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 Buying car with cash

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dares
post May 19 2019, 02:08 PM

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QUOTE(SyathibiyMegat @ May 19 2019, 01:01 AM)
Thanks. Finally, someone who has the experience that I'm looking for

So, he just transferred to you the RM38k lump sum? Did he apply for personal financing too and got the cash?
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Kan dah kata dia amik HP loan not personal loan.

If using HP loan, the bank will pay the seller directly. The buyer will not see the cash.

This post has been edited by dares: May 19 2019, 02:10 PM
TSSyathibiyMegat
post May 19 2019, 05:40 PM

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QUOTE(dares @ May 19 2019, 02:08 PM)
Kan dah kata dia amik HP loan not personal loan.

If using HP loan, the bank will pay the seller directly. The buyer will not see the cash.
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I thought he applied for personal financing. If that's the case, then there's no reason for anyone to kacau him, since he's not the one who transferred all the cash to you

Thanks tho. Looking for someone who went thru the experience that I'm looking for
gld998
post May 20 2019, 08:33 AM

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QUOTE(axtray @ May 18 2019, 11:28 AM)
Most used car dealers that I went have no option to do it yourself. They never even suggest it also. If yours can then good I guess?
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Mudah got so many direct sellers. Everything settle yourself. I got 1x myself. Not difficult.
Ginny88
post May 20 2019, 09:17 AM

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QUOTE(SyathibiyMegat @ May 19 2019, 05:40 PM)
I thought he applied for personal financing. If that's the case, then there's no reason for anyone to kacau him, since he's not the one who transferred all the cash to you

Thanks tho. Looking for someone who went thru the experience that I'm looking for
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A personal loan is still a loan. If LHDN kacau the buyer for transferring cash to the seller just say the money came from a loan. What is the problem?

This post has been edited by Ginny88: May 20 2019, 09:27 AM
6UE5T
post May 20 2019, 10:01 AM

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I bought and sell cars directly before with cash, very simple process.
1. Inspect the car and papers, then deal on the price.
2. Pay DP, usually between rm500-1000. Best using transfer so got proof of receipt.
3. Seller go do Puspakom inspection, only around rm35, takes just roughly 1hr.
4. Buyer either prepare a bank draft/banker's cheque for the sellers name, or can choose to do online transfer (but don't transfer yet).
5. Both go to JPJ to do title transfer. Meet at the parking lot for buyer to have a final check on the car before going into the jpj office. Inside the JPJ office, if use bank draft then show it to seller first then seller do the title transfer (who pays depends on agreement, only around rm100). If buyer prefer transfer then buyer transfer the balance first right before doing title transfer. Once money in, then seller do title transfer.
6. When title transfer, road tax also get cancelled within just 1 day to enable buyer to arrange new insurance and road tax.
7. Once done, buyer gets new title and the car.
8. Seller arranges for own refund of road tax and insurance balance.

That's it all done!
TSSyathibiyMegat
post May 28 2019, 03:20 PM

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QUOTE(Ginny88 @ May 20 2019, 09:17 AM)
A personal loan is still a loan. If LHDN kacau the buyer for transferring cash to the seller just say the money came from a loan. What is the problem?
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Ok, thanks. We will do that. Hopefully it'll be ok
TOMEI-R
post May 28 2019, 03:29 PM

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QUOTE(SyathibiyMegat @ May 17 2019, 12:35 PM)
Hi. My wife is planning to buy a used Myvi which costs around RM37k from a direct seller

Is it possible that she applies for a personal financing from a certain bank, get cash, then pay to the seller?

We've applied for hire purchase at a used car dealer. HLB's rate is RM605 7 years, RM498 9 years. The bank that we're applying for personal financing has about the same rate, RM604 7 years, RM501 9 years. So, which one to go? I've tried using hire purchase for my car, and the thing that we really want to try to avoid is the processing fee, which is always not less than RM3.5k. We hope we can avoid that by paying directly to the seller

Thanks for your help
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By applying through personal financing, you got about the same rates as per through hire purchase. I would suggest that you take your own personal financing because

1) you would save on the processing fees of Rm3500
2) you would have no ownership claim on the myvi (which you can dispose of anytime for cash)

You can pay the seller some deposit, get your loan sorted out while the seller can send the car for inspection. Once your funds from personal financing is out, go to JPJ and transfer the ownership together with the seller while paying him.
TSSyathibiyMegat
post May 30 2019, 06:40 AM

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QUOTE(dares @ May 19 2019, 02:08 PM)
Kan dah kata dia amik HP loan not personal loan.

If using HP loan, the bank will pay the seller directly. The buyer will not see the cash.
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How did the buyer know that your car before you sold it has been paid off? How did he check?

My wife's application has been approved. We're about to go and see the seller and check everything is fine, including making sure that the car has been paid off
nxtpg
post May 30 2019, 08:25 PM

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QUOTE(dares @ May 18 2019, 12:13 PM)
You're buying from direct seller right? not used car dealer? why can't you get HP loan directly?

I've sold my car to direct buyer before, no middleman was involved.

The only exception is if the car is still under loan and the seller can't afford to settle the lump sum, then you'll need to go through middleman. But even then you should be free to apply for the loan yourself.

