need help on selling of car procedures

[shahrul_azmil3]

hi there all !!

 

how do i sell of a car which still has loan on it ??

 

or is transfer of ownership possible ...

 

the car is only 2 years old ....

 

not looking for a profit ....

[jB]

If you wanna sell to a dealer, he/she will advise you on all procedures

[GuiNNeSS]

hi there all !!

 

how do i sell of a car which still has loan on it ??

 

or is transfer of ownership possible ...

 

the car is only 2 years old ....

 

not looking for a profit ....

 

depend how much outstanding loan you have..

 

if paper value is 20k + car body value (by dealer) is 24k

 

but loan still have 30k, then u top up 6k. If u place more downpayment during purchase, normally will get back cash after selling.

 

COI? not recommended.

[coolzone]

Vehicles who are under finance , must be fully settled before ownership transfers .Finance Co. treat it as a single case . Non transferable as far as i know..... maybe there are new laws ..... i dont know .

 

A dealer may buy yr car and settle with yr finance company , which is the most straight forward process.... but , prices are usually not as good as if u would sell it to a private owner.

Reason is simple : Dealers need to clean up and touch up the cars , before a sale , so they also need to make profits , however , dealers would make some % from loan finances and insurance when a new owner buys the vehicle .( that is the basis of their business )

 

If you wish to sell yr car to a private owner , you must settle in full all yr outstandings with yr finance company. Early settlements are subj to some clauses ( read yr finance doc.) , u may be able to get some rebates , and may also be penalised for paying up too early ( usually with 10 yr loan cases ).

 

Once vehicle is freed from finance , the buyer has either to pay u in full cash or he has to make his own finance arrangements , once that has been approved, buyer will proceed to bring all necessary doc, to the Finance or car credit company, whch will process and effect the transactions .

 

The seller only need to produce the I/D and collect the payments .

The Buyer will have more things to do .( insurance, tax , transfer fees, document fee if applicable, and signing of legal finance doc. etc )

 

In the past , when COEs and OMVs hit the roof, car owners chose to de-register their vehicles, which could be viable too , but have to check and compare carefully before u decide .

[ramen71]

Vehicles who are under finance , must be fully settled before ownership transfers .Finance Co. treat it as a single case . Non transferable as far as i know..... maybe there are new laws ..... i dont know .

 

A dealer may buy yr car and settle with yr finance company , which is the most straight forward process.... but , prices are usually not as good as if u would sell it to a private owner.

Reason is simple : Dealers need to clean up and touch up the cars , before a sale , so they also need to make profits , however , dealers would make some % from loan finances and insurance when a new owner buys the vehicle .( that is the basis of their business )

 

If you wish to sell yr car to a private owner , you must settle in full all yr outstandings with yr finance company. Early settlements are subj to some clauses ( read yr finance doc.) , u may be able to get some rebates , and may also be penalised for paying up too early ( usually with 10 yr loan cases ).

 

Once vehicle is freed from finance , the buyer has either to pay u in full cash or he has to make his own finance arrangements , once that has been approved, buyer will proceed to bring all necessary doc, to the Finance or car credit company, whch will process and effect the transactions .

 

The seller only need to produce the I/D and collect the payments .

The Buyer will have more things to do .( insurance, tax , transfer fees, document fee if applicable, and signing of legal finance doc. etc )

 

In the past , when COEs and OMVs hit the roof, car owners chose to de-register their vehicles, which could be viable too , but have to check and compare carefully before u decide .

 

Apparently it's not that complicated on directly sell ur car to interested

party.all paper work done by freelance agent.first u need to find a interested

buyer,secondly engaged a agent.to settle all the paperwork including,x'fer of ownership,full settlement,new loan application and so on.

 

i did purchase a 2nd hand car from direct owner at relatively low price as

compare to normal car dealer.all the paperwork done by freelance agent without hassle.

[theblackmamba]

if 2 yrs most prob u must top up cash

[Rain1407]

depend how much outstanding loan you have..

 

if paper value is 20k + car body value (by dealer) is 24k

 

but loan still have 30k, then u top up 6k

 

I'm a noob about cars but as above is this equivalent to our bike terms called "break even"? A friend of mine took a loan period of a new bike for 4 years & he wanted to prematurely sell it within a year. Then he told me the shop said if he insist on doing so he has to top up some money 1st.

[GuiNNeSS]

car or bike or house also have break even point...

 

Difference is the loan rate and penalty terms, other cost like admin fee blah blah