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> Buying Car procedure?

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crusher
post May 18 2019, 02:16 PM

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Hi guys,

Done got my loan application approve.

Just receive the SMS notification from Proton saying the booking request got on the same day.

Banker and car seller asked me sign the loan agreemrnt first before the car arrive.

Is it safe to do so? I scare if sign already car dont know when only arrive..
crusher
post May 19 2019, 10:36 PM

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QUOTE(Archemedia @ May 18 2019, 08:47 PM)
Why scared? the car belongs to the bank now... the bank should worry more
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Just being careful and understand better how it works.

QUOTE(voncrane @ May 18 2019, 11:14 PM)
While it's fairly "harmless".. I would not sign any such agreement without actually setting eyes on or at minimum a car waiting (at the branch/dealer) to be registered in your name. Just to be safe. Of course, this tactic depends on how sought after the car in question. Cuz, some sales agents will take those who've gotten loan approval more seriously than those that just placed a booking and refused to commit further.
AFAIK, he should be scared.. He could be signing that he must begin loan repayments even without getting the car first. In most cases, yes the car belongs to the bank, but the loan belongs to you. The car is only a collateral in-case you aren't able to continue servicing the loan. This only works if the car is worth more than the loan balance, should any issues occur. Else, must topup the difference to the bank.
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Since I have received SMS from Proton itself, i think can verify with proton directly right

 

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