If you get the HP loan yourself, you don't have to pay the RM3.5k "processing fee". You mentioned earlier you want to avoid the fee, that's why I pelik why you still want to apply through used car dealer.
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how long did it take for the bank to pay you after the jpj transfer?
se800i
post May 31 2019, 05:14 PM

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QUOTE(Chrix @ May 17 2019, 03:43 PM)
If you manage to get personal loan rate lower than HP, yea sure why not.. this type of question need to refer to forum?
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Give chance la... Not every person is knowledgeable like you....
No hard feelings ya...

QUOTE(6UE5T @ May 20 2019, 11:01 AM)
I bought and sell cars directly before with cash, very simple process.
1. Inspect the car and papers, then deal on the price.
2. Pay DP, usually between rm500-1000. Best using transfer so got proof of receipt.
3. Seller go do Puspakom inspection, only around rm35, takes just roughly 1hr.
4. Buyer either prepare a bank draft/banker's cheque for the sellers name, or can choose to do online transfer (but don't transfer yet).
5. Both go to JPJ to do title transfer. Meet at the parking lot for buyer to have a final check on the car before going into the jpj office. Inside the JPJ office, if use bank draft then show it to seller first then seller do the title transfer (who pays depends on agreement, only around rm100). If buyer prefer transfer then buyer transfer the balance first right before doing title transfer. Once money in, then seller do title transfer.
6. When title transfer, road tax also get cancelled within just 1 day to enable buyer to arrange new insurance and road tax.
7. Once done, buyer gets new title and the car.
8. Seller arranges for own refund of road tax and insurance balance.

That's it all done!
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This is very good example.... We can learn from it...
6UE5T
post May 31 2019, 07:30 PM

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QUOTE(se800i @ May 31 2019, 05:14 PM)
This is very good example.... We can learn from it...
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One more thing, if want to refund road tax, make sure you keep your original road tax sticker! Stupid procedure!
TSSyathibiyMegat
post Jun 1 2019, 05:55 PM

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Thanks, guys. Already got the car. Very easy process
mushigen
post Jun 1 2019, 08:28 PM

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QUOTE(6UE5T @ May 31 2019, 07:30 PM)
One more thing, if want to refund road tax, make sure you keep your original road tax sticker! Stupid procedure!
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And insurance companies insist on proof of road tax cancellation b4 they allow you to cancel insurance.

How to cancel road tax before selling the car? Takkan they expect us to cancel first, then tow the car to dealer? Also, once dealer did the thumbprint name change, the road tax is cancelled liao.
6UE5T
post Jun 1 2019, 10:30 PM

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QUOTE(mushigen @ Jun 1 2019, 08:28 PM)
And insurance companies insist on proof of road tax cancellation b4 they allow you to cancel insurance.

How to cancel road tax before selling the car? Takkan they expect us to cancel first, then tow the car to dealer? Also, once dealer did the thumbprint name change, the road tax is cancelled liao.
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Insurance one not much issue cause they just check on the system and not needing the real sticker, but the road tax refund is the stupid one!
mushigen
post Jun 1 2019, 11:16 PM

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QUOTE(6UE5T @ Jun 1 2019, 10:30 PM)
Insurance one not much issue cause they just check on the system and not needing the real sticker, but the road tax refund is the stupid one!
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I faced a lot of difficulty cancelling my insurance because I sold my car without cancelling road tax. I was willing to forgo the road tax refund because there wasn't much to refund for a 1.5L car vs the hassle.

Little did I know the insurance company wanted proof of road tax cancellation from JPJ. How do I cancel something that has been automatically cancelled?
6UE5T
post Jun 1 2019, 11:20 PM

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QUOTE(mushigen @ Jun 1 2019, 11:16 PM)
I faced a lot of difficulty cancelling my insurance because I sold my car without cancelling road tax. I was willing to forgo the road tax refund because there wasn't much to refund for a 1.5L car vs the hassle.

Little did I know the insurance company wanted proof of road tax cancellation from JPJ. How do I cancel something that has been automatically cancelled?
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Oh then that's where the mistake is for you. For me, I did confirm to the JPJ staff that the road should be cancelled within a day.
mushigen
post Jun 1 2019, 11:37 PM

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QUOTE(6UE5T @ Jun 1 2019, 11:20 PM)
Oh then that's where the mistake is for you. For me, I did confirm to the JPJ staff that the road should be cancelled within a day.
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As you said, insurance company should be able to check car transferred. I even submitted my e-auto name transfer printout to the insurance company as proof of ownership change. They die2 wanted road tax cancellation proof.
6UE5T
post Jun 1 2019, 11:57 PM

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QUOTE(mushigen @ Jun 1 2019, 11:37 PM)
As you said, insurance company should be able to check car transferred. I even submitted my e-auto name transfer printout to the insurance company as proof of ownership change. They die2 wanted road tax cancellation proof.
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Which insurance was it? Mine is Etiqa and it's been all good with them, and I got my refund within less than a week by just calling without submitting the original road tax.
mushigen
post Jun 3 2019, 10:47 AM

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QUOTE(6UE5T @ Jun 1 2019, 11:57 PM)
Which insurance was it? Mine is Etiqa and it's been all good with them, and I got my refund within less than a week by just calling without submitting the original road tax.
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AXA. Even my new car SA who took in my old car via e-auto thumbprint transaction was baffled.



 

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