Documents to receive upon handing over?

[Versatile]

Dear Bros,

 

Please advice what documents/papers i should receive upon handing over my car to the buyer.

 

A copy of his loan successful form?

 

A copy of transfer of ownership paper?

 

And what? Sorry, very new to this as this is the first time selling car to direct buyer and also because i sold my car thru a middle man broker and therefore not very sure what should i or should not receive. Btw, my broker told me that the cheque will only be release tomorrow instead of today as the transfer of ownership and for bank to clear my early settlement outstanding.

 

In fact, the reset of asset PIN is done by my broker too as i hand over my IC to him for the reset to proceed (which i felt very unsafe to hand over my IC). However, when i checked OneMotoring the request of reset asset PIN was done thru LTA Channel. Does that mean it was done at LTA front desk?

 

Would be be advisable to release the car first before i receive my cheque?

 

Please advice!

Edited September 19, 2011 by Versatile

[Versatile]

Any bros? Tonight hand over car liao. :(

[Galantspeedz]

Dear Bros,

 

Please advice what documents/papers i should receive upon handing over my car to the buyer.

 

A copy of his loan successful form?

 

A copy of transfer of ownership paper?

 

And what? Sorry, very new to this as this is the first time selling car to direct buyer and also because i sold my car thru a middle man broker and therefore not very sure what should i or should not receive. Btw, my broker told me that the cheque will only be release tomorrow instead of today as the transfer of ownership and for bank to clear my early settlement outstanding.

 

In fact, the reset of asset PIN is done by my broker too as i hand over my IC to him for the reset to proceed (which i felt very unsafe to hand over my IC). However, when i checked OneMotoring the request of reset asset PIN was done thru LTA Channel. Does that mean it was done at LTA front desk?

 

Would be be advisable to release the car first before i receive my cheque?

 

Please advice!

 

 

you sell to who sia?

 

i can give some advice....

Edited September 19, 2011 by Galantspeedz

[Luckcent]

He mentioned to direct buyer leh.

[Old-driver]

Any bros? Tonight hand over car liao. :(

If you have time, go to LTA with your broker and buyer. U will be able to take back your IC immediately.

 

If you got loan then the 2 finance companies will settle with each other and pay u the balance though I'm not sure if its immediate. At least get the loan approval letter from the buyer's finance company if it makes u feel more secure

[Versatile]

you sell to who sia?

 

i can give some advice....

 

Bro,

 

I sold to a direct buyer.

 

The guy who handles the process of transfer, negotiation of price, buyer's bank loan etc is a broker who act as a middle man for me.

[Luckcent]

you sell to who sia?

 

i can give some advice....

What I did was , when sold to direct buyer, he ( the buyer ) used a finance company to

purchase my car, so I gave the PIN to the finance company to transfer and at the same

time received a cheque for the purchase. The rest is up to the finance company to complete.

 

[Eyke]

read:

 

http://www.sgcarmart.com/news/writeup.php?AID=92

[Versatile]

If you have time, go to LTA with your broker and buyer. U will be able to take back your IC immediately.

 

If you got loan then the 2 finance companies will settle with each other and pay u the balance though I'm not sure if its immediate. At least get the loan approval letter from the buyer's finance company if it makes u feel more secure

 

Bro, the reset of asset PIN has been process as i check on One Motoring website transaction history. It stated under "LTA Channel". I asked him when the transfer is going to take place he said today and the clearing of outstanding balance of current owned and the sales price earned will also be today on the same day.

 

However, remaining balance of the sales of the car - early settlement balance = cheque will only be given tomorrow. So far i only see the loan form processed by my broker but not the approved form.

 

Am i right to say i should get the approved loan plus the transferred letter from my broker tonight?

[Galantspeedz]

Bro,

 

I sold to a direct buyer.

 

The guy who handles the process of transfer, negotiation of price, buyer's bank loan etc is a broker who act as a middle man for me.

