Tricky Scenario on Private Transaction

[Ah_tee]

Hi all 

 

not sure if anyone has any experience in this.

 

 

1. i found through a relative's acquaintance and am ready to buy over a used 370Z in full cash.

 

2. Seller still have outstanding loan of about 35k with a bank and is unable to clear the loan before he sell the car.

 

2a. He request that i clear the loan for him first, i can pay direct to the bank with purchase agreement signed by both parties. hes ok for me to withold his balance payment until the transfer is complete.

 

2b. He is ok to start the process to transfer on LTA end, but it wont go through unless the bank also effect the release to LTA, bank says will take about 1-2 days upon full payment.

 

2c. relative is not sure/ cant grantee this person's character.

 

 

Some risky scenario here;

 

1. He may run road after i clear the loan for him

2. Not sure how man in blue view such private agreement

3. i am ok to to seek my own legal recourse if thing go south, but the fees may not be worthwhile for this deal 

 

 

i have called one of the site sponsors here, wasnt very helpful, she mentioned they are jus "facilitator", in short my interest wont be protected. Previously when i buy used cars i will jus buy ask for transfer on the spot, also will verify the shop indeed owns the car and not thru some 3rd party.

 

i am not desperate for this car as this wont be my primary car but i do have some personal sentiments to this model and this model is very few in the market now, its hard to find one with good condition n known background. i been searching for sometime.

 

Will you proceed ?

 

 

[RadX]

Walk away

 

Risky

[Kyrios]

Hold his IC or passport as collateral? Or during that 1 - 2 days of LTA clearing, park the 370z at a neutral location where none of you hold the car keys..and bind him with a letter/agreement?

 

But personally i think he is more worried than u and i think if he is selling off his car he is more desperate to get your balance payment than to run road. My perzonal feelings lah..im a risk taker so i would proceed. But first verify from the logsheet he is indeed the owner.

Edited June 17, 2019 by Kyrios

[Blueray]

I would not proceed.

[Ah_tee]

Hold his IC or passport as collateral? Or during that 1 - 2 days of LTA clearing, park the 370z at a neutral location where none of you hold the car keys..and bind him with a letter/agreement?

i dont think legally we can hold on to a person's IC per se.

 

 

He is ok to handover the car upon loan clearing though....

[Kyrios]

i dont think legally we can hold on to a person's IC per se.

 

 

He is ok to handover the car upon loan clearing though....

In the past b4 LTA automated their pin procedures, used car dealers would hold my IC..last time lah

[Ah_tee]

Walk away

 

Risky

If say hes willing to handover the car as soon as loan is cleared without transfer complete ?

 

i stay on private property, he cant access the car thereafter.

[RadX]

Too much hassle honestly

 

Save your self the headache

[Kyrios]

If say hes willing to handover the car as soon as loan is cleared without transfer complete ?

 

i stay on private property, he cant access the car thereafter.

The title to the car is more impt. He can sell the car to another person after the loan is cleared.

[RadX]

The title to the car is more impt. He can sell the car to another person after the loan is cleared.

Yup

 

And the Hassle

To

Retrieve the 35k

I would get a car dealer who can be the middle man and hold all

Documents to get this done for a small fee

 

Better than risking the $35k

[Mkl22]

Is he a person who has the means to clear the loan? If yes, and then he wants you to pay first, then I smell a rat. A con in the making.

[Kyrios]

TS you can emulate the procedures used by the 2nd hand car dealers. They also clear the loans and return the balance to the seller. Have the seller apply for the Tpin using his singpass and pass to u. Something lidat. Used car dealers do this everyday without fear of the sellers running road

[Ah_tee]

Yup

 

And the Hassle

To

Retrieve the 35k

I would get a car dealer who can be the middle man and hold all

Documents to get this done for a small fee

 

Better than risking the $35k

the climate has changed, last time yes, the dealer holds everyone IC and settle the paperwork.

 

for now, they will jus say do urself online, they give u the paperwork yes, but the seller will jus initate the transfer, bank gets notified and u make the payment and pending the bank to release the transfer.

 

 

 

i hope i m not swayed by the car, but my take is if he has the intention to con me, he would not hand me the car.

