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 Change Of Ownership Without Runner Procedure, D.I.Y / Runner / Home Appointment

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ReadySteadyGo
post Oct 16 2014, 05:44 PM

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Ok ppl, need your help. I am buying a car which is currently being financed by a bank, and the owner is a foreigner. I intend to use the same bank as the rate they offered is competitive. Would like to have feedback - or suggestions -

- i sent my Mykad photostat and 3 months salary credited via screenshot to the bank. They offered 3.5% per annum which is standard. Assuming I agree, will they prepare a loan agreement while asking me or seller to do the following

- me and seller sign an agreement to purchase the car with reg card details with deposit of x amount.
- get the car inspected at Puspakom to get approval slip to bring back to the bank
- bank proceeds to transfer and close the early settlement amount in the seller account
- i sign the loan agreement and then buy a bank draft for the difference of the loan amount to seller.
- I pay for the all the charges - puspakom, - when do i pay the transfer fees to bank etc
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ReadySteadyGo
post Oct 20 2014, 05:30 PM

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QUOTE(youngman28 @ Oct 20 2014, 10:28 AM)
It all boil down to the bank requirement, bank might ask runner to do the puspakom inspection and name transfer because it much faster and they known what need to prepare for b7 inspection, then all the fees willl charge to owner, it also prevent the car lost due to some incident because you are not the legal owner yet before name transfer.
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I see - i just wanted to save $ instead of paying runner. If its just 100rm or so then ok because of my working hours during the week cannot get out of office
ReadySteadyGo
post Oct 25 2014, 06:31 PM

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Done the puspakom inspection yesterday. One very important point for all future car owners who are buying a used car with tint film. Please remove all tint films as Puspakom does not approve your B5 and B7 if your car comes with films. I checked with the tint installer who informed me on this. Your car may comply with JPJ. But definitely not with Puspakom. I saw a lot of cars with their films removed when they lined up in the inspection lane.
ReadySteadyGo
post Feb 15 2015, 09:18 AM

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Is it urgent because CNY is around the corner. In short, the foreigner should settle the outstanding balance and obtain the release letter. With that you and him can go to puspakom to do the ownership transfer and you should also have your loan approval already completed. It's easier of your bank is the same as the foreigner instead of 2 separate banks which will incur longer time and costs ie runner etc.
ReadySteadyGo
post May 22 2019, 05:18 PM

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Here's my case.
1. Seller is based overseas but parents are still in Malaysia (Selangor).
2. Seller's current hire purchase loan is the same which I am currently using for loan agreement for this car (my current car loan has been paid up but they are giving me a very good interest rate).
3. Seller's early settlement amount is slightly higher by RM5k than his selling price to me.
4. I am only taking 50% loan of the sale price.

Questions:
1. Can seller write a letter authorizing his father to represent him in the puspakom inspection? or even me as the buyer to represent him?
2. Can the bank arrange for runner to perform all the JPJ requirements without having me or seller to be present since the details are with them already?
3. Can I pay the full amount of the 50% of the car price to the bank in the form of a bank draft, and then the bank can use part of that amount to close the seller account (the 5K top up)
4. Should I obtain a revised bill of sale less the RM5K from the seller since the bank is going to use my bank draft to close seller account?
5. Can the bank act on my behalf to keep the balance amount (due from me to seller after the top-up) to be paid to him only when the car has changed ownership?


 

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