Singapore Expats

Selling your car

Have your burning questions answered relating to buying and selling cars and other vehicles.
Post Reply
christay
Member
Member
Posts: 21
Joined: Sun, 07 Nov 2004 10:05 pm
Location: Singapore
Contact:

Post by christay » Tue, 25 Dec 2012 11:09 am

Forgot to add:

It is in the interest of the dealer to effect the transfer immediately, so by default, pay off your loan immediately.

This is because, if the car is not legally theirs, it is very cumbersome for them to sell it. When loan applications are made, the banks want to see evidence of the current owner (via an LTA print out), and if they don't own the car, this process is all the more difficult.

Secondly, if they do not take legal possession via a transfer, if the seller becomes a bankrupt and his assets frozen, the dealer will be up the creek without the proverbial paddle. Same if the seller dies and LTA locks the asset, and will only release with a certified copy of the probate and the administrator's approval to sell and transfer which will take months at best.

No serious businessman will take the above-mentioned risk.

Post Reply
  • Similar Topics
    Replies
    Views
    Last post

Return to “Importing, Buying and Selling Cars & Other Vehicles”

Who is online

Users browsing this forum: No registered users and 7 guests