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#41
mrrc

Posted 13 January 2011 - 10:54 PM

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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!



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.

#42
KL3223

Posted 14 January 2011 - 10:14 AM

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QUOTE (mrrc @ Jan 13 2011, 10:54 PM) <{POST_SNAPBACK}>
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.


mrrc, can you elaborate more? what do you mean by you still owe MBB and planning to get another loan from them?

this statement can have a lot of meaning.
1) you have 1 car, you plan to buy 2nd car and keep the first car. Both loans from MBB.
2) you have 1 car, you plan to buy 2nd car and sell the first. net effect is always 1 loan from MBB
3) others? smile_big.gif


#43
armanio

Posted 14 January 2011 - 01:07 PM

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QUOTE (KL3223 @ Jan 14 2011, 10:14 AM) <{POST_SNAPBACK}>
mrrc, can you elaborate more? what do you mean by you still owe MBB and planning to get another loan from them?

this statement can have a lot of meaning.
1) you have 1 car, you plan to buy 2nd car and keep the first car. Both loans from MBB.
2) you have 1 car, you plan to buy 2nd car and sell the first. net effect is always 1 loan from MBB
3) others? smile_big.gif


I am guessing that mrrc already has a car and want to sell it and get another loan form the same bank. Here is how I did sell my car 3 weeks back.

1. I went to used car dealer, and agreed on the price.
2. Then call the bank and ask what is the early settlement total
3. although the dealer says he can settle the loan for me, I insist that I go with him, so we went to the bank together and he gave the total settlement amount cheque to the bank in front of me.
4. We went back to use car dealer office. here these are the following docs that I got

i. Bill of Sale - ensure that you check the amount clearly and also state the exact time you gave the car. This document is your prove to police later if there is any summons issue after you giving the car
ii. Copy of the bank in slip - this is the slip provided to the dealer when he paid the total settlement
iii. Copy of the JPJ title transfer - you will need to sign a this copy so that they can change the car title to the next buyer
iv. ebatal - the bank will issue this cert to confirm that they release the title to you as the loan amount has been settled. this you will get after 3 working days
v. Cheque - this is the balance difference between your selling price and the bank settlement amount.

Please ensure you have all the above (at the minimum) so that eveyrthing is done properly. Remember that selling your car without settling the loan with the bank is an offence.



#44
mrrc

Posted 14 January 2011 - 08:59 PM

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Dear KL3223, it is 2. sorry for didnt make it clear. smile.gif

Dear Armanio, your guess was right. and thanks for the advice, really helpful!

cheers!

#45
KL3223

Posted 17 January 2011 - 05:14 AM

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QUOTE (mrrc @ Jan 14 2011, 08:59 PM) <{POST_SNAPBACK}>
Dear KL3223, it is 2. sorry for didnt make it clear. smile.gif

Dear Armanio, your guess was right. and thanks for the advice, really helpful!

cheers!


good chrono there, Armanio.
Mrrc - agree with Armanio's. the e-batal is very important, make sure get that from the bank. some banks will also issue a letter stating the loan has been settled, and a/c is closed.

and of course cancel the insurance and take back a letter confirming the ncb.

all the best!

#46
mrrc

Posted 17 January 2011 - 07:16 PM

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TQVM, bros!

#47
KL3223

Posted 17 January 2011 - 09:21 PM

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mrrc: (forum) member help member....and I am still learning smile_thumbup.gif