Risks

[Rm2s]

If I sell my car to a direct buyer and the buyer brought a person in to handle the paperwork for him, I do not know the buyer nor his help before the transaction, what are the risks for me to let them handle all the paperwork?

 

I understand that to transfer the car, my outstanding loan has to be settled, so no matter what, the buyer will need to come up with money to repay my loan.

 

So my only risk is not getting back the remaining cash value of the transaction?

 

If I insist on a cashier order to be issued to my name before the transfer takes place, that would bring the risk down to near zero?

 

Am I right?

[Beehive3783]

Never allow transfer of ownership to happen until you see a cashier's order issued to your name.

[Mona-vie]

You should release the car only when you receive full payment for the car (if cheque wait for it to clear, it money order can release immediately).

 

Never release the car if you didn't get the money. Transfer of ownership can always do later but money must receive first. Then you clear the loans with the $$$ you received and after that paper work.

 

Thats the way its done. Also both the buyer and you have to go down to LTA to sign the transfer form.

[Rm2s]

Never allow transfer of ownership to happen until you see a cashier's order issued to your name.

 

Make sense. Thanks