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How To Return Car To Bank/trade In?


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#11
cute_boboi

Posted 17 November 2014 - 04:37 PM

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I think TS has to be careful about selling/trade-in the car. Or to sell to 2nd hand car dealer.

Most likely, the car sell/trade in price will be lower than the amount that need to settle car loan. No matter what/how the buyer/dealer tell you will settle, make sure it is settle properly.
If you listen to those who tell you find buyer to "sambung bayar" , or any too-good-to-be-true methods, be prepared in future for blacklist, CCRIS, loan not pay (no one sambung for you), etc. By then, you can't find your car already.

My advise, just stick with the car until you can finish settle it, then only think about trade-in / change car.

"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

#12
vr2turbo

Posted 18 November 2014 - 09:14 AM

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QUOTE (cute_boboi @ Nov 17 2014, 04:37 PM) <{POST_SNAPBACK}>
I think TS has to be careful about selling/trade-in the car. Or to sell to 2nd hand car dealer.

Most likely, the car sell/trade in price will be lower than the amount that need to settle car loan. No matter what/how the buyer/dealer tell you will settle, make sure it is settle properly.
If you listen to those who tell you find buyer to "sambung bayar" , or any too-good-to-be-true methods, be prepared in future for blacklist, CCRIS, loan not pay (no one sambung for you), etc. By then, you can't find your car already.

My advise, just stick with the car until you can finish settle it, then only think about trade-in / change car.

Safest way... smile_tongue.gif
Car only one year old, repayment is minimum but depreciation is a lot sure cannot cover..... smile_blackeye.gif

#13
merlin1234

Posted 04 January 2015 - 09:26 PM

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thanks guys for the feedback. i have actually decided to let go completely of the car

i just need to clarify on some things:

- it seems that selling to used car dealer is a risk. but read somewhere that banks have their panel used car dealers. any information on this?so any default payments the banks will straight away call the dealer?
What about selling to TOP mark?

- selling the car to a direct buyer is easier?safer? but a lot of documents and visits to JPJ and puspakom?
any links of the procedure that to do when sell to direct buyer ? how?

i really appreciate your feedback urgently. im getting depressed because of this.

#14
vr2turbo

Posted 05 January 2015 - 03:58 PM

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QUOTE (merlin1234 @ Jan 4 2015, 09:26 PM) <{POST_SNAPBACK}>
thanks guys for the feedback. i have actually decided to let go completely of the car

i just need to clarify on some things:

- it seems that selling to used car dealer is a risk. but read somewhere that banks have their panel used car dealers. any information on this?so any default payments the banks will straight away call the dealer?
What about selling to TOP mark?

- selling the car to a direct buyer is easier?safer? but a lot of documents and visits to JPJ and puspakom?
any links of the procedure that to do when sell to direct buyer ? how?

i really appreciate your feedback urgently. im getting depressed because of this.

Never heard of bank having used car dealers, maybe is business partners.

I think you need to buy a car from top mark before they take yours as trade in, or probably your car in good condition they might consider but their trade in price could be lower...and is your car a Toyota?

#15
gregy

Posted 07 January 2015 - 12:35 PM

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QUOTE (merlin1234 @ Jan 4 2015, 09:26 PM) <{POST_SNAPBACK}>
thanks guys for the feedback. i have actually decided to let go completely of the car

i just need to clarify on some things:

- it seems that selling to used car dealer is a risk. but read somewhere that banks have their panel used car dealers. any information on this?so any default payments the banks will straight away call the dealer?
What about selling to TOP mark?

- selling the car to a direct buyer is easier?safer? but a lot of documents and visits to JPJ and puspakom?
any links of the procedure that to do when sell to direct buyer ? how?

i really appreciate your feedback urgently. im getting depressed because of this.


Let me clarify a few things for you, since I've found no satisfactory answer in this thread, and because I am directly involved in car retail:

1) Since sometime last year, banks no longer do contra loans, i.e., a direct buyer cannot apply for a fresh loan for your car if it is still under financing. This means, in order to sell direct to end user, you will need to cough up the settlement amount and settle the existing loan, only then can the next buyer apply for a new loan for your car. There have been isolated cases whereby the new buyer applies for a fresh loan from the same bank as the one taken by the seller, and it is up to the discretion of the bank involved whether or not they want to take up the new case and contra the old one.

2) Used car companies are duty bound by law to temporarily transfer ownership of your car to their company, thereby absolving you of any further liability in terms of loan repayments or traffic offences. When you transfer your car to the dealer, he will require your thumbprint verification to effect the transfer via an online system with JPJ. This is to weed out unscrupulous dealers who don't settle your loan like in the past.

3) If you take a 9 yr loan, the rule of thumb is this. If you sell your car within the first 3 years you will get a sizeable rebate because there is still a huge chunk of interest not collected yet. However, from the 5th year onwards whatever you still owe the bank will be mostly the principle amount, i.e., they would've collected most of the interest within the first half of your loan tenure.

4) To sell to a direct buyer, both buyer and seller must be present at a JPJ branch to do thumbprint verification in order to effect the ownership transfer. Prior to that, you will need to send your car to Puspakom to obtain a certificate of fitness which is valid for 1 month.

5) New buyer must then purchase insurance for the car, and produce an insurance cover note in order to buy a new road tax disc for the car. Seller must cancel the existing road tax as well.

