Transactional services for direct buyer & seller deals

[Connect]

Sorry, but i find ur explaination to seller is a bit misleaading. Will u sell ur car and let someone transfer it to the buyer name, without getting the payment? If the dealer were to handle the loan. They should ensure that the seller get whatever balance they should get upon transaction complete. If the seller need to wait for the bank to release payment to the dealer, then the dealer will pay them. They might as well simply deal direct with the bank which make it ound safer? If the dealer deal the loan for the seller and buyer, I don't see why they need to wait for the bank to disburse payment to them then they release it to the seller. What if the company upon receive the bank payment go burst or disappear after that?

 

Are you from Sg Car Connect? Please don't tell me this is the way Sg car connect is doing. If that's the case, I rather deal with bank appointed credit agent who will pay direct to seller immediately upon transfer. Seller can have the choice of either request for Cashier Order, Cheque or Cheque without cross but with cross bearer. There are some Credit Agent in the trade that i know of dealing with such transaction, like Skyway Credit, Sin Thai Hin, SL Credit, Cash & Credit and etc... seller or buyer may do a check with their respective bank.

 

And my advice, a proper car dealer or credit agent will not let seller wait 2 days to get their payment after their vehicle is transfered. Be extra careful of sweet talk and cool benefit. If the dealer or credit agent tells u that, think twice. One reason is because they are empty shell company. One wrong move, it's goodbye. So end of the day, is it benefit with risk taking or safe and sound transaction u prefer?

 

Last but not last, CONNECT....please identify yourself. If u are representing Sgcar Connect or some kind of fake person hiding behind fake id. Trying to misleading people.

 

Sorry if i have offend anyone that is in this trade. But i have to point out the proper way of handling with my experience.

 

Hi Stanley, thanks for sharing your point of view. Logically, everyone will have the same thought as you. However, bank / financial institute do not release any payment to anyone only until when that person is entitled the ownership of the vehicle (Having an asset). The buyer'

Edited August 5, 2012 by Connect

[Stanley79]

Hi Stanley, thanks for sharing your point of view. Logically, everyone will have the same thought as you. However, bank / financial institute do not release any payment to anyone only until when that person is entitled the ownership of the vehicle (Having an asset). The buyer'

[Stanley79]

Hi everyone

For free add your car on

www.oneautomarket.com

Haha, 2 post only. Receive one warning!!! Www.oneautomarket.com!!! Surely one fierce competitor for Sgcarmart...

 

Will we see www.one shift.com, www.cars.svta.com.sg, www.carbidding.sg, www.st701.com.sg, www.carmatch.sg and etc.... Website posting and get warning remark here? Hehehe

 

It's always good to see competition, Comsumer always gain from it.

 

www.sgcarmart.com--- currently biggest advertising platform for vehicle

 

www.one shift.com--- following closely behind Sgcarmart as another successful advertising platform

 

www.cars.svta.com.sg--- platform set up for SVTA members to advertise their vehicle, at least one thing for sure. Only members of SVTA can advertise here. Sound more safe to view vehicle for purchase here?

 

www.carbidding.sg---unknown site, newly set up. Just happen to saw the site days ago but didn't really got the chance to go through it.

 

www.carmatch.sg--- work alike Sgcarconnect. They deal with direct seller buyer transaction, only different is... They help ur to advertise ur sales, and they have their own customer base that might just wan to buy ur car. I sold my Suzuki Every through them 1 year ago. They help me to sell off immediately just 2 days after I ask them for help. Very transport transaction, and I get my balance payment immediately after they transfer it to the buyer.

 

www.st701.com.sg--- the word ST tells ur all, strait times... Instead of newspaper, they are on website too. They advertise from vehicle sales to property sales to what u want, you name it, they have it! The power of media!

 

www.oneautomarket.com---??? Free I go in and see. (just went in to see the website, waste time) hahaha!

 

Oh no, will I get warning remark from this forum for posting all this?

Edited August 5, 2012 by Stanley79

[Stanley79]

Without siding any parties, I will like to point out some pointers based on my own experience.

