Bigboar Neutral Newbie February 1, 2009 Share February 1, 2009 Need some advise A friend put $500 downpayment, now want to cancel but told he got the COE. If he insist to cancel possible. Only the $500 downpaymen forfited right? ↡ Advertisement Link to post Share on other sites More sharing options...
Upandcoming Neutral Newbie February 1, 2009 Share February 1, 2009 only 500 downpayment? booking fee cant be that little right? has he signed anything, if yes, then likely to have bidded...easy to check go LTA website..key in his NRIC used to book and can see if really got COE. keep the sms tally against the date of check and print it out. if both no u have a case Link to post Share on other sites More sharing options...
Bigboar Neutral Newbie February 1, 2009 Author Share February 1, 2009 only 500 downpayment? booking fee cant be that little right? has he signed anything, if yes, then likely to have bidded...easy to check go LTA website..key in his NRIC used to book and can see if really got COE. keep the sms tally against the date of check and print it out. if both no u have a case Yes $500 only he put. He have checked with his IC and he secured the $2600 COE. Can he still cancelled? Link to post Share on other sites More sharing options...
Upandcoming Neutral Newbie February 1, 2009 Share February 1, 2009 coe other than cat e is non transferrable leh... so he has to suck that up. he can cham siong with the car company la...forfeit the downpayment..but has to pay for coe and yah ...he got 6mths register a car thereafter lor. what happen to ur fren? wan change car? or cant afford le due to exegencies? Link to post Share on other sites More sharing options...
Jazz 2nd Gear February 1, 2009 Share February 1, 2009 If COE is secured, difficult to forfeit liao. Link to post Share on other sites More sharing options...
Bigboar Neutral Newbie February 1, 2009 Author Share February 1, 2009 He change his mind a want to buy a better 2nd hand car at the same price . So he just pay for the COE $2600 and the case close? Link to post Share on other sites More sharing options...
Upandcoming Neutral Newbie February 1, 2009 Share February 1, 2009 must negotiate with the dealer ... read the contractual fine prints. but can try cham siong la...which ad? Link to post Share on other sites More sharing options...
Silver_blade Turbocharged February 1, 2009 Share February 1, 2009 He change his mind a want to buy a better 2nd hand car at the same price . So he just pay for the COE $2600 and the case close? I would think so. The dealer 'gain' $500 and your friend will just take the $2.6K COE which is his (cos it was bid under his name) Link to post Share on other sites More sharing options...
Silver_blade Turbocharged February 1, 2009 Share February 1, 2009 (edited) Actually, I think most dealers will try their luck in making sure their customers don't bring the biz to others. But I believe in this case, that dealer did not have any real loses. Edited February 1, 2009 by Silver_blade Link to post Share on other sites More sharing options...
Ridethewave Neutral Newbie February 1, 2009 Share February 1, 2009 The dealer has placed a $10k deposit for the secured COE. It will be forfeited if car is not reg within 6 months. If your friend has signed the COE undertaking letter for the dealer to bid COE on his behalf or the signed contract that stipulate a similar clause, then they have a case against your friend. Yes $500 only he put. He have checked with his IC and he secured the $2600 COE. Can he still cancelled? Link to post Share on other sites More sharing options...
Kooler Neutral Newbie February 1, 2009 Share February 1, 2009 U are wrong if you think dat his frd can just pay $2600 COE + forfeit deposit $500 cos dealer put in $10K to bid COE and if car is not registered within few months time Dealer would lose $10K which he can sue the buyer for. I would think so. The dealer 'gain' $500 and your friend will just take the $2.6K COE which is his (cos it was bid under his name) Link to post Share on other sites More sharing options...
Silver_blade Turbocharged February 1, 2009 Share February 1, 2009 U are wrong if you think dat his frd can just pay $2600 COE + forfeit deposit $500 cos dealer put in $10K to bid COE and if car is not registered within few months time Dealer would lose $10K which he can sue the buyer for. You are right. The balance of the $10K will be used to offset other cost of the new car. So TS's friend will have to foot the balance of the $10K. Link to post Share on other sites More sharing options...
Silver_blade Turbocharged February 1, 2009 Share February 1, 2009 U are wrong if you think dat his frd can just pay $2600 COE + forfeit deposit $500 cos dealer put in $10K to bid COE and if car is not registered within few months time Dealer would lose $10K which he can sue the buyer for. You are right. The balance of the $10K will be used to offset other cost of the new car. So TS's friend will have to foot the balance of the $10K. Link to post Share on other sites More sharing options...
macrosszero Turbocharged February 1, 2009 Share February 1, 2009 Is the secondhand car such a good deal even after he has forfeited his $500 and $2600 COE? Even if the dealer lets him off the 10k deposit, he will still likely lose his $500 deposit plus the $2600 COE which he won't need and cannot transfer since he plans to buy a used car. Just take the car lah. Too late for remorse now. Link to post Share on other sites More sharing options...
Kooler Neutral Newbie February 2, 2009 Share February 2, 2009 Actually the total amt his frd going to compensate is not only $500 deposit + $10K COE deposit.Cos dealer if lets say earn $4K from the new car,I dun think he would let your frd go just by letting him earn the $500 deposit.It's like promising to give someone $4k den last min lower to $500. You are right. The balance of the $10K will be used to offset other cost of the new car. So TS's friend will have to foot the balance of the $10K. Link to post Share on other sites More sharing options...
Kooler Neutral Newbie February 2, 2009 Share February 2, 2009 Actually the total amt his frd going to compensate is not only $500 deposit + $10K COE deposit.Cos dealer if lets say earn $4K from the new car,I dun think he would let your frd go just by letting him earn the $500 deposit.It's like promising to give someone $4k den last min lower to $500. You are right. The balance of the $10K will be used to offset other cost of the new car. So TS's friend will have to foot the balance of the $10K. Link to post Share on other sites More sharing options...
Mojoe Neutral Newbie February 2, 2009 Share February 2, 2009 He change his mind a want to buy a better 2nd hand car at the same price . So he just pay for the COE $2600 and the case close? How come he can make such a decision so frivolously? What did he buy and what is he intending to get 2nd hand? Is it worth it? As the rest have mentioned, the dealer probably won't let him off so easily. Link to post Share on other sites More sharing options...
Nkps 1st Gear February 2, 2009 Share February 2, 2009 Need some advise A friend put $500 downpayment, now want to cancel but told he got the COE. If he insist to cancel possible. Only the $500 downpaymen forfited right? ok, this is what you/ your frickle minded friend will have to pay for: $500 deposit $2600 COE and $10K deposit from dealer to LTA, unless he use the COE to register a new car (be it same dealer or not) ↡ Advertisement Link to post Share on other sites More sharing options...
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