Changing of car

[Sunny3664]

Dear all,

 

Need some opinion on this.

I just changed a car to a new one. The dealer did a full settlement on my old loan and took a new one. He also took my ic to go lta to do e transfer.

 

A week later, which is now, I received another tax invoice from my old loan. I called GE and it told me no full settlement was received. I then called LTA and they told me no transfer was done. LTA told me that if ic was brought down, e transfer is done immediately.

 

I called the dealer and he told me admin off, so can only get back to me on monday.

 

Brothers, is this normal for e transaction to delay? This is my first time changing car, so I duno if this is normal.

Advise?

 

[LoverofCar]

PI ?or AD?...Some fly by night kinda PI hard to say whether will con ppl or not...

[Tigerwoods]

You'd beter go to his shop - he may be getting Money from Ah Longs using your IC brudder...

 

[Ithunk]

wat car u got

[Redplanet]

Dear all,

 

Need some opinion on this.

I just changed a car to a new one. The dealer did a full settlement on my old loan and took a new one. He also took my ic to go lta to do e transfer.

 

A week later, which is now, I received another tax invoice from my old loan. I called GE and it told me no full settlement was received. I then called LTA and they told me no transfer was done. LTA told me that if ic was brought down, e transfer is done immediately.

 

I called the dealer and he told me admin off, so can only get back to me on monday.

 

Brothers, is this normal for e transaction to delay? This is my first time changing car, so I duno if this is normal.

Advise?

 

I have gone thru this transfer thing twice...both times the dealer settle everything while holding on to my ic. But they issued an official letter stating the receipt of my ic for car ownership transfer purposes. It took about max 3 to 4 working days even if there is more paperwork like retaining of previous car registration plate...

 

So in your case, it seems that there is some delay....sometimes they will wait a while to consolidate the purchases then go down to LTA to settle one go....maybe also have other reasons....

 

Try not to be overly-worried for now until you can confirm tomorrow...btw where is this dealer from?

[Sunny3664]

AD Tan Chong Tampines..

I gave him my ic on a fri and he returned it to me last monday... he told me done. but called LTA and it says not done yet.. i asked lta how long it takes.. lta says should be immediately.

 

such a big company shd not play me out right?

i m feeling very vexed now... cos GE still asking me for payment and they told me no full settlement was done.. LTA says car still under my name... but i hv had my new car since last sat... 1 week liao... and he has already returned my ic liao... so how can it be e transfer was not done?

Edited February 6, 2010 by Sunny3664

[Edwardthy]

if u give yr ic to other people and u smell something is not right then good luck to u..

[Fcw75]

Automega Trading is a big company leh, shouldn't have this kind of problem.

 

Why don't you go down tomorrow and enquire? Sounds funny if u ask me.

[Redplanet]

AD Tan Chong Tampines..

I gave him my ic on a fri and he returned it to me last monday... he told me done. but called LTA and it says not done yet.. i asked lta how long it takes.. lta says should be immediately.

 

such a big company shd not play me out right?

i m feeling very vexed now... cos GE still asking me for payment and they told me no full settlement was done.. LTA says car still under my name... but i hv had my new car since last sat... 1 week liao... and he has already returned my ic liao... so how can it be e transfer was not done?

 

Yup, something wrong here. You better confirm if your insurance has been activated too. You need to check it out fast....and update us the outcome...

[Tinydog]

AD Tan Chong Tampines..

I gave him my ic on a fri and he returned it to me last monday... he told me done. but called LTA and it says not done yet.. i asked lta how long it takes.. lta says should be immediately.

 

such a big company shd not play me out right?

i m feeling very vexed now... cos GE still asking me for payment and they told me no full settlement was done.. LTA says car still under my name... but i hv had my new car since last sat... 1 week liao... and he has already returned my ic liao... so how can it be e transfer was not done?

