Used Car Dealers Feedback (Part 2)!

[Leo72]

4 minutes ago, lalaworld said:

The dealer say lta side need 2 days to transfer. Otherwise got other documents to say i paid in full

cashier order can do at LTA counter on the spot. Unless the dealer or the seller hasn't clear the loan for the car and they're using your payment to clear the loan first before transferring. This type of car dealer is small car dealer with no hard cash on hand to clear the loan first and it's a bit dangerous.

[lalaworld]

Ok thanks for the advice everyone! 😀

[Volvobrick]

3 hours ago, lalaworld said:

The dealer say lta side need 2 days to transfer. Otherwise got other documents to say i paid in full

BS. I would walk away. 

[QQDreamer]

7 hours ago, lalaworld said:

The dealer say lta side need 2 days to transfer. Otherwise got other documents to say i paid in full

now no need to LTA liao. all can do online. ask the dealer dont play tricks.  ask the dealer go fly kite dont sell car.

Edited June 29, 2020 by StreamRSZ

[Jeffreyng86]

Yea.. Normally dealer wil ask you to log in sing pass then go to one motoring to accept the transfer ownership. 

Aft tat just renew road tax then just wait for 10 minute to receive the confirmation from LTA. 

[Mkl22]

5 hours ago, Volvobrick said:

BS. I would walk away. 

Seconded. Walk and run far away. Many other dealers to buy from.
There was dealer who even refused to accept my cashier order when I requested to transfer on the spot. Then had to go get cash. But it was a cheap $14k then. 

[Mkl22]

50 minutes ago, StreamRSZ said:

now no need to LTA liao. all can do online. ask the dealer dont play tricks.  ask the dealer go fly kite dont sell car.

Want Also Cannot use lta counter unless special circumstance. All must be online. 

Edited June 29, 2020 by Mkl22

[QQDreamer]

so if lets say for example. Loan approved and you to pay off balance. if the dealer say need 2 to 3 days to transfer owner ship than as long as we dont sign on the DO can we still revoke the sales with finance company? if i not wrong, finance company will only release money to dealer upon receiving the signed DO

Edited June 29, 2020 by StreamRSZ

[Hamburger]

Sales agreement is a contract.

A contract is there for a reason.

[Mkl22]

9 minutes ago, Hamburger said:

Sales agreement is a contract.

A contract is there for a reason.

Not when it is drafted by some shady used car dealers. 
always prefer cash and carry as much as possible when dealing with smaller used car dealers

[Ct3833]

23 minutes ago, Hamburger said:

Sales agreement is a contract.

A contract is there for a reason.

When dealing with  small time shady dealers , a contract is for one to engage a lawyer to sue them while expect to  get back nothing except the legal fee bill. 

[Hamburger]

1 hour ago, Mkl22 said:

Not when it is drafted by some shady used car dealers. 
always prefer cash and carry as much as possible when dealing with smaller used car dealers

When both parties signed on a contract, it's legal binding. 

Therefore its imperative that buyers read carefully and not sign it blindly. 

Referring to question by streamrsz. 

[1fast1]

2 hours ago, Mkl22 said:

Seconded. Walk and run far away. Many other dealers to buy from.
There was dealer who even refused to accept my cashier order when I requested to transfer on the spot. Then had to go get cash. But it was a cheap $14k then. 

Sounds shady as hell. Every business with a bank account should view a cashier's order as equivalent to cash (or even safer, since no forgery risk).

The drawing of a cashier's order proves your intent to pay (money goes from your A/C immediately) and his cashing of it proves receipt of funds. So it protects every party involved, including the intermediary bank(s). 

Sounds like he wants to avoid a paper trail. Either he's trying to pull a fast one on you (claim you never paid) or IRAS (under-declare revenue). 

You can't do anything about the latter, but you can protect yourself somewhat from the former by having a third party video the transaction of you counting out the bills and handing them to him and him acknowledging receipt. Of course, he can substitute your bills with forged bills and claim you paid him bad money later, so it's not bulletproof, but that sort of weird claim will raise suspicions about him also.

If faced with such a dealer, I'd just walk away. 

 

Edited June 29, 2020 by Turboflat4

[Mkl22]

58 minutes ago, Turboflat4 said:

Sounds shady as hell. Every business with a bank account should view a cashier's order as equivalent to cash (or even safer, since no forgery risk).

The drawing of a cashier's order proves your intent to pay (money goes from your A/C immediately) and his cashing of it proves receipt of funds. So it protects every party involved, including the intermediary bank(s). 

Sounds like he wants to avoid a paper trail. Either he's trying to pull a fast one on you (claim you never paid) or IRAS (under-declare revenue). 

You can't do anything about the latter, but you can protect yourself somewhat from the former by having a third party video the transaction of you counting out the bills and handing them to him and him acknowledging receipt. Of course, he can substitute your bills with forged bills and claim you paid him bad money later, so it's not bulletproof, but that sort of weird claim will raise suspicions about him also.

If faced with such a dealer, I'd just walk away. 

 

Car was transferred on the spot after handing over the cash in his office. Well you could say that he could have taken the cash and not transfer. This was more than 10years back. And it was 1x10000 note and 4x1000 notes. Hard to forge and switch la. 

Edited June 29, 2020 by Mkl22

[1fast1]

8 minutes ago, Mkl22 said:

Car was transferred on the spot after handing over the cash in his office. Well you could say that he could have taken the cash and not transfer. This was more than 10years back. And it was 1x10000 note and 4x1000 notes. Hard to forge and switch la. 

Why he didn't accept a CO? 

[Volvobrick]

29 minutes ago, Turboflat4 said:

Why he didn't accept a CO? 

Take 14k cash, record sales of 7k (bank into company 7k) pocket 7k, record 7k loss....  Cash is not just king, it's Emperor! 

Edited June 29, 2020 by Volvobrick

[1fast1]

5 minutes ago, Volvobrick said:

Take 14k cash, record sales of 7k (bank into company 7k) pocket 7k, record 7k loss....  Cash is not just king, it's Emperor! 

So I was right. Cheating IRAS.😂

[QQDreamer]

9 hours ago, Hamburger said:

Sales agreement is a contract.

A contract is there for a reason.

ok maybe i didnt phase my question clearly. pardon me.

transfer of ownership is also part of delivery. What if these dealers delay on the ownership transfer ? can we dont sign the DO?  As long as DO dont sign i think finance company will not release the loan money to the dealer. Finance companies also must ensure that goods is delievered prior to releasing all monies to the dealer.

This is actually i wanted to ask.