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 How to buy a car direct from owner, if owner has an outstanding loan

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TSleftback
post Mar 23 2017, 09:05 PM, updated 8y ago

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How to buy a car directly from the owner if the car still has an outstanding loan and buyer wants to pay owner cash?

If buyer pays owner cash to settle the loan will this leave the buyer vulnerable to fraud, since ownership transfer is not done yet?

Ownership transfer can only be done if the car doesn't have any ownership claim right?
loui
post Mar 23 2017, 09:44 PM

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From: Seri Kembangan / Kota Bharu
1. owner must clear the loan
2. get release letter from bank
3. bring it to jpj to update the grant
4. bring car to puspakom for check-up
5. take the puspakom check-up approval letter to JPJ
6. transfer ownership to new owner
TSleftback
post Mar 23 2017, 09:47 PM

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QUOTE(loui @ Mar 23 2017, 09:44 PM)
1. owner must clear the loan
2. get release letter from bank
3. bring it to jpj to update the grant
4. bring car to puspakom for check-up
5. take the puspakom check-up approval letter to JPJ
6. transfer ownership to new owner
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Thanks smile.gif
RS232C
post Mar 25 2017, 11:10 AM

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QUOTE(loui @ Mar 23 2017, 09:44 PM)
1. owner must clear the loan
2. get release letter from bank
3. bring it to jpj to update the grant
4. bring car to puspakom for check-up
5. take the puspakom check-up approval letter to JPJ
6. transfer ownership to new owner
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for process no 2 now, majority of auto finance branch will have access to JPJ e-BATAL. Just sold my car to another another pretty much as per your steps but no longer involve release letter as its all online e-BATAL system.
lazyl7483
post Mar 26 2017, 02:52 AM

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SUSzaini900
post Mar 26 2017, 11:44 PM

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What i did. For those who want to take bank loan

1.find dealer.
2.use letter head
3.submit loan
4.loan approved
5.Owner pegi puspakom buat test
6.dealer release money to owner after grant tukar nama
7.take ur new car.
8.profit

creep
post Mar 27 2017, 11:49 PM

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From: Cheras



what i did last year (selling car with loan to cash buyer)
-buyer comes with me to the bank and after i settled the loan with the buyer's money, i passed the key to him and he bring the car to Puspakom ...after he settled with PUSPAKOM, then we went together to JPJ to transfer ownership
khengs2003
post Mar 28 2017, 02:02 PM

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From: Georgetown , Penang


go to the seller bank ... find loan officer .. he / her will help u kaotim everything but there is a fees around RM300 including jpj transfer name , but you have to kao tim the puspakom urself or pay more for the loan officer to help u.

 

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