Repay car loan myself or let AD

[shev88]

Hi guys

I have a question on whether is it the same if we let the AD settle our existing car loan for the car we are trading in or is it better to settle the car loan ourself.

Am new so not sure if the AD is going 'eat' away the interest rebate if we were to settle our loan early.

[Apple-Tree]

36 minutes ago, shev88 said:

Hi guys

I have a question on whether is it the same if we let the AD settle our existing car loan for the car we are trading in or is it better to settle the car loan ourself.

Am new so not sure if the AD is going 'eat' away the interest rebate if we were to settle our loan early.

Trade-in already eat until cannot eat ler....

[Wt_know]

1 hour ago, shev88 said:

Hi guys

I have a question on whether is it the same if we let the AD settle our existing car loan for the car we are trading in or is it better to settle the car loan ourself.

Am new so not sure if the AD is going 'eat' away the interest rebate if we were to settle our loan early.

everything will be settled at once by dealer if you have outstanding loan

let's say dealer offer you $100K for trade in

let's say you have $40k outstanding loan, $60K will be thrown into new car as downpayment ...

there is where "overtrade magic" come in

jack up selling price (take more loan), also jack up trade in price with overtrade help you settle outstanding loan ...  

every 3 years can change car as long as every 3 years extend the loan (repay from year 0 gain) 

and slowly increase loan quantum too with no pain ... huat ah!

Edited April 26, 2020 by Wt_know

[Mkl22]

18 minutes ago, Wt_know said:

everything will be settled at once by dealer if you have outstanding loan

let's say dealer offer you $100K for trade in

let's say you have $40k outstanding loan, $60K will be thrown into new car as downpayment ...

there is where "overtrade magic" come in

jack up selling price (take more loan), also jack up trade in price with overtrade help you settle outstanding loan ...  

every 3 years can change car as long as every 3 years extend the loan (repay from year 0 gain) 

and slowly increase loan quantum too with no pain ... huat ah!

All bank and sellers love such buyers. Huat Huat! 

[Ody_2004]

20 minutes ago, Wt_know said:

everything will be settled at once by dealer if you have outstanding loan

let's say dealer offer you $100K for trade in

let's say you have $40k outstanding loan, $60K will be thrown into new car as downpayment ...

there is where "overtrade magic" come in

jack up selling price (take more loan), also jack up trade in price with overtrade help you settle outstanding loan ...  

every 3 years can change car as long as every 3 years extend the loan (repay from year 0 gain) 

and slowly increase loan quantum too with no pain ... huat ah!

wah simple question so complicated answer ah 🤣

In short outstanding loan got black and white de... the finance company/bank will provide this amount and base on settlement date. AD will use this amount to offset whatever balance on the new car.

[Spring]

Ya lah don’t make TS confused. 
 

Outstanding bank loan whether paid by self or AD is the same cos the bank will have a statement at the end to show how much was outstanding n how much was paid so no such things as eating away rebate etc. 
 

Do remember to cxl your Insurance immediately when u handover the car n there will be a rebate for the unused portion refunded by the Insurance Company. 

[Rickster]

TS, also make sure that when handing over your car, there is proper documentation signed as evidence your car has been taken over by the dealer with effect from certain date and time. 

Edited April 26, 2020 by Rickster

[Inlinefour]

13 minutes ago, Spring said:

 

 

Do remember to cxl your Insurance immediately when u handover the car n there will be a rebate for the unused portion refunded by the Insurance Company. 

talking about motor insurance and road tax balance rebate hor

 

I never got a single cent from all my new purchases one leh

 

How come huh 🤔🤔🤔

[sake]

3 minutes ago, Inlinefour said:

talking about motor insurance and road tax balance rebate hor

 

I never got a single cent from all my new purchases one leh

 

How come huh 🤔🤔🤔

road tax balance is for new owner's use.

as for the unused portion of your car insurance, you need to write to insurers to inform them of sale. also need to submit document to show transfer.

[Spring]

4 minutes ago, Inlinefour said:

talking about motor insurance and road tax balance rebate hor

 

I never got a single cent from all my new purchases one leh

 

How come huh 🤔🤔🤔

Road tax normally no rebates as it’s passed on to new owner. If it’s scraped, unless u specifically request for it, the dealer would “makan” it. 
 

