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Car Dealer Does Not Own The Car..

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Guys, please help advice! I am purchasing a used vehicle from Company A, but on the vehicle log card, the owner of the car is NOT company A but another company. (Let's call it company B)


 


When I ask company A to give me the full UEN of the company that own the car, they refuse to give me.


 


They explain that the reason why the car ownership is company B, is because they not enough cash to purchase the car from the seller previously, so they borrow money from company B. So company B keep the ownership of car to be safe.


 


So should I still purchase this car from company A? Is it safe?


 


Please advice!


 


xoxo


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Guys, please help advice! I am purchasing a used vehicle from Company A, but on the vehicle log card, the owner of the car is NOT company A but another company. (Let's call it company B)

 

When I ask company A to give me the full UEN of the company that own the car, they refuse to give me.

 

They explain that the reason why the car ownership is company B, is because they not enough cash to purchase the car from the seller previously, so they borrow money from company B. So company B keep the ownership of car to be safe.

 

So should I still purchase this car from company A? Is it safe?

 

Please advice!

 

xoxo

 

 

If the price is right, and the condition of the car is good - it should be alright. Just need to make sure that the transfer is done promptly.

 

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Guys, please help advice! I am purchasing a used vehicle from Company A, but on the vehicle log card, the owner of the car is NOT company A but another company. (Let's call it company B)

 

When I ask company A to give me the full UEN of the company that own the car, they refuse to give me.

 

They explain that the reason why the car ownership is company B, is because they not enough cash to purchase the car from the seller previously, so they borrow money from company B. So company B keep the ownership of car to be safe.

 

So should I still purchase this car from company A? Is it safe?

 

Please advice!

 

xoxo

 

 

Doesn't matter who own the car but please make sure that before final settlement the transfer of ownership is properly done to you.

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Normal la, temp ownership under company B, it is collateral place by company A to purchase the "goods" in this a car.

 

In actual car belongs to A, Company a has to "redeem" back from company B if u "buyer" decides to purchase the vehicle. Simple as that.

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Thanks a lot guys for your kind replies. At least now I have peace of mind 

 

Buying a used vehicle for the first time is .... quite stressing  [bigcry]

 

So happy to be part of this forum

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Normal la, temp ownership under company B, it is collateral place by company A to purchase the "goods" in this a car.

 

In actual car belongs to A, Company a has to "redeem" back from company B if u "buyer" decides to purchase the vehicle. Simple as that.

Not necessarily hor. Remember this?

 

http://www.straitstimes.com/singapore/courts-crime/case-issues-alert-over-car-dealer-after-complaints

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Either the guy dunno how to do business or he kena play out big time.

Maybe he din calculate properly!! Problem comes if settlement is more den selling price to end consumer!,

No laughing matter, in this industry, can virtually close shop overnight!! And get one into never ending debts!!

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If you are buyin in loan, after ur loan is approved better check with the financial instituition the ownership of the car

 

 

If you are buyin in cashier's order, whose name is it going to be issued to?

 

I normally dun have a gd impression of smaller dealers, usually i would want them to transfer immediately infront of me when i handover the CO, failing which i will recover the cheque.

The current lta system allows internet transfer , theres no reason why they cant do it.

 

 

Pls note there are cases dealers did not settle with 3rd party ownership n run road with the buyers' money

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I had a very unpleasant buying experience with a small time dealer.

 

Henceforth, I will only buy from reputable and more established dealers. Even if I their prices are a little more expensive, I also wouldn't mind for the peace of mind.

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I had a very unpleasant buying experience with a small time dealer.

 

Henceforth, I will only buy from reputable and more established dealers. Even if I their prices are a little more expensive, I also wouldn't mind for the peace of mind.

even "reputable" and "more established" dealers can be subjective. best is to buy from AD if u want the peace of mind.

 

then again... i still buy from PI haha...

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Hi guys, thanks for your replies. I also abit scared this company run away with my money

 

It is not a big company... when I background, they are actually sole proprietor

 

Which means if they run away i can sue the owner till his pants drop  -_-

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Hi guys, thanks for your replies. I also abit scared this company run away with my money

 

It is not a big company... when I background, they are actually sole proprietor

 

Which means if they run away i can sue the owner till his pants drop -_-

hope u dont have to go to the extent to sue the owner... too much hassle.

 

all the best man.

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Hi guys, thanks for your replies. I also abit scared this company run away with my money

 

It is not a big company... when I background, they are actually sole proprietor

 

Which means if they run away i can sue the owner till his pants drop -_-

You already said earlier that the company dont even have the $ to own the car.. you think u will be able to get back your $ by sueing the owner when the coy cant deliver the car?
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Hi guys, thanks for your replies. I also abit scared this company run away with my money

 

It is not a big company... when I background, they are actually sole proprietor

 

Which means if they run away i can sue the owner till his pants drop -_-

Provided he has the assets to let you sue, otherwise, it will be a LL situation.

even "reputable" and "more established" dealers can be subjective. best is to buy from AD if u want the peace of mind.

 

then again... i still buy from PI haha...

I'm referring to AD used car section.

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Provided he has the assets to let you sue, otherwise, it will be a LL situation.

 

I'm referring to AD used car section.

eh but u said "small time dealer"... means they are AD of a lesser known car make?

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Hi guys, thanks for your replies. I also abit scared this company run away with my money

 

It is not a big company... when I background, they are actually sole proprietor

 

Which means if they run away i can sue the owner till his pants drop  -_-

 

Good joke bro. If you can afford legal fees to sue and the months of waiting for the case to be settled, you won't be buying a used car from a tiny company and asking for advice on an online forum.

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