Mind sharing bro? Wut r the risks vs advantages? Mind eleborate? :proud:
THE ADVANTAGES
(1) You can use the owners name and continue the loan...
(So if your name is blacklisted or not qualified to take that high loan as the loan is already given)
(2) Summons will go to the registered owner, thence you will think you are protected against paying any summons
(3) Also normally the down payment is minimal amount so its looks attractive..
THE RISKS
(1) You may be helping the owner to pay his loan, when the 9 years loan is about to settle, he can
anytime claim ownership of that car.
He will use the slightest excuse to blame you for the traffic summons and say...
"Aiyah you cause me a lot of problem la, never mind la i take back the car lah..."
(2) Legally if you take to court, you will lose because he is the registered owner!
I have heard cases where the registered owner got spare keys, drive away your car and sell it to
used car dealers the next hour....
So if you STILL want to take chances its up to you...!
---------- Post added at 11:37 PM ---------- 6 hour anti-bump limit - Previous post was at 11:17 PM ----------
OTHER RISKS
(1) The owner may be using his name on many other cars, rental cars etc
So the accumaled summons & blacklists may run into hundreds pf summons.
So when the JPJ blacklist his IC number, your car which is under his name may not be allowed to renew roadtax, unless and until all summons are paid. Are you willing to pay for ALL his summons in order to renew your roadtax?????????????????
(2) The owner may also become bankrupt.
And therefore your car cannot be transfered because of his bankruptcy case.
Are you willing to settle his bankruptcy amount in order to have the name changed????
So its best not to even think of SAMBUNG BAYAR in the first place..
As i said many had been victimised but there will be many more jumping into the "headache" scenario even when others advised against doing so...
---------- Post added at 11:40 PM ---------- 6 hour anti-bump limit - Previous post was at 11:37 PM ----------
Other Risks
Owner bankrupt - cannot transfer name after finishing paying the loan
Owner blacklisted - cannot renew roadtax because owner other cars got many summons...