Large sum deposit made with dealer but yet to transfer to name after 2 weeks

[Spring]

They are helping you to ensure that you wont fall prey to scammers, you should thank them .

 

Not only that. In fact I believe in this day and age on strict anti money laundering rules, banks have the right to question movements on large sums of money especially in cash and we as customers are obliged to reply truthfully.

 

Anyway, brought this up cos I don't think it's a good idea to pay cash for your car purchases though I do understand why some buyers do so but I won't buy from a dealer who refuses to tfr the car to my name unless I pay cash.

[Spring]

Above discussions were based on full cash payment, how about if one is taking bank loan?

How fast can the transfer be done?

 

My last purchase was 8 years ago. IIRC, it was not immediate and took almost 1-2 weeks for the transfer. Is this normal if taking bank loan?

 

It's definitely not normal for car ownership to be transferred only 1-2 weeks later. I wouldn't buy from such a dealer.

Besides negotiating price, mode of payment and tfr of ownership logistics needs to be agreed upon up front. It should be simultaneous to be fair to both sides. 

[Spring]

Bank will earmark the 50k in your account. 

 

Actually, it's not earmarked but directly debit your account upon issuance of CO and that's why COs are safe.

As for cancellation, as bro Toyota says; u have to produce back the physical CO to cxl or in the event of lost/misplacing of CO, u will have to declare that you lost/misplace it which is an criminal offence if you do so for deception purposes.

 

Even lawyers accept COs for property purchases.   

[Mkl22]

Cashier order can only be cancelled easily if buyer still has the physical copy.

 

If no physical copy need to report police with reason such as lost, robbed, scammed etc.

 

So unlikely for buyer to do this to car seller as he would have to make false police report.

Yup, that’s what I know. Glad you confirmed that can only cancel with a police report if you do not physically have the cashier order in hand.

[Thaiyotakamli]

I was not trying to be funny ⦠just that going to a bank is not convenient and the atm is just nearby my flat.

 

so it was the more convenient option for me.

 

but for the new car, I had to get a CO instead even though the SE suggested cash for immediate handover.

I know ah cos if $50 into 20k or more its really alot, for car dealer it will be lucky for them if they have counting money machine hehe

Actually, it's not earmarked but directly debit your account upon issuance of CO and that's why COs are safe.

As for cancellation, as bro Toyota says; u have to produce back the physical CO to cxl or in the event of lost/misplacing of CO, u will have to declare that you lost/misplace it which is an criminal offence if you do so for deception purposes.

 

Even lawyers accept COs for property purchases.

Yes that 50k bank hold that amount ald. So its not like cheque that it will bounced if account not sufficient

Above discussions were based on full cash payment, how about if one is taking bank loan?

How fast can the transfer be done?

 

My last purchase was 8 years ago. IIRC, it was not immediate and took almost 1-2 weeks for the transfer. Is this normal if taking bank loan?

If with loan within 5 days depend how fast bank approve u

 

This one if used car process hence within 5 days u can collect car ald

 

But if new car min 1 week

Esp with coe bidding unless they give u open cat

[Ct3833]

Not only that. In fact I believe in this day and age on strict anti money laundering rules, banks have the right to question movements on large sums of money especially in cash and we as customers are obliged to reply truthfully.

 

Anyway, brought this up cos I don't think it's a good idea to pay cash for your car purchases though I do understand why some buyers do so but I won't buy from a dealer who refuses to tfr the car to my name unless I pay cash.

Not only cash, there was once issued a fairly huge sum of cheque, the bank called me to ask a few questions to verified I was conscious of what I was doing.

[Ysc3]

I know ah cos if $50 into 20k or more its really alot, for car dealer it will be lucky for them if they have counting money machine hehe

 

I thk they will be happy to do it manually …

 

I sold my car to them and bought one off them.

 

my old car was sold after 2 weeks to a buyer for $4k over what they took in from me.

