Tricky Scenario on Private Transaction

[Piyopico]

The costs to sue him is at least 5k and up ...... I rather wait for another car to become available or use that 35k to import one if it is possible.

[Vinceng]

Sometimes, in life, thinking too much will hinder your dreams.

 

Just do it!

 

It's $35K, not $350K nor $3.5 mil.

[Ah_tee]

Sometimes, in life, thinking too much will hinder your dreams.

 

Just do it!

 

It's $35K, not $350K nor $3.5 mil.

irony or catch-22 ?

Edited June 17, 2019 by Ah_tee

[Kyrios]

No guts no glory

Edited June 17, 2019 by Kyrios

[inlinesix]

1. Go to the bank and ask where's the loan department is;

2. Go to loan department to clear the outstanding loan before cut-off time (ask bank);

3. Next day, do transfer at LTA Sin Ming;

4. Pay remaining sum

 

 

[Mkl22]

I have shared my case before. I paid up in full to the guys bank and the car was only released by the bank 3working days later for transfer at LTA. Although the car was legally his when I cleared his loan, I drove the car back already as I had insurance cover for it.

Was only 3 days later when I met him at LTA to transfer and pay him the balance of 5k or so. The car was 53k and he owed the bank almost 47k after 7ywars as he took 10years loan.

 

In the end I trusted him, as I knew where he worked. Also gut feel in my interactions with him. So there you have it, been there done that. I doubt I want to go thru another like this again.

 

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

 

And as to why I didn’t use a 3rd party? I guess I weighed the risk and felt the risk of being scammed by the 3rd party was even higher. Hahaha!

Edited June 17, 2019 by Mkl22

[Ah_tee]

I have shared my case before. I paid up in full to the guys bank and the car was only released by the bank 3working days later for transfer at LTA. Although the car was legally his when I cleared his loan, I drove the car back already as I had insurance cover for it.

Was only 3 days later when I met him at LTA to transfer and pay him the balance of 5k or so. The car was 53k and he owed the bank almost 47k after 7ywars as he took 10years loan.

 

In the end I trusted him, as I knew where he worked. Also gut feel in my interactions with him. So there you have it, been there done that. I doubt I want to go thru another like this again.

 

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

 

And as to why I didn’t use a 3rd party? I guess I weighed the risk and felt the risk of being scammed by the 3rd party was even higher. Hahaha!

Your 1st para shed some light but your "doubt u want to do it again" came crumbling.

[Mkl22]

Your 1st para shed some light but your "doubt u want to do it again" came crumbling.

In my case it was clear that the seller really didn’t have the cash to redeem him own loan as he took a 10year loan. So me being me who wanted the car badly, decided to take the risk. It was special edition toyota mark x with full black interior. And the mark x iconic interior light strip.

 

Was rather worrisome those 3days. But when he showed up at lta on the 3rd day, it was a huge relief. But he was cool and maintained contract throughout the 3days.

Edited June 17, 2019 by Mkl22

[Old-driver]

i dont think legally we can hold on to a person's IC per se.

 

 

He is ok to handover the car upon loan clearing though....

 

There's one thing you can do. Take a Loan. let your finance company clear his outstanding.

 

no need to risk your full cash.

[1fast1]

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.

Edited June 17, 2019 by Turboflat4

[Ah_tee]

There's one thing you can do. Take a Loan. let your finance company clear his outstanding.

 

no need to risk your full cash.

 

gd idea

[Hamburger]

Withhold few things.

 

Car and with 2 sets of key fob.

Ensure sale agreement all signed. Maybe do through sgcarmart for a fee.

Made transfer on the spot with singpass.

[Vratenza]

think outside the box here:

 

Personal loan the 35K with $500 admin fee. Sign loan agreement. (worst case scenario, you fight him legally to retrieve this loan, not as complicated as a messed up car transaction)

 

Same time sign a sales agreement with clause to protect your interest should he run road or back out from deal.

 

Let seller go sort out his  car loan with his bank using your loan. Let him show you the full redemption proof from the bank.

 

Arrange to go LTA together, transfer the car over to you and you transfer the balance to him via mobile bank app.....done....and you earn $500 admin fee.

 

( I have transferred 110K over via mobile bank app before while at LTA counter......but that time I got my bouncer with 10 feet..dio boh @Radx  so he don't dare to play punk  )

 

 

[Friedpiggy]

This was what I done previously, I'm not sure if this method is feasible now.

 

Have the seller to request for the T pin. LTA will mail it sealed and tell seller not to open it upon receipt.

 

Pass to a neutral third party to hold on the T-pin and also the loan amount. once the loan is cleared(takes some time but they will be first to know) and then they do the transfer directly with the Tpin.

 

I used sgcarmart as the third party. In addition I had sgcarmart pay the loan amount via my loan from them so they are sort of have a vested interest to see this thru.

[Hamburger]

This was what I done previously, I'm not sure if this method is feasible now.

 

Have the seller to request for the T pin. LTA will mail it sealed and tell seller not to open it upon receipt.

 

Pass to a neutral third party to hold on the T-pin and also the loan amount. once the loan is cleared(takes some time but they will be first to know) and then they do the transfer directly with the Tpin.

 

I used sgcarmart as the third party. In addition I had sgcarmart pay the loan amount via my loan from them so they are sort of have a vested interest to see this thru.

T pin is history.

 

Now both parties use singpass to log into lta website for transfer.

[Harthen]

Facing similar scenario, but the seller decided to engage 3rd party to clear his loan. Paid deposit to secure the car. I will be paying the 3rd party the balance amount. Processing time takes 3-4 working days. If he asked me to pay his loan, I would have immediately walked away..

[Thaiyotakamli]

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

[Ct3833]

here are my thoughts:

1. since this is not your primary car , that means it is your hobby or your toy.

2. that you are staying in private property, that means you are rich.

3. you are prepared to take legal action in case he runs road, that means you still have spare cash.

 

Looks like 35k is not a problem to you, if this is a small risk to buy something you like, then just proceed. But the decision is subjective, to some others like me, 35k is a lot of my hard earned money, I will walk away.

 

By the way, this is not the only 370z in SGP, you can decide to buy one from here if your scenario still bothers you.

 

https://m.sgcarmart.com/used_cars/listing.php?MOD=370Z&PR1=0&PR2=&DP1=0&DP2=&FR=Any&TO=Any&DL=&LOC=&POS=&TRN=&AVL=&ENG=&FUE=&MIL_C=&OMV_C=&COE_C=&OWN_C=&ASL=1

 

https://m.sgcarmart.com/used_cars/info.php?ID=815413

Edited June 17, 2019 by Ct3833