6) Selling your car to a dealer is the most straightforward process where you won't have to deal with possibly unscrupulous or dubious owners who might cheat you. If you need a list of reputable used car dealers you may pm me for further info.

7) Selling direct may seem like a good idea, but be prepared to answer calls from the buyer in future regarding the car, or shd anything happen to the car he may call you up and scold you lol...

Good luck...
There are no lousy cars. Only better cars.

#16
V406198

Posted 08 January 2015 - 12:21 PM

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QUOTE (gregy @ Jan 7 2015, 12:35 PM) <{POST_SNAPBACK}>
Let me clarify a few things for you, since I've found no satisfactory answer in this thread, and because I am directly involved in car retail:

1) Since sometime last year, banks no longer do contra loans, i.e., a direct buyer cannot apply for a fresh loan for your car if it is still under financing. This means, in order to sell direct to end user, you will need to cough up the settlement amount and settle the existing loan, only then can the next buyer apply for a new loan for your car. There have been isolated cases whereby the new buyer applies for a fresh loan from the same bank as the one taken by the seller, and it is up to the discretion of the bank involved whether or not they want to take up the new case and contra the old one.

2) Used car companies are duty bound by law to temporarily transfer ownership of your car to their company, thereby absolving you of any further liability in terms of loan repayments or traffic offences. When you transfer your car to the dealer, he will require your thumbprint verification to effect the transfer via an online system with JPJ. This is to weed out unscrupulous dealers who don't settle your loan like in the past.

3) If you take a 9 yr loan, the rule of thumb is this. If you sell your car within the first 3 years you will get a sizeable rebate because there is still a huge chunk of interest not collected yet. However, from the 5th year onwards whatever you still owe the bank will be mostly the principle amount, i.e., they would've collected most of the interest within the first half of your loan tenure.

4) To sell to a direct buyer, both buyer and seller must be present at a JPJ branch to do thumbprint verification in order to effect the ownership transfer. Prior to that, you will need to send your car to Puspakom to obtain a certificate of fitness which is valid for 1 month.

5) New buyer must then purchase insurance for the car, and produce an insurance cover note in order to buy a new road tax disc for the car. Seller must cancel the existing road tax as well.

6) Selling your car to a dealer is the most straightforward process where you won't have to deal with possibly unscrupulous or dubious owners who might cheat you. If you need a list of reputable used car dealers you may pm me for further info.

7) Selling direct may seem like a good idea, but be prepared to answer calls from the buyer in future regarding the car, or shd anything happen to the car he may call you up and scold you lol...

Good luck...

Hi gregy

Planning to sell my car to direct buyer soon, so need you advised on your item 5 on your list of clarification..

where should I go to cancelled my current road tax ? and will I get back the balance of value of the road tax ?

Thank you in advance.

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#17
gregy

Posted 08 January 2015 - 10:45 PM

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QUOTE (V406198 @ Jan 8 2015, 12:21 PM) <{POST_SNAPBACK}>
Hi gregy

Planning to sell my car to direct buyer soon, so need you advised on your item 5 on your list of clarification..

where should I go to cancelled my current road tax ? and will I get back the balance of value of the road tax ?

Thank you in advance.


Is the direct buyer paying cash for your car?

Anyway, you can do the road tax cancellation and effect the name change at the same time when you are getting a new road tax for the new owner. All this has to be done at a JPJ counter.

Yes you should be able to get a refund for your cancelled road tax, pro-rated.
There are no lousy cars. Only better cars.

#18
vr2turbo

Posted 09 January 2015 - 07:57 AM

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QUOTE (gregy @ Jan 8 2015, 10:45 PM) <{POST_SNAPBACK}>
Is the direct buyer paying cash for your car?

Anyway, you can do the road tax cancellation and effect the name change at the same time when you are getting a new road tax for the new owner. All this has to be done at a JPJ counter.

Yes you should be able to get a refund for your cancelled road tax, pro-rated.

So this is the new ruling? Those days we just cancel insurance and new buyer purchase new insurance and road tax follows the car until expire.... smile_question.gif

#19
V406198

Posted 12 January 2015 - 11:57 AM

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QUOTE (gregy @ Jan 8 2015, 10:45 PM) <{POST_SNAPBACK}>
Is the direct buyer paying cash for your car?

Anyway, you can do the road tax cancellation and effect the name change at the same time when you are getting a new road tax for the new owner. All this has to be done at a JPJ counter.

Yes you should be able to get a refund for your cancelled road tax, pro-rated.

Thank you for your propel feedback, smile_thumbup.gif smile_thumbup.gif
2004 S60R. AT. Tit Grey. Nordkap. 18" Pegs. TME SportCat Exhaust DP & Cat Back System. TME Lower Spring. Garrett GT3071R. RC 750cc Injectors. FMIC. K&N Filter. Pegasus 3" CAI. IPD HD TCV. IPD HD Ignition Coil, IPD 25mm Front Sway Bar. UR Custom 23mm Rear Sway Bar. UR Front & Rear Strut Bars. Stainless Steel Brake Hoses. Audi TT DV, Saab 900 ATF Cooler. TkiMotorSportRacing & IPD HD Link Rod. H&R 5mm Front Wheel Spacer. Endless Sport 0-400 Front Brake Pad. ScangaugeII Diagnostic Gauge. Stages 2 Snow Performance methanol Injection.