Transfer of ownership while car is under Hire Purchase

[Iisterry]

The docu or agreement they provide to sign is not from the bank. it have their company name printed on it.. it did not stated any bank name in the agreement.... in this case they need licence? i notice a lots of car dealer credit company have registered under ipto under money lender...

 

Why sign under hire purchase will suddenly become mortgage loan? mortgage loan did not have a standard agreement? is not right when hire purchase loan in taken without transfer of owership?

 

Yours sound like an in-house loan from the dealer itself. Please verify with them.

 

Hire purchase loans from the bank will not be given without a transfer of ownership. If it is an in-house loan, they will need a license to operate. If it sounds so dubious, why are you dealing with them in the first place? There are many registered finance companies that you can approach directly. I will suggest that if you feel uncomfortable with them, then you should be looking for another instead.

 

http://www.hpflas.org.sg/HPFLASMembers.aspx

[Jie2209]

Have check with hpflas already, they as to jion them as a member the car dealer just need to registered with ACRC. and they do not care whether they have licence to give out loan to people... after the car dealer jion them as a member they actually can use their system to block the vehicle at LTA and do not allow the owner to do a transfer.

 

Why for me still asking so many question about this is because my friend is the one who intro me there and he himself also take out the same loan 1 year ago. I worry the dealer give out loan without licence and mis use hpflas system to bock the vehicle at LTA....

[Iisterry]

Have check with hpflas already, they as to jion them as a member the car dealer just need to registered with ACRC. and they do not care whether they have licence to give out loan to people... after the car dealer jion them as a member they actually can use their system to block the vehicle at LTA and do not allow the owner to do a transfer.

 

Why for me still asking so many question about this is because my friend is the one who intro me there and he himself also take out the same loan 1 year ago. I worry the dealer give out loan without licence and mis use hpflas system to bock the vehicle at LTA....

 

 

You can pay $5.50 at bizfile to find out what activities their company is registered under. I wouldn't be too concerned about that as an illegal contract cannot be enforced in a court of law. There are of course other means which operate beneath the law.

 

What you should be checking is the terms of the contract instead if it is under an in-house/finance company/bank.

 

And of course, age old wisdom applies. If you don't feel right, just walk away.

[SGCMbenson]

Dear All,

 

I need some advice.

 

Recently bought a second hand car from a dealer with full cash but it have been about 1 month and the car ownership still haven't transfer to my name yet.

 

What should I do now?

[Beehive3783]

You paid full cash to dealer without making the transfer at LTA?

 

 

Dear All,

 

I need some advice.

 

Recently bought a second hand car from a dealer with full cash but it have been about 1 month and the car ownership still haven't transfer to my name yet.

 

What should I do now?

 

[Chucky2007]

Dear All,

 

I need some advice.

 

Recently bought a second hand car from a dealer with full cash but it have been about 1 month and the car ownership still haven't transfer to my name yet.

 

What should I do now?

it's obvious what you should do...

 

Go down and talk to the dealer instead of asking Question here.

[Ronleech]

ya...the company might had folded and car is not under your name. The only lost is your money....normally within a week they will transfer over....one month??!! And you still asking qns here? OMG...

[Ronleech]

The docu or agreement they provide to sign is not from the bank. it have their company name printed on it.. it did not stated any bank name in the agreement.... in this case they need licence? i notice a lots of car dealer credit company have registered under ipto under money lender...

 

Why sign under hire purchase will suddenly become mortgage loan? mortgage loan did not have a standard agreement? is not right when hire purchase loan in taken without transfer of owership?

Looks like biz is bad and they are doing illegal way of loaning, using your car as the "goat head".... should be in-house load and i doubt they will licence to give loan like those legal money lender....

[SGCMbenson]

I have been chasing but they keep giving me excuses. I have make police report, report to LTA and CASE.

 

What is my next course of action?

 

The shop name is Cars Today Pte. Ltd.

 

Thanks.

[Kezg]

I have been chasing but they keep giving me excuses. I have make police report, report to LTA and CASE.

 

What is my next course of action?

 

The shop name is Cars Today Pte. Ltd.

 

Thanks.

 

 

 

hi

 

what was the out come of your situation?

[JCSL]

If you clear your loan directly in the bank & in the correct department & in the morning & in cash (or cashier order), it will be released next morning.

 

Thats for Banks or rather some banks.

Private Finance will take up to 5 days to effect the eligibility to transfer.

hi

 

what was the out come of your situation?

 

Outcome?

 

Money Gone, Shop Closed, Car Repossessed, Conman Scot-Free.

[Kezg]

Thats for Banks or rather some banks.

Private Finance will take up to 5 days to effect the eligibility to transfer.

 

 

Outcome?

 

Money Gone, Shop Closed, Car Repossessed, Conman Scot-Free.

 

 

[LQY]

if you doing it yourself

 

1. you need to pay the finance company the outstanding loan+penalty.

2. the buyer need to secure a loan and pay you the money.

3. transfer of car ownership at LTA.

[themuseofepicpoetry]

Hi guys, sorry to disrupt the thread, but new at the whole trading in and scrapping, so just wanted to ask with regard to outstanding loan:

 

My car, a Kia Picanto, is left with around 6 months + left before COE expires. I'm thinking of getting another used car and am wondering if I should trade it in or scrap it. (The gearbox is almost giving out, I fear).

 

I've read this thread on trading in, but I'm unsure as to how it works if I still have an outstanding loan of about 7 months left? Do I have to settle the outstanding loan before trading in/scrapping?

 

Is there such a thing as the dealer settling the outstanding loan for me? If yes, how does it go? He pays me the loan in cash/cashier/s cheque? Or what other options are there? What about if I am getting another used car from him? This essentially means that the trade in price should be my PARF/COE rebate + outstanding loan, is that correct?

 

I'm alright with settling the outstanding loan because if I'm not wrong, it's only left with about $4k+, but I'm wondering if I need to settle any outstanding loans before I trade it in or scrap it.

 

With trade in and purchasing of another car the same dealer, how will the transfer of ownership of my current car and the newly purchased car be like?

 

Thanks in advance guys! I know there are many questions but really new at this as this is my first time trading in/scrapping, so all help is appreciated! :)

 

[Kia7200]

In that case, these future used car is gona easily dep more than 10k pm.

[Hamburger]

scrap or not they just take in as scrap /2nd hand car and off set the price different with the newer buy.

 

no rocket science there.

[RumTan]

Guys, please help advice! I am purchasing a used vehicle from Company A, but on the vehicle log card, the owner of the car is NOT company A but another company.

 

When I ask, company A refuse to give me UEN of Company B and explain that the reason why the car ownership is company B, is because they not enough cash to purchase the car from the seller previously, so they borrow money from company B.

 

So should I still purchase this car from company A?

[Terrylmt]

Guys, please help advice! I am purchasing a used vehicle from Company A, but on the vehicle log card, the owner of the car is NOT company A but another company.

 

When I ask, company A refuse to give me UEN of Company B and explain that the reason why the car ownership is company B, is because they not enough cash to purchase the car from the seller previously, so they borrow money from company B.

 

So should I still purchase this car from company A?

 

Answered in your other thread.