 

Because in the event he wants to retrieve the car, he will have to do it the legal way; its not wrong for a person to takeover a car pending transfer as long as theres insurance coverage.

TS you can emulate the procedures used by the 2nd hand car dealers. They also clear the loans and return the balance to the seller. Have the seller apply for the Tpin using his singpass and pass to u. Something lidat. Used car dealers do this everyday without fear of the sellers running road

No more Tpin liao bro.

 

now jus use singpass n transfer. i have called LTA and he indeed is the current owner.

[RadX]

Then take the keys

 

Settle on the spot and go to LTA w him for the transfer

 

@vratenza that time same rt?

Well bro

 

It’s your call

 

We have given our take if it were our situation and telling it as it is

 

From the looks of it, there is hesitation and for me, if there is no 100% clarity , I’ll walk

Away

 

 

That’s my personal

Approach

[Ah_tee]

Then take the keys

 

Settle on the spot and go to LTA w him for the transfer

 

@vratenza that time same rt?

Well bro

 

It’s your call

 

We have given our take if it were our situation and telling it as it is

 

From the looks of it, there is hesitation and for me, if there is no 100% clarity , I’ll walk

Away

 

 

That’s my personal

Approach

Understand where u come from.

 

he wont just hand the key, he will handover the car. yes theres no 100% clarity.

 

 

Cant also transfer at LTA pending bank's clearance.

 

i am in abit of dilemma hence jus seek if anyone has alternative solution.

Edited June 17, 2019 by Ah_tee

[RadX]

Understand where u come from.

 

he wont just hand the key, he will handover the car. yes theres no 100% clarity.

 

 

Cant also transfer at LTA pending bank's clearance.

 

i am in abit of dilemma hence jus seek if anyone has alternative solution.

Seems like lack of transparency issues are present

 

Definitely not a simple case

[PSP415]

No.

 

The fact that u have doubts or misgivings says alot. Cos u met the car and its owner.

 

U mentioned car is get or no get not an issue for u. U can let it go.

 

Yes u can sign a ton of paperwork but if he did not honour his side, that piece of paper not going to be much use until u initiate own legal action. That means more time and money. Good money after bad.

 

Ask him sell to car dealer. Then u buy from car dealer after that part of outstanding loan is cleared from bank. Er pls ah, honest car dealer too ok.

 

Just my tots. $35k not small not big. Headache and feeling of being conned can be bad for health. Not saying the guy will but the risk more at your end. Money gone, hard to get back.

 

Safe ride

Cheers

[Soya]

Hi all

 

not sure if anyone has any experience in this.

 

 

1. i found through a relative's acquaintance and am ready to buy over a used 370Z in full cash.

 

2. Seller still have outstanding loan of about 35k with a bank and is unable to clear the loan before he sell the car.

 

2a. He request that i clear the loan for him first, i can pay direct to the bank with purchase agreement signed by both parties. hes ok for me to withold his balance payment until the transfer is complete.

 

2b. He is ok to start the process to transfer on LTA end, but it wont go through unless the bank also effect the release to LTA, bank says will take about 1-2 days upon full payment.

 

2c. relative is not sure/ cant grantee this person's character.

 

 

Some risky scenario here;

 

1. He may run road after i clear the loan for him

2. Not sure how man in blue view such private agreement

3. i am ok to to seek my own legal recourse if thing go south, but the fees may not be worthwhile for this deal

 

 

i have called one of the site sponsors here, wasnt very helpful, she mentioned they are jus "facilitator", in short my interest wont be protected. Previously when i buy used cars i will jus buy ask for transfer on the spot, also will verify the shop indeed owns the car and not thru some 3rd party.

 

i am not desperate for this car as this wont be my primary car but i do have some personal sentiments to this model and this model is very few in the market now, its hard to find one with good condition n known background. i been searching for sometime.

 

Will you proceed ?

More importantly question: Are u prepared to throw away $35k?

 

Coz once u pay 35k to the bank to clear his loan, the car is his. Not yours.

 

If the seller can't even cough up $35k to tie over a few days until u pay him full cash, better think carefully.