This was what happened when I bought a car from private seller who still have bank loan. Take note, I also paying cash. If you need to do bank loan then it will be harder.

1) agreed on the price with seller. I offered to pay deposit but seller refused. I drafted a simple agreement with detaills of buyer, seller, car and amount. Signed by both.
1a) seller passed me the car for puspakom checking.
2) I went to seller's bank and enquire for remaining loan. Make sure to have details of seller car card as well. Some banks will not release the details. If that is the case, then you need to go with seller for this. Get the details on making payment. Then you can make the payment and you will have proof of payment. If any dispute, you can proof that you paid to the bank.
3) You then send the car to puspakom for checking. DIY or use agent, up to you.
4) After puspakom done, you have 1 month to transfer the ownership. Before that, make sure you bought insurance already.
5) Both seller and buyer go to JPJ to do thumbprint for transfer. Pay RM100 for name transfer. You can opt to continue using the roadtax or refund the roadtax to seller.
6) Thumbprint done and you transfer the remaining balance to seller.

Do take note, this private buying/selling do entails a lot of trust. If you don't trust each other then better don't deal.

This post has been edited by abubin: Jul 3 2020, 06:33 PM

hi

i just renewed my insurance last 2 weeks where the next start date is 24th oct 2020

suddenly now found a used car deal

is it still possible to cancel the new insurance as the new insurance is not effective yet ?

Yes of course

Dear all, advice needed. I am buying a 47 yrs old classic car from a private seller. The car does not have loan anymore. I am paying by cash. I have paid the seller RM1K as deposit. The Puspakom is arranged to be on this Thurs. Seller is at Melaka. I am at Selangor. Puspakom Thurs at Melaka. Seller said if Puspakom lulus, before he thumbprint to transfer, I should settle the balance 100% but me as buyer also cautious. I suggested to pay 70% then he does the thumbprint, I do the thumbprint. Then balance 30% given on the spot once transfer is done.

He countered with:

1. Puspakom passes
2. I pay 70%
3. Car will be send to restoration workshop at Selangor via towing
5. Once we confirm car is at the workshop, we pay balance 30%
6. Seller to do thumbprint at Melaka
7. I do thumbprint at Selangor

I am a bit worried of doing it separately haha I am thinking, we should do together at JPJ Melaka. 70% instant transfer then thumbprint for both seller and buyer. Then car tows to Selangor on that day itself. 30% to be given on the spot, instant transfer.

What do you think? Sorry first time buying 2nd hand car. Thank you.

After I read many pages, I would propose this to seller:

1. Puspakom passes this thurs
2. 1-2 days before the meet up at JPJ Melaka, buy car insurance
3. both meet at JPJ Melaka
4. Seller to cancel his road tax and insurance
5. Pay 70% instant transfer
6. Both to do thumbprint
7. Buy a new roadtax with the insurance we have so the dates match
8. Car arrange to be delivered to Selangor
9. Both to sign a vehicle purchase agreement, simple only, two copies
10. Pay remaining 30% instant transfer

This post has been edited by babysiew: Aug 15 2022, 04:43 PM

Have u manage to find which bank that ok with 2nd hand sales with private seller?