Procedure for selling used car to direct owner

[Orac]

Hi,

 

Can anyone advise what is the procedure like if I were to sell my car directly to owner?

 

I understand that the buyer and I need to go to LTA to transfer the vehicle to his name.

 

But do I need to deregister the vehicle before transferring to the buyer's name?

I can't find any info about this on LTA site.

It seems like from LTA site, we only need to fill up the transfer form only.

 

On top of this, how do I actually settle my outstanding loan?

I mean, if the buyer pass me the cheque, does it need to be under my name or the bank's name?

 

Anyone here experienced selling their ride to direct owner?

 

Please advise.

 

Cheers

Orac

[Galantspeedz]

I assume you are the seller.

 

for the transfer, it is from you to him..... so it can be done with the transfer form at LTA. To transfer from you to him.

 

The most impt thing you got to note is.

 

Before you settle your o/s loan, get a deposit from your buyer( if chq pls make sure it clear before you settle your loan)

 

Then pls call your bank for settlement amt and inform them the date you gonna full settle. On that day meet the buyer at the bank. Pls ask him get ready a cashier order issued to your name.... see the chq for real den proceed to full settle your loan and collect your original logcard

 

after that both of you can go LTA do your transfer, should not take more than a hour if documents are all ready.

 

If you have no ability to f/s your loan. ask him get a loan from another bank, he will need a copy of your logcard, and the bank should issue a chq to your current loan bank.

 

All this should be done before hand

 

Before everything, make sure that your buyer had bought insurance for the car beforehand.

 

Then after transfer done, collect the cashier's order! then go your seprate ways and you can cancel your own insurance.

 

Pls rem get a cashier order and not chq! cuz chq may bounced.

Edited November 17, 2007 by Galantspeedz

[Orac]

Hi Galantspeedz,

 

Thanks! this is exactly what I am looking for.

 

So does that mean the buyer will need to get the cashier's order to my name from the bank which he is taking the loan from prior to meeting at my bank to settle my o/s loan?

 

Cheers

Orac

[Vooth]

Cashier's order or cash preferred.

[Landex]

cash is

[Vooth]

Forget about cashless society....let me feel the cash anytime....

[Cybertron]

You can pay a company like $200 or so, they can handle all the paper work for ya, from ya loan settlement etc, if you dun want the trouble and risk.

[Turbonetics]

bro,any idea how long does it take to get the refund when you cancel the insurance?

[Turbonetics]

Hi Galantspeedz,

 

Thanks! this is exactly what I am looking for.

 

So does that mean the buyer will need to get the cashier's order to my name from the bank which he is taking the loan from prior to meeting at my bank to settle my o/s loan?

 

Cheers

Orac

 

the cashier's order can be from any bank.

as long as the payee is to the bank that you owed your outstanding loan.

Edited November 18, 2007 by Turbonetics

[Guyver]

Hi,

 

Can anyone advise what is the procedure like if I were to sell my car directly to owner?

 

I understand that the buyer and I need to go to LTA to transfer the vehicle to his name.

 

But do I need to deregister the vehicle before transferring to the buyer's name?

I can't find any info about this on LTA site.

It seems like from LTA site, we only need to fill up the transfer form only.

 

On top of this, how do I actually settle my outstanding loan?

I mean, if the buyer pass me the cheque, does it need to be under my name or the bank's name?

 

Anyone here experienced selling their ride to direct owner?

 

Please advise.

 

Cheers

Orac

 

If the guy is NOT paying full cash .... MUST make sure he is able to get a loan approval before selling the car to him.

 

One of the most siong thing is to do a FULL SETTLEMENT on your car .... which you'll have to pay the FULL SETTLEMENT amount to the finance company.

 

Since loan for such things is considered as "unsecured" loan .... it is very hard to get one.

 

If you cannot solve all this .... give me a call ... I'll be able to settle for you ...

[Guyver]

I assume you are the seller.

 

for the transfer, it is from you to him..... so it can be done with the transfer form at LTA. To transfer from you to him.

 

The most impt thing you got to note is.

 

Before you settle your o/s loan, get a deposit from your buyer( if chq pls make sure it clear before you settle your loan)

 

Then pls call your bank for settlement amt and inform them the date you gonna full settle. On that day meet the buyer at the bank. Pls ask him get ready a cashier order issued to your name.... see the chq for real den proceed to full settle your loan and collect your original logcard

 

after that both of you can go LTA do your transfer, should not take more than a hour if documents are all ready.

