Good day to all. I am about to purchase a car. I've seen the car, checked by my dad's mechanic and all of us are happy to get the car. The problem is this. I am going to buy it for cash meaning no third party or bank or middleman or brokers involved.
The arrangement by the seller is such, i pay him a deposit and he'll give me a letter to state that he received money for the deposit. It will be written by himself and signed by him, me and 2 other witnesses with our names and NRIC numbers. Then, he will proceed to do the necessary things before transfer of ownership. However, he will only transfer the car to my name after I have made the full payment. Is this how it works? I am a bit worried that he might cheat me. He asked me to transfer the money into his account. Then, he will transfer the car into my name. He can do anything once he's got the money. Right?
His reason to why I should pay first is because he can't run away with the money as i can ask the bank to freeze his account if he does not transfer the name. Is it true? Then he said, if he transfers the car into my name first and I dont pay. There is nothing he can do because the car is already in my name.
I am just a little worried. I think it would be better if both can be done at the same time. Its a win-win situation that way. He is asking me to trust him but still....? U know anything can happen. So, it would be very helpful if i can hear some personal experiences as to how to go about it. What other payment modes are there that would be safe for me to use and also good for the seller?
Hope to get some good feedback from u guys here. Thanks a lot. Pardon me if i have posted this in the wrong section. I cant find any other sections to post this.
The arrangement by the seller is such, i pay him a deposit and he'll give me a letter to state that he received money for the deposit. It will be written by himself and signed by him, me and 2 other witnesses with our names and NRIC numbers. Then, he will proceed to do the necessary things before transfer of ownership. However, he will only transfer the car to my name after I have made the full payment. Is this how it works? I am a bit worried that he might cheat me. He asked me to transfer the money into his account. Then, he will transfer the car into my name. He can do anything once he's got the money. Right?
His reason to why I should pay first is because he can't run away with the money as i can ask the bank to freeze his account if he does not transfer the name. Is it true? Then he said, if he transfers the car into my name first and I dont pay. There is nothing he can do because the car is already in my name.
I am just a little worried. I think it would be better if both can be done at the same time. Its a win-win situation that way. He is asking me to trust him but still....? U know anything can happen. So, it would be very helpful if i can hear some personal experiences as to how to go about it. What other payment modes are there that would be safe for me to use and also good for the seller?
Hope to get some good feedback from u guys here. Thanks a lot. Pardon me if i have posted this in the wrong section. I cant find any other sections to post this.