 

hmm....

 

ok so today you suppose to hand over car to buyer

 

1) your outstanding loan settled?

2) when your transfer be done? Put on record and get buyer to sign, as and when he took over the car

3) ask for proof of loan documents and insurance proof

4) rightfully if selling to direct buyer, you should hand over car only when transfer is done

5) in a way, you indirectly sold to dealer but he managed to get buyer before taking over your car

6) you should get broker to sign when he take your nrice and when he must give it back to you

 

your car has positive equity? middle man is dangerous in case chq bounced. i recommend you go with him to settle loan in form of cashier order, the most you pay the $5 for a CO and at the same time get a cashier's order for the balance, after that go with him to LTA to do transfer. once transfer done, he pass the CO for the remaining balance to you.

 

 

Edited September 19, 2011 by Galantspeedz

[Versatile]

read:

 

http://www.sgcarmart.com/news/writeup.php?AID=92

 

Thanks bro.

 

No deposit was collected and no Indemnity Form for Test Drive is signed too. Everything was done by my broker including listing my car on SGCarmart.

 

Sales agreement form i also never see. Same goes to invoice, loan Facilities & insurance. All i understand from my broker was the buyer took everything from loan including convertion of OPC to Normal Plate, Transfer fee, loan plus insurance.

 

As per the agreed price sold (40500k), i'm supossed to get get back at least 12K from the sale after deducting the outstanding balance of 28K owned to my previous bank.

 

Am i right to say i should get back a cheque from the previous bank a 12K cheque if everything was acted correcty?

Edited September 19, 2011 by Versatile

[Galantspeedz]

Thanks bro.

 

No deposit was collected and no Indemnity Form for Test Drive is signed too. Everything was done by my broker including listing my car on SGCarmart.

 

Sales agreement form i also never see. Same goes to invoice, loan Facilities & insurance. All i understand from my broker was the buyer took everything from loan including convertion of OPC to Normal Plate, Transfer fee, loan plus insurance.

 

As per the agreed price sold (40500k), i'm supossed to get get back at least 12K from the sale after deducting the outstanding balance of 28K owned to my previous bank.

 

Am i right to say i should get back a cheque from the previous bank a 12K cheque if everything was acted correcty?

 

 

very very dangerous.. hope you know your broker personally

[Versatile]

hmm....

 

ok so today you suppose to hand over car to buyer

 

1) your outstanding loan settled?

2) when your transfer be done? Put on record and get buyer to sign, as and when he took over the car

3) ask for proof of loan documents and insurance proof

4) rightfully if selling to direct buyer, you should hand over car only when transfer is done

5) in a way, you indirectly sold to dealer but he managed to get buyer before taking over your car

6) you should get broker to sign when he take your nrice and when he must give it back to you

 

your car has positive equity? middle man is dangerous in case chq bounced. i recommend you go with him to settle loan in form of cashier order, the most you pay the $5 for a CO and at the same time get a cashier's order for the balance, after that go with him to LTA to do transfer. once transfer done, he pass the CO for the remaining balance to you.

 

Thanks bro.

 

Please see below.

 

1) your outstanding loan settled? - He said today outstanding loan will be cleared. Should i call up Maybank to check on the outstanding loan settlement and when will the remaining amount be sent to me in cheque form?

 

2) when your transfer be done? Put on record and get buyer to sign, as and when he took over the car - He said today transferred will be done. I can check from One Motoring Website right? Just now i checked transaction history on PIN reset was made via LTA channel. Transfer not yet process.

 

3) ask for proof of loan documents and insurance proof - This one i will send him a sms later to request. If he cannot produce, how ah?

 

4) rightfully if selling to direct buyer, you should hand over car only when transfer is done - This one i will make sure transferred is done before i hand over the car.

 

5) in a way, you indirectly sold to dealer but he managed to get buyer before taking over your car - This one beh liao gai leh.

