Hi ZTH-ians,
One of my friend is selling her car. Her car is still under bank loan. She and the buyer already agreed on price and now is finalising the sale of her car.
The buyer has never bought a car and has asked a car dealer to help him arrange everything. Loan as been approved. However, now the dealer wants my friend to sign the change of ownership form first then only he said that she will received the money. According to him, the buyer's bank will only release the money once my friend has signed the transfer of ownership form. This to me sounds a bit dodgy. Cause once she signs the transfer of ownership form, then whats stopping then from not giving the money to her? Is this standard practise? Can someone please advice whats the best way to complete the deal. My idea was to do it at the bank so that everyone is happy.
TiA.
One of my friend is selling her car. Her car is still under bank loan. She and the buyer already agreed on price and now is finalising the sale of her car.
The buyer has never bought a car and has asked a car dealer to help him arrange everything. Loan as been approved. However, now the dealer wants my friend to sign the change of ownership form first then only he said that she will received the money. According to him, the buyer's bank will only release the money once my friend has signed the transfer of ownership form. This to me sounds a bit dodgy. Cause once she signs the transfer of ownership form, then whats stopping then from not giving the money to her? Is this standard practise? Can someone please advice whats the best way to complete the deal. My idea was to do it at the bank so that everyone is happy.
TiA.