Advice Needed - Car loan approved but Ownership not effected

[rex73]

Guys, need some advice. Sometime end May i viewed and bought a used car (coe left 1.5yrs at about $27k) from a dealer. Till date in July, ownership has not been completed and i have not paid any installment apart from first installment which i paid together with downpayment when i drove away the car. Brief sequence of events below:

1) Day 1 - View and placed a $500 deposit

2) Day 2 - Sent car to my workshop for checks and negotiated price down further as some repairs needed

3) Day 4/5 - Loan aprroved. Collected car along with a cheque for downpayment and first installment.

4) July - It has been a month plus and dealer kept delaying the transfer of ownership. I have also not received any form of installment advice from approved bank. I have been constantly messaging and calling him but all sort of excuses given and last given yesterday was cash flow problem.

 

What sort of actions can i take at this point of time ? Very stressful :(

[RadX]

another one.

 

Which dealer is this?  

[rex73]

Its a dealer in Midview. Dealer promised to revert by today. I will post the dealer name again later for benefit of doubt

Edited July 11, 2018 by rex73

[Leo72]

Guys, need some advice. Sometime end May i viewed and bought a used car (coe left 1.5yrs at about $27k) from a dealer. Till date in July, ownership has not been completed and i have not paid any installment apart from first installment which i paid together with downpayment when i drove away the car. Brief sequence of events below:

1) Day 1 - View and placed a $500 deposit

2) Day 2 - Sent car to my workshop for checks and negotiated price down further as some repairs needed

3) Day 4/5 - Loan aprroved. Collected car along with a cheque for downpayment and first installment.

4) July - It has been a month plus and dealer kept delaying the transfer of ownership. I have also not received any form of installment advice from approved bank. I have been constantly messaging and calling him but all sort of excuses given and last given yesterday was cash flow problem.

 

What sort of actions can i take at this point of time ? Very stressful :(

Better go down to get the transfer done asap. And also your car maybe tow away anytime since the full payment is not made to the previous finance company.

[Doppel]

Guys, need some advice. Sometime end May i viewed and bought a used car (coe left 1.5yrs at about $27k) from a dealer. Till date in July, ownership has not been completed and i have not paid any installment apart from first installment which i paid together with downpayment when i drove away the car. Brief sequence of events below:

1) Day 1 - View and placed a $500 deposit

2) Day 2 - Sent car to my workshop for checks and negotiated price down further as some repairs needed

3) Day 4/5 - Loan aprroved. Collected car along with a cheque for downpayment and first installment.

4) July - It has been a month plus and dealer kept delaying the transfer of ownership. I have also not received any form of installment advice from approved bank. I have been constantly messaging and calling him but all sort of excuses given and last given yesterday was cash flow problem.

 

What sort of actions can i take at this point of time ? Very stressful :(

Out of curiosity, have you paid for your car's insurance, since you did not mention in your points above?

[rex73]

Yes, i have paid using my credit card and have received the insurance certificate. Wierd part is no deduction done to my card yet.

Edited July 11, 2018 by rex73

[Mzrmazda3]

Your dealer told you yesterday that they have cash flow problem???

 

I hope they will really transfer the ownership to you by today as per promise .... and not revert to you with some other excuses again ...

 

 

Edited July 11, 2018 by Mzrmazda3

[rex73]

Headache bros..

[Doppel]

Yes, i have paid using my credit card and have received the insurance certificate. Wierd part is no deduction done to my card yet.

No deduction from credit card means premium not paid yet.

[RadX]

Yes, i have paid using my credit card and have received the insurance certificate. Wierd part is no deduction done to my card yet.

 

 

insurance takes a while

 

what is worrying is the transfer of ownership.  you passed them the t-pin and all?

 

go down with them immed to do the transfer

 

no excuses.  LTA is next door

[Galantspeedz]

insurance takes a while

 

what is worrying is the transfer of ownership.  you passed them the t-pin and all?

 

go down with them immed to do the transfer

 

no excuses.  LTA is next door

 

he buy car not sell car... got t pin meh?

[RadX]

he buy car not sell car... got t pin meh?

 

hahah..oh yah hor...he no existing car

 

my bad....

[Galantspeedz]

Guys, need some advice. Sometime end May i viewed and bought a used car (coe left 1.5yrs at about $27k) from a dealer. Till date in July, ownership has not been completed and i have not paid any installment apart from first installment which i paid together with downpayment when i drove away the car. Brief sequence of events below:

1) Day 1 - View and placed a $500 deposit

2) Day 2 - Sent car to my workshop for checks and negotiated price down further as some repairs needed

3) Day 4/5 - Loan aprroved. Collected car along with a cheque for downpayment and first installment.

4) July - It has been a month plus and dealer kept delaying the transfer of ownership. I have also not received any form of installment advice from approved bank. I have been constantly messaging and calling him but all sort of excuses given and last given yesterday was cash flow problem.

 

What sort of actions can i take at this point of time ? Very stressful :(

 

you say loan approved.... which bank or finance company or in house?

 

If bank or finance company, call them

 

if in house... rush to your religion place of worship  now and pray

[RadX]

you say loan approved.... which bank or finance company or in house?

 

If bank or finance company, call them

 

if in house... rush to your religion place of worship  now and pray

call him bo?

 

 

[Galantspeedz]

call him bo?

 

 

 

hearsay he went thailand

[rex73]

you say loan approved.... which bank or finance company or in house?

 

If bank or finance company, call them

 

if in house... rush to your religion place of worship now and pray

Yup, called bank and confirmed approved. Now everyday pray :-) Edited July 11, 2018 by rex73

[Zxcvb]

Siao liao, dealer dunno lost how much this World Cup. I feel you bro!

[2016fxt]

Guys, need some advice. Sometime end May i viewed and bought a used car (coe left 1.5yrs at about $27k) from a dealer. Till date in July, ownership has not been completed and i have not paid any installment apart from first installment which i paid together with downpayment when i drove away the car. Brief sequence of events below:

1) Day 1 - View and placed a $500 deposit

2) Day 2 - Sent car to my workshop for checks and negotiated price down further as some repairs needed

3) Day 4/5 - Loan aprroved. Collected car along with a cheque for downpayment and first installment.

4) July - It has been a month plus and dealer kept delaying the transfer of ownership. I have also not received any form of installment advice from approved bank. I have been constantly messaging and calling him but all sort of excuses given and last given yesterday was cash flow problem.

 

What sort of actions can i take at this point of time ? Very stressful :(

 

in a typical car sales agreement, it is usually stated that before collect car, you need to do a full payment (typically in cashier order)

then upon handing over the cashier order, dealer immediately on the spot shall activate the transfer of ownership (key in system with LTA pin), before u sign the handing over agreement and drive off

 

i wonder on day 1 deposit paid, did you even know what kind of sales agreement you signed with this dealer, such that he is now allowed to delay the transfer for so long