QUOTE (KL3223 @ Jan 13 2011, 12:29 PM) <{POST_SNAPBACK}>
batman72- is your altis still under financing or you have paid off the loan? if still under financing, it is best to settle it yourself instead of relying on SA or used car dealer. If the dealer offer you contra or tell you they will do it for you, i suggest you decline this, because in practice, rarely they will settle the loan for you, to minimise cash outflow at their end. they will continue to pay the instalments until the next buyer comes along. and if they default on instalments, your name will be the one up the hook, because again, commonly the ownership transfer wont happen until the next buyer comes along. yes, even tho you have sold off the car, but you relied on the dealer to inform the bank, but the bank's agreement is with you, not the dealer. imagine the hassle of getting legal letters from the bank! have seen some SA and used car dealers doing this to my buddies.
try checking if jpj's new measure of having interim ownership changes have taken place, if yes, make sure this is done. read here: http://thestar.com.m...=...&sec=nation
also make sure you get proper documentation from the used car dealer which state that the risks and benefits incl. speeding tickets, summons etc are the used car dealer's responsibility once you hand over the car to them. because ownership is only transferred when the next buyer comes along, your name is again up the hook for speeding tickets or summons issued to the car. by having such clauses, at least you can prove your point to the authorities.
all the best, have a coke and kit kat and chill!
try checking if jpj's new measure of having interim ownership changes have taken place, if yes, make sure this is done. read here: http://thestar.com.m...=...&sec=nation
also make sure you get proper documentation from the used car dealer which state that the risks and benefits incl. speeding tickets, summons etc are the used car dealer's responsibility once you hand over the car to them. because ownership is only transferred when the next buyer comes along, your name is again up the hook for speeding tickets or summons issued to the car. by having such clauses, at least you can prove your point to the authorities.
all the best, have a coke and kit kat and chill!
Good advice, bro!
I still owe MBB and I am getting new loan from them too, what do you suggest me to settle this?
thanks.