own money, while the car remain under your father name.

Why waste the money on LTA transfer fees and insurance(under your name).

Save it to buy better tyres and others stuff for the car!!

 

 

 

[Kusje]

Insurance savings shouldn't be much of a factor because you're going to have to build up your own NCD sooner or later.

[Zyrofillica]

rich people talks are very different.... car is not consider a big ticket item....

 

wa but interest rate now is 2.18% for car loan, ill rather take the full payment for car go invest. get 3% per annum returns also better. Full down for car? That must be too rich already, got another 200k extra in investments le.

[Throttle2]

wa but interest rate now is 2.18% for car loan, ill rather take the full payment for car go invest. get 3% per annum returns also better. Full down for car? That must be too rich already, got another 200k extra in investments le.

 

 

actually only another $200k extra is very very average, many forummers here have that

 

 

[Throttle2]

Cut me some slack bro.... haha, its just a personal take lah....

 

I'm not rich

 

 

Yeah, you're not.

but your parents are OK so you are more fortunate in terms of financial status overall.

[Zyrofillica]

i dun believe in taking loans too. hard to buy anything expensive though if you live by this mantra. maybe cos i bo lui.

[Zyrofillica]

i dun believe in taking loans too. hard to buy anything expensive though if you live by this mantra. maybe cos i bo lui.

[Kiadaw]

i dun believe in taking loans too. hard to buy anything expensive though if you live by this mantra. maybe cos i bo lui.

 

Even big business & rich people take Loan from Banks. But if you can & prefer to pay in full cash, by all means.

[Amokduke]

Wah thanks for the help guys!,

 

I think in general, the suggestion is to take over in "name" only. Just pass him cash every mth will do.

 

He got NCD 50% already. so might as well continue have to car under his name to save $. Next time when I get my car, then I build up my own NCD.

 

 

Thanks =)