Direct owner purchase query - transfer of car with financing

[SiLangKia]

5 minutes ago, RadX said:

 

you ask around la ppl cfm say i good boy one

 

 

 

 

 

actually wait don't..

[Rickster]

15 minutes ago, Mkl22 said:

i never ever bother about consignment. all a dealer can do is to piss away potential buyers. rather just post and sell myself, which i have been doing all this while.

Yes, I think i'll just post direct sale in the future, much easier and with full transparency how things are being dealt. 

Hopefully my experience with this particular consignment dealer is not the norm. 

[mersaylee]

34 minutes ago, SiLangKia said:

err actually is really the gf father cos whole family come down including the dog, to say bye to the car hahahaha

做戏要做全套...dog star? 😁

[1fast1]

41 minutes ago, RadX said:

 

I have this exact poster. Big X-phile. 😁

[TheCarDealer]

Paynow him $10 to reserve the car, take both his key fob, 1 rim and steering wheel so he can't drive the car during this period. Wait until form b drop liao, meet him to full settle his car, pay him the remainder and do the LTA ownership transfer on the spot.

[Fitvip]

16 hours ago, Apple-Tree said:

In this kind of difficult times, don't play play loh....... get a middle man laaaa .....

https://connect.sgcarmart.com/index.php

 

 

Why spend money to get a middle man? What protection can the middle man offer the buyer? 

 

Edited January 26, 2021 by Fitvip

[Davidklt]

I thought nowadays all use SingPass already ? And if the loan is not cleared, the seller cannot initiate a transfer ?

[badlammy]

Individual to individual can transfer through Singpass meh? I thought only for transfer through dealer.

Anyway my experience of buying from a direct owner is quite laughable come to think of it. I paid the seller a 50% deposit via CO. Abt a week later after the loan cleared then we met at Sin Ming LTA, did the transfer, and paid the balance via CO. After that, seller drove me to the workshop where my car is ready for collection (because I insisted the ABS error be resolved before handover). So thrusty right 😄.

Edited January 26, 2021 by badlammy

[Davidklt]

21 minutes ago, badlammy said:

Individual to individual can transfer through Singpass meh? I thought only for transfer through dealer.

Anyway my experience of buying from a direct owner is quite laughable come to think of it. I paid the seller a 50% deposit via CO. Abt a week later after the loan cleared then we met at Sin Ming LTA, did the transfer, and paid the balance via CO. After that, seller drove me to the workshop where my car is ready for collection (because I insisted the ABS error be resolved before handover). So thrusty right 😄.

   Can.

https://www.sgcarmart.com/news/writeup.php?AID=492

[Apple-Tree]

20 hours ago, RadX said:

Do transfer in his presence. Meet at LTA and get it done

@Vratenza pls weigh in

I think hor, if got loan need bank to release the ownership by informing LTA, don't think it is a 7-11 thing. Bank need 1 day to process, pay cheque add more......

I only did the COLLECT Cashier Order at LTA, then do transfer immediately, the car is parked outside LTA and I need a letter from the buyer to state the date and TIME the vehicle is handover to avoid any TP misUNDERSTANDING lor.

Got 1 time I handover Cheque to SE, he go buy up all the COE Rebates (when it is NOT Transferable) to save 5K.  That is probably the last stupid thing I do or MAYBE in those days, pple are MORE HONEST ........nothing happen and I get MY NEW CAR from Borneo ....

And then got 1 time I get a CONSIGNEE to close a deal, he settled all the bank loan thing on seller side and SEND ME the CAR.....then driving out AML, PARKING Fee $274 ...... Of course, My .....whatever.

 

Time have changed, with DHL la, Singtel la, Police la, Custom la, MOH la, DBS la called almost now and then that I need to PAY something.  My S, I AM PAYING hor.

Then hor, that NIGHT someone from DOS called me SAYING WANT TO ASK ME something ABOUT CONSENSUS simi 2020. I SAY My S I am going to ANSWER hor.  It turnout HE IS REALLY A CIVIL SERVANT wor.  Called ME at 9pm lor, I no need to SLEEP ah, Chicken also need to sleep lor.

Long story sia ......OK ...... My finger tire liao ......need to resttt...

[Apple-Tree]

17 hours ago, Turboflat4 said:

Is this a proper escrow service, I wonder? Or just a form - filling hand-holding type deal? 

I think something like a half cooked Escrow ...... hearsay they will settle EVERYTHING lor. I want to use their service at one time but C&C Kia hor, not Mercedes delivered the car lor.  

