QUOTE(wuszhtag @ Jul 21 2015, 11:51 PM)
hi,
i need advise on bank procedure for 2nd hand car.
i'm selling my 2012 c200 to my own brother.. Since this is our first time buying/selling second hand car, we got quite confuse with the calculation and such, including the topup/downpayment.
1) basically, does the calculation below correct?
My Current Loan with Bank :- RM175,000
Market Value:- RM185,000 @ 90% approved
Loan Approved:- RM166,500
Topup/Downpayment:
RM175,000 - RM 166,500 = RM8,500 <---- this is the amount my brother needs to pay in order for the loan to be settled in before transfer to him right?
OR
my brother needs to pay 10% of the RM185,000 which is RM18,500?
2) Second thing is if my current hire purchase account is with CIMB and we going to use different bank for my brother's loan, what is the standard process?
it's not like buying/selling house whereby the buyer's bank will pay the current owner's bank and settled everything at the back end?
QUOTE(Tavia88 @ Jul 24 2015, 10:52 PM)
Hi,
So did you got any answer for your question??
As i am facing the same situation as yours now.
Plan to sell off my car to direct buyer and my car still under finance with ambank. Buyer asked few bank and those bank said they didt finance direct seller which still under finance with other bank.
Need advise what is the suppose way.?
QUOTE(zenix @ Jul 25 2015, 09:47 AM)
actually it is exactly the same as buying a house and even more easier, however i've been reading the papers because of GST "additional paper work" bankers are refusing/rejecting loans for car purchases to an individual.
if let's say they don't reject this is how it goes....
since your brother no need deposit lah
agree on an amount let's say 175k
your brother needs to get a loan for 175k
once the loan is approved the bank will give him a cheaque for 175k in your name to your hire purchase bank so the money is directly deposited to clear the amount in there (cannot use the bank money for something else).
after this u can do the name change at JPJ.
2010 Merc C180 CGI - alternatively you can recommend your brother to buy this, cheaper overall as it is an unreg import so he can loan with new car interest rates and because of relative depreciation it is only 135k.
Nissan Latio 1.8 - there is a 1600cc variant but from my experience it is better to get the highest spec model within the range if possible which is usually just 2-5k difference in the used car market as opposed to buying it as a new car. being a nissan you don't have to worry about parts availability or high price, very affordable, also this is one of the few C-segments that has low maintenance like a B-segment in terms of spare part prices. 1800cc is good for outstation work or balik kampung journey especially when it is a full car with full boot of cargo as well you need that extra power to move all that mass.
City S is much better if you compare to Vios.
Except for the fact the engine was supposed to be mated to a CVT to give better FC, having a normal gearbox with reduced FC is bearable -- at least normal gearboxes are easier to maintain and more reliable.
City has better interior and boot space.
City also has stability control. At the time of launch only City/Jazz are the only B-segments that have VSA/VSC in our market.
It is also more stable at higher speeds than Vios but it ain't a stable cruiser above 130kmh.
Nissan Latio 1.8 - it's a sedan and automatic, probably you will not be able to find a 1800cc car at this price which is cheap to maintain, if you travel outstation alot you may want to consider higher cc.
sorry. you can no longer trade a car that still has loan outstanding.
you have to fully settle the amount before you can sell it off.
even used car dealers have to settle outstanding loans before they can sell off the cars in their yard.
my suggestion is find a willing used car dealer to be your middle person.
dealer buys the car > pay off the loan > sell the car to buyer.
yes. there will be a fee. nobody will come out with so much cash to help you for free.
this is also why used car dealers are offering horribly low trade in values nowadays.
This post has been edited by laurateoh: Jul 28 2015, 08:41 PM 
Oct 7 2014, 05:45 PM
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