How should I make the remaining full payment to my PI?

[Skiver]

Hi!

 

I am making full payment to my PI but would like to know what should be the safer and correct procedure?

My options are cash, cashier order or cheque but cheque got to give 2 days earlier..

 

Appreciate all sharing.

Thanks!

[Ladykillerz]

i did not buy any car from PI before.

but on the safe side, i think cheque will be better cause there is this "black/white" evidence?

also, if you are talking about "cashier order", one-for-one exchange (collect car then for the cashier order).

and i strongly disagree with cash payment to PI even if there is discount! =P

 

just my opinion and baseless.~

[Skiver]

Thanks for sharing!

 

PI told me need the money for registration which I have second tot on that..

Tot it should be paid on delivery.

[Vhtfhwlego]

By cheque is the best.

But seems like the PI dont trust you.

You trust them by purchasing a car worth easily $50k from them and they don't trust you with a cheque?

I feel that these are one of the low class PI and buyers should avoid.

[Lex250]

TS,

 

The PI simply needs your cash to do their business. Very terrible but smaller outfits are like that. I know many local businesses are run like that.

 

In any case, cheque u have to give 2 days before...LL means they want your cheque cleared first.

 

My suggestion, tell them since they don't trust you , you should not trust them too...perhaps negotiate a 80% payment with the bal on delivery?

 

Do read you S&P also....

 

Cheers hope it works out and you get your car asap

[Maroon5]

make sure cheque written to company name and not salesman name.

[Hiphiphoray]

Use cheque safest rah. Wait for another 2 days wont do any harm to both parties.

 

But it does clear off hell a lot of unwanted risks. 1001 things can go wrong when you least expected.

 

And make sure cheque is issue to the company, not to any person's name! Very important.!!!

Edited March 25, 2010 by Hiphiphoray

[Konstrain]

my pi asked me to pay by cheque.

[Leepee]

Always pay by cheques....two day then two day loh.

Won't die.

If the salesman eat your cashier order or cash...that is worst!

 

[Shanhz]

i would assume you pay a deposit, they register the car, on the day of collection, you do one for one exchange - chq vs car.

 

if you pay "in advance", there is seriously some flaw somewhere. they prob cannot afford to register the car first using their internal cashflow.

[Ladykillerz]

make sure cheque written to company name and not salesman name.

 

What Maroon5 said is correct.

Company name and not salesman name!

[Skiver]

Thanks for all advices..

 

PI said that need to give cheque then register car after cheque is cleared. I think that is a bit crazy since deposit was placed.

So think might give cashier order with company name as payee on the day of registration cum collection.

 

Should be safe right?

[Leepee]

That is why sometimes is best to take a low value bank loan for one year with the PI.

Let the bank take the risk of PI playing punk with the car for the first year.

 

I mean technically the PI also scared after registerig the car in your name, and your cheques bounced two days later. U see you would have taken the car keys and PI cannot get the money.

If I am PI, I will also want to confirm that the cashier order is valid when the money is physically in my bank before handing u the key. Cashier order also can report lost and nullified leh!

 

Best is the PI register the car in your name in good faith, holds on to the keys, till the cheques cleared into the PI banks before handing over the car.

In the two days wait, the car owner can go checked LTA website to verify that the car is indeed already registered in his name. If not still can cancel the cheques, or quickly take out some funds from the cheque account so that the cheques has insufficient funds to be valid!

 

I went thru the same trusting and agreement with my PI when I bought my BMW recently.

 

 

[Leepee]

I think this PI is really too kiasi. The boss already paid for the cars importation and registering fees! What is the fear of the owner not paying for the remaining full payment?

Like I say, the PI can hold on to the keys till the cheques clear. I think it's the salesman that is bullsheeting. The boss already fork out money for the cars already, no need to really survive/depends on the remaining money for registering.

 

U know PI salesman la, talk too much untill they talk no sense!