Does application for LTA transfer pin requires settlement?

[Mkl22]

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.

Fully paid the loan. But they said need 2-3 days to settle. Does it matter whether I go to the loan department or not? Unless I use fake money. Paid means paid mah. What else is there to check. One useless bank.

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

That's assuming the seller has the money to clear the loan. Some do not. Mine didn't and I took the risk to pay off his loan for him and pass him the balance cash once the transfer was done.

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

Converage to start on the date of transfer and to stretch past one year till the next road tax renewal date to align.

 

Min is 1 year insurance.

[inlinesix]

Fully paid the loan. But they said need 2-3 days to settle. Does it matter whether I go to the loan department or not? Unless I use fake money. Paid means paid mah. What else is there to check. One useless bank.

 

Sorry hor.  Same like govt.  Not everything is done by 1 department hor.  If SCB is useless, a lot of banks are the same.

 

I could always settle my loan with cash at any UOB branch.  That would take more than 1 day for that information to be updated in LTA.

 

If i need liens to be released today, i need to go to loan department in Tampines to make full settlement.  Only then the liens will be released.

[Galantspeedz]

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

 

insurance you can get quote from any company or insurance broker... start date you can put it as date of transfer but try to apply for insurance at least 2-3 days before......

That's assuming the seller has the money to clear the loan. Some do not. Mine didn't and I took the risk to pay off his loan for him and pass him the balance cash once the transfer was done.

 

 

well... if he does not have the money to clear the loan himself... i will back out from the deal....... simple as that.....

[Kangadrool]

A lot of private enterprises/businesses in SG are notoriously inefficient and ineffective when compared to governmental departments.

 

I find most government departments much more effective and easier to deal with.

 

Sorry hor.  Same like govt.  Not everything is done by 1 department hor.  If SCB is useless, a lot of banks are the same.

 

I could always settle my loan with cash at any UOB branch.  That would take more than 1 day for that information to be updated in LTA.

 

If i need liens to be released today, i need to go to loan department in Tampines to make full settlement.  Only then the liens will be released.

 

Edited June 27, 2016 by Kangadrool

[inlinesix]

insurance you can get quote from any company or insurance broker... start date you can put it as date of transfer but try to apply for insurance at least 2-3 days before......

 

well... if he does not have the money to clear the loan himself... i will back out from the deal....... simple as that.....

 

Let me clarify it for you.

 

Get the necessary quote prior to transfer.  Once transfer, get broker/agent to issue cover note on the transfer date.

 

The only thing to be mindful is whether to align insurance end date to road tax date.

 

[Atrecord]

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

 

Yes, I did #1-4, and it went well and smooth.

 

I asked about #5, but he said no problem, he can manage, and off he went with my CO...

 

I stayed behind at LTA to wait for update on whether my old car (expiring the next day) should be transferred or scrapped...

Let me clarify it for you.

 

Get the necessary quote prior to transfer.  Once transfer, get broker/agent to issue cover note on the transfer date.

 

The only thing to be mindful is whether to align insurance end date to road tax date.

 

 

Cannot lah... If you plan to drive the car once it's transferred, then the insurance cover needs to be applied beforehand. In fact, I think you need the insurance cover note for the transfer at LTA.

 

Remember that road tax cannot be renewed without valid insurance cover. So if transfer the car over, with the road tax and all together, will need adequate insurance cover too, else means got road tax but no insurance after transfer...

[Ah_tee]

Jus pay 500 to sgcarmart

 

I sold my car this way and had some doubts between seller cos its not small sum.

 

Sgcarmart 's paperwork is quite comprehensive right down to handover of car condition n the documents are all seems to be legally drafted to me, they would aso handle all ur despatch works so u only go once to sign n another time to handover the car

 

You would have more avenue if someone plays punk in between as there a contractual documents signed and nric would be handed over to them compared to you settling yourself

[Galantspeedz]

Let me clarify it for you.

 

Get the necessary quote prior to transfer.  Once transfer, get broker/agent to issue cover note on the transfer date.

 

The only thing to be mindful is whether to align insurance end date to road tax date.

 

 

 

i tot you need the cover note or if you apply for insurance 3 days before transfer, it will be updated in LTA system automatically

 

Cover note can be issued earlier than effective date

 

you can do transfer then buy insurance meh?

[Kusje]

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.

 

Get a cashiers order la.

 

Cash is for those who do dirty biz. Definitely not in front of govt cctv

[Kangadrool]

Safest still cash. Cashier Order still possible to do some tricks...

 

Get a cashiers order la.

 

Cash is for those who do dirty biz. Definitely not in front of govt cctv

 

[p0023722]

Hi. Really appreciate all the helps this pass few days. I have decided to back out from this deal due to too many hidden doubts from dealer or seller side.

Also have managed to get back my full deposit refund from them

Thanks all and have a nice day ahead

[JCSL]

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

 

This is not correct. Be it you redeemed your loan or existing have loan, Transaction PIN can be issued.

 

There is no such thing as PIN cannot be issued if the car still tagged under finance.

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.

 

If you are not LTA ESA agent, you cannot do transfer on your laptop even if you have the PIN.

 

If loan not settled, PIN is just an useless piece of paper.

Jus pay 500 to sgcarmart

 

I sold my car this way and had some doubts between seller cos its not small sum.

 

Sgcarmart 's paperwork is quite comprehensive right down to handover of car condition n the documents are all seems to be legally drafted to me, they would aso handle all ur despatch works so u only go once to sign n another time to handover the car

 

You would have more avenue if someone plays punk in between as there a contractual documents signed and nric would be handed over to them compared to you settling yourself

 

Not only SGCM lah, most dealers would be ok to do for you for 500$

[Neutrino]

Sold my car 3 months ago.

 

Agreed price with dealer.

Got pin.

Did the needful and was given cash yes cash.

Took MRT home and deposited cash in bank.

 

Very simple.

 

The guy who bought never even looked at the car, before buying or after selling.

Couldn't believe it.

 

He said he was sending it to Thailand.

I was disappointed as very low mileage, 40k and car in very good condition.

[Ah_tee]

This is not correct. Be it you redeemed your loan or existing have loan, Transaction PIN can be issued.

 

There is no such thing as PIN cannot be issued if the car still tagged under finance.

 

If you are not LTA ESA agent, you cannot do transfer on your laptop even if you have the PIN.

 

If loan not settled, PIN is just an useless piece of paper.

 

Not only SGCM lah, most dealers would be ok to do for you for 500$

 

of course anybody could do it.

 

 

Avenue to TS based on my tested experience

[JCSL]

of course anybody could do it.

 

 

Avenue to TS based on my tested experience

 

What you mean by anyone could do it?

[Ah_tee]

What you mean by anyone could do it?

Tom, dick and harry

[Ct3833]

 PIN is not required  if seller and buyer do the transfer personally at LTA counter at Sin Min Road .

[Goldenvodka]

Why not settle your loan first. Than settle the rest?