No_worries 6th Gear March 10, 2019 Share March 10, 2019 (edited) New Cars are much cheaper compared to 5 to 6 years ago and why bother with used car dealers and PI. Buy from AD for peace of mind. If die die want preowned, I would only deal with those used car dealers run by AD. Edited March 10, 2019 by No_worries ↡ Advertisement 2 Link to post Share on other sites More sharing options...
Mkl22 Twincharged March 10, 2019 Share March 10, 2019 Most dealers would accept CO as good as if itâs the other way round ie we sell our cars to dealers, I would insist on a CO as well but in these modern times, can also do a FAST tfr but i suppose best to iron these things out when deal is agreed else can be a hassle on day of handover. Dealer doesnt trust us and vice versa so have to be fair to both parties n hence CO the best compromise. Carrying around large sums of cash is a no go if you ask me. You’ll be surprised that quite some carry pretty large amounts of cash around. Singapore is still relatively safe. I would think carrying up to 50k plus in cash is not a big deal. It was easy then as the 10k note was still in use. So only 5 pieces of notes to make 14k. I rather risk carrying and using cash and transfer on the spot than wait for another day for the transfer. The risk of being physically robbed on the way to the dealer is much much less than being “robbed” by the dealer. 1 Link to post Share on other sites More sharing options...
BanCoe Hypersonic March 11, 2019 Share March 11, 2019 Youâll be surprised that quite some carry pretty large amounts of cash around. Singapore is still relatively safe. I would think carrying up to 50k plus in cash is not a big deal. It was easy then as the 10k note was still in use. So only 5 pieces of notes to make 14k. I rather risk carrying and using cash and transfer on the spot than wait for another day for the transfer. The risk of being physically robbed on the way to the dealer is much much less than being ârobbedâ by the dealer. Beauty of the $10k note is that each and every time it’s cashed out/cashed in to banks , it’s serial number is recorded ..... with customer details .... the more reason for secure note and full paper trail 1 Link to post Share on other sites More sharing options...
Scholesy 4th Gear March 11, 2019 Share March 11, 2019 The dealer told me he could only transfer the following day when he encash the cashier order. Said that it can bounce. I said that it can only be cancel if I made a police report. Anyway he refused to transfer on the spot with a cashier order so since I have not yet made out the cashier order, I went to the bank to get cash. It was a cheap OPC car at 14k, so no problems. And then finally I got to drive off. Yes. Confirm is got pple do such stunts. Give CO and go bank cancel. I got one used car last yr too and dealer also say cash only if wan transfer on the spot. Link to post Share on other sites More sharing options...
Gizmore Supercharged March 11, 2019 Share March 11, 2019 My understanding of CO is that one would have to have the required amount before the bank can issue it. I.e. if I need 50k CO, I would need at least 50k in my bank account before the bank I can get it. I recall that once the bank issue the CO, the actual amount is held up by the bank. I.e. if I can to ATM, I will see the allowed withdrawal amount is 50k less. So, for a dealer to say it will bounce is just BS. The only way it will bounce is only the issuer instruct the bank to cancel it. So if a dealer conservative, then they should rec'd the CO and bank in immediately. It may take a few days for inter bank processes to clear the amount. But at the very least, it will prevent issuer from pulling a fast one. Link to post Share on other sites More sharing options...
Spring Moderator March 11, 2019 Share March 11, 2019 Youâll be surprised that quite some carry pretty large amounts of cash around. Singapore is still relatively safe. I would think carrying up to 50k plus in cash is not a big deal. It was easy then as the 10k note was still in use. So only 5 pieces of notes to make 14k. I rather risk carrying and using cash and transfer on the spot than wait for another day for the transfer. The risk of being physically robbed on the way to the dealer is much much less than being ârobbedâ by the dealer. Besides the safety issue, these days banks ask a lot of questions if u withdraw large amounts of cash n sometimes even ask for documentary proof but that’s normally really big amounts not $50k levels. Really irritating coz I feel I don’t need to answer what I do with my own money but that’s the way it is unfortunately. 4 Link to post Share on other sites More sharing options...
Ysc3 Twincharged March 11, 2019 Share March 11, 2019 The dealer told me he could only transfer the following day when he encash the cashier order. Said that it can bounce. I said that it can only be cancel if I made a police report. Anyway he refused to transfer on the spot with a cashier order so since I have not yet made out the cashier order, I went to the bank to get cash. It was a cheap OPC car at 14k, so no problems. And then finally I got to drive off. I spent about a week withdrawing $3k a day at the atm to total the $16k to hand over to the used car dealer. A bundle of $50 notes. Link to post Share on other sites More sharing options...
Lala81 Hypersonic March 11, 2019 Share March 11, 2019 The dealer told me he could only transfer the following day when he encash the cashier order. Said that it can bounce. I said that it can only be cancel if I made a police report. Anyway he refused to transfer on the spot with a cashier order so since I have not yet made out the cashier order, I went to the bank to get cash. It was a cheap OPC car at 14k, so no problems. And then finally I got to drive off. cashier order where got bounce one lol. That's why it's called cashier's order. As good as cash lol Link to post Share on other sites More sharing options...
Hubwee Supercharged March 11, 2019 Share March 11, 2019 cashier order where got bounce one lol. That's why it's called cashier's order. As good as cash lol CO will not bounce but it can be cancelled easily by the issuer . Dealer also scared kena scam ba . Transfer car to buyer Liao , buyer go bank cancel CO . Link to post Share on other sites More sharing options...
