Large sum deposit made with dealer but yet to transfer to name after 2 weeks

[Cook123]

I sold a car 2yrs ago

To avoid trouble

I met with dealer at bank branch. Cash in my account already then released the pin to him.

He can’t play tricks

As car key in my hands - means physical car

And pin for transfer in my hands

[BanCoe]

Hmm... I didn't know there was such a system

Could you elaborate and how it works for all our main local banks??

Any charges??

   

I sold a car 2yrs ago
To avoid trouble
I met with dealer at bank branch. Cash in my account already then released the pin to him.
He can’t play tricks
As car key in my hands - means physical car
And pin for transfer in my hands

 

[Cook123]

U need to agree to it on signing the deal that the final transfer takes place after the money issue settled

Meet up in bank branch

In my case he gave me a cash cheque which I use it on the spot in the bank

Money in my account there and then, then I gave the dealer the car key and pin

[Cook123]

Charges - cost of 1 cheque. And trouble of meeting up in the bank branch

[Spring]

I sold a car 2yrs ago

To avoid trouble

I met with dealer at bank branch. Cash in my account already then released the pin to him.

He can’t play tricks

As car key in my hands - means physical car

And pin for transfer in my hands

This is a good way of doing, one hand handover money another hand handover PIN, no possibility of cheating and fair to both parties

[Hamburger]

This is a good way of doing, one hand handover money another hand handover PIN, no possibility of cheating and fair to both parties

[Spring]

Only thing is PIN system is now obsolete .

Is it? I didn’t know that. Then how to tfr ownership over?

[Hamburger]

Is it? I didn’t know that. Then how to tfr ownership over?

Log in LTA with Singpass and accept transfer agreement.

 

Much more easier and less hassle.

[Cook123]

Same can be done

In that case hold the car key till money in own account

Then use smart phone to do transfer and hand over physical key as last step

[Acemundo]

Actually, it's not earmarked but directly debit your account upon issuance of CO and that's why COs are safe.

As for cancellation, as bro Toyota says; u have to produce back the physical CO to cxl or in the event of lost/misplacing of CO, u will have to declare that you lost/misplace it which is an criminal offence if you do so for deception purposes.

 

Even lawyers accept COs for property purchases.   

 

recently i bought a cheap coe-soon-to-expire car.....the transfer took place within 6 days....although i paid with bank transfer, the dealer didn't want to do the transfer immediately even though i asked but since the amount is small, i didn't want to quibble very much. but seriously if the guy had paid 32k, he should have been pestering them to do the transfer every day of delay.

Is it? I didn’t know that. Then how to tfr ownership over?

dealer will key into the e system of lta......lta will send sms to your phone.....you click on the link to accept the transfer and pay the transfer fees

[Spring]

recently i bought a cheap coe-soon-to-expire car.....the transfer took place within 6 days....although i paid with bank transfer, the dealer didn't want to do the transfer immediately even though i asked but since the amount is small, i didn't want to quibble very much. but seriously if the guy had paid 32k, he should have been pestering them to do the transfer every day of delay.

Transaction has to be fair to both buyer n seller. Can’t be dealer(seller) gets the upper hand. In this day n age with various methods of receiving $ n seamless tfr of ownership, it shld always be simultaneous. I can’t stress more on being careful n I wouldn’t conclude any deal if this is not agreed upon even if price is attractive.

[Acemundo]

Transaction has to be fair to both buyer n seller. Can’t be dealer(seller) gets the upper hand. In this day n age with various methods of receiving $ n seamless tfr of ownership, it shld always be simultaneous. I can’t stress more on being careful n I wouldn’t conclude any deal if this is not agreed upon even if price is attractive.

 

actually i agree with you.......it is just that i am too lazy to pursue given the small sums of money involved.  i purposely remarked that there are cases of buyers being scammed by sellers who don't do the transfer and then have the car secretly towed away and i will watch the transfer closely....just my way of telling them not to have any slightest of idea to scam me.

[cmcex]

Sometimes not dealer dont want to transfer. If their stock is financed, they have to clear the finance and it takes sometimes 3-5 working days before it can be cleared for transfer.

 

Also, as a dealer, they can release the car to you upon receiving the whatever balance $ or full amount from buyer so long the car has proper insurance cover, cos its pending transfer. so dealer will go settle with the finance and get the clearance to trf out the car.

 

That being said, there are some just "chao kuan" like to delay and delay. But of cos not generalizing all... there are honest ones out there too.

[RH1667]

Log in LTA with Singpass and accept transfer agreement.

 

Much more easier and less hassle.

 

Right, log-in to One motoring; select the transfer option, just need to fill the details of the " other party ", even have option to select if it is to individual or company. 

Within minutes, the other party's representative will also receive SMS indicating transfer of  " vehicle number "  completed . 

[Jon_cclau]

Previously when I purchased the used car from the dealer, on the day of collection I paid the balance via bank transfer, we sit down together in the office to get the transfer of the ownership done via onemotoring and I drove the car away.  There is no reason for any delay as long as monies is paid.

[Ct3833]

Sometimes not dealer dont want to transfer. If their stock is financed, they have to clear the finance and it takes sometimes 3-5 working days before it can be cleared for transfer.

 

Also, as a dealer, they can release the car to you upon receiving the whatever balance $ or full amount from buyer so long the car has proper insurance cover, cos its pending transfer. so dealer will go settle with the finance and get the clearance to trf out the car.

 

That being said, there are some just "chao kuan" like to delay and delay. But of cos not generalizing all... there are honest ones out there too.

Agree. It is fine if they delay for a few days as long as they do the transfer . The problem is some will not transfer and eventually evaporated in the thin air, leaving the poor buyer in the lurch. Not many but it is painful to the victims.

[cmcex]

Previously when I purchased the used car from the dealer, on the day of collection I paid the balance via bank transfer, we sit down together in the office to get the transfer of the ownership done via onemotoring and I drove the car away.  There is no reason for any delay as long as monies is paid.

 

Yes, provided the dealer has no finance obligation for the stock they sell.

 

Normal clearance for dealer financed stock is approx 3 days, afterwhich the finance release the vehicle for transfer, the car then can be transferred. 

Agree. It is fine if they delay for a few days as long as they do the transfer . The problem is some will not transfer and eventually evaporated in the thin air, leaving the poor buyer in the lurch. Not many but it is painful to the victims.

 

I agree with you on that. Some are just plain b**tards out to cheat. It happens in all industry, just slightly more prevalent in the motor industry.