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> Selling car and Ownership transfer, from Company to private name ?

minde
post Jul 10 2010, 09:47 PM, updated 6 years ago


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Hi , I'm in the middle of selling of my car to someone . The car is registered to my dad's company and the seller is a private individual . Can anyone advise me the normal procedure and what should I take notice to avoid being conned ? I'm new to this .

What documents do I need for a transfer from company to private name ? Thanks
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bananajoe
post Jul 10 2010, 09:51 PM


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QUOTE(minde @ Jul 10 2010, 09:47 PM)
Hi , I'm in the middle of selling of my car to someone . The car is registered to my dad's company and the seller is a private individual . Can anyone advise me the normal procedure and what should I take notice to avoid being conned ? I'm new to this .

What documents do I need for a transfer from company to private name ? Thanks
*
taken from source : http://bbs.lelong.com.my/bbs/showthread.php?t=35154

below are the content..easy reference

For those who's interested to sell their car personally or trade in or sell to 2nd hand dealer, i hope this info might give you some direction on the process to sell your car...


General JPJ transfer car ownership. (both owner/buyer must be there)

1. Get the forms ready for transfer. You can download the forms from JPJ website. Forms you need as follow: JPJK3, TM-1, TM-AB (photocopy both buyer/seller IC).
2. After form complete, just go to JPJ and submit all the forms together with car original registration card and also new buyer insurance cover note.
3. Pay RM100 (you can buy postal order from JPJ itself).
4. Wait for the transfer name to complete and collect back the transferred ownership of car registration card.


When selling a car directly to buyer/bank loan:

1. Buyer/seller need to be at the bank with the car registration document in order to apply the loan. If buyer is from outstation, then seller need to fax over the car registration.
2. Upon approval, the bank will issue an undertaking letter and after that the seller need to transfer the car ownership to the buyer's name.
3. Upon completion, bank will release the fund to the seller.
4. Any additional fees in loan/transfer ownership shall be paid by buyer. hehe...


When selling a car to 2nd hand car dealer:

1. Owner/2nd hand car dealer agree on the price.
2. 2nd hand car dealer pays the owner a downpayment fee. At the same time, provide information on selling price + downpayment + balance. For my case, it was just written on a white piece of paper with my IC photocopied and also the car number written down. Owner at this time hand over the car but keep the registration document (geran).
3. Seller and 2nd hand car dealer meet up at JPJ to complete "penyaksian pengesahan identiti pemunya berdaftar". This is for JPJ to certify that the actual owner of the car agree on the sales. I heard this need to be done so the car can proceed for inspection as well.
4. After JPJ process completed, owner handover the registration document of the car to the 2nd hand dealer and at the same time owner received bank draft cheque for payment of remaining balance owed. You can arrange with dealer to get cash or direct deposit to savings acc etc, at your own arrangement. But before that I was offered a personal cheque which i declined to be on the safe side.
5. For final precaution, I prepared a letter of indemnity for the 2nd hand car dealer to sign, which they duly obliged.

This is as far as i can remember for the whole process and i hope the cheque doesn't bounced... but should be ok since it's a bank draft and not a personal cheque.


Sample for Indemnity Letter. You may change/edit accordingly.

Date: (insert date here)

(Buyer/2nd hand dealer name)
(Address)
(Address)


Dear (Owner's name here),

Letter of Indemnity

This is to acknowledge that you, (Owner's name, IC No.), have already handed over the posession of your car to us at (insert date here).

Car information:
Car model:
Car No Plate:

We hereby undertake and agree to indemnity you in full against all consequences, liabilities of any kind whatsoever directly aarising from or relating to the car.




Yours faithfully,




__________________
(2nd hand dealer name)
(Company chop)



Hope the information above will be useful to some of you because i went through a bit of hassle cause no guide to follow previously...
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bananajoe
post Jul 10 2010, 09:53 PM


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dont forget to do the same letter for personal buyers. make sure u put the time and date when the car was sold and anything after that is buyer's issue

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minde
post Jul 12 2010, 09:21 PM


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hey , do we need to do a puspakom check ? the car plate is BD* **** . Can i do it in JPJ wangsa maju ?
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bananajoe
post Jul 12 2010, 11:06 PM


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yeap


Added on July 12, 2010, 11:37 pmwhat car is that ?

This post has been edited by bananajoe: Jul 12 2010, 11:37 PM
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yehlai
post Jul 12 2010, 11:58 PM


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this link is very useful, just found it.

http://portal.jpj.gov.my/index.php?option=...secara-sukarela
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minde
post Jul 13 2010, 06:48 PM


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hey i didnt understand this part

Surat/Keratan pembatalan tuntutan hakmilik pemilik berdaftar (selain e-Hakmilik); dan

what does it mean
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nicky1112001
post Aug 24 2010, 03:20 PM


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hai..i have a car with finish loan at my own name...but i wanna sell it to my own company..that company was regeister under my name...can i do that?
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schulace
post Nov 28 2010, 08:11 AM


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Hi there i would like to ask our members in here. I want to buy a car UNDER MY COMPANY
which means that whatever documents also will be under my company's name. My
question is, what is the procedure i have to go through if i wanna transfer the ownership of
the car from MY OWN COMPANY to MY OWN PERSONAL NAME in the future? Hope that you
guys could give me a hand here!