Lala81 Hypersonic March 11, 2019 Share March 11, 2019 CO will not bounce but it can be cancelled easily by the issuer . Dealer also scared kena scam ba . Transfer car to buyer Liao , buyer go bank cancel CO . Lucky got FAST transfer nowadays. Or else have to bring a manilla envelope full of cash... Link to post Share on other sites More sharing options...
Hubwee Supercharged March 11, 2019 Share March 11, 2019 The dealer told me he could only transfer the following day when he encash the cashier order. Said that it can bounce. I said that it can only be cancel if I made a police report. Anyway he refused to transfer on the spot with a cashier order so since I have not yet made out the cashier order, I went to the bank to get cash. It was a cheap OPC car at 14k, so no problems. And then finally I got to drive off. erm , no need police report to cancel lei . Last time bid for VIN , everyone have to use CO . If not successful and need police report to cancel it , police jin bo eng Lor ... Lucky got FAST transfer nowadays. Or else have to bring a manilla envelope full of cash... Buy the seller Lor or deal at bank during bank hours if you dun want to carry cash around . Link to post Share on other sites More sharing options...
t0y0ta Supercharged March 11, 2019 Share March 11, 2019 erm , no need police report to cancel lei . Last time bid for VIN , everyone have to use CO . If not successful and need police report to cancel it , police jin bo eng Lor ... Buy the seller Lor or deal at bank during bank hours if you dun want to carry cash around . Cashier order can only be cancelled easily if buyer still has the physical copy. If no physical copy need to report police with reason such as lost, robbed, scammed etc. So unlikely for buyer to do this to car seller as he would have to make false police report. 2 Link to post Share on other sites More sharing options...
159er 5th Gear March 11, 2019 Share March 11, 2019 (edited) Above discussions were based on full cash payment, how about if one is taking bank loan?How fast can the transfer be done? My last purchase was 8 years ago. IIRC, it was not immediate and took almost 1-2 weeks for the transfer. Is this normal if taking bank loan? Edited March 11, 2019 by 159er Link to post Share on other sites More sharing options...
BanCoe Hypersonic March 11, 2019 Share March 11, 2019 and also you end up with a stack of $50/- notes count until like so embarassing one; like take up so much time and others all looking at you as they will say run out of $1,000/- notes and must "indent" before hand to "chop" WTF!! ..... who got the time or anticipation of such a transaction as such things happen like once in a blue moon Besides the safety issue, these days banks ask a lot of questions if u withdraw large amounts of cash n sometimes even ask for documentary proof but that’s normally really big amounts not $50k levels. Really irritating coz I feel I don’t need to answer what I do with my own money but that’s the way it is unfortunately. 3 Link to post Share on other sites More sharing options...
Thaiyotakamli Supersonic March 11, 2019 Share March 11, 2019 The dealer told me he could only transfer the following day when he encash the cashier order. Said that it can bounce. I said that it can only be cancel if I made a police report. Anyway he refused to transfer on the spot with a cashier order so since I have not yet made out the cashier order, I went to the bank to get cash. It was a cheap OPC car at 14k, so no problems. And then finally I got to drive off. Normally i carry cash only that pi said no prob cashier order and can get car straight awayI spent about a week withdrawing $3k a day at the atm to total the $16k to hand over to the used car dealer. A bundle of $50 notes.Power bro U should go bank and get queue number, then take $10k or $1k denomination notes Besides the safety issue, these days banks ask a lot of questions if u withdraw large amounts of cash n sometimes even ask for documentary proof but thatâs normally really big amounts not $50k levels. Really irritating coz I feel I donât need to answer what I do with my own money but thatâs the way it is unfortunately.Yah weird keep asking what purpose? I feel like borrow money from bank lol 1 Link to post Share on other sites More sharing options...
Ct3833 Supersonic March 11, 2019 Share March 11, 2019 Besides the safety issue, these days banks ask a lot of questions if u withdraw large amounts of cash n sometimes even ask for documentary proof but thatâs normally really big amounts not $50k levels. Really irritating coz I feel I donât need to answer what I do with my own money but thatâs the way it is unfortunately.They are helping you to ensure that you wont fall prey to scammers, you should thank them . Link to post Share on other sites More sharing options...
Ysc3 Twincharged March 11, 2019 Share March 11, 2019 U should go bank and get queue number, then take $10k or $1k denomination notes I was not trying to be funny … just that going to a bank is not convenient and the atm is just nearby my flat. so it was the more convenient option for me. but for the new car, I had to get a CO instead even though the SE suggested cash for immediate handover. Link to post Share on other sites More sharing options...
Count-Bracula Twincharged March 11, 2019 Share March 11, 2019 My understanding of CO is that one would have to have the required amount before the bank can issue it. I.e. if I need 50k CO, I would need at least 50k in my bank account before the bank I can get it. I recall that once the bank issue the CO, the actual amount is held up by the bank. I.e. if I can to ATM, I will see the allowed withdrawal amount is 50k less. So, for a dealer to say it will bounce is just BS. The only way it will bounce is only the issuer instruct the bank to cancel it. So if a dealer conservative, then they should rec'd the CO and bank in immediately. It may take a few days for inter bank processes to clear the amount. But at the very least, it will prevent issuer from pulling a fast one. Bank will earmark the 50k in your account. ↡ Advertisement Link to post Share on other sites More sharing options...
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