Changing Car [Need Advise]

[Pocy]

Fishy fishy ............ lacking truth

[HayateEin]

Why is there a need to raise 30k??? Correct me if I am wrong

 

1. Your wife sell the car to your at 35K

2. You take up a new loan amount of 35k

3. After settle outstanding loan amount 30k, your wife still get back 5k

 

Just need to pay some admin $$$ to middle man or engage sgcarmart to settle for you

 

Noted with thanks! Let me search through my contacts to see if I can get any reliable dealer to help me.

[RogerNg_185295]

Fishy fishy ............ lacking truth

Want to post, yet TS never give details. Edited January 26, 2018 by RogerNg_185295

[HayateEin]

Fishy fishy ............ lacking truth

 

Not sure what truth you need to access my situation. I already explained before.

 

1. Reason to change car. Taking up new sales job role, company needs employees to own a car. Company will provide car allowance such as transport allowance, petrol card, and etc. Company policy stated clearly, you need the car to be under your name to enjoy the benefits.

 

2. Situation. Currently driving a less than 3 year old car under wife's name. Now I have to change ownership of car on paper to be my name. Called the bank if this is possible. Bank do not allow refinancing.. meaning I have to clear current outstanding loan of 30k before ownership could be transferred.

 

3. Recently lost a job. Do not have 30k. New job offer is attractive, but it require me to own a car under my name.

 

4. Need advise on how to resolve my situation.

 

5. Thanks to some helpful bros here. I have an option to look for a reliable car deal to to the middle person of the transaction for me. 

 

6. Somebody mentioned that if you are poor, (aka do not have 30k cash) don't own a car. I have been driving for past 15 years without having 30k in my bank. I am in sales line. My car is an asset, not a liability. So think before you criticize others.

[Mrmilktooth]

Not sure what truth you need to access my situation. I already explained before.

 

. My car is an asset, not a liability. So think before you criticize others.

 

It's a depreciating asset.

 

and until you clear the hire purchase loan fully, it is a liability.

 

 

[nazerath]

What about talking to your company about your situation, maybe provide rom cert, both ic, Lta asset detail, I think they might be able to flex a bit. Not like you are using your sis or neighbours car.

It's a depreciating asset.

 

and until you clear the hire purchase loan fully, it is a liability.

I think it’s a liability even when there’s no loan.

[Soya]

Fishy fishy ............ lacking truth

I oso say. No job, got car, little savings n still wanna buy another car? Good luck

[RogerNg_185295]

I oso say. No job, got car, little savings n still wanna buy another car? Good luck

What you say makes sense. But he dun want honest brutal opinion.Wait he dislike you for 5 points. I just kena from him. But he never leave his name

[Stratovarius]

Not sure what truth you need to access my situation. I already explained before.

 

1. Reason to change car. Taking up new sales job role, company needs employees to own a car. Company will provide car allowance such as transport allowance, petrol card, and etc. Company policy stated clearly, you need the car to be under your name to enjoy the benefits.

 

2. Situation. Currently driving a less than 3 year old car under wife's name. Now I have to change ownership of car on paper to be my name. Called the bank if this is possible. Bank do not allow refinancing.. meaning I have to clear current outstanding loan of 30k before ownership could be transferred.

 

3. Recently lost a job. Do not have 30k. New job offer is attractive, but it require me to own a car under my name.

 

4. Need advise on how to resolve my situation.

 

5. Thanks to some helpful bros here. I have an option to look for a reliable car deal to to the middle person of the transaction for me.

 

6. Somebody mentioned that if you are poor, (aka do not have 30k cash) don't own a car. I have been driving for past 15 years without having 30k in my bank. I am in sales line. My car is an asset, not a liability. So think before you criticize others.

Maybe you can take a personal loan to clear the car loan and transfer to your name. No point getting a new car.

[DACH]

What about talking to your company about your situation, maybe provide rom cert, both ic, Lta asset detail, I think they might be able to flex a bit. Not like you are using your sis or neighbours car.