 

If you have no ability to f/s your loan. ask him get a loan from another bank, he will need a copy of your logcard, and the bank should issue a chq to your current loan bank.

 

All this should be done before hand

 

Before everything, make sure that your buyer had bought insurance for the car beforehand.

 

Then after transfer done, collect the cashier's order! then go your seprate ways and you can cancel your own insurance.

 

Pls rem get a cashier order and not chq! cuz chq may bounced.

 

You missed out a very important part ..

 

The car FULL SETTLEMENT amount HAS to be fully paid before name transfer can be done.

 

The bank who approves the buyer's loan .... WILL NOT give the full sum to the buyer WITHOUT the collateral ... which is the car in this case.

 

For the transfer part is another headache ......

 

- buyer give seller the full amount liao then transfer?

 

OR

 

- seller transfer the car to buyer liao then buyer give the seller the full amount?

[Landex]

the feeling of touchin sometink physical is priceless!!!!!!

 

includes ur abatar!!!!!!!!!

 

[Galantspeedz]

Then pls call your bank for settlement amt and inform them the date you gonna full settle. On that day meet the buyer at the bank. Pls ask him get ready a cashier order issued to your name.... see the chq for real den proceed to full settle your loan and collect your original logcard

 

after that both of you can go LTA do your transfer, should not take more than a hour if documents are all ready.

 

If you have no ability to f/s your loan. ask him get a loan from another bank, he will need a copy of your logcard, and the bank should issue a chq to your current loan bank.

 

All this should be done before hand

 

my english so hard to understand? assuming his vehicle is still using logcard...

 

no f/s = no logcard = no transfer .... very hard to understand meh? or u trying to make it hard?

 

For the transfer part is another headache ......

 

- buyer give seller the full amount liao then transfer?

 

OR

 

- seller transfer the car to buyer liao then buyer give the seller the full amount?

 

What is so hard about it? go bank together and see that the cashier order is issued in his name but only when at LTA, transfer go thru then pass him the CO in front of those people at LTA. It is all about trust right? Isn't it the same for car dealers? 2 different individual parties can still have a written contract.

 

So did you PM him to offer your services, since u make it so complicated?

Edited November 19, 2007 by Galantspeedz

[Guyver]

If you have no ability to f/s your loan. ask him get a loan from another bank, he will need a copy of your logcard, and the bank should issue a chq to your current loan bank.

 

No lah ....

 

What you mentioned is correct ....

 

From what you posted .... I suppose you had did your own transfer before?

 

Only this part ..... which indicated that the Bank A ... will issue a Cashier's Order to Bank B even before the car is under buyer's name? Frankly ... I am not sure that Bank A will do it.

 

"no f/s = no logcard = no transfer" is correct.

[Guyver]

bro,any idea how long does it take to get the refund when you cancel the insurance?

 

Depending on insurer ... but usually .... 2-4 weeks .....

[Galantspeedz]

If the guy is NOT paying full cash .... MUST make sure he is able to get a loan approval before selling the car to him.

 

One of the most siong thing is to do a FULL SETTLEMENT on your car .... which you'll have to pay the FULL SETTLEMENT amount to the finance company.

 

Since loan for such things is considered as "unsecured" loan .... it is very hard to get one.

 

If you cannot solve all this .... give me a call ... I'll be able to settle for you ...

 

ask the buyer's loan bank officer to call direct to the seller's bank which loan was taken and issued a chq or c/o to the bank and not the individual. what so hard?

 

FULL SETTLEMENT DAMN SIONG MEH? why muz cap ar?

 

so are your services free?

 

If not, then i think you are not being ethical about this.... in fact it is VERY UNETHICAL

[Galantspeedz]

i do transfer before, i also handle transfers of cars especially repo cars. well it did happen before... a bank issued a chq to my bank..... i spoke with the other bank on the loan amount. if i rem correctly, i think is HL

[Galantspeedz]

You can pay a company like $200 or so, they can handle all the paper work for ya, from ya loan settlement etc, if you dun want the trouble and risk.

 

not many people will want to earn the few hundred bucks now....