[159er]

If with loan within 5 days depend how fast bank approve u

 

This one if used car process hence within 5 days u can collect car ald

 

But if new car min 1 week

 

Assuming a 100k used car, 40k downpayment and 60k bank loan.

How is the process?

 

1. Deposit to reserve car.

2. Apply bank loan

3. Loan approved

4. Pay balance minus deposit and collect car?

[Hubwee]

Cashier order can only be cancelled easily if buyer still has the physical copy.

 

If no physical copy need to report police with reason such as lost, robbed, scammed etc.

 

So unlikely for buyer to do this to car seller as he would have to make false police report.

 

huh , that is new to me . I have cancelled at least 2 CO before , all done just by calling my RM lei . If i remember correctly , i just whatsapp photo to him somemore lor .  

Not only that. In fact I believe in this day and age on strict anti money laundering rules, banks have the right to question movements on large sums of money especially in cash and we as customers are obliged to reply truthfully.

 

Anyway, brought this up cos I don't think it's a good idea to pay cash for your car purchases though I do understand why some buyers do so but I won't buy from a dealer who refuses to tfr the car to my name unless I pay cash.

 

Banks will have to ask if you are withdrawing in 1k motes . Say you withdraw 30 k in hundreds or fities , no questions asked normally . But even if you are withdrawing 10 k in 1k note , they will have to ask the purpose of your withdrawal and if the money will be used locally or overseas . 

[Thaiyotakamli]

Assuming a 100k used car, 40k downpayment and 60k bank loan.

How is the process?

 

1. Deposit to reserve car.

2. Apply bank loan

3. Loan approved

4. Pay balance minus deposit and collect car?

Yes correct once loan approve can go collect car

huh , that is new to me . I have cancelled at least 2 CO before , all done just by calling my RM lei . If i remember correctly , i just whatsapp photo to him somemore lor .

 

 

Banks will have to ask if you are withdrawing in 1k motes . Say you withdraw 30 k in hundreds or fities , no questions asked normally . But even if you are withdrawing 10 k in 1k note , they will have to ask the purpose of your withdrawal and if the money will be used locally or overseas .

Think they scared of money laundering

Should have say i need $1k note so easier to go laundry hehe

[WangWang888]

Yes correct once loan approve can go collect car

Think they scared of money laundering

Should have say i need $1k note so easier to go laundry hehe

If its Jamesc, bank will not ask any questions. Once he say its for his mil, the bank will hand in the money straight away

[Thaiyotakamli]

If its Jamesc, bank will not ask any questions. Once he say its for his mil, the bank will hand in the money straight away ð¤

Cos his MIL is the bank director hehe

[WangWang888]

Cos his MIL is the bank director hehe

Think his mil is also the mil of the bank director... All fearsome

[Ct3833]

you all continue to poke fun here, one of these days when his MIL get a new ID here, all of you will go to jail, including Jamesc.

[Thaiyotakamli]

you all continue to poke fun here, one of these days when his MIL get a new ID here, all of you will go to jail, including Jamesc.

James must remember to log off everytime he use mcf otherwise his MIL will use the com and see all these, we pray for James safety haha

[WangWang888]

James must remember to log off everytime he use mcf otherwise his MIL will use the com and see all these, we pray for James safety haha

Jamesc should be fine... He has survived well all this while..... Its us who should be worried

 

Edited March 11, 2019 by WangWang888

[BanCoe]

you all continue to poke fun here, one of these days when his MIL get a new ID here, all of you will go to jail, including Jamesc.

No lah @jamesc will pay us money to buy our silence of him and as a good doting SIL

[BanCoe]

No lah @jamesc will pay us money to buy our silence of him and as a good doting SIL ð¤£ð¤£ always wanting her to travel / nice cars/ maids /events ðð

.....and I forgot ...... Close Encounters of the Akan Datang Fourth kind ( beyond our imagination )