Does application for LTA transfer pin requires settlement?

[Geniuspear]

Hi,

 

i'm currently dealing with a direct seller regarding a car purchase. Right now my loan is approved and i'll meet him next week to pass him balance in cash/cashier order.

 

I'm not sure whether he settled his full settlement with bank as I heard that even if he settle on the spot, it will take about 1 working day for LTA to allow the transfer for DBS auto loan.

 

He informed me that his LTA pin is ready and will handover when I pass him the balance amount.

 

I'm actually pretty confuse...lol

[Hamburger]

Lta pin in is useless between two private buyers.

 

They have to do transfer at lta directly

[Geniuspear]

I applied the loan thru a finance company, can they do transfer using the pin?

[Mercury1]

  On 6/26/2016 at 11:51 AM, Geniuspear said:

I applied the loan thru a finance company, can they do transfer using the pin?

Last time we took a loan via Dbs and they advised a go between to liaise between dbs bank and the seller bank. Of course if your seller has no loan then maybe go between will liaise between your finance firm and the seller?

[p0023722]

Hi i have a problem here.

I bought a car thru direct seller.

The seller also have outstanding loan. We understood that LTA cant do transfer unless the loan is being settle.

I am worried after i passes him the amount he dun transfer how?

Kindly advise

[merc280v6]

  On 6/26/2016 at 1:03 PM, p0023722 said:

Hi i have a problem here.

I bought a car thru direct seller.

The seller also have outstanding loan. We understood that LTA cant do transfer unless the loan is being settle.

I am worried after i passes him the amount he dun transfer how?

Kindly advise

Latest rule by LTA requires sellers' loan to be fully redeemed first, before the transfer pin can be issued.

[inlinesix]

  On 6/26/2016 at 1:08 PM, merc280v6 said:

Latest rule by LTA requires sellers' loan to be fully redeemed first, before the transfer pin can be issued.

 

simi latest rule.

 

It has been there for ages.

[Geniuspear]

Mean if seller say he gotten PIN means he already clear his outstanding?

[p0023722]

  On 6/26/2016 at 1:47 PM, Davidtch said:

simi latest rule.

 

It has been there for ages.

If this is the case. Should i pass him cashier order to let him settle his loan 1st? I also 1st time buying from direct seller.

[inlinesix]

  On 6/26/2016 at 2:18 PM, p0023722 said:

If this is the case. Should i pass him cashier order to let him settle his loan 1st? I also 1st time buying from direct seller.

 

What if you pass him the $$$ & he nvr give u transfer pin?

 

I will even bring my computer along and do the transfer there and then.

[Net1sg1969]

  On 6/26/2016 at 2:18 PM, p0023722 said:

If this is the case. Should i pass him cashier order to let him settle his loan 1st? I also 1st time buying from direct seller.

 

Probably you can follow this step after purchasing your car insurance:

 

1. Go with Seller to the bank / finance company

2. Pass the bank / finance company the outstanding loan amt in CASH before 2pm

3. The bank / finance company will release Form B by 3.30pm on the same day

4. Meet the Seller at LTA on the same day ie. 3.30pm onwards to do transfer of ownership

5. Pass the Seller the balance in either CASH or CO and takeover the car after transfer of ownership is done

 

Hope this helps

[Apple-Tree]

Sound like very risky. Didn't Sgcarmart have such service to help you transact.  Quotz or ......

 

Remember, when money leaves, it is very difficult to come back again.

 

 

 

  On 6/26/2016 at 11:40 AM, Geniuspear said:

Hi,

 

i'm currently dealing with a direct seller regarding a car purchase. Right now my loan is approved and i'll meet him next week to pass him balance in cash/cashier order.

 

I'm not sure whether he settled his full settlement with bank as I heard that even if he settle on the spot, it will take about 1 working day for LTA to allow the transfer for DBS auto loan.

 

He informed me that his LTA pin is ready and will handover when I pass him the balance amount.

 

I'm actually pretty confuse...lol

 

[Mkl22]

  On 6/26/2016 at 2:28 PM, Net1sg1969 said:

Probably you can follow this step after purchasing your car insurance:

 

1. Go with Seller to the bank / finance company

2. Pass the bank / finance company the outstanding loan amt in CASH before 2pm

3. The bank / finance company will release Form B by 3.30pm on the same day

4. Meet the Seller at LTA on the same day ie. 3.30pm onwards to do transfer of ownership

5. Pass the Seller the balance in either CASH or CO and takeover the car after transfer of ownership is done

 

Hope this helps

On point 3. Lousy standard chartered bank didn't release the car till 2-3 days later. After that I terminated all my accounts with them.

[Hamburger]

Do not, i repeat do not pass any money to whoever that need to settle own loan.

 

its as good as throwing into the sea.  .

 

look for another car if owner has no avenue to clear his outstanding loan.

Btw, T pin is for ease of dealer with electronic transfer available in their office.

 

Its useless for both private owners.

 

You have beed advised.

[Kangadrool]

Safest is to ask seller to ownself settle o/s with bank direct first.

 

After he has settled, ask seller for proof (docs from banks).

 

Take leave and make arrangement down to LTA for ownership transfer.

 

Hold your cash tight until at the counter when both passed NRICs to counter staff to initiate the process.

 

You can start passing your envelope of cash to seller when the LTA staff is processing the transaction. At the same time, seller can count the cash in front of LTA staff and CCTV.

 

Shake hand and go for coffee (optional) afterwards.

 

Win-Win.

 

Edited June 27, 2016 by Kangadrool

[inlinesix]

  On 6/26/2016 at 3:49 PM, Mkl22 said:

On point 3. Lousy standard chartered bank didn't release the car till 2-3 days later. After that I terminated all my accounts with them.

 

It could be that you need to settle the loan at loan department.

 

Long time ago, i need to go all the way to Tampines to setlle UOB car loan.  The liens was released the next day.

[Galantspeedz]

to save all this headache, what i do was

 

1) Seller settle loan first. no loss to seller even if i back out

2) Arrange to meet at LTA to do transfer

3) Reach LTA, show seller the cashier order i bought with his/her stipulated name on the cashier order

4) Tell him once LTA transfer, i will pass him the cashier order in front of LTA officer there and then

5) Proceed with transfer, pass cashier order to seller. If he/she no transport, will offer to drive him back or to nearest MRT

 

 

 

[Vratenza]

Insurance coverage leh? when to buy the insurance coverage and starting date?

 

  On 6/27/2016 at 2:37 AM, Galantspeedz said:

to save all this headache, what i do was

 

1) Seller settle loan first. no loss to seller even if i back out

2) Arrange to meet at LTA to do transfer

3) Reach LTA, show seller the cashier order i bought with his/her stipulated name on the cashier order

4) Tell him once LTA transfer, i will pass him the cashier order in front of LTA officer there and then

5) Proceed with transfer, pass cashier order to seller. If he/she no transport, will offer to drive him back or to nearest MRT