 

Don't worry bro, I reckoned its a delay. Its a big company alright, not likely to be a scam. Just stay cool and relax. Check it out again on Monday. Enjoy your weekend, don't let such stuff destroy it. Cheers!

[Ladykillerz]

Hi bro,

I think Tan Chong will not do such thing.

You might want to take a trip down and have a talk with your sales person.

At this moment, don't have to worry. Just approach them. :)

Edited February 6, 2010 by Ladykillerz

[Iisterry]

AD Tan Chong Tampines..

I gave him my ic on a fri and he returned it to me last monday... he told me done. but called LTA and it says not done yet.. i asked lta how long it takes.. lta says should be immediately.

 

such a big company shd not play me out right?

i m feeling very vexed now... cos GE still asking me for payment and they told me no full settlement was done.. LTA says car still under my name... but i hv had my new car since last sat... 1 week liao... and he has already returned my ic liao... so how can it be e transfer was not done?

 

Your IC is only required to obtain the transaction pin from LTA (required for transfer of ownership).

 

The other step is to redeem your car from GE so that the transfer can be done. Redeeming is usually instant using a cashier's order. Once GE releases your car, the dealer can then transfer it out of your name.

 

What happens is that they have probably obtained the pin but have yet to redeem your car from GE. Give them a call to clarify. If there are other charges incurred through this delay, they should pick up the tab.

[Sunny3664]

Yup, trying hard not to worry.

1. GE still asking for money

2. LTA says not transferred

3. Will my old insurance still ask for paymet? Mine is on credit card scheme.

 

Will call e respective agencies to ask tmr..

Thank you all for ur comments and inputs. :)

Will update u guys....

 

I have been enjoying my new ride til now...

[Iisterry]

You can call in to your insurer to check if your policy has been cancelled. Otherwise you can do it yourself too. You will need the original copy of your Certificate of Insurance to do that.

 

Your installment belongs to the bank issuing the credit card. There might be a slight administrative charge if you cancelled halfway, the remaining premium (if any) should be pro-rated (according to their terms) refunded to you if there is excess else you will need to pay the balance.

[Sg2303]

Hey Sunny3664,

 

I went through the procedure before and I did not have to pass my NRIC to anyone. (And I believe you shouldn't because with the NRIC, many things can be done.)

 

The dealer told me to log in to LTA/onemotoring and request for a transaction pin (something like this). Then LTA/onemotoring will send the transaction pin to your house and you'll have to pass the letter to the dealer.

 

That's it. Transfer of ownership can be done with the pin alone.

[Sg2303]

Regarding the instalment payment for the previous car, don't worry about it. The bank will calculated and return you the balance. Likewise the insurance for the previous car.

 

[Jamstart]

I also experienced of such before, with a PI. Delayed my IC for more than a week. I believe they consolidate all document and other ic before they go to LTA for application, instead of one by one. If one by one, I believe they very bo eng. So I believe it is safe lah.

Edited February 8, 2010 by Jamstart

[Iisterry]

There is a full settlement amount that is only correct up to a certain date. Any delay beyond that date results in a different amount, be it you have paid an additional installment (which will lower it) or there is a late penalty charge incurred (which will increase it).

 

Any balance returned is for the difference between the valuation (traded in amount) and the outstanding (full settlement amount which varies accordingly to the date of settlement). The balance is not returned to you in the event it goes lower, it just means that the dealer has to pay less to redeem your car from the bank. You just need to make sure your settlement amount is the correct one the dealer told you.

 

Likewise for his insurance since it is under credit card terms. Depending on whether it is 6 / 12 mths installment. His bank will keep asking for payment according to the original stipulated duration so long as it is not cancelled.

 

You are unable to transfer ownership so long as the bank does not release your car else you risk locking up your account with LTA.

 

Transfer of ownership usually takes 1-2 days before the bank releases the ownership. It is the full settlement that is important as in the eyes of the law, you, the hire purchasee is still liable for the payment.

Edited February 8, 2010 by Iisterry