Galantspeedz Turbocharged July 12, 2018 Share July 12, 2018 Yup, called bank and confirmed approved. Now everyday pray :-) have they disbursed the loan? ↡ Advertisement Link to post Share on other sites More sharing options...
rex73 2nd Gear July 12, 2018 Author Share July 12, 2018 (edited) have they disbursed the loan?Dont think so because car not under my ownership yet according to bank. Edited July 12, 2018 by rex73 Link to post Share on other sites More sharing options...
cmcex 4th Gear July 12, 2018 Share July 12, 2018 Dealer sold the car on behalf of the seller, yet seller loan canot be settled because Dealer may not have the $ to do so. Dealer stock is financed by Finance company, ownership is Finance company. Dealer must settle payment with Finance company in order to release the car for transfer. In this instance, it wasnt settled and they have no rights to transfer. Hirer Loan approval is confirmed by Finance/Bank and yes it is in force, but only when dealer transfer the car to hirer then Finance/Bank will disburse the payment to the dealer and the loan kicked in with Hirer paying installment thereafter. As long as insurance is in force, there is no problem driving on the road. The above mentioned point to Dealer's inability to settle the car with their own finance for transfer. Hirer MUST enforce transfer is done. Speak to the approving party for assistance and see how they can help. 3 Link to post Share on other sites More sharing options...
rex73 2nd Gear July 12, 2018 Author Share July 12, 2018 Dealer sold the car on behalf of the seller, yet seller loan canot be settled because Dealer may not have the $ to do so. Dealer stock is financed by Finance company, ownership is Finance company. Dealer must settle payment with Finance company in order to release the car for transfer. In this instance, it wasnt settled and they have no rights to transfer. Hirer Loan approval is confirmed by Finance/Bank and yes it is in force, but only when dealer transfer the car to hirer then Finance/Bank will disburse the payment to the dealer and the loan kicked in with Hirer paying installment thereafter. As long as insurance is in force, there is no problem driving on the road. The above mentioned point to Dealer's inability to settle the car with their own finance for transfer. Hirer MUST enforce transfer is done. Speak to the approving party for assistance and see how they can help. Thanks alot bro. Yes, situation should be as per what you have described. I will talk to approving party but not sure if they can do anything. Guess have to try.. Dealer sold the car on behalf of the seller, yet seller loan canot be settled because Dealer may not have the $ to do so. Dealer stock is financed by Finance company, ownership is Finance company. Dealer must settle payment with Finance company in order to release the car for transfer. In this instance, it wasnt settled and they have no rights to transfer. Hirer Loan approval is confirmed by Finance/Bank and yes it is in force, but only when dealer transfer the car to hirer then Finance/Bank will disburse the payment to the dealer and the loan kicked in with Hirer paying installment thereafter. As long as insurance is in force, there is no problem driving on the road. The above mentioned point to Dealer's inability to settle the car with their own finance for transfer. Hirer MUST enforce transfer is done. Speak to the approving party for assistance and see how they can help. Thanks alot bro. Yes, situation should be as per what you have described. I will talk to approving party but not sure if they can do anything. Guess have to try.. 1 Link to post Share on other sites More sharing options...
Macrosszero Turbocharged July 12, 2018 Share July 12, 2018 Hire debt collection service Link to post Share on other sites More sharing options...
2016fxt 2nd Gear July 16, 2018 Share July 16, 2018 any update on the situation? seem like this daeler is another blacksheep in the car industry lets boycott all these despicable middleman , dont let then profit from us! Thanks alot bro. Yes, situation should be as per what you have described. I will talk to approving party but not sure if they can do anything. Guess have to try..Thanks alot bro. Yes, situation should be as per what you have described. I will talk to approving party but not sure if they can do anything. Guess have to try.. 2 Link to post Share on other sites More sharing options...
rex73 2nd Gear July 16, 2018 Author Share July 16, 2018 Bros, the dealer called me last fri and today. He has resubmitted my loan and promised to do a transfer by Wed. I will update by end of week. Link to post Share on other sites More sharing options...
jayz89 3rd Gear July 17, 2018 Share July 17, 2018 Bros, the dealer called me last fri and today. He has resubmitted my loan and promised to do a transfer by Wed. I will update by end of week.Resubmitted? Meaning he didn’t do it or hasn’t done it? 2 Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged July 17, 2018 Share July 17, 2018 (edited) Bros, the dealer called me last fri and today. He has resubmitted my loan and promised to do a transfer by Wed. I will update by end of week.I tot you call bank and they say approve liao... Sounds like delaying tactic Don't think approving bank will do anything since loan not disbursed You can only hope transfer will go through... other than that you shouldn't make anymore payment to dealer till transfer done... Edited July 17, 2018 by Galantspeedz Link to post Share on other sites More sharing options...
rex73 2nd Gear July 17, 2018 Author Share July 17, 2018 Yes bros, resubmitted for approval as previous was done in May. By friday should know the result if he delaying. Link to post Share on other sites More sharing options...
QQDreamer 4th Gear July 17, 2018 Share July 17, 2018 good luck to your bro rex73. the rule of thumb, never give full deposit money to dealer. provided that they do transfer on the spot and you pay the cashier order to the dealer. the car does not belongs to you until the ownership transfer is done. learn through this experience next time buying a 2nd hand car you will know what to do and react if things happen like that. 1 Link to post Share on other sites More sharing options...
DACH Supersonic August 6, 2018 Share August 6, 2018 No updates? Link to post Share on other sites More sharing options...
rex73 2nd Gear August 16, 2018 Author Share August 16, 2018 Sorry for delay. Finally dealer has managed to effect transfer. Problen resolved. Thanks to all for advice here. ↡ Advertisement 3 Link to post Share on other sites More sharing options...
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