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Does application for LTA transfer pin requires settlement?

Geniuspear

By Geniuspear,
in General Car Discussion

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Geniuspear

Geniuspear

2nd Gear

Hi,

 

i'm currently dealing with a direct seller regarding a car purchase. Right now my loan is approved and i'll meet him next week to pass him balance in cash/cashier order.

 

I'm not sure whether he settled his full settlement with bank as I heard that even if he settle on the spot, it will take about 1 working day for LTA to allow the transfer for DBS auto loan.

 

He informed me that his LTA pin is ready and will handover when I pass him the balance amount.

 

I'm actually pretty confuse...lol

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Mercury1

Mercury1

Turbocharged

I applied the loan thru a finance company, can they do transfer using the pin?

Last time we took a loan via Dbs and they advised a go between to liaise between dbs bank and the seller bank. Of course if your seller has no loan then maybe go between will liaise between your finance firm and the seller?
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p0023722

p0023722

Neutral Newbie

Hi i have a problem here.

I bought a car thru direct seller.

The seller also have outstanding loan. We understood that LTA cant do transfer unless the loan is being settle.

I am worried after i passes him the amount he dun transfer how?

Kindly advise

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merc280v6

merc280v6

6th Gear

Hi i have a problem here.

I bought a car thru direct seller.

The seller also have outstanding loan. We understood that LTA cant do transfer unless the loan is being settle.

I am worried after i passes him the amount he dun transfer how?

Kindly advise

Latest rule by LTA requires sellers' loan to be fully redeemed first, before the transfer pin can be issued.
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inlinesix

inlinesix

Supersonic

Latest rule by LTA requires sellers' loan to be fully redeemed first, before the transfer pin can be issued.

 

simi latest rule.

 

It has been there for ages.

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p0023722

p0023722

Neutral Newbie

simi latest rule.

 

It has been there for ages.

If this is the case. Should i pass him cashier order to let him settle his loan 1st? I also 1st time buying from direct seller.
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inlinesix

inlinesix

Supersonic

If this is the case. Should i pass him cashier order to let him settle his loan 1st? I also 1st time buying from direct seller.

 

What if you pass him the $$$ & he nvr give u transfer pin?

 

I will even bring my computer along and do the transfer there and then.

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Net1sg1969

Net1sg1969

2nd Gear

If this is the case. Should i pass him cashier order to let him settle his loan 1st? I also 1st time buying from direct seller.

 

Probably you can follow this step after purchasing your car insurance:

 

1. Go with Seller to the bank / finance company

2. Pass the bank / finance company the outstanding loan amt in CASH before 2pm

3. The bank / finance company will release Form B by 3.30pm on the same day

4. Meet the Seller at LTA on the same day ie. 3.30pm onwards to do transfer of ownership

5. Pass the Seller the balance in either CASH or CO and takeover the car after transfer of ownership is done

 

Hope this helps

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Apple-Tree

Apple-Tree

6th Gear

Sound like very risky. Didn't Sgcarmart have such service to help you transact.  Quotz or ......

 

Remember, when money leaves, it is very difficult to come back again.

 

 

 

Hi,

 

i'm currently dealing with a direct seller regarding a car purchase. Right now my loan is approved and i'll meet him next week to pass him balance in cash/cashier order.

 

I'm not sure whether he settled his full settlement with bank as I heard that even if he settle on the spot, it will take about 1 working day for LTA to allow the transfer for DBS auto loan.

 

He informed me that his LTA pin is ready and will handover when I pass him the balance amount.

 

I'm actually pretty confuse...lol

 

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Mkl22

Mkl22

Twincharged

Probably you can follow this step after purchasing your car insurance:

 

1. Go with Seller to the bank / finance company

2. Pass the bank / finance company the outstanding loan amt in CASH before 2pm

3. The bank / finance company will release Form B by 3.30pm on the same day

4. Meet the Seller at LTA on the same day ie. 3.30pm onwards to do transfer of ownership

5. Pass the Seller the balance in either CASH or CO and takeover the car after transfer of ownership is done

 

Hope this helps

On point 3. Lousy standard chartered bank didn't release the car till 2-3 days later. After that I terminated all my accounts with them.

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Hamburger

Hamburger

Hypersonic

Do not, i repeat do not pass any money to whoever that need to settle own loan.

 

its as good as throwing into the sea. :sick: .

 

look for another car if owner has no avenue to clear his outstanding loan.


Btw, T pin is for ease of dealer with electronic transfer available in their office.

 

Its useless for both private owners.

 

You have beed advised.

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Kangadrool

Kangadrool

Supersonic
(edited)

Safest is to ask seller to ownself settle o/s with bank direct first.

 

After he has settled, ask seller for proof (docs from banks).

 

Take leave and make arrangement down to LTA for ownership transfer.

 

Hold your cash tight until at the counter when both passed NRICs to counter staff to initiate the process.

 

You can start passing your envelope of cash to seller when the LTA staff is processing the transaction. At the same time, seller can count the cash in front of LTA staff and CCTV.

 

Shake hand and go for coffee (optional) afterwards.

 

Win-Win.

 

Edited by Kangadrool
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inlinesix

inlinesix

Supersonic

On point 3. Lousy standard chartered bank didn't release the car till 2-3 days later. After that I terminated all my accounts with them.

 

It could be that you need to settle the loan at loan department.

 

Long time ago, i need to go all the way to Tampines to setlle UOB car loan.  The liens was released the next day.

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Galantspeedz

Galantspeedz

Turbocharged

to save all this headache, what i do was

 

1) Seller settle loan first. no loss to seller even if i back out

2) Arrange to meet at LTA to do transfer

3) Reach LTA, show seller the cashier order i bought with his/her stipulated name on the cashier order

4) Tell him once LTA transfer, i will pass him the cashier order in front of LTA officer there and then

5) Proceed with transfer, pass cashier order to seller. If he/she no transport, will offer to drive him back or to nearest MRT

 

 

 

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Vratenza

Vratenza

Supersonic

Insurance coverage leh? when to buy the insurance coverage and starting date?

 

to save all this headache, what i do was

 

1) Seller settle loan first. no loss to seller even if i back out

2) Arrange to meet at LTA to do transfer

3) Reach LTA, show seller the cashier order i bought with his/her stipulated name on the cashier order

4) Tell him once LTA transfer, i will pass him the cashier order in front of LTA officer there and then

5) Proceed with transfer, pass cashier order to seller. If he/she no transport, will offer to drive him back or to nearest MRT

 

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