Hello all,
Greetings from Kota Kinabalu!!
I'm selling my car, this is my first time and i need your help.
Some details -
-I'm the first owner - selling the car off at RM 35k (bought new around RM 56K)
-Car is 5 years old, with 2 years bank loan balance (around RM 9K)
-I'm not worried about transfer documentations with JPJ
My questions are -
(A)I imagine that the buyer would have to pay RM 35k to myself and he continues
paying off the balance of 9K loan. - am i on the right track?
(
I'm sure that the prospect buyer would have to seek out a bank loan to settle the above (A).
should i arrange it (bank loan) or the prospect buyer?
would really appreciate your advise
Thank you
Patrick
(A) That is called Sambung Bayar. Which is a big no no to me. The car loan is still under your name, even if JPJ already transfer to buyer. What if after 3 months, the buyer do not pay the loan ? Guess bank will find buyer or you ? Hint: Loan is under whose name ?
(
You just pass you bank loan contact to buyer. Let him call / decide himself to apply for which banks / loans.
The buyer has option to:
1) Pay you cash/bank-draft (banker's cheque) 35k. Make sure it is not normal cheque (can bounce).
2) or, buyer apply loan. Buyer bank will pay your bank, to settle the remaining 9k. Whatever balance (35-9=26), your bank will pay you back once everything is done properly.
"When Columbus started out he didn`t know where he was going. When he got there he didn`t know where he was and when he got back he didn`t know where he had been." - Anonymous
