[azbro]

Hi,

I wanna trade in my car (under my name) and get a new car for my wife.

Is it possible that the new car be in my wife's name, but loan all under my name.

Reason is she just started working and dun have 3 months slip etc.
I doubt she will qualify to get a loan.

Thanks for any feedbacks

[simoniz]

Hi,

I wanna trade in my car (under my name) and get a new car for my wife.

Is it possible that the new car be in my wife's name, but loan all under my name.

Reason is she just started working and dun have 3 months slip etc.
I doubt she will qualify to get a loan.

Thanks for any feedbacks

Should not be a problem. Your SA and Loan Officer should be able to accommodate your request.

If not, the loan will be under your wife's name and you'll be her guarantor.

Either way, you are still paying the monthly installment

[acheong7]

ditto what bro simoniz said ... it's our current status
my NCB had lapsed completely, total burn ... no point wasting wifey's NCB
so, arranged for everything in wifey's name
bank officer requested i be guarantor .. no prob as i AM paying for the car

in the insurance policy ... depending on your needs, you have a choice of either owner + named driver(s) only OR all drivers
another thing, which we recently learnt: comprehensive no longer (correct me if i have been under the wrong impression all these years)/does NOT cover/include 3rd party losses/injuries
and insurance companies are pushing optional PA policies in tandem

with complete documentation - see the bank officer and get proper + complete info on ALL that is needed - processing is generally within the week ... two at the most.
quite quick if you are not heavily geared or have reasonably good payment track records for other liabilities
shop around for the best rate you can get - our dealer advised us approaching the bank could get us a better rate and sure enough - dealer's 2.99% vs bank's 2.88%

all the best

[KL3223]

I wanna trade in my car (under my name) and get a new car for my wife.

Is it possible that the new car be in my wife's name, but loan all under my name.

azbro: short answer = No. the name on the car registration card must be the same as the loan applicant, i.e. if your wife is the legal owner as per reg card, then the bank's loan records must show her name as the borrower, as in the event of default, the bank can re-possess the car. if the loan is under your name, car is under wife's name, that means 2 separate legal person, so how can the bank re-possess the car in the event of default? however most banks allow you to put your wife as the applicant (to follow your wish) but you can act as guarantor. this way is ok.

another point to think of - if insurance has ncb, that is not transferable, i.e. if you already achieved 55%, then if you don't have vehicle ownership, the ncb keep reducing gradually from 55% to 0%, just as it increases from 0 to 55% over 6 years. if your wife has never own a vehicle and hence has 0 ncb, then she pays the full insurance with 0 discount for first year if the car is registered in her name....

if you in doubt, can always ask the car sales person OR for each dealership, there is an insurance officer there who should be able to answer your questions. all the best.

[azbro]

Should not be a problem. Your SA and Loan Officer should be able to accommodate your request.

If not, the loan will be under your wife's name and you'll be her guarantor.

Either way, you are still paying the monthly installment

ditto what bro simoniz said ... it's our current status
my NCB had lapsed completely, total burn ... no point wasting wifey's NCB
so, arranged for everything in wifey's name
bank officer requested i be guarantor .. no prob as i AM paying for the car

in the insurance policy ... depending on your needs, you have a choice of either owner + named driver(s) only OR all drivers
another thing, which we recently learnt: comprehensive no longer (correct me if i have been under the wrong impression all these years)/does NOT cover/include 3rd party losses/injuries
and insurance companies are pushing optional PA policies in tandem

with complete documentation - see the bank officer and get proper + complete info on ALL that is needed - processing is generally within the week ... two at the most.
quite quick if you are not heavily geared or have reasonably good payment track records for other liabilities
shop around for the best rate you can get - our dealer advised us approaching the bank could get us a better rate and sure enough - dealer's 2.99% vs bank's 2.88%

all the best

azbro: short answer = No. the name on the car registration card must be the same as the loan applicant, i.e. if your wife is the legal owner as per reg card, then the bank's loan records must show her name as the borrower, as in the event of default, the bank can re-possess the car. if the loan is under your name, car is under wife's name, that means 2 separate legal person, so how can the bank re-possess the car in the event of default? however most banks allow you to put your wife as the applicant (to follow your wish) but you can act as guarantor. this way is ok.

another point to think of - if insurance has ncb, that is not transferable, i.e. if you already achieved 55%, then if you don't have vehicle ownership, the ncb keep reducing gradually from 55% to 0%, just as it increases from 0 to 55% over 6 years. if your wife has never own a vehicle and hence has 0 ncb, then she pays the full insurance with 0 discount for first year if the car is registered in her name....

if you in doubt, can always ask the car sales person OR for each dealership, there is an insurance officer there who should be able to answer your questions. all the best.

NCB totally burned? Uhhh wow, didn't tot of that. Anyway, I'll just tell my wife to put the cars owner under me and and after she has worked for a few months, probably invest in some other properties using her name.

Thx for the inputs. I really was caught unaware of most things that need to go through

[cute_boboi]

another thing, which we recently learnt: comprehensive no longer (correct me if i have been under the wrong impression all these years)/does NOT cover/include 3rd party losses/injuries
and insurance companies are pushing optional PA policies in tandem

Comprehensive does cover 3rd party. No changes/updates from BNM.
The insurer / agent cheat you to sign up the PA, especially if vehicle >10 years. It's their common (dirty) tactic.

[acheong7]

hmmm, agent claimed there's some sorta directive bout the 3rd party coverage no longer under comprehensive
showed us some document ... can't recall now whether it's by BNM or PIAMM
perhaps some kind soul would care to share and elaborate, thereby update us re latest stand?

as for the optional PA ... we declined
our "baby" just entered 2nd year

[belux]

Comprehensive does cover 3rd party. No changes/updates from BNM.
The insurer / agent cheat you to sign up the PA, especially if vehicle >10 years. It's their common (dirty) tactic.

Comprehensive covers 3rd party.

[vr2turbo]

NCB totally burned? Uhhh wow, didn't tot of that. Anyway, I'll just tell my wife to put the cars owner under me and and after she has worked for a few months, probably invest in some other properties using her name.

Thx for the inputs. I really was caught unaware of most things that need to go through

If you still have NCB, then buy car in wife's name, then NCB also burn.....

[simoniz]

If you still have NCB, then buy car in wife's name, then NCB also burn.....

NCB valid for 1 year. As long as you buy another car within a year, you can retain your current NCB.