 

I think itâs a liability even when thereâs no loan.

I think the company needs to claim insurance under his name, in case anything happens.

[nazerath]

I think the company needs to claim insurance under his name, in case anything happens.

Think you are right, never thought of that.

I oso say. No job, got car, little savings n still wanna buy another car? Good luck

Brutal truth,... chicken n egg problem. No job, no loan, no job.

[HayateEin]

What you say makes sense. But he dun want honest brutal opinion.Wait he dislike you for 5 points. I just kena from him. But he never leave his name

 

lol. Look at all the butt hurt. Looking down on people who want to own cars. You continue living on your ivory tower. Good for you. 

 

And dont accuse of what I did dislike points to you, I dont use this forum much and dont know what points system.

 

You offend other people dont point finger at me. makes you look stupid.

I think the company needs to claim insurance under his name, in case anything happens.

 

Further more, its company policy. If they let me this time. Other people will abuse with sister car, mother in law car, brother car, neighbours car, neighbours dog cars... you get it right haha.

Think you are right, never thought of that.

 

Brutal truth,... chicken n egg problem. No job, no loan, no job.

 

Well, I never say I dont accept the truth. I just want to see if such solution is feasibly for changing car. Not like I want to change car. I'm contended with current drive. Just that I cant think of any other solution to change ownership, thats why I'm here. And I'm glad some helpful bros pointed out some very valuable points which I am considering seriously at the moment.

 

For those other butt hurt comments can just scram off and troll other threads. Of cos you can continue to troll if it makes you feel good to beat down a down man, by all means go ahead.

 

My ultimate worry is, no change ownership, no job. Cant feed family.

[Civic6228]

Hmmm, I dont see any issue at all leh.

 

All you need to do is to buy the car from your wife. Go get another car loan from another finance company. Unless for whatever the reason and cannot get a loan, go take a personal loan or find 30k somewhere. 

 

Which finance company/bank that you are using now and cannot allow full redemption of the loan ? Never hear before leh.

[Loki]

Main reason to change is due to new job role which requires me to own a car. (Not grab or uber). Is a sales role. They provide incentive. But problem is the car owner has to be me, which currently it is under my wife's name.

Can’t you just do a transfer from your Wife to you? $11 only

 

No job, Wife take loan, clear the debt and then transfer

Edited January 26, 2018 by Loki

[HayateEin]

Hmmm, I dont see any issue at all leh.

 

All you need to do is to buy the car from your wife. Go get another car loan from another finance company. Unless for whatever the reason and cannot get a loan, go take a personal loan or find 30k somewhere. 

 

Which finance company/bank that you are using now and cannot allow full redemption of the loan ? Never hear before leh.

 

Does Maybank allow for partial redemption?

No, partial redemption is not allowed.  However, you may opt for early settlement 

 

Ya. Need to consider personal loan, or loan from credit line or what la. But is really hefty interms of interest. I like the idea of having a deal as middle person to help me with the transaction.

[DACH]

Is your wife working or having savings of 30k? Maybe ask her to settle first and then you repay her back once you got the job.

 

Or you should talk to Maybank again about your situation. Unless it is so inflexible.

[HayateEin]

Is your wife working or having savings of 30k? Maybe ask her to settle first and then you repay her back once you got the job.

 

Or you should talk to Maybank again about your situation. Unless it is so inflexible.

 

Not working. Sole bread winner here. In very tough financial situation. Currently retrench from a very high perspective job. 

 

Talk to Maybank already. Even went down personally to discuss with finance officer. They wouldn't bulged.

[DACH]

Not working. Sole bread winner here. In very tough financial situation. Currently retrench from a very high perspective job.

 

Talk to Maybank already. Even went down personally to discuss with finance officer. They wouldn't bulged.

Ok.

If she's not working, then why is the car registered under her name and not yours?

The bank loan for the car should be paid by you, since you are the only one who had the capacity to finance the loan?