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Hi, I am meeting with a problem and hope to get advise from fellow forumers on how to resolve this issue.

My car is registered under my elder brother name. He is currently meeting with some financial problems and may be declared bankrupt anytime. How do I go about tranfering the car ownership back to my name. The car still have a outstanding loan with Maybank and the road tax and insurance expired on the 2th May. Please advise on the prodedures that I should be doing to transfer the car ownership including the bank loan. Is there any second hand car dealer who could help to do the transfer

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Car transfer alone can cost more than 1k!

 

Brother & stranger, I think its almost no differences theoretically from selling his car to you.

 

I think you can call LTA that you wanted to do a car transfer. Once successful, all future documents of the car will be send to your @ your address instead.

 

Once under your name, you will need to get new insurance for the car. Does not matter even if date is over 2nd May, just that you can't drive until your got your insurance.

 

Haven't he renew the road tax. Mine expire in Nov & LTA already ask me to pay by 4th May if not ganna fine!

 

Not so sure about the financing part though.

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if there's still a loan with bank, u will need to pay off fully before a transfer...

 

or if u can look for some pte car company... they will need to pay the bank in full (take over the car) then sell to u as 2nd hand car... then u take a new loan...

 

but must see how much is the outstanding loan your bro have.... if is under high loan then he will need to pay 15 - 20k first in order to sell of the car... then u can take over... and of cos this company want to make some money also...

 

anyway i dont think is a good move to do transfer ownership of the car... u and your bro will watse at least 20k (or 30k) extra... no point

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Car transfer alone can cost more than 1k!

 

Brother & stranger, I think its almost no differences theoretically from selling his car to you.

 

I think you can call LTA that you wanted to do a car transfer. Once successful, all future documents of the car will be send to your @ your address instead.

 

Once under your name, you will need to get new insurance for the car. Does not matter even if date is over 2nd May, just that you can't drive until your got your insurance.

 

Haven't he renew the road tax. Mine expire in Nov & LTA already ask me to pay by 4th May if not ganna fine!

 

Not so sure about the financing part though.

 

Car transfer where got so exp??? [laugh]

 

When I bought a car from my friend few months ago, we simply went to a car dealer, paid couple of hundred (definitely under S$500) for them to handle ALL the administrative paper work. They include: -

 

1. Loan applications, and subsequent approvals (to various financial houses),

2. Insurance applications, and subsequent approvals (to various companies) - comparing whose premium is cheaper mah,

3. Transfer of car ownership - can be verified via the onemotoring website upon completion

4. Renewed road tax, etc

 

Beside the administrative surcharge, I gave them a cheque for the road tax renewal, car insurance and 1st month loan instalment. They settled all the necessary.

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Car transfer where got so exp??? [laugh]

 

When I bought a car from my friend few months ago, we simply went to a car dealer, paid couple of hundred (definitely under S$500) for them to handle ALL the administrative paper work. They include: -

 

1. Loan applications, and subsequent approvals (to various financial houses),

2. Insurance applications, and subsequent approvals (to various companies) - comparing whose premium is cheaper mah,

3. Transfer of car ownership - can be verified via the onemotoring website upon completion

4. Renewed road tax, etc

 

Beside the administrative surcharge, I gave them a cheque for the road tax renewal, car insurance and 1st month loan instalment. They settled all the necessary.

 

I forget to mention the car dealer also took care of settling the outstanding loan that my friend has on the said vehicle - with my friend's financial house, utilising the approved loan amount which mine dispersed, prior to refunding him the balance.

 

Kinda hasslefree for my friend and I - which is what we're looking for.

 

[;)]

Edited by Branteo

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Don't forget that car dealer will earn some from you other than the <$500 administrative charge. By going to bank for loan, they will get some form of cash return which is what you have to pay as interest. So they earn more than that <$500 admin charge

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Can PM me the contact for the Pte car dealer...

Would like to contact him for the transfer....

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Can PM me the contact for the Pte car dealer...

Would like to contact him for the transfer....

I really regret this move and vow never to do it again.....

 

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I forget to mention the car dealer also took care of settling the outstanding loan that my friend has on the said vehicle - with my friend's financial house, utilising the approved loan amount which mine dispersed, prior to refunding him the balance.

 

Kinda hasslefree for my friend and I - which is what we're looking for.

 

[;)]

 

this is when that car had break even with the loan...

but if someone buy a 60k car then take high loan (10yr zero down) u think in 1yr or 5yr can do this?

 

if in the 1st yr... as the 1st loan owner still got 80k outstanding from the bank... that owner need to top up 30k or at least 20k to clear off the int then the pte car company can re-apply the load for 2nd owner...

as u cannot take a loan so high to clear the 1st owner's int... no bank will do it...

 

if in the 5yr... think the 1st owner may also need to top up 10k only... then to clear off the 1st loan... then the company can do it as a 2nd hand car loan to 2nd owner....

 

is all up to the loan of that car... must see how much then can clear it off...

 

as for ts... hopefully his bro never take 10yr loan with zero down... if his bro put a 20k or 30k when buy that car.. then now shall be easy...

 

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if there is a loan, you will have to pay up the loan then you can transfer.

Since he will transfer to you then you have to take a loan from the bank and fully pay his car to his banker.

then if his car is paid for then can transfer to you lor.

 

 

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If he transfers the car over to you for anything less than its market value, his creditors will view it as an unauthorized transfer and can get the courts to sieze the car back. I hope you have proof that the car is yours (i.e. you've been paying for it and using it), otherwise you might have a problem.

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If he transfers the car over to you for anything less than its market value, his creditors will view it as an unauthorized transfer and can get the courts to sieze the car back. I hope you have proof that the car is yours (i.e. you've been paying for it and using it), otherwise you might have a problem.

 

 

Hey hey hey bro not reply to me.

I am not the TS.... [:p] [:p]

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Car transfer where got so exp??? [laugh]

 

Hi bro, I paid $1333 for my transfer. When I heard the figure, I was like, " What the @#%". Agent told me cause my car is "sports car", hence so expensive. What has the type of car has to do with some dude punching some stuff into a computer? Damn ridiculus if you ask me.

 

So better check & don't assume its some insignificant sum like me.

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Hi bro, I paid $1333 for my transfer. When I heard the figure, I was like, " What the @#%". Agent told me cause my car is "sports car", hence so expensive. What has the type of car has to do with some dude punching some stuff into a computer? Damn ridiculus if you ask me.

 

So better check & don't assume its some insignificant sum like me.

 

transfer fee is 3% of remaing ARF.. nothing to do with what type of car you buy

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transfer fee is 3% of remaing ARF.. nothing to do with what type of car you buy

 

Is it? Either way, its extortion in my opinion in part of LTA when its the same procedure for any car, why tag it to ARF?

 

LTA sure knows a thing or 2 to suck money out of motorists. :angry:

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