Trade In With Used Car Dealers - Ownership Transfer Tips?

[Hamburger]

True old uncle. Just got to know that t pin is history when I sold my car to quotes. All you need is singpass and 2FA.

 

Maybe i believe the online portal will take care of the transfer when all criteria for seller and buyer have their boxes ticked.

[Thaiyotakamli]

Digging up an old thread.

 

As recently LTA changed the rules of transferring car to online and not over the counter at Sin Ming Drive i.e no need to get a PIN and sign some forms.

 

Dealing with the car dealers will be still seamless.... get insurance, downpayment, get a loan (if any) and transfer via SINGPASS.

 

So my question is: if you are buying from a direct seller, how do you ensure that he or she transfer to you after you've paid up? Especially when they have an outstanding loan and he/ she needs your funds to clear it?

 

Anyone had this scenario before?

 

Appreciate all advice.

Transfer together. I mean both seller and buyer sit on a computer, seller transfer his ownership via singpass and buyer handover the cashier order straight away

[Ixus75]

Transfer together. I mean both seller and buyer sit on a computer, seller transfer his ownership via singpass and buyer handover the cashier order straight away

 

If there is no outstanding loan, this will work. 

[Old-driver]

Transfer together. I mean both seller and buyer sit on a computer, seller transfer his ownership via singpass and buyer handover the cashier order straight away

 

Yes but the question is what if there's an existing loan? he cannot transfer until he gets my $$ and pays off the loan.

 

Then he run road how? 

[Thaiyotakamli]

If there is no outstanding loan, this will work.

Yes and seller need clear their loan first before meet or transact

Yes but the question is what if there's an existing loan? he cannot transfer until he gets my $$ and pays off the loan.

 

Then he run road how?

That one seller prob, he need arrange with the bank or borrow his relatives lol

Unless car fully paid i wont pass my cashier order to him

Alternatively get trusted car dealer or maybe sgcarmart to help you to settle the transfer and loan

[Old-driver]

Yes and seller need clear their loan first before meet or transact

That one seller prob, he need arrange with the bank or borrow his relatives lol

Unless car fully paid i wont pass my cashier order to him

Alternatively get trusted car dealer or maybe sgcarmart to help you to settle the transfer and loan

that seems to be the only way.

 

Thank you Mr Thai 

[Hamburger]

Yes but the question is what if there's an existing loan? he cannot transfer until he gets my $$ and pays off the loan.

 

Then he run road how?

Well I believe the system is not dumb enough to allow transfer to be done where there is outstanding loan.

 

Seller should know they need to clear any loan they have before proceeding to sell. If they act blur, better walk away from this dodgy transaction.

Edited January 20, 2019 by Hamburger

[Old-driver]

Well I believe the system is not dumb enough to allow transfer to be done where there is outstanding loan.

 

Seller should know they need to clear any loan they have before proceeding to sell. If they act blur, better walk away from this dodgy transaction.

 

Absolutely. If someone is using cash to buy and the seller has an existing loan, how? And seller needs cash to pay finance company. Buyer wouldn't do that right? unless they pay finance company and balance to seller. Then sit down and do transfer.

 

This new system makes things easier for LTA but.....

[Ixus75]

In the old LTA website, one can login to check if your vehicle is under hire purchase.

I think this is a good way to confirm if the seller has loan.

 

I tried to find it just now but could no find it anymore.

 

 

[cmcex]

Technology can make or break things at times.

 

For cars with finance:

 

1. Seller initiate transfer.

 

2. Buyer MUST accept transfer (LTA and Finance will be notified and Seller cannot cancel transaction) *Basically, cannot cancel transaction to prevent scams, 

 

3. Financing Cycle is 1-8 days after 1st acceptance.

 

4. Within 8 days if the finance is cleared and Finance release the car, buyer log in with Singpass again to accept the transfer.

 

Transaction Complete

 

 

-1st acceptance is after seller initiate transfer within 5days.

-2nd acceptance is after 1st acceptance within 8days (Financing Cycle)

 

** Once seller tries to initiate transfer, it will prompt "Vehicle Under Financing" no way to hide.

Edited January 21, 2019 by cmcex

[mersaylee]

Can all these be done on one single visit to SGCarmart Connect office at Ubi if the seller advertises on their website? I mean seller initiates transfer, buyer acknowledges the transfer done and hands over the CO in front of the service staff, seller hands over the key and buyer drives off to get a car wash?

Edited February 13, 2019 by mersaylee

[Hamburger]

With singpass and 2FA on hand, can be done.