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

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summeracres
post Oct 22 2013, 03:13 PM

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QUOTE(nig3l @ Oct 14 2013, 10:17 AM)
ok i have a case here.
Am buying a 2nd hand car from direct owner.

car priced at Rm46500 and Loaning 27k from the bank.

that is RM19500 balance which i need to pay to the car seller?

Im abit worried if its safe to just give him the money..

any idea guys?

fyi seller's car is still on loan..

(well actually same concern with the few questions above me)
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The new rule now is that seller cannot accept deposit i.e. the RM19,500. Buyer will need to buy bank draft and hand it over to the loan processing officer. Bank will issue one lump sum cheque to the seller.

As for the loan...I'm not too sure either. I sold my car without any loan balance smile.gif
summeracres
post Oct 22 2013, 03:14 PM

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***double entry...deleted****

This post has been edited by summeracres: Oct 23 2013, 09:39 AM
summeracres
post Oct 24 2013, 11:54 AM

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QUOTE(nig3l @ Oct 22 2013, 11:39 PM)
yes that's right.
my transaction proceed on without any deposit / cash given to the seller..

everything has to be given to the bank.

any extra amount out of the entire amount given will then be credited back to seller's account.
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Yes. Glad you managed to get around it biggrin.gif
summeracres
post Dec 10 2013, 10:54 AM

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QUOTE(boyan @ Nov 17 2013, 09:30 PM)
I've been reading many posts and news, so I just like to get some confirmation before dedicating time to get the ownership transfer errand settled. I want to transfer from my father-in-law's to my wife's name.

1) Someone stated that during Puspakom inspection, it's best to have the original owner bringing the vehicle, else you have to cook up some referral letter? I think Puspakom doesn't really care about this, as long as you have the grant. That means I can just do this by myself, by having both the car and grant. Correct?

2) For someone who has successfully done an inspection at Puspakom Wangsa Maju recently. Can I call say today for booking, and expect to get one in two days time? In short - just want to get some feel on the 'lead time' for Wangsa Maju Puspakom.

3) Say it is the day of the appoinment / booking at Puspakom Wangsa Maju. How early is early enough, to be among the first in queue? Be there 6 am?

4) My wife and father in law will not be around. Effectively, I am the runner. Is this possible? I guess I need to get TM-AB form done for both? Anything else?

5) I need to buy insurance first, and then go to JPJ to initiate the transfer. Correct? I can just do this at any post office right? I'm staggering the inspection, insurance and transfer to different days so that I could skip taking leave.

6) With the latest MySikap system and its issues, how bad is the experience going to be, or is it ok now?
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It's better to prepare the authorization letter in advance before going. Just in case. When you are there, you will need to fill up a form. There's a section where you fill in as representative.

I usually figure out when I can go Puspakom, call and ask for a preferred time. Usually can get. Go early morning say 8.30am, the opening time. You'll be out in half an hour biggrin.gif. There's no queue for me at Puspakom Bangi. I get a 8.30am appointment, be there by 8.15am, wait for them to open, talk to the police office, drive the car in to the inspection bay, fill in form and pay.

Before you do the transfer, make sure your FIL's car current road tax and insurance has already been cancelled. Then buy insurance. After transfer only get the road tax. I guess you can get those insurance from post office but road tax will need to be done at JPJ.

summeracres
post Dec 10 2013, 10:56 AM

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QUOTE(farisjo @ Nov 19 2013, 12:47 PM)
Hello guys,

I have a question, I'm quite new in this. Let's say if the buyer still has a sum of outstanding balance with the bank and he is selling me the car at a lower price from the outstanding. Should owner settle the outstanding first and only then I apply for the loan or ?????

What are the steps needs to be taken. Really lost.
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Someone replied just a few post above.

QUOTE(empty1339 @ Oct 31 2013, 09:02 AM)
Basically, if the buyer take loan, and let say if you still owe bank with car loan, then either one of the bank will act like the middle man, inform them how much is the car, and after deduct your loan balance, the bank will return it back to you. that was my experience, hope it helps
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summeracres
post Dec 10 2013, 10:59 AM

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QUOTE(thefryingfox @ Dec 9 2013, 06:13 PM)
If i sell my car - do i have to pay for insurance for another party? or does he/she need to buy that insurance?
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When you sell your car, you'll need to terminate existing road tax and insurance then only the new owner will need to buy the insurance. And no, not you to pay. Why do you need to pay for it? Hehe
summeracres
post Dec 10 2013, 10:27 PM

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QUOTE(thefryingfox @ Dec 10 2013, 07:17 PM)
Just covering all angles. So isit right to say that for the sale, the buyer has to bear all the fees associated with the sale?
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Yes correct. I've written a guide on selling car directly to buyer. Here's the link http://www.street-love.net/2013/12/complet...r-malaysia.html

This post has been edited by summeracres: Dec 10 2013, 10:28 PM
summeracres
post Dec 12 2013, 09:17 AM

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QUOTE(0909210886 @ Dec 11 2013, 09:21 PM)
hi everyone, what happen if i want to sell my car but the road tax already expired since mar 2012?
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Nothing will happen. You will only have problem driving the car for Puspakom inspection since it's now illegal on the road and you need to pay more for Premier Mobile Inspection (PMI) Door-to-Door Services inspection.
summeracres
post Dec 29 2013, 09:20 PM

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QUOTE(be7a @ Dec 29 2013, 03:39 PM)
I am selling the car with outstanding from bank and the buyer is applying loan from same bank. Today the officer ask me for original geran and insurance cover note. And he say that bank will do the name transfer. Is this normal procedure? How will I know I will get my full settled amount before the car ownership change??
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It's normal. If you don't give the registration card, how will they be able to do name transfer? You won't get the money before change of ownership. Bank will only process the disbursement AFTER that.

I've wrote the procedure of buying & selling used car here http://www.street-love.net/2013/12/complet...r-malaysia.html
summeracres
post Jan 9 2014, 11:02 AM

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QUOTE(Rishi @ Jan 9 2014, 07:36 AM)
Hey Guys,

I am currently purchasing a 2nd hand car from a dealder. He is charging me 600 bucks for registration and 600 bucks for inspection.

Would you be kind enough to advice if I am being taken for a ride?

Warm Regards
Rishi
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Definitely taken for a ride. Even if you buy directly from seller, bank will charge RM400 for everything including runner fee. So either way 1.2k is too much.
summeracres
post Jan 29 2014, 06:06 PM

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QUOTE(nj922 @ Jan 29 2014, 05:57 PM)
Hi,
I am buying my company used car. Currently my company has already cancelled the insurance but the road tax still valid until May. My loan is still in progress, the car ownership hasn't changed to me. Please advice can I buy insurance for this car?
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It doesn't work this way. The road tax need to be cancelled before cancelling the insurance. Just go to any insurance company and purchase a new insurance after that.
summeracres
post Jan 29 2014, 07:18 PM

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QUOTE(nj922 @ Jan 29 2014, 06:37 PM)
Erm, so you mean my company hasn't cancelled the insurance? The road tax is still valid and stick to the mirror. But I am not sure whether is it still insured or not...
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Means you cannot buy insurance first if the current road tax has not been cancelled. To cancel just tear off the R/T and walk-in to JPJ for cancellation.

 

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