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SimonTan

Help: Bank loan cum Ownership transfer coordination.

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Anyone in the car industry can help?

 

Without going thru a car dealer or middle man. I know sometimes car middleman is useful.

But my father wish to try to do the sales himself, I am helping him because my father says the sales will free up some cash for his Hainan holidays and other future holidays. He just retired early this year.

 

My father is trying to sell away his fully paid Subaru Forester 2008, to one of his friend.

There is no loan on the car.

The buyer has personally applied for a bank loan.

 

I am not sure what type of documents the bank will issue when the bank loan is approved.

 

I also want to know, when will the bank issue the cheque/funds in my fathers' name or account.

Or when will the money be disbursed so that the car ownership can be effected.

 

Anyone works in bank or car dealers who know the steps?

 

 

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Anyone in the car industry can help?

 

Without going thru a car dealer or middle man. I know sometimes car middleman is useful.

But my father wish to try to do the sales himself, I am helping him because my father says the sales will free up some cash for his Hainan holidays and other future holidays. He just retired early this year.

 

My father is trying to sell away his fully paid Subaru Forester 2008, to one of his friend.

There is no loan on the car.

The buyer has personally applied for a bank loan.

 

I am not sure what type of documents the bank will issue when the bank loan is approved.

 

I also want to know, when will the bank issue the cheque/funds in my fathers' name or account.

Or when will the money be disbursed so that the car ownership can be effected.

 

Anyone works in bank or car dealers who know the steps?

 

bank will require a photocopy of logcard for loan assement..once done... i think your father should liase with bank and sign some documents with regards to the sale... most likely a bank officer will go with the owner which is your father to do the transfer then pass your father the cheque. Take note.. the buyer must ensure he has his insurance ready. after transefer is done. your father can also terminate roadtax and insurance... there will be pro rated rebates

 

different banks different process so ask the buyer for his loan officer and ask your dad to call him

 

Take note... this is ok for big banks.... if it is those normal inancing company... i would advise you to request for a cashier's order instead.

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Thanks for the prompt answer.

 

I see. If the bank is sending someone, then it's ok. Still a official middleman gives more reassurance that the buyer will not play tricks.

It's really that one day (3pm cut off), before the bank account will show the money is really in the bank that is worrying my father.

Maybe can hold the extra spare key for one extra day, and hand over when it's confirmed the money is really in the bank.

 

My thoughts on the car selling part from this case.

Sometimes having car loan is good, as you know even if the other side play punks, the LTA system will not allow transfer until the original car loan is cleared. Also since the bank is the real car owner, it's the bank responsibility to catch the fraud car buyer who is trying to cheat with a dud cashier orders.

 

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Thanks for the prompt answer.

 

I see. If the bank is sending someone, then it's ok. Still a official middleman gives more reassurance that the buyer will not play tricks.

It's really that one day (3pm cut off), before the bank account will show the money is really in the bank that is worrying my father.

Maybe can hold the extra spare key for one extra day, and hand over when it's confirmed the money is really in the bank.

 

My thoughts on the car selling part from this case.

Sometimes having car loan is good, as you know even if the other side play punks, the LTA system will not allow transfer until the original car loan is cleared. Also since the bank is the real car owner, it's the bank responsibility to catch the fraud car buyer who is trying to cheat with a dud cashier orders.

 

i dun think they will transfer the money... most likely it is cheque. that is why.. you need a reputable bank or financing company...

 

like i say different bank different procedure.... pass a copy of the logcard to the buyer so he can go bank and assess loan... once loan is ok.... ask your dad to ask the buyer for the bank officer name and contact and confirm the procedure...

 

if is reputable bank.. there is nothing to be scared of.. i think the bank is more scared that you and the buyer try to scam sia...

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Ok. Will tell my father to ask the buyer for the bank loan officers.

Seems good to go!

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Wait a minute. Cancel road tax was mentioned in your first reply.

I thought it will go with the car?

Hmmm...can take back road tax also? That is new to me.

Then last time sell car to car dealers, kena kotok on the road tax Liao!

 

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Wait a minute. Cancel road tax was mentioned in your first reply.

I thought it will go with the car?

