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Car Trade In But Car Not Sold


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#1
decoz

Posted 26 May 2014 - 03:34 PM

decoz

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Dear friends, I need some help from you all.

I traded in my car last year and bought another new car. After almost 1 year, my old car is still not sold yet. The bank loan and the car is still under my name. The salesman apparently claimed that he gave the car to another used car dealer and that dealer is trying to sell the car. They have defaulted the payment but they do pay now and then. Until now payment is still pending for 3 months payment. Bank keeps on sending me letters and notices to tarik kereta. I am totaly lost on what to do.

But luckily i prepared a letter saying that I have handed over the old car to this salesman complete with all the details including the chasis number, car number, when and what date and for the purpose of trading in the car. I have put it the salesman details including IC number and name and he has signed on it. I have duty stamped the letter.

Now I am planning to do a police report. Can i take any actions legally? If yes, whom should i contact? What kind of actions can i take besides police report. I heard police reports cannot do much because the IO (investigation officer) will only call and push the used car dealer to sell it. Thats all. Now my name have been blacklisted because of poor payment records and I could not apply for housing loan. The banks would not approve my loans.

Please help guys... Anyone have any ideas or information on this? What to do?

#2
vr2turbo

Posted 27 May 2014 - 08:32 AM

vr2turbo

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This has happened many times already to many people. Should have settled the loan yourself before selling as this always happen when used car defaults in payment and owner named gets into trouble....

Not sure if the tribunal can help in this type of cases.....

#3
ckl050877

Posted 28 May 2014 - 08:04 AM

ckl050877

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QUOTE (decoz @ May 26 2014, 03:34 PM) <{POST_SNAPBACK}>
Dear friends, I need some help from you all.

I traded in my car last year and bought another new car. After almost 1 year, my old car is still not sold yet. The bank loan and the car is still under my name. The salesman apparently claimed that he gave the car to another used car dealer and that dealer is trying to sell the car. They have defaulted the payment but they do pay now and then. Until now payment is still pending for 3 months payment. Bank keeps on sending me letters and notices to tarik kereta. I am totaly lost on what to do.

But luckily i prepared a letter saying that I have handed over the old car to this salesman complete with all the details including the chasis number, car number, when and what date and for the purpose of trading in the car. I have put it the salesman details including IC number and name and he has signed on it. I have duty stamped the letter.

Now I am planning to do a police report. Can i take any actions legally? If yes, whom should i contact? What kind of actions can i take besides police report. I heard police reports cannot do much because the IO (investigation officer) will only call and push the used car dealer to sell it. Thats all. Now my name have been blacklisted because of poor payment records and I could not apply for housing loan. The banks would not approve my loans.

Please help guys... Anyone have any ideas or information on this? What to do?


I do not mean to be negative and just would like to share my experience reporting to police. In their (PDRM) official website, there is complaint section. I lodged in my complaint. I checked the status after 2 weeks, it is still under investigation. What do you think I checked it after 2 months?


#4
Gunnerzz

Posted 28 May 2014 - 09:33 AM

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i think police cant do anything as yr stamped letter only mention u hav sold the car.does it said anything abt ownership?
if not then its the same as selling the car by word of mouth to our relative.
it is a ticking time bomb.
if not mistaken,when i "trade in" the used car take ownership of the vehicle.its sort of a temporary ownership and does not appear on the geran.notice that most whom trade in their car to buy a new car does not hav problem?

your name is not blacklist.its just that yr payment is defaulted.
the term "blacklist" is wrongly used by malaysian.
in banking,yr case is serius as a defaulter and not yet blacklist.
try consulting yr banker and see if they accept the stamped letter as prove.its a case to case thing.

i am an ex-banker,no offence but i wont proceed with yr housing loan application as imho the letter is no strong enough.if the used car dealer broke any promise make in the letter,the process to recover the loss is lenghty and involve cost on your side.unless u r a special cust then bank wont let it go through.

my advise is to go to the tribunal.some small paper also love this kind of story.u can try this method to speed things up.

regarding house loan.be very careful if u r purchasing for investment.my last meeting discover that the demand of property for area such as klcc is declining.other prime area remain stable but overall demand is declining.did u notice u can still buy a house even when its completed by the developer whereby last 2 yrs once the booking is open its sold out within 6 month?
i am hoping for a minor slump in property market so that it will give a lesson or two to some authority and open our eyes to not let the bank run the economy or worst our lives.

#5
Gunnerzz

Posted 28 May 2014 - 09:43 AM

Gunnerzz

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one more thing.
yr new car salesman should take care of all this for u.
thats how things are though its not written.
make a complaint abt that salesman too.

forgot to mention thay used car loan pricing had increased recently and my friend,it just makes things more complicated.

#6
vr2turbo

Posted 29 May 2014 - 08:34 AM

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My ex colleague mentioned in his younger days he did default on one car loan payment for 3 months, and in his later years trying to get a housing loan was hell....
Not sure how the temporary ownership works, but never let the car loan get carried over which is still in previous owners name. Any default and previous owner get the problem.

I have a friend who is trying to sell his car in KL, but there is still a loan outstanding and car was bought under his uncle's name and he stays in another city up north. Maybe due to him just starting out harder to get loan, put under uncle name. With the new Puspakom check and JPJ transfer method, he settled the loan got the car transferred to his name then only sell it off. Easy to deal with it locally...

Coming back to TS case, probably tribunal can help.....