[Apple-Tree]

6 hours ago, Fitvip said:

Why spend money to get a middle man? What protection can the middle man offer the buyer? 

 

Aiya ...... To SUMMARIZE the PROBLEM, you need to deal WITH LTA, BANK and SELLER hor ..... 3 SEPARATE ENTITY.  ESCROW is NOT without FLAW lor ....... U Escrow with SELLER and BANK..... BANK SAID U OK, SELLER OK, Release Money. BANK Release Car by Informing LTA.  Seller SELL CAR to ANOTHER BUYER.

SO, the POLICE REPORK how to WRITE ?  Bank SAY U OK, LTA SAY not my PROBLEM leh and U cannot sue me hor, GOT PIN GOT TRANSFER and the SELLER say ONE DAY I will PAY BACK lor.

The middleman from SGCARMART one ba, SAID BACKED by SPH leh, did not get YOUR BLUE HONDA FIT, maybe they deliver a PINK one lor ...... PINK ....NICE !!

 

 Now like quite DIFFICULT, Stewardess selling Chicken Rice, the situation is QUITE BAD.  Unfortunately, I can't feel it lor ........ Look TO EAST on the FIRST LIGHT bro ...... LOOK EAST !!

 

 

[Apple-Tree]

16 hours ago, awhtc said:

Middle man is reliable?  The best is to have a written agreement plus deposit then get the owner to settle his own loan first.  The rest can be settled via direct transfer of balance money and ownership on the spot.

Er ....... it is not t

[UncleAtas]

What I did was once transferred at LTA. Go to the staircase and count money.

[Mkl22]

15 minutes ago, UncleAtas said:

What I did was once transferred at LTA. Go to the staircase and count money.

now LTA will ask you to do online and F off...

it is actually easier this way if you are dealing with a direct seller with no loan and a cash direct buyer.

the only thing is that you need to get insurance before the transfer of ownership. and that is the only part if you are the buyer that the seller can sabo you on, is by pulling out of the deal. you lose a little on the refund of the insurance. otherwise very safe.

Edited January 27, 2021 by Mkl22

[Soya]

On 26/01/2021 at 10:34 AM, Rickster said:

The first thing to do is to ensure that the seller has the money to clear the loan.

If not, I'd prefer to go through a car dealer to handle it like a consignment deal. The dealer will have all the partners and procedure in place to help the seller settle any outstanding loans before doing the transfer. As u r not taking a loan, ensure that the seller will bear all the fees involved which can range from $500 ->1K, depending on which dealer u go to. If u r taking a loan, the dealers can sometimes do the whole thing FOC.

I sold my car a few months ago, the process was like this:

1) I did a bank transfer of the outstanding amount the bank to clear my outstanding loan. Waited 2 hours and bank gave me the go-ahead to sell.

2) Met buyer later on the same day at his appointed car workshop (that he had appointed previously to check my car before making offer).

3) Buyer gave me a cashier-order for the agreed amount. 

4) Used the workshop's computer to log into the vehicle transfer website and use both my singpass to activate my transfer to the buyer. The buyer use his singpass to accept transfer of vehicle.

5) Done.

 

Oh ya, we use SGcarmart's forms all the way 😁

Lucky seller didn't run road after u paid off his bank loan....

 

[Soya]

On 25/01/2021 at 11:03 PM, Allanh41 said:

Hi everyone,

I’m looking to buy a car from an owner directly and seeking opinions on how to do the transfer 

The car is still under financing and I intend to buy with cash (no financing)

Just like to seek an opinion what’s the best way to do this to minimise any risk of seller MIA with my money 

Should I....

1. Issue 2 cashier order (1 to bank, 1 to owner) and collect the car. Owner to do transfer after full settlement 

2. Issue cashier order to bank. After settlement, meet owner to pay balance and collect car

or any suggestions?

Thanks

Never settle the loan on behalf of the seller. The car is still registered to him/her n can play punk

Best if seller can ownself settle outstanding loan first. If they are so cash tight, they can take out a temporary Ready Credit thingy to tie them over a few days while their bank release the transfer, u meet to do transfer at Sin Ming with a CO on hand 

Alternatively take a min 1yr loan tenure n let both the banks settle. Confirm safe

 

[Rickster]

4 hours ago, Soya said:

Lucky seller didn't run road after u paid off his bank loan....

 

Bro, I paid off my own outstanding loan before I sell my car la. Me is the seller.

Who would be so hero to help seller pay off bank loan 😆

But it is true some seller have problem redeeming their loan. So for such cases, get the seller to go thru a consignment dealer manage the sale process.