Hmmm...can take back road tax also? That is new to me.

Then last time sell car to car dealers, kena kotok on the road tax Liao!

 

 

as i understand road tax stays with car.

 

unless you lay up the car and sell it without road tax.

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Wait a minute. Cancel road tax was mentioned in your first reply.

I thought it will go with the car?

Hmmm...can take back road tax also? That is new to me.

Then last time sell car to car dealers, kena kotok on the road tax Liao!

 

sorry... it is insurance only....

 

road tax is only if the car is de-registered

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Wait a minute. Cancel road tax was mentioned in your first reply.

I thought it will go with the car?

Hmmm...can take back road tax also? That is new to me.

Then last time sell car to car dealers, kena kotok on the road tax Liao!

 

Unless agreed otherwise:

Road tax goes with car, whatever balance

Buyer bears transfer fee

All accessories as seen goes with car

All handbooks, manuals handed over to buyer

All keys including spares

 

thats what i know so far.

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As i am intending to take over a car from the seller who is currently under finance company loan, i would want to clear the outstanding amount when taking over the car from the seller.

 

Any bros here knows what is the procedures and documents needed?

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Hello, I need your advice here.

 

I am going to buy a car from a used car dealer (downpayment already paid).

 

So he said I can go down and collect the car this week. And I will pay him the full amount via a cashiers order.

 

However he said the ownership can only be transferred to me a few days later.

 

Is this normal practice?

am I being taken for a ride?

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Hello, I need your advice here.

 

I am going to buy a car from a used car dealer (downpayment already paid).

 

So he said I can go down and collect the car this week. And I will pay him the full amount via a cashiers order.

 

However he said the ownership can only be transferred to me a few days later.

 

Is this normal practice?

am I being taken for a ride?

 

 

well, this has been the sneaky part that these buggers play

 

do the trf immediately if possible.  dun wait

 

go down w them and get it transferred

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some of them may be able to do the transfer directly at their office..

 

what i will do is show them the cashier order that is in their name.... then ask them to do the transfer immediately in my presence, either LTA or their office, and then pass them the cashier order......

 

how about your insurance? has it been purchased and what date is it effective from


well, this has been the sneaky part that these buggers play

 

do the trf immediately if possible.  dun wait

 

go down w them and get it transferred

 

 

i don't think , if possible, is an option....

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some of them may be able to do the transfer directly at their office..

 

what i will do is show them the cashier order that is in their name.... then ask them to do the transfer immediately in my presence, either LTA or their office, and then pass them the cashier order......

 

how about your insurance? has it been purchased and what date is it effective from

 

 

i don't think , if possible, is an option....

 

 

hahah...thanks buddy!  YES!  IMMEDIATELY!

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some of them may be able to do the transfer directly at their office..

 

what i will do is show them the cashier order that is in their name.... then ask them to do the transfer immediately in my presence, either LTA or their office, and then pass them the cashier order......

 

how about your insurance? has it been purchased and what date is it effective from

 

 

i don't think , if possible, is an option....

thanks.

 

he said the bank has yet to release the "caveat" (loan just settled and it takes the bank a week to release the "caveat").

hence can't transfer ownership

Edited by Blacksnow

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thanks.

 

he said the bank has yet to release the "caveat" (loan just settled and it takes the bank a week to release the "caveat").

hence can't transfer ownership

 

 

then WAIT.  Do trf immed on the spot with them at LTA

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thanks.

 

he said the bank has yet to release the "caveat" (loan just settled and it takes the bank a week to release the "caveat")

 

Not that i know of. when i was with a finance company..... if it is cheque... bank will released immediately once cheque cleared...... the system itself is also immediate....... if it is cash, it can be immediate.... full settlement amount they can call beforehand to give them date of settlement, at most 1-2 days in advance.....

 

i suspect they may take your money and clear that loan instead... or just play you out.......

 

 

Agree with Radx, tell them to let you know when 'çaveat' cleared then do immediate transfer on stop before you pass them the Cashier order..... i advise you to tape your conversation

Edited by Galantspeedz
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then WAIT.  Do trf immed on the spot with them at LTA

ok ok

thanks

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