Direct owner purchase query - transfer of car with financing

[Soya]

8 hours ago, Rickster said:

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.

LOL....paiseh thot u the new MCF superhero 

 

 

[Mkl22]

1 hour ago, Soya said:

LOL....paiseh thot u the new MCF superhero 

 

 

maybe i'm the hero. I paid off seller's loan at Standard Chartered. took 2 days(their company rules, cannot be faster) to clear and for them to release the lien to enable the transfer. in the meantime i took possession of the car already and had insurance in my name although the transfer was not yet done. we then met at LTA 2 days later to do the transfer. this was in Nov2014.

i guess the chap looked honest and i knew where he was working. he took a 10year loan and thus maybe didn't have the cash to pay upfront.if i recall, i later handed him about 2-3k in cash as balance payment. don't ask me why i did what i did then. honestly i don't remember why. i guess i was lucky he didn't pull any stunts.

Edited January 28, 2021 by Mkl22

[inlinesix]

On 1/26/2021 at 11:43 PM, Apple-Tree said:

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...

It is 7-11 le.

Back in 2010, I went to UOB loan centre in Tampines to pay off my loan before UOB cut-off time.

Next day, Lien in LTA record is released.

[Soya]

2 hours ago, Mkl22 said:

maybe i'm the hero. I paid off seller's loan at Standard Chartered. took 2 days(their company rules, cannot be faster) to clear and for them to release the lien to enable the transfer. in the meantime i took possession of the car already and had insurance in my name although the transfer was not yet done. we then met at LTA 2 days later to do the transfer. this was in Nov2014.

i guess the chap looked honest and i knew where he was working. he took a 10year loan and thus maybe didn't have the cash to pay upfront.if i recall, i later handed him about 2-3k in cash as balance payment. don't ask me why i did what i did then. honestly i don't remember why. i guess i was lucky he didn't pull any stunts.

Wah...brave man indeed

 

[Rickster]

3 hours ago, Mkl22 said:

maybe i'm the hero. I paid off seller's loan at Standard Chartered. took 2 days(their company rules, cannot be faster) to clear and for them to release the lien to enable the transfer. in the meantime i took possession of the car already and had insurance in my name although the transfer was not yet done. we then met at LTA 2 days later to do the transfer. this was in Nov2014.

i guess the chap looked honest and i knew where he was working. he took a 10year loan and thus maybe didn't have the cash to pay upfront.if i recall, i later handed him about 2-3k in cash as balance payment. don't ask me why i did what i did then. honestly i don't remember why. i guess i was lucky he didn't pull any stunts.

I think he's just grateful u saved him out of the financial trap 😁

[ferrytales]

should really check out the thread on 10 years loan. its a headache for people who wanna sell the car down the road if they dont have the financial capability to pay off the outstanding loan. 

[Apple-Tree]

12 hours ago, inlinesix said:

It is 7-11 le.

Back in 2010, I went to UOB loan centre in Tampines to pay off my loan before UOB cut-off time.

Next day, Lien in LTA record is released.

Extactly !! As a matter of facts I plucked from the air, 99% of the TIME it is SAFE. Only 1% become Suckers !!

Only 1% !!

We can EVEN MAKE a MOVIE out of it ........

[inlinesix]

8 hours ago, Apple-Tree said:

Extactly !! As a matter of facts I plucked from the air, 99% of the TIME it is SAFE. Only 1% become Suckers !!

Only 1% !!

We can EVEN MAKE a MOVIE out of it ........

👍

[Pendelton]

motorist service not bad. 

[Thaiyotakamli]

On 1/27/2021 at 8:24 PM, Soya said:

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

 

If seller cash tight can get used car dealer to help u settle. The used car dealer will help seller clear the loan but need to handover the car to dealer as well as the pin

[Ody_2004]

7 hours ago, Thaiyotakamli said:

If seller cash tight can get used car dealer to help u settle. The used car dealer will help seller clear the loan but need to handover the car to dealer as well as the pin

Ya lah but at a cost lah.. those keen can check with @Jamesc.. If you take care of his MIL he may offer this service FOC! whahahahhahaa..

[Pendelton]

First ask the shooter to pay his own loan.