Direct owner purchase query - transfer of car with financing

[Allanh41]

Hi everyone,

I’m looking to buy a car from an owner directly and seeking opinions on how to do the transfer 

The car is still under financing and I intend to buy with cash (no financing)

Just like to seek an opinion what’s the best way to do this to minimise any risk of seller MIA with my money 

Should I....

1. Issue 2 cashier order (1 to bank, 1 to owner) and collect the car. Owner to do transfer after full settlement 

2. Issue cashier order to bank. After settlement, meet owner to pay balance and collect car

or any suggestions?

Thanks

 

[Apple-Tree]

1 hour ago, Allanh41 said:

Hi everyone,

I’m looking to buy a car from an owner directly and seeking opinions on how to do the transfer 

The car is still under financing and I intend to buy with cash (no financing)

Just like to seek an opinion what’s the best way to do this to minimise any risk of seller MIA with my money 

Should I....

1. Issue 2 cashier order (1 to bank, 1 to owner) and collect the car. Owner to do transfer after full settlement 

2. Issue cashier order to bank. After settlement, meet owner to pay balance and collect car

or any suggestions?

Thanks

 

In this kind of difficult times, don't play play loh....... get a middle man laaaa .....

https://connect.sgcarmart.com/index.php

 

 

[DylanChen]

motorist service not bad. 

than less than $500

. 

 

[RadX]

1 hour ago, Apple-Tree said:

In this kind of difficult times, don't play play loh....... get a middle man laaaa .....

https://connect.sgcarmart.com/index.php

 

 

Do transfer in his presence. Meet at LTA and get it done

@Vratenza pls weigh in

[1fast1]

5 hours ago, Apple-Tree said:

In this kind of difficult times, don't play play loh....... get a middle man laaaa .....

https://connect.sgcarmart.com/index.php

 

 

Is this a proper escrow service, I wonder? Or just a form - filling hand-holding type deal? 

[Allanh41]

Thanks for the reply, but I think bank need 1-2 days to release form b, so can’t pay for him on the spot and do the transfer

[mersaylee]

Ask seller to settle his own loan before transfer of ownership...few ways to do it...just need to weigh the options...

LTA won't allow transfer to go through if loan not clear on seller part and insurance not purchase yet on your part. 

[Ct3833]

8 hours ago, Allanh41 said:

Hi everyone,

I’m looking to buy a car from an owner directly and seeking opinions on how to do the transfer 

The car is still under financing and I intend to buy with cash (no financing)

Just like to seek an opinion what’s the best way to do this to minimise any risk of seller MIA with my money 

Should I....

1. Issue 2 cashier order (1 to bank, 1 to owner) and collect the car. Owner to do transfer after full settlement 

2. Issue cashier order to bank. After settlement, meet owner to pay balance and collect car

or any suggestions?

Thanks

 

What i did was i asked the seller to settle his own loan payment, then go to LTA to do the transfer together. Hand over casher order on the spot . You drive off the car after you walk out of LTA Sin Min office. 

Edited January 26, 2021 by Ct3833

[RadX]

also, now have cashier order? iFast can trf up to $200k liao

[mersaylee]

CO is still the preferred choice...even exporters use it to show their sincerity to buy the car body with residual paper value when I don't take deposit from them after viewing...

I do the same to direct seller with screenshot of the CO to show my commitment to purchase...likewise, never need to place a deposit with them. 

[kobayashiGT]

2 hours ago, Turboflat4 said:

Is this a proper escrow service, I wonder? Or just a form - filling hand-holding type deal? 

Is not a full escrow service. but the buyer and seller can meet at our office and do the transfer of ownership.

There will also be proper documentation

 

[SiLangKia]

28 minutes ago, RadX said:

also, now have cashier order? iFast can trf up to $200k liao

hahahah this reminds me of how i used paynow to buy my car. meet seller at hdb void deck and do transfer then paynow him the car cost, sounds so illegal HAHAHAHA

[1fast1]

4 minutes ago, kobayashiGT said:

Is not a full escrow service. but the buyer and seller can meet at our office and do the transfer of ownership.

There will also be proper documentation

 

Thanks for clarifying. What safeguards do you have that the guy who acquires the asset (either car or money) first doesn't just get up and walk away? What liability does SGCM bear if that happens? 

If the answer is none and none, then this is nowhere near confidence-inspiring. Legally binding escrow agreements with an unbiased third party are the only secure way to exchange assets in my view. 

[RadX]

Just now, SiLangKia said:

hahahah this reminds me of how i used paynow to buy my car. meet seller at hdb void deck and do transfer then paynow him the car cost, sounds so illegal HAHAHAHA

THRUST you to always do these kinky stuff...knn 🤣

[mersaylee]

5 minutes ago, RadX said:

THRUST you to always do these kinky stuff...knn 🤣

Sekali is paynow then transfer body fluid in the car...better be chio and shiok to make it worth the risks... 😁

[1fast1]

6 minutes ago, SiLangKia said:

hahahah this reminds me of how i used paynow to buy my car. meet seller at hdb void deck and do transfer then paynow him the car cost, sounds so illegal HAHAHAHA

Sounds almost like how I bought my Alfa Mito, actually, except I did it in my house living room and via internet bank transfer. 😂

I sort of trusted the parties involved (related to a colleague) and it was only about 20k plus anyway. So wasn't too worried. 

[RadX]

Just now, Turboflat4 said:

Sounds almost like how I bought my Alfa Mito, actually, except I did it in my house living room and via internet bank transfer. 😂

I sort of trusted the parties involved (related to a colleague) and it was only about 20k plus anyway. So wasn't too worried. 

trusted...or tHrusted...dun @SiLangKia hor 😂😂

[Robin]

need to pay up / clear the loan first

meet somewhere convenient to view / check the car .. no need meet at LTA

Transfer the payment 

Log using Singpass to transfer the ownership of the car

done