Freak 1st Gear January 19, 2007 Share January 19, 2007 Hi all What is overtrade? How does overtrade works? IS the rebate value from one-motoring is the amount that we can offset for the balance of our loan? Thanks. ↡ Advertisement Link to post Share on other sites More sharing options...
DarkLord 1st Gear January 19, 2007 Share January 19, 2007 Overtrade means taking the remaining of your loan owing for your present car and add it to the car loan of your new car.. Suicidal I would say.. Link to post Share on other sites More sharing options...
Turbonetics 2nd Gear January 20, 2007 Share January 20, 2007 not only that,i think interest rate will be higher if you overtrade. Link to post Share on other sites More sharing options...
Route88 2nd Gear January 20, 2007 Share January 20, 2007 What if to change car,sekali got outstanding bank loan of 20K + 6K from refinance rebate. Tat is my fren trying to do,itchy backside Overtrade,cash rebate for new car,still not enuff to get the new car Chey....no money still wanna drive new car. Loan not approved......nevermind " Link to post Share on other sites More sharing options...
Andpercent Neutral Newbie January 20, 2007 Share January 20, 2007 wise finance company..... if approval loan, then siao liaoz. Link to post Share on other sites More sharing options...
Herk Neutral Newbie January 20, 2007 Share January 20, 2007 Overtrade is not for ppl who has hard time paying even for monthly instalments. Unless the car has got into an accident, repaired and failing in many aspects, then outta no choice, take the high loss. Link to post Share on other sites More sharing options...
Ccssgm 1st Gear January 20, 2007 Share January 20, 2007 If U think Over.....Overtrade Not for ppl who has hard time paying even for monthly instalments........Previous COE cost 30-40K..(3-4 years ago)....Now Coe Cost 10-12K..... If U driving a Car paying $750....(for a 3-4 Years Car).. After Overtrade U pay $800....(New Car)...Present. Which One U prefer ?......... Link to post Share on other sites More sharing options...
Chilidawg November 26, 2007 Share November 26, 2007 hi guys, need some help to understand this... say for example my oustanding loan amt is 30,000 incl interest and i manage to sell online for 22,000. does that mean that i owe my bank 8,000 and that would be my overtrade should i get a new loan for another car? cheers! Link to post Share on other sites More sharing options...
Vratenza Supersonic November 26, 2007 Share November 26, 2007 "say for example my oustanding loan amt is 30,000 incl interest and i manage to sell online for 22,000. does that mean that i owe my bank 8,000 and that would be my overtrade should i get a new loan for another car?" Yes, you owe the bank $8000. If you can afford the $8000 cash upfront to pay the bank this $8000 balance, then you do not need to overtrade when you buy another car. the new car sale will be considered a fresh loan no matter you take 100% loan or 50% loan. If you cannot afford to pay the $8000 cash upfront, you will need to add this sum to your new car loan if you die die must get a new car... Link to post Share on other sites More sharing options...
Ahyoo2002 2nd Gear November 27, 2007 Share November 27, 2007 This is what normal people will think. But they will be in deep trouble if the car need to total write-off or when they want to sell Link to post Share on other sites More sharing options...
Mkl22 Supersonic November 27, 2007 Share November 27, 2007 agree.. bottom line is no money dont buy car. loan till the moon just to own a car. some young people never die before. banks are merciless when you default. Link to post Share on other sites More sharing options...
Chilidawg November 27, 2007 Share November 27, 2007 wat do u mean by total write-off? do u mean scrapped? if i sell the car its not my problem anymore, rite? Link to post Share on other sites More sharing options...
Ahyoo2002 2nd Gear November 27, 2007 Share November 27, 2007 total write off (not sure is this correct word to use) means when due to some serious accident where it is beyond repair, or when the car is stolen, the insurance co will only pay you a very small sum as compare to the loan that outstanding especially for those overtrade case. So you need to pay a big sum to bank even when you lost the car. Also, even when you sell the car, it is still your problem as high chance that the selling price of the car is still not enough to pay off the outstanding loan. So better beware Link to post Share on other sites More sharing options...
Chilidawg November 27, 2007 Share November 27, 2007 hmm, but when a dealer or buyer buys over my car then wats the transaction like? will he pay me direct then i settle with my finance coy? or will the buyer's finance coy settle with my finance coy n then let me know how much i have to pay the balance? sorry, very new to this Link to post Share on other sites More sharing options...
Ahyoo2002 2nd Gear November 27, 2007 Share November 27, 2007 This one me also no idea. But then overtrade is really a killer with current low PARF system. Link to post Share on other sites More sharing options...
Soya Supersonic November 27, 2007 Share November 27, 2007 hi guys, need some help to understand this... say for example my oustanding loan amt is 30,000 incl interest and i manage to sell online for 22,000. does that mean that i owe my bank 8,000 and that would be my overtrade should i get a new loan for another car? cheers! tink overtrade u gotta do the trade-in at the dealer and not sell on ur own. for example, since u owe $8k, dealer will simply lump an extra $8k to your new car purchase price and u pay off the whole amt thru monthly instalments. in other words, you're simply taking a new loan of $8k to pay off an old loan in addition to the new loan u gotta service. problem snowballs and this route is not advisable. Link to post Share on other sites More sharing options...
Chilidawg November 27, 2007 Share November 27, 2007 roger dat, thx alot bro Link to post Share on other sites More sharing options...
Chilidawg November 27, 2007 Share November 27, 2007 i understand fully bro. but reasons aside, i just wanna know how this would play out, should i decide to sell n get a bn car. timing plays a part too, so i'm trying to find out as much as i can before diving into this ↡ Advertisement Link to post Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In NowRelated Discussions
Related Discussions
“Overtrade”
“Overtrade”
Price Increase After Purchase?
Price Increase After Purchase?
Now overtrade still happening or not?
Now overtrade still happening or not?
Kah Motor Overtrade Prices
Kah Motor Overtrade Prices
Possible to overtrade when buying 2nd hand car
Possible to overtrade when buying 2nd hand car
Overtrade Mystery
Overtrade Mystery
What is OverTrade?
What is OverTrade?