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luffy90
post Dec 2 2010, 05:59 PM


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What about from bank to private name~~ i just finished settled the car loan?? smile.gif
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it.fusion
post Oct 4 2011, 02:03 PM


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one question...

lets say i do sale the car to 2nd hand dealer with agreement on letter of indemnity which the dealer signed.. but never go to JPJ to do any changes...

is this ok ?
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peng90
post Apr 29 2012, 10:48 PM


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I been to JPJ and i didnt get e-hakmilik as my dad company car was financial by southern bank last time.

I have get the cover letter but i dont know where to get it. Since southern bank was took over by CIMB, is that I have to go to CIMB HQ to get it?
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brianccg
post Apr 29 2012, 11:13 PM


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What if I still owe the bank loan and the car registration card is with me now?
When shall I release the car registration card to the used car? I still can get back some money as my new car down payment. When they suppose to settle the loan for me? Thanks for advice.
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arnsmanutd
post Feb 16 2013, 11:39 PM


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Guys,

I need your adv URGENTLY:-
A buyer (foreigner) willing to pay cash to get my car. I still have balance loan around 30k.

Question:
1. Do i need to settle the loan with my bank before I go for JPJ inspection? I dont think the buyer will pay me full cash until change of ownership done.
2. Anything I should take note or prepare any other document/letter with the new owner once done? Eg, letter of indemnity etc?

Thanks.
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arnsmanutd
post Feb 16 2013, 11:46 PM


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Saw few notes in different forum.
Do we have to remove the tint before PUSPAKOM inspection? Eventhough the tint is within the allowed measurement?

Means no tint at all during the inspection?
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wayneparnell
post Jun 4 2013, 07:50 PM


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Thanks for all the information that you shared. I think selling car and ownership transfer is a simple step just faith is involve in this dealing.
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moonbnm85
post Jun 6 2013, 01:40 AM


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QUOTE(wayneparnell @ Jun 4 2013, 07:50 PM)
Thanks for all the information that you shared. I think selling car and ownership transfer is a simple step just faith is involve in this dealing.
*
Exactly.. Too many unwanted incidents happened sadly. My case, a 'part time broker' agrees to take my car. But insisted on me signing the K3 form for him but I insisted on Ownership transfer immediately. Bcos my bro's fren kena before that the car he sold to dealer kena a lot of saman, & the ownership had yet to be transferred. When he reported the incident to police, the officer advised him that the Letter of Indemnity has little use before the court. His license would probably digantung magi b4 the hearing could be finished. In the end he settled all the summons... sad.gif

So now I'm still trying to sell my car, to those who are willing to effect the transfer immediately... wub.gif
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lowya
post Oct 9 2013, 09:37 AM


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anybody knows how soon must transfer name after bought the car direct from seller?

does jpj refer to sales and purchase agreement?

if owner sign and finger print on the transfer form and photostatted ic, does the officer require seller to be presence to show original ic?
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kethon27
post Apr 2 2014, 09:14 AM


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Latest update asof 2014 April from JPJ: New Buyer and Seller need to present together to JPJ for biometric reader thumbprint scan for the vehicle ownership transfer.

This applies when purchasing used car from individual and car dealer as well.
Even car dealer has 'runner', the new buyer has to present for the thumbprint. Not sure on recond-vehicle. Not sure on company-owned vehicle.

Alternatively, Seller submit forms and does the thumbprint scan in any JPJ branch, the new Buyer will only given 7 days after then to visit any JPJ branch for the ownership vehicle transfer completion.

This is due to JPJ sort of implementing stream-line system all across Malaysia.
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kathlynn
post May 15 2014, 12:46 AM


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QUOTE(kethon27 @ Apr 2 2014, 09:14 AM)
Latest update asof 2014 April from JPJ: New Buyer and Seller need to present together to JPJ for biometric reader thumbprint scan for the vehicle ownership transfer.

This applies when purchasing used car from individual and car dealer as well.
Even car dealer has 'runner', the new buyer has to present for the thumbprint. Not sure on recond-vehicle. Not sure on company-owned vehicle.

Alternatively, Seller submit forms and does the thumbprint scan in any JPJ branch, the new Buyer will only given 7 days after then to visit any JPJ branch for the ownership vehicle transfer completion.

This is due to JPJ sort of implementing stream-line system all across Malaysia.
*
So the buyer and seller must be present at jpj? Is there any way around this as it is quiet cumbersome! :/

Also, I have my car tinted (within the legal requirements of jpj) but I understand that puspakom will still remove it. Should I remove it prior to puspakom inspection, or let puspakom do it?

Thanks!

