Direct owner purchase query - transfer of car with financing

[RadX]

...and thats a wrap...it goes downhill from here thenceforth😅

[mersaylee]

1 minute ago, RadX said:

...and thats a wrap...it goes downhill from here thenceforth😅

Car sometimes can start, sometimes cannot...car lao u, owner lao mak sai...😁

[BoneStock]

11 hours ago, 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

 

you can go to any "direct seller" ad on sgcarmart and download the "ESSENTIAL TRANSACTION FORMS" on the right pane...see pic below.  These forms can help you in direct seller/buyer transactions.

The seller must settle his outstanding loan 1st, before the ownership transfer can be done.  If he/she is not able to settle the loan, it is better to seek help from "sgcarmart connect" as they are the experts.  You pay a small fee but in return get peace of mind.

 

Edited January 26, 2021 by BoneStock

[Rickster]

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 😁

Edited January 26, 2021 by Rickster

[Rickster]

2 hours ago, Ct3833 said:

What i did was i asked the seller to settle his own loan payment, then go to LTA to do the transfer together. Hand over casher order on the spot . You drive off the car after you walk out of LTA Sin Min office. 

Yes, this is the same process of how I sold my car recently. 

Usually for direct owner sale, it gets a little more complicated if the seller don't have the means to settle his outstanding loan. This is when a car dealer can come in helpful as they can help to settle the outstanding loan and ensure everything gets properly done before vehicle transfer.

[BobbyTan_74287]

2 hours ago, RadX said:

also, now have cashier order? iFast can trf up to $200k liao

Cashier order is safe.

[Mkl22]

17 minutes ago, Rickster said:

Yes, this is the same process of how I sold my car recently. 

Usually for direct owner sale, it gets a little more complicated if the seller don't have the means to settle his outstanding loan. This is when a car dealer can come in helpful as they can help to settle the outstanding loan and ensure everything gets properly done before vehicle transfer.

but then you also fall into the trap, that now you have to deal with the dealer... you can pay him, but he take his own bloody time to transfer the car. then what can you do.

[Rickster]

13 minutes ago, Mkl22 said:

but then you also fall into the trap, that now you have to deal with the dealer... you can pay him, but he take his own bloody time to transfer the car. then what can you do.

No, the car will not be taken in by the dealer (a.k.a transferred to the dealer). The transfer will still be between buyer and seller and it is done on the spot at the dealer's office.

 

The above is based on my experience I had with a SGcarmart trusted partner (consignment dealer) when I was trying to sell my car a few months back.

I suspect the consignment dealer play punk or die die want buyers to take huge loan, that's why I didn't get a single viewing for the entire month. In the end I fed-up and posted my car for sale in carousell... guess what! I got enquiries almost every other day and had 3 viewings and 2 offers within 2 weeks and the car was sold!

@kobayashiGT I think it would be good to validate some of these "Trusted partners" once in awhile to ensure quality of service.   

Edited January 26, 2021 by Rickster

[SiLangKia]

1 hour ago, mersaylee said:

Sekali is paynow then transfer body fluid in the car...better be chio and shiok to make it worth the risks... 😁

KNN guy leh simi chio, somemore is an uncle leh cos the car was registered to the guy's girlfriend's father hahahaha (didn't know until the day of transfer) cod i dealt with the young guy the whole time hahahahah

1 hour ago, Turboflat4 said:

Sounds almost like how I bought my Alfa Mito, actually, except I did it in my house living room and via internet bank transfer. 😂

I sort of trusted the parties involved (related to a colleague) and it was only about 20k plus anyway. So wasn't too worried. 

hahah you steady bro, so much thrust, I mean trust hahahaha

anw wa 20k to me is not small change sia so I humji one I will make sure I'm there

[SiLangKia]

1 hour ago, RadX said:

THRUST you to always do these kinky stuff...knn 🤣

simi kinky, that's @Mustank not me oops #stirshit

 

I is good boy hahahah

[kobayashiGT]

18 minutes ago, Rickster said:

No, the car will not be taken in by the dealer (a.k.a transferred to the dealer). The transfer will still be between buyer and seller and it is done on the spot at the dealer's office.

 

The above is based on my experience I had with a SGcarmart trusted partner (consignment dealer) when I was trying to sell my car a few months back.

I suspect the consignment dealer play punk or die die want buyers to take huge loan, that's why I didn't get a single viewing for the entire month. In the end I fed-up and posted my car for sale in carousell... guess what! I got enquiries almost every other day and had 3 viewings and 2 offers within 2 weeks and the car was sold!

@kobayashiGT I think it would be good to validate some of these "Trusted partners" once in awhile to ensure quality of service.   

Thanks for the advice! yes. I will feedback to the respective in-charge! Let's see how we can work this out. 🙂

[mersaylee]

6 minutes ago, SiLangKia said:

KNN guy leh simi chio, somemore is an uncle leh cos the car was registered to the guy's girlfriend's father hahahaha (didn't know until the day of transfer) cod i dealt with the young guy the whole time hahahahah

It's a dealer then...this type of plot I've heard one too many 😁

[Mkl22]

52 minutes ago, 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 😁

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.

[RadX]

13 minutes ago, SiLangKia said:

simi kinky, that's @Mustank not me oops #stirshit

 

I is good boy hahahah

Good is relative

relatuve to devil you good

 

relative to others here, you devil..

 

einstein teach me one😂

[RadX]

18 minutes ago, SiLangKia said:

simi kinky, that's @Mustank not me oops #stirshit

 

I is good boy hahahah

 

[SiLangKia]

15 minutes ago, mersaylee said:

It's a dealer then...this type of plot I've heard one too many 😁

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

[SiLangKia]

10 minutes ago, RadX said:

Good is relative

relatuve to devil you good

 

relative to others here, you devil..

 

einstein teach me one😂

hahaha i sad liao say me devil

[SiLangKia]

5 minutes ago, RadX said:

 

you ask around la ppl cfm say i good boy one

 

 

 

 

 

actually wait don't..