Road Insurance, u must do it yourself as dealer unlikely to do for u. Just write in or call the Insurance Company to enquire how u can do it. 

[Inlinefour]

21 minutes ago, sake said:

road tax balance is for new owner's use.

as for the unused portion of your car insurance, you need to write to insurers to inform them of sale. also need to submit document to show transfer.

me mountain tortoise lor

good to know leh

Thanks buddy 👍

20 minutes ago, Spring said:

Road tax normally no rebates as it’s passed on to new owner. If it’s scraped, unless u specifically request for it, the dealer would “makan” it. 
 

Road Insurance, u must do it yourself as dealer unlikely to do for u. Just write in or call the Insurance Company to enquire how u can do it. 

those SE damn lazy... never mention about motor insurance balance too

thanks for the information buddy 👍

[Mkl22]

1 hour ago, Spring said:

Road tax normally no rebates as it’s passed on to new owner. If it’s scraped, unless u specifically request for it, the dealer would “makan” it. 
 

Road Insurance, u must do it yourself as dealer unlikely to do for u. Just write in or call the Insurance Company to enquire how u can do it. 

Even if it’s scrapped. Roadtax is part of the paper value at a particular date. So it’s accounted for. Not fair to get it back. Or at least no dealer in the right mind will give you anything. 

[1fast1]

2 hours ago, Inlinefour said:

talking about motor insurance and road tax balance rebate hor

 

I never got a single cent from all my new purchases one leh

 

How come huh 🤔🤔🤔

Road tax will never be "rebated" expect when scrapping /exporting car. Next owner enjoys. That's why it's silly to renew 12 months at a time, especially when you're paying by GIRO and everything's automatic. Just do it 6 monthly. No need to donate money to anyone. 

Insurance - you are almost always entitled to a rebate. You need to write in with a copy of the sales agreement to verify date of handover. Exceptions to the rebate occur when you have a penalty from early termination and that is greater than your rebate amount. Happens more often with some crappy insurance companies. And you'd be surprised - just because you paid a higher premium doesn't necessarily mean your carrier ain't crappy hahaha.

[1fast1]

30 minutes ago, Mkl22 said:

Even if it’s scrapped. Roadtax is part of the paper value at a particular date. So it’s accounted for. Not fair to get it back. Or at least no dealer in the right mind will give you anything. 

Scrapping, you do get back residual road tax. From gahmen. If dealer takes over ownership then scraps on your behalf, insist on this amount in full (or at least in large part) since he's already making other profit. You don't want to go through this dance with dealers, scrap it yourself.

Scrap: you get back PARF + residual COE + residual road tax.

Edited April 26, 2020 by Turboflat4

[Mkl22]

21 minutes ago, Turboflat4 said:

 

Scrap: you get back PARF + residual COE + residual road tax.

This is exactly what is reflected in the dereg value as seen in the Lta system. Thus the road tax to be rebated is already accounted for. 
 

so when the dealer quotes paper + body, the paper portion accounts for the roadtax that you will be rebated. So you don’t need to ask for it. 

[1fast1]

1 minute ago, Mkl22 said:

This is exactly what is reflected in the dereg value as seen in the Lta system. Thus the road tax to be rebated is already accounted for. 
 

so when the dealer quotes paper + body, the paper portion accounts for the roadtax that you will be rebated. So you don’t need to ask for it. 

Ok fair enough. But you seemed to be implying you lose the remaining road tax when scrapping with a dealer in your previous post. At least that's how it read to me.

Edited April 26, 2020 by Turboflat4

[Mkl22]

5 minutes ago, Turboflat4 said:

Ok fair enough. But you seemed to be implying you lose the remaining road tax when scrapping with a dealer in your previous post. At least that's how it read to me.

Ok. was a reply to the post that said that one should ask for roadtax when scrapping. Just to reiterate that one does not need to ask as it is computed in the total paper value based on dereg date. To actually ask for it would then be a double payment. 

[ER-3682]

12 hours ago, Mkl22 said:

All bank and sellers love such buyers. Huat Huat! 

Agreed,i sold my Fairlady myself,bought a new BMW, & pay Cash.Salesman's face black like Charcoal...Insurance also never buy from PML...