Transfer of ownership while car is under Hire Purchase

[Joajas]

Does anyone know the procedures involve to transfer car ownership while car is still under hire purchase?

 

Thanks.

[Old-driver]

Must go clear the loan from the finance company and can do transfer

[Joajas]

That means the new owner must secure a loan first? Does the new owner get his own hire purchase loan and his finance company will pay direct to the bank for my hire purchase agreement?

Thanks

[Sga54g]

That means the new owner must secure a loan first? Does the new owner get his own hire purchase loan and his finance company will pay direct to the bank for my hire purchase agreement?

Thanks

If you go thru a dealer, then ask them to do it. If doing on your own, and you do not wish to settle in full for your loan, then you must ask the new buyer to liaise with your finance company. They may charge admin fee.

[Joajas]

ok thanks

[LoverofCar]

In exact fact, the car belong to the hire and purchase company....it is not yours....You don't own the car...until you clear up the loan.......if you want to transfer it...you need to settle the outstanding loan with the company and the new owner need to secure his own loan.....unless he pay in full by cash...

[Little_prince]

if you doing it yourself

 

1. you need to pay the finance company the outstanding loan+penalty.

2. the buyer need to secure a loan and pay you the money.

3. transfer of car ownership at LTA.

 

 

[VenomMX]

In exact fact, the car belong to the hire and purchase company....it is not yours....You don't own the car...until you clear up the loan.......if you want to transfer it...you need to settle the outstanding loan with the company and the new owner need to secure his own loan.....unless he pay in full by cash...

 

Yup.. just take note that even after you clear your loan, it will take a couple of working days before you can actually do the transfer of ownership at LTA.. its not an instant process..

[inlinesix]

Yup.. just take note that even after you clear your loan, it will take a couple of working days before you can actually do the transfer of ownership at LTA.. its not an instant process..

If you clear your loan directly in the bank & in the correct department & in the morning & in cash (or cashier order), it will be released next morning.

[Joajas]

Thank you all for the replies.

 

Anyone has succeeded in transferring the Hire Purchase Agreement to the new owner?

Meaning I do not need to settle outstanding loan and the new owner just take over my current loan.

 

Appreciate all helps rendered, thanks

[Galantspeedz]

Thank you all for the replies.

 

Anyone has succeeded in transferring the Hire Purchase Agreement to the new owner?

Meaning I do not need to settle outstanding loan and the new owner just take over my current loan.

 

Appreciate all helps rendered, thanks

 

LTA does not allow

[Little_prince]

Thank you all for the replies.

 

Anyone has succeeded in transferring the Hire Purchase Agreement to the new owner?

Meaning I do not need to settle outstanding loan and the new owner just take over my current loan.

 

Appreciate all helps rendered, thanks

 

cannot.

 

u sell car you probably need to cough out cash to pay off bank ( loan that is outstanding+penalty charges)

[RadX]

Thank you all for the replies.

 

Anyone has succeeded in transferring the Hire Purchase Agreement to the new owner?

Meaning I do not need to settle outstanding loan and the new owner just take over my current loan.

 

Appreciate all helps rendered, thanks

 

considered renting and is a no no here. Also, you are at a losing end in that the person chow, you are still lliable for the payment.

[inlinesix]

considered renting and is a no no here. Also, you are at a losing end in that the person chow, you are still lliable for the payment.

I read in BMW-SG, someone rent out E60 & the car ends up in CNB impound.

[Little_prince]

I read in BMW-SG, someone rent out E60 & the car ends up in CNB impound.

 

there was a case. red plate rent out.

 

the guy anyhow drive around then caught by erp. then the real owner tio

[Joajas]

Thanks for all the replies.

 

Seems like SgCarmart Connect the the best option right now.

[Jie2209]

Before i take up hire purchase loan on my currently car which have fully paid.. do i need to a transfer before i take out the loan. i know for bank there is needed but how about car dealer doing thier in house finance?

[Little_prince]

Before i take up hire purchase loan on my currently car which have fully paid.. do i need to a transfer before i take out the loan. i know for bank there is needed but how about car dealer doing thier in house finance?

if it's fully paid why you do need to take out loan?