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Transfer of Car, car under dad name, loan under son

Freel4ncer

By Freel4ncer,
in General Car Discussion

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Freel4ncer

Freel4ncer

Neutral Newbie

Hi,

 

Seek advice on this issue

 

Car title under father, but im the one who took the loan and paying thru my bank acct

 

If transfer ownership from father to me, do i need to fully redeem my loan and take another loan?

 

Reason for transfer is to build up NCD

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flashbang

flashbang

Turbocharged

Hi,

 

Seek advice on this issue

 

Car title under father, but im the one who took the loan and paying thru my bank acct

 

If transfer ownership from father to me, do i need to fully redeem my loan and take another loan?

 

Reason for transfer is to build up NCD

 

Here is not LTA/bank... why not you check with your bank? They will have the correct answer for you.

 

My gut feel is no as LTA does not allow a vehicle to be transferred if there is outstanding loan. The system will not allow the transfer.

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Evolser

Evolser

Neutral Newbie

Hi,

 

Seek advice on this issue

 

Car title under father, but im the one who took the loan and paying thru my bank acct

 

If transfer ownership from father to me, do i need to fully redeem my loan and take another loan?

 

Reason for transfer is to build up NCD

Hi, 

I don't think u are allowed to transfer if there's existing loan.  However since your concern is on the NCD, you may consider transfer the NCD from your dad to u the next time when u get a new car with your own name. No guarantee on the NCD transfer though,  u may try appealing. I managed to successfully transfer last week. 

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LoverofCar

LoverofCar

6th Gear
(edited)

Is simple. No bank will loan you money if the car is not registered under your name inside the hire and purchase agreement. Once you have a loan. The car is legally belong to the bank. Any default. They come to you and tow your car away. Of course, follow by a lawyer letter to demand full settlement.

Edited by LoverofCar
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Jameshong

Jameshong

1st Gear
(edited)

Car registered under my dad name. But loan under me

 

This is new to me  [bounce2] ...Can share which bank or finance coy so good to lend you money when you are not the car registered owner?  

 

Btw..what kind of loan are you referring to...car loan or personal loan?

Edited by Jameshong
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13177

13177

Hypersonic
(edited)

This is new to me  [bounce2] ...Can share which bank or finance coy so good to lend you money when you are not the car registered owner?  

Maybe TS submit his bank account number for loan deduction while the car is under his father name. 

Edited by 13177
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Lsm_83

Lsm_83

2nd Gear

Hi,

 

Seek advice on this issue

 

Car title under father, but im the one who took the loan and paying thru my bank acct

 

If transfer ownership from father to me, do i need to fully redeem my loan and take another loan?

 

Reason for transfer is to build up NCD

 

Let me explain in detail.

 

First if the the car is registered under your dad's name and it is under financing, you will NOT BE ALLOW TO transfer the title or ownership of the car to yourself as the financing company will linked up with LTA system to prevent the vehicle being transfer out of your name.

 

If your main intention is to accumulate NCD, you can apply for transfer of NCD (any percentage) from the old insurance company eg. from Father to Son / Immediate family. Most insurer will allow that. So far I can confirmed that 2 insurer eg. AIG and NTUC allow that to happen.

 

For the Hire Purchase, Technically you are not the hirer of the contract signed between yourself and your dad UNLESS you had signed as a guarantor for the contract. ( Again, this does not concern on your NCD as bank are only concern whether the money have been fully repaid or not.)

 

Hope this help!

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Little_prince

Little_prince

Supersonic

Hi,

 

Seek advice on this issue

 

Car title under father, but im the one who took the loan and paying thru my bank acct

 

If transfer ownership from father to me, do i need to fully redeem my loan and take another loan?

 

Reason for transfer is to build up NCD

Yes. LTA will require proof of loan redemption before allowing change of ownership

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JCSL

JCSL

3rd Gear

Yes. LTA will require proof of loan redemption before allowing change of ownership

 

LTA doesnt care about your loan redemption paper.

 

Once loan is cleared, banks/finance will raise a FORM B to LTA to authorized transfer then can transfer.

 

Even if you have the redemption or fully paid receipt if the bank/finance have not release FORM B, you cannot transfer.

 

 

By the way, i have not heard of car under name A and loan under name B, if default, bank/finance cannot tow the car why? because car under another name, no bank/finance in Singapore will do so.

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Xtrah

Xtrah

3rd Gear

Hi,

 

Seek advice on this issue

 

Car title under father, but im the one who took the loan and paying thru my bank acct

 

If transfer ownership from father to me, do i need to fully redeem my loan and take another loan?

 

Reason for transfer is to build up NCD

 

Why do you want to do the transfer of ownership for own NCD build up?

 

I've checked with insurance company before. NCD is entitled to the policyholder only as this is tagged to your dad NRIC. Transfer of NCD is only allowed when the policyholder does not hold a valid driving license.

 

Just continue the car insurance with your dad name till your dad cannot drive. Then you can get to keep the NCD after the ownership transfer.

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Bismarck

Bismarck

Turbocharged

Why do you want to do the transfer of ownership for own NCD build up?

 

I've checked with insurance company before. NCD is entitled to the policyholder only as this is tagged to your dad NRIC. Transfer of NCD is only allowed when the policyholder does not hold a valid driving license.

 

Just continue the car insurance with your dad name till your dad cannot drive. Then you can get to keep the NCD after the ownership transfer.

 

I think you mean does not have a car under his name is it? 

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Apple-Tree

Apple-Tree

6th Gear

父债子还 formation. Bad luck.

 

Why put yourself in such an awkward situation ?

 

Don't think the bank will release LTA to allow any transfer.  

 

Bank not sure what is happening ? FSRS ? FRW ? etc. 

 

And neither there is a reverse mortgage for cars lor ??

 

So either Pay Up and move on or Live with it.

 

 

 

Hi,

Seek advice on this issue

Car title under father, but im the one who took the loan and paying thru my bank acct

If transfer ownership from father to me, do i need to fully redeem my loan and take another loan?

Reason for transfer is to build up NCD

 

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