I have used both a credit company as well as sgcarmart connect, and am satisfied with BOTH services.

However, their methods are different.

 

For credit companies - you either settle your outstanding loan on your own, or they can lend the money to you at a fee.

sgcarmart - they will settle the outstanding loan for you. for my case, sgcarmart gave me a black and white letter clearing stating the amount which they "owe" to me. to me it's a company which i can trust, compared to some other car dealers.

 

In general, seller will receive the bank loan amount upon ownership transfer.

The theory being that the owner can simply cancel ownership transfer. If he receives the amoutnt immediately, he will have both money and car in his name, and it becomes a big issue (no doubt criminal issues too).

 

These cases are few, but has happened in singapore in the past.

 

End of the day, use the services of the company you trust. if you don't trust the company, don't use their services - simple as that!

 

To stanley79: you brought up some good points, great sharing. i hope my 2 cents worth can compliment your opinions

 

To happygal: I believe that is common practice, but you need to check how reliable this dealer is.

 

cheers!

Hey redlighterstopper, which credit company u had use? Don't think there is any credit agent that I know do that. Usually when u have direct buyer case, so long the loan is apply through them, u dont know to worry about the money for settlement. The credit agent will do it for you, all they need is the seller and buyer co-operation to give them all the document they need.

 

Unless u are say, asking the credit company to do settlement which the buyer didn't take up any loan. Then, that will be a diff case.

 

To my understanding, those credit agent that I know will do settlement without any additional charge.

[Stanley79]

Without siding any parties, I will like to point out some pointers based on my own experience.

I have used both a credit company as well as sgcarmart connect, and am satisfied with BOTH services.

However, their methods are different.

 

For credit companies - you either settle your outstanding loan on your own, or they can lend the money to you at a fee.

sgcarmart - they will settle the outstanding loan for you. for my case, sgcarmart gave me a black and white letter clearing stating the amount which they "owe" to me. to me it's a company which i can trust, compared to some other car dealers.

 

In general, seller will receive the bank loan amount upon ownership transfer.

The theory being that the owner can simply cancel ownership transfer. If he receives the amoutnt immediately, he will have both money and car in his name, and it becomes a big issue (no doubt criminal issues too).

 

These cases are few, but has happened in singapore in the past.

 

End of the day, use the services of the company you trust. if you don't trust the company, don't use their services - simple as that!

 

To stanley79: you brought up some good points, great sharing. i hope my 2 cents worth can compliment your opinions

 

To happygal: I believe that is common practice, but you need to check how reliable this dealer is.

 

cheers!

Hey redlighterstopper, which credit company u had use? Don't think there is any credit agent that I know do that. Usually when u have direct buyer case, so long the loan is apply through them, u dont know to worry about the money for settlement. The credit agent will do it for you, all they need is the seller and buyer co-operation to give them all the document they need.

 

Unless u are saying, asking the credit company to do settlement which the buyer didn't take up any loan. Then, that will be a diff case

 

To my understanding, those credit agent that I know will do settlement without any additional charge. Maybe u are not dealing with credit company representative directly.

 

I can help recommend one to you if u need one in future.

Edited August 6, 2012 by Stanley79

[Tainey]

Any one please suggest me that which is the best place to buy a second hand car in good condition in Singapore.

[Stanley79]

Any one please suggest me that which is the best place to buy a second hand car in good condition in Singapore.

Anywhere in Singapore that sell car, so long u do the necessary check on the vehicle. If the price is right, why not. To be more confident in the purchase, u may wish to send the car for Vicom or STA inspection before u confirm the purchase.

 

If u need more choice, do ur search online. Short list them before u go ahead to find

[Redlightstopper]

Hi Stanley79,

 

Thanks for the info.

eh you seem quite experienced, are u in this trade?

[Stanley79]

Hi Stanley79,

 

Thanks for the info.

eh you seem quite experienced, are u in this trade?

Yes, I am in this trade. But not dealing with selling.

