Used Car Dealers Feedback (Part 2)!

[JCSL]

cashier order is as good as cash on the spot, transfer needs to be done immediately, or walk away...

 

Cashier Order is never as good as cash. You can bounce or dishonor a Cashier Order, without calling the bank to cancel. Cashier Order no doubt bought from bank with cold hard cash, but still there is a way to dishonor it.

 

So its not wrong to wait for CO to confirm credited then trf the ownership.

 

[t0y0ta]

Cashier Order is never as good as cash. You can bounce or dishonor a Cashier Order, without calling the bank to cancel. Cashier Order no doubt bought from bank with cold hard cash, but still there is a way to dishonor it.

 

So its not wrong to wait for CO to confirm credited then trf the ownership.

 

 

You have to report police to claim stolen or lost before bank will invalidate it.... not so easy

[Detach8]

Cashier Order is never as good as cash. You can bounce or dishonor a Cashier Order, without calling the bank to cancel. Cashier Order no doubt bought from bank with cold hard cash, but still there is a way to dishonor it.

 

So its not wrong to wait for CO to confirm credited then trf the ownership.

 

 

Talk nonsense 

 

If a CO can be easily dishonoured then what's the point of a CO? CO is used to not only buy cars, but also to transact properties in 6-7 digit sums.

 

To dishonour a CO you will have to wait a long time. As long as the date of CO issue is close enough, CO is good as cash.

[Imac]

Thanks for the replies here bros!

 

So technically speaking, to transfer  the ownership, all it takes is the admin needs to log in online, type a few keys, and it's mine?

 

When does physically going to LTA come in? Is it needed at all?

 

Nowaday, LTA is very efficient...

 

Unless the dealer office got no computer... transfer can be done online..

 

Transfer fee is deducted immediately via inter-bank system.

[JCSL]

You have to report police to claim stolen or lost before bank will invalidate it.... not so easy

 

The bank can invalidate by something else. Of cos i wont say it here, those who knows will know and ever happened before already.

Talk nonsense 

 

If a CO can be easily dishonoured then what's the point of a CO? CO is used to not only buy cars, but also to transact properties in 6-7 digit sums.

 

To dishonour a CO you will have to wait a long time. As long as the date of CO issue is close enough, CO is good as cash.

 

Ok. Thats your thinking and perspective, like i said, i wont shoot ppl down just like that and giving a thumbs down sign or shoot someone down saying "talk nonsense"

 

Why not u check with the bank, under what circumstances will it be dishonored?

Nowaday, LTA is very efficient...

 

Unless the dealer office got no computer... transfer can be done online..

 

Transfer fee is deducted immediately via inter-bank system.

 

True, but provided they have the dongle and the specific program to run to log in to LTA link, there are dealers till date still not LTA electronic service agent.

Thanks for the replies here bros!

 

So technically speaking, to transfer  the ownership, all it takes is the admin needs to log in online, type a few keys, and it's mine?

 

When does physically going to LTA come in? Is it needed at all?

 

You go LTA for retention of numberplate/ assign numberplate/ retrieve PIN/ convert OPC/ convert normal plate/ convert Z10/ conver back to P10/R18/ Submit PARF rebate encashment/ deregister/ renew COE/ appeals of summon(need booking of appt)

[Hamburger]

The bank can invalidate by something else. Of cos i wont say it here, those who knows will know and ever happened before already.

 

 

Ok. Thats your thinking and perspective, like i said, i wont shoot ppl down just like that and giving a thumbs down sign or shoot someone down saying "talk nonsense"

 

 

You are in this trade and probably knows more than us. Unless you can substantiate with more facts and not asking others to find out more, it's as good as wu gong kana bo gong.

 

It's not as if it's a trade secrets that cannot be told.

[JCSL]

You are in this trade and probably knows more than us. Unless you can substantiate with more facts and not asking others to find out more, it's as good as wu gong kana bo gong.

 

It's not as if it's a trade secrets that cannot be told.

 

Try drawing one or two strokes on the bank officer signature and you see what happens :)

 

Exporter came with a CO, we transfer the car out on sight of CO but after banking in, the CO wasnt credited, legal process ensued, tedious process. Reason? Discrepancy on signature, I was merely a staff then, didnt ask much about the recovery though.

[Hamburger]

Thanks for the heads up there on CO.

[JCSL]

Thanks for the heads up there on CO.

 

I not sure by saying this, will people try to be "funny" and try the one or two strokes extra on bank officer signature.

 

Anyway, I dunno if they have streamlined the process of clearance, maybe now even with extra strokes, it can still clear, the case that i experience was in 2005/2006 time.

[Jman888]

I not sure by saying this, will people try to be "funny" and try the one or two strokes extra on bank officer signature.

