Welcome Guest ( Log In | Register )

Outline · [ Standard ] · Linear+

 Selling off old car to car dealer., DO and DONTS when selling?

views
     
TSPoodlepaddly
post May 17 2017, 09:52 PM, updated 7y ago

Getting Started
**
Junior Member
82 posts

Joined: Dec 2010
Hi. Recently planning to change to the new Honda Civic, therefore selling off my current vehicle. The sales rep wanted to trade in my old car for XX amount but I manage to self locate a dealer who are willing to take it on a much higher rate. Would like to seek sifus help here please on:

1. What are the processes to sell a car to a dealer?
2. Check remaining settlement payment for existing car > Car dealer pays a lumsum of the agreed value > payment done only proceed to JPJ for name change > all in the same day?
3. Request for bank transfer online on the spot in stead of cheque?
4, What other precaution to take note of to avoid fraud?

Assuming there is about 4 months left on existing car loan.


Thanks in advance for your help. Much appreciated.

This post has been edited by Poodlepaddly: May 17 2017, 09:54 PM
mars2003
post May 17 2017, 10:21 PM

Getting Started
**
Junior Member
122 posts

Joined: Apr 2006


QUOTE(Poodlepaddly @ May 17 2017, 09:52 PM)
Hi. Recently planning to change to the new Honda Civic, therefore selling off my current vehicle. The sales rep wanted to trade in my old car for XX amount but I manage to self locate a dealer who are willing to take it on a much higher rate. Would like to seek sifus help here please on:

1. What are the processes to sell a car to a dealer?
2. Check remaining settlement payment for existing car > Car dealer pays a lumsum of the agreed value > payment done only proceed to JPJ for name change > all in the same day?
3. Request for bank transfer online on the spot in stead of cheque?
4, What other precaution to take note of to avoid fraud?

Assuming there is about 4 months left on existing car loan.
Thanks in advance for your help. Much appreciated.
*
sum it all ..
u can either settle all ur outstanding from the bank and ask the dealer pay u in full . or u can take the balance after deducting your bank balance.
the best way is ask the dealer prepare bankers cheque. if possible ask the dealer to provide the application form for bankers cheque too.
Then when u see the cheque u n dealer go to jpj or do myeg temporarily transfer.
TSPoodlepaddly
post May 17 2017, 10:34 PM

Getting Started
**
Junior Member
82 posts

Joined: Dec 2010
QUOTE(mars2003 @ May 17 2017, 10:21 PM)
sum it all ..
u can either settle all ur outstanding from the bank and ask the dealer pay u in full . or u can take the balance after deducting your bank balance.
the best way is ask the dealer prepare bankers cheque. if possible ask the dealer to provide the application form for bankers cheque too.
Then when  u see the cheque u n dealer go to jpj or do myeg temporarily transfer.
*
Thanks mate. Just some question to throw on the table.

1. Would it be safer to ask for a bank transfer in stead of a cheque? Since cheque takes at least 2-3 working days to process. If they insist on doing JPJ name change (my car dealer says he can do the online JPJ name change on the spot straight) and completed, then cheque tending few days later how?

3. JPJ online name change possible? They no need us to be present physical how they know its actual owner doing the transaction and not fraud?



mars2003
post May 17 2017, 10:54 PM

Getting Started
**
Junior Member
122 posts

Joined: Apr 2006


QUOTE(Poodlepaddly @ May 17 2017, 10:34 PM)
Thanks mate. Just some question to throw on the table.

1. Would it be safer to ask for a bank transfer in stead of a cheque? Since cheque takes at least 2-3 working days to process. If they insist on doing JPJ name change (my car dealer says he can do the online JPJ name change on the spot straight) and completed, then cheque tending few days later how?

3. JPJ online name change possible? They no need us to be present physical how they know its actual owner doing the transaction and not fraud?
*
bankers chq. is the safest.. it's uses real cold hard cash to convert it into chq... u can ask for online transfer if the dealer willing.

jpj don't provide online name transfer ..its being outsourced to myeg and other company. it's a fool proof system as it needed ur identity card to inserted and to be verify by your thumbprint.. so it's hardly any way to clone. as the buyer n seller both need to thumbprint .
TSPoodlepaddly
post May 24 2017, 12:22 AM

Getting Started
**
Junior Member
82 posts

Joined: Dec 2010
QUOTE(mars2003 @ May 17 2017, 10:54 PM)
bankers chq. is the safest.. it's uses real cold hard cash to convert it into chq... u can ask for online transfer if the dealer willing.

jpj don't provide online name transfer ..its being outsourced to myeg and other company. it's a fool proof system as it needed ur identity card to inserted and to be verify by your thumbprint.. so it's hardly any way to clone. as the buyer n seller both need to thumbprint .
*
Thanks for advice bro.

