Take Over the Car

[Stinkray]

Hi All,

 

My friend asked me whether interested to take over his under ultilise car.....

Question :

Means I carry on with the installments ??

Can I re-finace & shorten the installments ??

Do I need to pay any amount to my friend beside usual LTA transfer fees.

If I take over, I will sell or scrap my current ride. Can I detain the numbers ($1300)??

 

Pls advise.......

[Zhutou]

if u carry on installment, the car will still belongs to ur fren

u go refinance and buy over better

once u get the bank loan, pass to ur fren to clear his outstanding

pay $11 for transfer fee can liao

 

if u find it troublesome, find an agent to do all paper work for u lor

sgcarmart got provide FOC service but i believe u need to let them source the bank loan for u

[Steptronic]

My 2C embedded.

 

Hi All,

 

My friend asked me whether interested to take over his under ultilise car.....

Question :

Means I carry on with the installments ??

How to do this legally? Your friend is owner and you are driving his car?? You would become a named driver in this case. A named driver legally cannot drive a car more than a owner. So, it is not legally advisable. Better get it sold for you!

 

Can I re-finace & shorten the installments ??

Yes, once it is sold, you can do whatever you want with the new loan.

 

Do I need to pay any amount to my friend beside usual LTA transfer fees.

This depends on the market price of the car. If your (good)friend does not expect anything from you, then no need tp pay him lah.

 

If I take over, I will sell or scrap my current ride. Can I detain the numbers ($1300)??

Yes, you can tranfer the existing plate to your new car by paying 1300$

 

Pls advise.......

[Audi655]

go to a finance agent and apply for a car loan. e.g. if the car is worth 40K and your friends' car has a outstanding loan of 35k , the finance agent would give your friend 5k.However , if the car has a outstanding loan of 45K(negative asset) than your friend would have to top up the balance. Please ask your friend to make a cashier's order in favor of the bank whereby the outstanding loan is under.

[Tanly]

Have heard of many such takeover car offers, most of the time the owner owes more than what the car is worth so it's like finding a sucker to take over his liability under the guise of 'giving' u a car 'FREE' .

[Vhtfhwlego]

i dont mind taking over.... I will take it as a rented...

 

[Creativeshoot]

Have heard of many such takeover car offers, most of the time the owner owes more than what the car is worth so it's like finding a sucker to take over his liability under the guise of 'giving' u a car 'FREE' .

i almost once a sucker...plus the car was driven for 3 years....so this post is a thumbs up....

 

i actually gungho bought my own new car, and no 3 year depreciation and all new and same price as the busturk(this car can be in tip top shape and u get convinced by good car owners) who almost convinced me.....so beware of people giving or transferring the liability...esp..ur relatives...i realised...trust yourself...

Edited September 24, 2012 by Creativeshoot

[Carmour]

You used the term "take over". But legally, the term should be "rent".

Unless the car is registered as a rental car with LTA, rental is illegal.

All the legal obligations fall with the car owner.

 

As the person renting it, not much down-side for you as long as its financially attractive. But take note that your friend can choose to take back the car whenever he wants as any agreement signed between you and him would be not recognised as this is an illegal transaction.

[Mockngbrd]

Have heard of many such takeover car offers, most of the time the owner owes more than what the car is worth so it's like finding a sucker to take over his liability under the guise of 'giving' u a car 'FREE' .

this is true... even got ppl trying to "sell" car this way... asking price is "XXX*, ask them reduce they say cannot, cos they need to cover their remaining loan amt... walked away...

[Mightymito]

my car loan is rule of 78 plus 10% of loan amount as penalty if loan is settled early. Maybe your fd has similar penalty such that he would have to top up cash if car is sold.

 

For you to refinance may defeat the purpose for him.

[Darryn]

Bear in mind also that while a private individual is allowed to rent his car, it is only weekends or something - not 7 days a week.

 

Is also very risky for the owner - if you get fines etc, he is on the hook for them.

 

Further, even if you pay to the owner, and the car is repossessed or whatever then you are s--t outta luck.

 

Having said that - I did this for 6 months - I "rented" a car from a friend while I was deciding what and if I wanted to buy. The advantage for me was that it wasn't a permanent commitment - I could pass the car back anytime I liked.

 

If it is a permanent agreement, would think you are probably better just buying it, rather than taking over the payments. ANything else, the road is just fraught with too many potholes that you have to dodge.

 

[Wrathchild156]

Sharing my experienced;-

 

SCENARIO A.

Self was relocate to o/c

[Ghostrider]

Have heard of many such takeover car offers, most of the time the owner owes more than what the car is worth so it's like finding a sucker to take over his liability under the guise of 'giving' u a car 'FREE' .

 

The other thing that one has to watch out is the owner's credit ability. I have heard of the renter pays every month but the owner never pay the finance. End up car kenna repo.

 

Best is still buy outright unless one knows the owner very well.

 

BTW...it could happen the other way round too...renter never pay and owner have a hard to to recover the car.

[LoverofCar]

basically TS friend don't want to incur the lost by selling the car so he want to find someone to pay for him lah....for what....want to do that...just buy over or get another car from the resales market lah....i guess TS friend won't pay the road tax and insurance too right?

Edited September 24, 2012 by LoverofCar

[Mockngbrd]

interestingly, just bought a used car from a dealership recently. Guess what? the price of the car we got from a used car dealership, turned out better then what direct owners want. dunno what some of them are thinking...