 

Anyway, I dunno if they have streamlined the process of clearance, maybe now even with extra strokes, it can still clear, the case that i experience was in 2005/2006 time.

if anything goes wrong that the bank invalidate the CO, it is the issuer problem. Not honoring a CO will put issuing bank in trouble. So dun create doubt or fear for peoples view on banks CO base on your one time experience which you didn't explain how and what causes the invalidation.

[Blueray]

Talk nonsense 

 

If a CO can be easily dishonoured then what's the point of a CO? CO is used to not only buy cars, but also to transact properties in 6-7 digit sums.

 

To dishonour a CO you will have to wait a long time. As long as the date of CO issue is close enough, CO is good as cash.

 

i agree.

 

CO comes under bill of exchange act and the ground rules therein. Cannot happy happy say want to dishonour one. 

[PSP415]

Hmmm.... Think JSCL mentioned that the one time the CO wasn't honoured was because the signatory had 1 or 2 more strokes made on it making the CO technically invalid because signatory discrepancy as the phrase used in his example.

 

Personally, I agree that CO is as good as cash except obviously in the example he shared. Whether people want to chut this type of pattern or have done so, just that we are not aware, is one possible loophole.

 

Just sharing my understanding of what's been shared thus far here.

 

Good weekend guys. Safe ride please.

 

Cheers

[Benjamin00000]

Please do not create panic on the CO case. The CO is as good as cash.

 

Yes, the CO can be cancel, only by the purchaser with the condition that the original CO be return back or else a police report must be make.

 

Even if the CO is not sign by the bank officer, means no signature at all on the CO, the bank will still have to honour the CO, I repeat THE BANK MUST HONOUR THE CO EVEN WITHOUT ANY BANK OFFICER's SIGNATURE ON IT.

 

This is because cash was used in the purchase of CO

[car50]

Thanks for sharing 

Without details on the circumstances behind the extra strokes on the signature, hard to draw conclusion. 

Situations like this should be sorted out easily between issuer and recipient.

 

Like what bros have said here, CO cannot be easily "dishonoured". Lose ur CO, need to make police report.

Just to reiterate that from what we understand from the bank

When u  issue a CO via the bank, the cash amount has already been deducted from your bank account

No way the issuing bank can issue an "invalid" CO

 

When you handover the CO physically to a buyer/dealer in their name, there is no way u can cancel the CO

The buyer/dealer will check that the CO is in order when u handover, that is name, amount 

 

Let say u decide to be "funny" and draw turtles and pokemon or poke holes in the CO at the signature column, even if the buyer is dumb enough to take it, subsequently u still have to go back to the issuer bank to get a replacement with additional cost.

 

If u issue a CO to buy a car, the transfer should be done on the spot by the dealer and in the case between direct seller, at LTA the transfer will be done on the spot. 

 

Any other way, it is not acceptable especially when dealing with dealers.

 

There should not be any "ifs" and "buts" 

 

 

I not sure by saying this, will people try to be "funny" and try the one or two strokes extra on bank officer signature.

 

Anyway, I dunno if they have streamlined the process of clearance, maybe now even with extra strokes, it can still clear, the case that i experience was in 2005/2006 time.

 

[Latio2005A]

Cashier Order is never as good as cash. You can bounce or dishonor a Cashier Order, without calling the bank to cancel. Cashier Order no doubt bought from bank with cold hard cash, but still there is a way to dishonor it.

 

So its not wrong to wait for CO to confirm credited then trf the ownership.

 

You can only cancel if you still hold the original, which in this case is irrelevant because the CO would have changed hand.

 

You will need to submit your cancellation request together with the original CO at any of the bank branches. Then only the bank will credit the funds to your designated account.

or report police as "loss" case. Then also is problematic.

So technically you can cancel, but practically, tough.

If changed hands.

[Detach8]

The bank can invalidate by something else. Of cos i wont say it here, those who knows will know and ever happened before already.

 

Ok. Thats your thinking and perspective, like i said, i wont shoot ppl down just like that and giving a thumbs down sign or shoot someone down saying "talk nonsense"

 

Why not u check with the bank, under what circumstances will it be dishonored?

 

True, but provided they have the dongle and the specific program to run to log in to LTA link, there are dealers till date still not LTA electronic service agent.

 

You go LTA for retention of numberplate/ assign numberplate/ retrieve PIN/ convert OPC/ convert normal plate/ convert Z10/ conver back to P10/R18/ Submit PARF rebate encashment/ deregister/ renew COE/ appeals of summon(need booking of appt)

 

It's you who came in here to spout nonsense, and the onus is on you to prove that one can simply dishonour a CO? 

[evidence]

now w more new dealers opening new shops, better be more careful....

[Deckbuild]

Anyone deal with Aspec Auto Care LLP before?

 

Not a complaint but a compliment, Thanks to Albert and Terrence, maybe I overpaid for this car but it doesn't matter, one dragon service till I collect my car. Everything done sui sui