Yeah even the bank loan nowadays just came and asked me to provide my the NIRC/thumb print to approve loan. Just curious how the NIRC and thumbprint we did, was directed to the actual contract, and not to adopt some Cambodia kid somewhere in sri lanka. I can show you a contract of your purchase, but the thumbprint is meant for other things sweat.gif

So far the car dealer asked me to proceed with the above method also and he will issue me a cheque for settlement. I a bit noob about this process, so I will ask a bit more in detail.

Step 1 - Check for any remaining settlement value from bank for existing car. Example XYZ amount.
Step 2 - The car dealer will issue one payment to the bank (XYZ amount). After that he will issue a cheque for the remaining value you agreed upon. (Agreed amount - XYZ)
Step 3 - Once received cheque (yet to be confirm cheque validation or potential tendang), we proceed with thumbprint, dealing with JPJ on the name change for the car ownership?

So far this car dealer I meeting has been in business in my area for many years and he owns a large land plot. Seems legit. But I want to cross check an 2nd opinion to be sure. Wait for cheque to clear first then agree to do thumbprint car ownership change?

This post has been edited by Poodlepaddly: May 24 2017, 12:24 AM
mars2003
post May 24 2017, 01:35 AM

Getting Started
**
Junior Member
122 posts

Joined: Apr 2006


QUOTE(Poodlepaddly @ May 24 2017, 12:22 AM)
Thanks for advice bro.

Yeah even the bank loan nowadays just came and asked me to provide my the NIRC/thumb print to approve loan. Just curious how the NIRC and thumbprint we did, was directed to the actual contract, and not to adopt some Cambodia kid somewhere in sri lanka. I can show you a contract of your purchase, but the thumbprint is meant for other things  sweat.gif 

So far the car dealer asked me to proceed with the above method also and he will issue me a cheque for settlement. I a bit noob about this process, so I will ask a bit more in detail.

Step 1 - Check for any remaining settlement value from bank for existing car. Example XYZ amount.
Step 2 - The car dealer will issue one payment to the bank (XYZ amount). After that he will issue a cheque for the remaining value you agreed upon. (Agreed amount - XYZ)
Step 3 - Once received cheque (yet to be confirm cheque validation or potential tendang), we proceed with thumbprint, dealing with JPJ on the name change for the car ownership?

So far this car dealer I meeting has been in business in my area for many years and he owns a large land plot. Seems legit. But I want to cross check an 2nd opinion to be sure. Wait for cheque to clear first then agree to do thumbprint car ownership change?
*
yes u are correct... if u keep thinking the chq will bounce i cant comment any further ..same goes to the thumbprint.. in and all it's a suggestion how it's supposed to work for your best interest .. I don't think I will comment here anymore as I think I given my best advise .
TSPoodlepaddly
post May 24 2017, 08:01 AM

Getting Started
**
Junior Member
82 posts

Joined: Dec 2010
QUOTE(mars2003 @ May 24 2017, 01:35 AM)
yes u are correct... if u keep thinking the chq will bounce i cant comment any further ..same goes to the thumbprint.. in and all it's a suggestion how it's supposed to work for your best interest .. I don't think I will comment here anymore as I think I given my best advise .
*
Haha np bro. But thanks for giving your opinion.

I rather ask all the queries now then to let things happened first then ask the question. You have been helpful.


TSPoodlepaddly
post May 29 2017, 10:30 PM

Getting Started
**
Junior Member
82 posts

Joined: Dec 2010
mars2003
Car sold and payment received via bankers cheque and ownership thumbprint transferred with no issue. More familiar with the selling car process now. Thanks.

 

Change to:
| Lo-Fi Version
0.0131sec    0.28    5 queries    GZIP Disabled
Time is now: 29th March 2024 - 12:54 AM