[Hkng83]

Anybody can help?

 

I recently purchased a used car from direct owner.

 

We met an agent to settle the car transfer, loan and insurance issue on last Tuesday.

 

Then, the loan and insurance are approved. We signed the agreement. The agent told us that all the documents will be ready on today.

 

However, the agent called me that the car was loan out to another bank. He suspect that the car is loan out illegally by the owner. He wants to clarify tomorrow with bank and may sue the owner.

 

I appreciate if anybody who is familiar with the above issue can advise me that what i should do and any impact to me if the case is brought to police or court.

[Stanley79]

Anybody can help?

 

I recently purchased a used car from direct owner.

 

We met an agent to settle the car transfer, loan and insurance issue on last Tuesday.

 

Then, the loan and insurance are approved. We signed the agreement. The agent told us that all the documents will be ready on today.

 

However, the agent called me that the car was loan out to another bank. He suspect that the car is loan out illegally by the owner. He wants to clarify tomorrow with bank and may sue the owner.

 

I appreciate if anybody who is familiar with the above issue can advise me that what i should do and any impact to me if the case is brought to police or court.

First of all, who is this agent?

 

Secondly, what is the loan out to another bank, refer by that agent?

 

I couldn't advise u more if I don't understand the picture.

 

Most importantly, did u make any payment to seller or the agent?

 

 

 

[Hkng83]

First of all, who is this agent?

 

Secondly, what is the loan out to another bank, refer by that agent?

 

I couldn't advise u more if I don't understand the picture.

 

Most importantly, did u make any payment to seller or the agent?

 

The car agent is the car seller friends. They are settling the thing now. So I am not convenient to disclose the car agent name.

 

The story is I agreed the price with the direct owner who posted his advertisement in SG Carmart. He brought me to his friend company who is the car agent assisting people to do the car transaction. He also provide the service for bank loan service and insurance service without charging the administration fee since he will get some commission from the bank.

 

I passed the $1000 deposit to the owner and sign the agreement with the car agent. They told me that the procedure is the car agent bought the car from the owner and sold it to me. After paying the $1000 deposit, I get the copy of the agreement and waiting for the approval of my bank loan and insurer.

 

Meanwhile the car agent is helping the owner to clear his loan to the car from Hong Leong Bank.

 

After 2 to 3 days, the bank loan and insurer are approved and Owner Hong Leong Bank is also settled. I choose NTUC as my insurer and UOB as the bank to provide the loan to me. Then, I paid the first installment to the car agent and he told me that this is normal for UOB to deduct the first installment from the loan amount. So I have to pay him first.

 

I signed all the documents for the bank loan and insurer. The owner hand over the car to me.

 

Yesterday, I go to follow up with them if the LTA document is done and when can i have all the documents and when the car can be transfer under my name since I didn't see any record in LTA website.

 

The car agent told me that he has problem to transfer the car under my name since he found the car is also under another bank loan with Standard Charter bank. They ask me to wait and give me answer later. The car agent told me not to call UOB at this moment sinec UOB will cancel the loan and he is going to charge me the administration fee if I am doing so.

 

I am still waiting the outcome and would like to know what action should i take to protect my interest

 

[Stanley79]

The car agent is the car seller friends. They are settling the thing now. So I am not convenient to disclose the car agent name.

 

The story is I agreed the price with the direct owner who posted his advertisement in SG Carmart. He brought me to his friend company who is the car agent assisting people to do the car transaction. He also provide the service for bank loan service and insurance service without charging the administration fee since he will get some commission from the bank.

 

I passed the $1000 deposit to the owner and sign the agreement with the car agent. They told me that the procedure is the car agent bought the car from the owner and sold it to me. After paying the $1000 deposit, I get the copy of the agreement and waiting for the approval of my bank loan and insurer.

 

Meanwhile the car agent is helping the owner to clear his loan to the car from Hong Leong Bank.

