Collect money then trnsf or transcer first?

[jfkoh]

Hi selling bike for first time. The guy taking loan from hitachi credit and he wan me to trnsf the bike first then go down hc collect cheque. Is this normal procedure? Or shld I get cheque first, cleared thrn trnsf?

[ulysses_sc]

No. Transfer and payment should be done at LTA only. Safest way is to hand the signed transfer form over to the counter staff, and while the transfer is being processed, money is handed over.

[jfkoh]

so mean to collect money first or if cheque to cleared first then i transfer?

[ulysses_sc]

If the cheque is from Hitachi, there is no risk of the cheque bouncing. You can do the transfer and payment at LTA.

 

However I would not recommend to accept a personal cheque from buyer, as there is a risk of the cheque bouncing. Cash is king in this case.

[arthur_chan]

ask him to show u the cheque then go lta transfer. once transfer done he hands u the cheque.

 

u never know after u done the transfer n go to the loan company, they deny there's a loan taken up.