Consignment sales ! transfer first , get paid later ?

[Saggi]

Hello Guys ,

 

have anyone of you sell the car thru consignment basis ?

 

I got this deal , buyer interested to buy my car.. but the middleman ( car today ) claims that I will need to do a transfer first name to new owner first , then i get paid 1-2days after the car name transfer..

 

in all my car buying and selling , even buyer with loan , all full payment is done immediately after transfer name is done ?

 

I found it very fishy.. anyone any enlightment me ??

 

1) what is name transfer and this middleman dod not transfer ?

2) they charge super high % commission up to 5% if u want the payment done on the before transfer ! Maybe it their tactics to get instant commission rather from loan and insurance ?

3) there is no confirmation letter or agreement that fund is transfer own witheld by them ( middleman ) ...

 

any member car to share.. Is this a scam ?

[Hamburger]

tell middle man fly kite. Go lta together and oversee the transfer AFTER you see cash or cashier order

[Tayspiderx]

Commission on percent? Lol, they think they sell property

[PSP415]

No money in your account or cash in hand, keep your car safe safe. Trust must be tested and earned, not through sweet words or flashy jewelery/car they may wear to give confidence.

 

Whether scam or otherwise, please be wise if not car gone and no money in sight but can write a book on the grandma, grandpa, great ah gong excuses....all delaying tactics. Why take the risk when there are safer options?

 

 

Safe ride

Cheers

[Saggi]

noted guys !! thanks.. so seems that nobody come across this company Car today ?? but if u look into the website... u can see that they advertisement alot of cars.. but some when call.. cant arrange for appointment to view car.. ??

[Saggi]

they say no need go LTA , they have online service.. once car transfer , pls them the electronics password...they can do...!

 

so if this is a scam.. all buyer and seller beware...!!

 

 

[Luckcent]

They can transfer from their computers if they have been connected to LTA officially, if you

give them the pin number from LTA. Dont give anything unless you see cash or

cashier's order to you.

[Luckcent]

Forgot to add even if they are approved by LTA, they also need to have insurance cover of the

car before it can be transferred.

[Furrynadz]

no cashier order = FUK OFF, not even cheque

[Saggi]

thanks guy !! for all the information

[Silver_blade]

no cashier order = FUK OFF, not even cheque

Totally agree.

[Bill29]

Collect Cash or Cashier Order.

 

Dont ever trust them.Transfer done probably need to play hide and seek [bigcry]

[Jano]

chq = $15 or $30 cancel cheque. small amt paid to cheat someone

 

cashier order = make police report if u want to declare it lost

 

buy cars = give them cold hard cash (cashier order) + change owner ON THE SPOT.

Sell cars = check through the cashier order (Yr name, date, endorsement etc) + change owner on the spot.

 

u ask him lor, if he give u cashier order n u transfer the following day, ok?

its not ok one unless he's cashier order got some problems. so how can it be ok for u to transfer yr car to him/his co Without taking any $$$?

Who they trying to cheat? i hope honest people dont get cheat in this manner

[LoverofCar]

LP...tell them go fark spider...no money in hand no transfer....transfer liao.. u take forever to chase the money..

[Accordvtec]

shouldnt be this way at all.

my dealer side's consignment works this way.

he assist to consign you car and put on sgcarmart for sale.

any interested parties view he will contact seller.

deal done, all properly documentation done and all $$ paid to seller then transfer will be done.

of course the consignment fee is paid upon conclusion of deal.

no deal no fee is required.

simple and straighfwd.

never heard of transfer name first and get $$ later.who will be so naive to do that?

[So_nice]

haha tell him to find the nearest sea or longkang to jump.

 

COD or cashier order plus change ownership on the spot.

[Wormvirus]

an old man at my ex coy was cheated once by his so call brudder buddy as they always eat at same coffee shop, old man want to sell car to trusty buddy so just sign the paper transfer & this brudder buddy promise to deliver cheque later but suddenly so busy, later say on holiday later son say father missing, as far as i remb that used car dealer was sk car doing car wash also

Edited January 31, 2013 by Wormvirus

[Chapter1_andy]

I heard of one....sell consignment car, then don't even put on website...

See liao also scared, don't know whether once you paid, they will run away and tell you they didn't sell it to you.

 

Bad experience from a small car dealer