 

6) you should get broker to sign when he take your nrice and when he must give it back to you - This one i never do leh. Siao liao.. i very worried cos i scared later he lend ah long i die. Really lesson learned.

[Versatile]

very very dangerous.. hope you know your broker personally

 

Bro, i don't know him personally. I got to know him when i was enquiring a car then i got to know he's a broker acting for seller. I believed he earn thru commission like bank loans and misc. he acted for quite a few sellers in SG Car Mart. Car sold by him (i name a few) was S2K, BMWs and misc.

Edited September 19, 2011 by Versatile

[Versatile]

If you have time, go to LTA with your broker and buyer. U will be able to take back your IC immediately.

 

If you got loan then the 2 finance companies will settle with each other and pay u the balance though I'm not sure if its immediate. At least get the loan approval letter from the buyer's finance company if it makes u feel more secure

 

Last week i called he said IC is with bank for the settlement of the outstanding balance. Tonight then he pass back to me.

[Galantspeedz]

Answers in blue

 

 

Thanks bro.

 

Please see below.

 

1) your outstanding loan settled? - He said today outstanding loan will be cleared. Should i call up Maybank to check on the outstanding loan settlement and when will the remaining amount be sent to me in cheque form?

 

yes. you should call MB up. ask if anyone ask to settle your loan and when. MB will not return you anything. unless the buyer bank pays to MB. you got to check with MB on this. Usually is broker pay to MB, buyer bank pay to broker, broker pay to you. In any order

 

2) when your transfer be done? Put on record and get buyer to sign, as and when he took over the car - He said today transferred will be done. I can check from One Motoring Website right? Just now i checked transaction history on PIN reset was made via LTA channel. Transfer not yet process.

 

keep it simple for you. once transfer is done, lawfully the car is not yours. so shouldn't you take your bal. money then allow transfer?

 

3) ask for proof of loan documents and insurance proof - This one i will send him a sms later to request. If he cannot produce, how ah?

 

if he dun produce, surely there is something wrong. and if no insurance proof there is no way he can do a transfer. LTA require to see insurance before transfer if i rem correctly. so if no insurance... very fishy

 

4) rightfully if selling to direct buyer, you should hand over car only when transfer is done - This one i will make sure transferred is done before i hand over the car.

 

refer to point 2 answer

 

5) in a way, you indirectly sold to dealer but he managed to get buyer before taking over your car - This one beh liao gai leh.

 

nvm.. this is not that important

 

6) you should get broker to sign when he take your nrice and when he must give it back to you - This one i never do leh. Siao liao.. i very worried cos i scared later he lend ah long i die. Really lesson learned.

 

take it as lesson learnt. and pray nothing happen. nothing much you can do except to keep pester for it

 

[Galantspeedz]

Last week i called he said IC is with bank for the settlement of the outstanding balance. Tonight then he pass back to me.

 

why will bank keep IC?

 

i used to work in finance company..... they just need nric for verification + cashier order for immediate release by bank to allow transfer

 

NRIC is for for LTA side to do transfer

 

never once i hear our finance company keep nric to settle balance...

 

but i have clarify... that was about 5yrs ago.. unless rules changed

Edited September 19, 2011 by Galantspeedz

[Versatile]

why will bank keep IC?

 

i used to work in finance company..... they just need nric for verification + cashier order for immediate release by bank to allow transfer

 

NRIC is for for LTA side to do transfer

 

never once i hear our finance company keep nric to settle balance...

 

but i have clarify... that was about 5yrs ago.. unless rules changed

 

Sigh.

 

Damn troublesome. Just called Maybank to check and they said they will get back to me whether OCBC has settled the outstanding balance (28K) for me and also when will they hand over the cheque and how much the cheque amount is.

 

And also sms my broker to pass me sales agreement form, buyer's loan & insurance document and also update me once the transferred is done.

Edited September 19, 2011 by Versatile