Tricky Scenario on Private Transaction

[Vratenza]

At risk of being labelled snobbish, the elephant in the room (to me at least) is this:

 

For a car such as a Nissan 370z sports coupe with 3.7L annual road tax, insurance and maintenance, mind you, is not a B&B car by most measure, the owner cannot fork out 35k to ownself settle the loan....he must either have fallen into hard times or really yolo with his financial decisions...

 

[BenTong]

Yoda say “fear leads to the dark side” Yoda also say “there’s another”

[Othello]

The bank was SCB, which was damn shitty as I think they are the only ones who take 3 bloody days.

 

indeed ! I paid up at Citi 1st thing in the morning. Lien was removed 2pm same day. 

[Jamesc]

How about owner do the transfer.

 

Transfer the 35k

 

Owner give the keys to the car.

 

[Soya]

Try ask seller to borrow left right lol

 

Alternatively do take pic of ic and sign sales agreement form. Any collateral will be good to have. In this case car can be collateral.

Theres a risk but u can reduce the risk if u get to know any trusted car dealer to help u do

U forgot abt the lucky rabbit's foot..

Does he have any collateral that can compensate for a significant fraction of that 35k? Since this is MCF, I'm going to go with a Rolex. ð

No need lolek. $35k in MCF is loose change. Sifu teach one

[Beehive3783]

Vehicle ownership cannot be transferred until any outstanding loan on the car is cleared.

 

LTA is able to see in their system.

 

How about owner do the transfer.

Transfer the 35k

Owner give the keys to the car.

 

[Privacy]

ask the seller to take a loan from the bank. you sponsor the admin fee...should be few hundreds....

 

after transfer he can settle the loan with ur 35k. so difficult meh?

[cmcex]

Simple thing to do only;

 

1. Seller effect transfer via singpass on onemotoring website.

2. Buyer to accept first, then go and clear the loan, when a vehicle is tagged under finance, once seller effect transfer and buyer 1st acceptance when vehicle is under finance, the finance company will be notified and LTA will lock the transfer for 7/9 days (seller cannot cancel) pending loan clearance, this is a safety measure for buyer/seller.

3. Once tag is removed by finance (may be on the same day or 2-3 business days), buyer using singpass to go into one motoring again to "confirm" the transfer with valid insurance details and its done.

 

In other words, car with finance now is 2 steps of acceptance.

 

Dont everything also go LTA, waste time.

Edited June 19, 2019 by cmcex

[Ah_tee]

Simple thing to do only;

 

1. Seller effect transfer via singpass on onemotoring website.

2. Buyer to accept first, then go and clear the loan, when a vehicle is tagged under finance, once seller effect transfer and buyer 1st acceptance when vehicle is under finance, the finance company will be notified and LTA will lock the transfer for 7/9 days (seller cannot cancel) pending loan clearance, this is a safety measure for buyer/seller.

3. Once tag is removed by finance (may be on the same day or 2-3 business days), buyer using singpass to go into one motoring again to "confirm" the transfer with valid insurance details and its done.

 

In other words, car with finance now is 2 steps of acceptance.

 

Dont everything also go LTA, waste time.

I have checked with LTA.

 

2. Buyer will not be notified until until finance removed the tag.

 

3. Within this period, seller can withdraw this transaction.

 

4. If finance dun respond within that few days, the transfer request will be void.

[Matrix0405]

Simple thing to do only;

 

1. Seller effect transfer via singpass on onemotoring website.

2. Buyer to accept first, then go and clear the loan, when a vehicle is tagged under finance, once seller effect transfer and buyer 1st acceptance when vehicle is under finance, the finance company will be notified and LTA will lock the transfer for 7/9 days (seller cannot cancel) pending loan clearance, this is a safety measure for buyer/seller.

3. Once tag is removed by finance (may be on the same day or 2-3 business days), buyer using singpass to go into one motoring again to "confirm" the transfer with valid insurance details and its done.

 

In other words, car with finance now is 2 steps of acceptance.

 

Dont everything also go LTA, waste time.

 

Would go with this one. You need to work with his car loan company/bank directly. The bank agent will also guide you.

[cmcex]

I have checked with LTA.

 

2. Buyer will not be notified until until finance removed the tag.

 

3. Within this period, seller can withdraw this transaction.

 

4. If finance dun respond within that few days, the transfer request will be void.

 

LTA knows shit _|_, they only know how to collect $.

 

Point number 2, buyer WILL BE notified and advise that pending loan clearance.

 

Point number 3, with Finance, the transfer need to be accepted TWICE. 1st time is to tag the vehicle so that seller CANNOT CANCEL, only once finance un tag the car, you accept 2nd time to final confirm.

 

Point number 4, within that few days? how many day? it is 8 days. RUBBISH LTA, i have the whole book with me for new ONLINE RULES from LTA. 

 

 

Those fools from 1800 Call LTA line are merely idiots handling the phone, they know nothing AT ALL

Edited June 27, 2019 by cmcex

[Jwee85]

Get this owner to BORROW $35k from a legal Ah-long for one week. Not sure one week interest is how much..perhaps $250 for every $10,000 loan??

 

Ask the owner to quickly settle the bank loan himself.

 

Then two days later, both parties go to LTA to do the transfer of ownership and pays the seller in cold hard $45,000 cash! Which the ex-owner can pay back the ah-long for the $35k loan, and earns the $10k as profit for selling at a higher price to relatives rather than sell to dealers at $40,000(losing $5,000).

 

 

Settled.

Edited June 27, 2019 by Jwee85

[cmcex]

Get this owner to BORROW $35k from a legal Ah-long for one week. Not sure one week interest is how much..perhaps $250 for every $10,000 loan??

 

Ask the owner to quickly settle the bank loan himself.

 

Then two days later, both parties go to LTA to do the transfer of ownership and pays the seller in cold hard $45,000 cash! Which the ex-owner can pay back the ah-long for the $35k loan, and earns the $10k as profit for selling at a higher price to relatives rather than sell to dealers at $40,000(losing $5,000).

 

 

Settled.

 

LTA do not accept counter transfer transaction already. All settle at E lobby, might as well use phone and do. Why everything go LTA?

Edited June 27, 2019 by cmcex

[Dilemma]

You can go to any dealer. They should be able to help u with some admin fees. 

[Soya]

After so many comments, has TS gotten his 370Z?