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Matrix
post May 15 2014, 12:33 PM


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If I read correctly, that means the buyer must pay the seller once the ownership transfer is done at Jpj? What if buyer give excuse delay payment? Ownership already transferred wor...hmm

Maybe next time I sell my own car directly instead of being leeched by used car dealers.
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dtna7
post May 15 2014, 01:43 PM


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QUOTE(Matrix @ May 15 2014, 12:33 PM)
If I read correctly, that means the buyer must pay the seller once the ownership transfer is done at Jpj? What if buyer give excuse delay payment? Ownership already transferred wor...hmm

Maybe next time I sell my own car directly instead of being leeched by used car dealers.
*
Banker's cheque is all you need. Buyer/Seller present at JPJ, buyer pass the banker's cheque to seller, and proceed name transfer. Done deal.
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dtna7
post May 15 2014, 01:44 PM


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QUOTE(kathlynn @ May 15 2014, 12:46 AM)
So the buyer and seller must be present at jpj? Is there any way around this as it is quiet cumbersome! :/

Also, I have my car tinted (within the legal requirements of jpj) but I understand that puspakom will still remove it. Should I remove it prior to puspakom inspection, or let puspakom do it?

Thanks!
*
puspakom won't do it for you. They will just fail your B5/B7. doh.gif
Then you have to redo the inspection, and pay again. blush.gif
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dtna7
post May 15 2014, 01:46 PM


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QUOTE(kethon27 @ Apr 2 2014, 09:14 AM)
Latest update asof 2014 April from JPJ: New Buyer and Seller need to present together to JPJ for biometric reader thumbprint scan for the vehicle ownership transfer.

This applies when purchasing used car from individual and car dealer as well.
Even car dealer has 'runner', the new buyer has to present for the thumbprint. Not sure on recond-vehicle. Not sure on company-owned vehicle.

Alternatively, Seller submit forms and does the thumbprint scan in any JPJ branch, the new Buyer will only given 7 days after then to visit any JPJ branch for the ownership vehicle transfer completion.

This is due to JPJ sort of implementing stream-line system all across Malaysia.
*
Nope. The runner can still be done. And used car dealers who are panel with MYEG now can do transfer online, all they need is your grant information, your IC for biometric scanner (by MYEG), and your thumbprint.

Easy as hell sia, make me a bit scared. blush.gif
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Matrix
post May 15 2014, 02:04 PM


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QUOTE(dtna7 @ May 15 2014, 01:43 PM)
Banker's cheque is all you need. Buyer/Seller present at JPJ, buyer pass the banker's cheque to seller, and proceed name transfer. Done deal.
*
What if buyer needs loan? He should get the payment cleared from his bank and give you bank draft released by bank?
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dtna7
post May 15 2014, 02:56 PM


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QUOTE(Matrix @ May 15 2014, 02:04 PM)
What if buyer needs loan? He should get the payment cleared from his bank and give you bank draft released by bank?
*
Need loan not that easy already buddy. Recently all banks doesn't wanna deal with direct deal anymore. You have to go through used car for the processing of settlement before loan can proceed. And not all used car wanna deal for you, if they do, they charge heftily, which defeats the purpose of selling direct. doh.gif

If you are lucky and banks will do direct for you, loan amount will be disbursed by the banks, no need go through seller/buyer. And the bank will get the downpayment from the buyer as well, after everything done, direct bank in the full amount sold to seller.

If not clear enough let me know. I know a lot coz i just went through the process of selling my car to dealer, and buying direct. wink.gif
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jimliew
post May 28 2014, 01:14 PM


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Why must we remove the tint before going to Puspakom inspection? Assuming the tint is within the legal limits.

And remove all windows tint or just the windshield?
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HamMerMer
post Jun 9 2014, 10:32 PM


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Hi guys. Need some sifu2 advice notworthy.gif

Im helping my boss to sell his car. Currently the buyer only pay deposit amount RM1k and just received call from buyer said his runner will come to my place and drive the car to puspakom do inspection. Is it a scam? So far i only provide photostat owner ic and reg card to buyer. rclxub.gif
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bullleh
post Jul 18 2014, 04:24 PM


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QUOTE(dtna7 @ May 15 2014, 02:56 PM)
Need loan not that easy already buddy. Recently all banks doesn't wanna deal with direct deal anymore. You have to go through used car for the processing of settlement before loan can proceed. And not all used car wanna deal for you, if they do, they charge heftily, which defeats the purpose of selling direct. doh.gif

If you are lucky and banks will do direct for you, loan amount will be disbursed by the banks, no need go through seller/buyer. And the bank will get the downpayment from the buyer as well, after everything done, direct bank in the full amount sold to seller.

If not clear enough let me know. I know a lot coz i just went through the process of selling my car to dealer, and buying direct.  wink.gif
*
Hi dtna7, i plan to sell my car to dealer and buying another car directly.
Appreciate your advice on this matter.

TQ.
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Xu3r
post Aug 2 2014, 11:07 PM


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Hi i also want to sell my current car

However still have 4 years loan , i am thinking to sell the car and get the $$ to pay back the loan or something


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