 

After 2 to 3 days, the bank loan and insurer are approved and Owner Hong Leong Bank is also settled. I choose NTUC as my insurer and UOB as the bank to provide the loan to me. Then, I paid the first installment to the car agent and he told me that this is normal for UOB to deduct the first installment from the loan amount. So I have to pay him first.

 

I signed all the documents for the bank loan and insurer. The owner hand over the car to me.

 

Yesterday, I go to follow up with them if the LTA document is done and when can i have all the documents and when the car can be transfer under my name since I didn't see any record in LTA website.

 

The car agent told me that he has problem to transfer the car under my name since he found the car is also under another bank loan with Standard Charter bank. They ask me to wait and give me answer later. The car agent told me not to call UOB at this moment sinec UOB will cancel the loan and he is going to charge me the administration fee if I am doing so.

 

I am still waiting the outcome and would like to know what action should i take to protect my interest

the car agent and he told me that this is normal for UOB to deduct the first installment from the loan amount. So I have to pay him first<-- basically there is a choice, to either make 1st installment payment direct to bank or make it to the dealer while they will issue the 1st installment using their company cheque. And too highlight the sentence underlined. There is not SUCH thing as the bank will deduct the 1st installment from the loan amount. U have be misled to understand this part.

 

My question is, if the car agent... settle the outstanding loan with Hong Leong, shouldn't they immediately transfer the vehicle to your name the next following day. Why do they need to wait some many day? Ain't they more anxious in getting their payment back ASAP?

he found the car is also under another bank loan with Standard Charter bank<---this couldn't be possible is the vehicle is under Hong Leong Finance loan, there shouldn't and can't have another Finance Company that is blocking the vehicle... In this case, i suspect either party is fishy.... either the Car Agent or the seller is trying to be funny here. If you could provide the car plate of the vehicle. I can help you to check since when Standard Chartered marked this car.

 

It's highly impossible to do it, unless one party is doing something very unright.

 

Lastly, this is why i alway advice Seller and Buyer... to go through BANK Apppointed credit agent... People often get trick when others offer some sweet candy...

 

Be Safe rather than Sorry...

Edited August 14, 2012 by Stanley79

[Gary469]

haiz.. a happy case of buying a car gone wrong due to unscrupulous car agents.

 

i guess that's why sgcarmart came out with this service to provide peace of mind to car buyers and sellers.

direct car transactions can be done easily and without fear of dishonesty or cheats.

[Connect]

haiz.. a happy case of buying a car gone wrong due to unscrupulous car agents.

 

i guess that's why sgcarmart came out with this service to provide peace of mind to car buyers and sellers.

direct car transactions can be done easily and without fear of dishonesty or cheats.

 

[Mrtcard]

dear all need some advice.

Is the seller obligated to sell a car to buyer when there is a agreeement or contract signed without deposit?

 

What about this scenario,

A new car shipment in 3 months time was purchased and agreed to trade in existing used car. Forms to retrieve outstanding balances etc were signed.

A specific date was told to car agent to sell existing car. There was no response for a week, sometimes ignored :(

As its an urgent sale on used car, proceeded to advertise and managed to secure a deal which is higher than orignally agreed with car agent.

 

Do you thank the used car can proceed to sale even though there is agreement signed based on the above mentioned?

 

[Kenji-]

dear all need some advice.

Is the seller obligated to sell a car to buyer when there is a agreeement or contract signed without deposit?

 

What about this scenario,

A new car shipment in 3 months time was purchased and agreed to trade in existing used car. Forms to retrieve outstanding balances etc were signed.

A specific date was told to car agent to sell existing car. There was no response for a week, sometimes ignored :(

As its an urgent sale on used car, proceeded to advertise and managed to secure a deal which is higher than orignally agreed with car agent.

 

Do you thank the used car can proceed to sale even though there is agreement signed based on the above mentioned?

 

1) I think if both of them agree no deposit for the case, it should be ok.

 

2) You have to look at the agreement term and condition if you would back up to sell / trade the car to the agent.

[Mayer]

yeah this is an interesting piece.....the next best thing that ever happened