Cash buy - need advice

[imoloq]

Hi,

I'm buying a car with cash. The seller asked for me to bank in the money then we go JPJ tukar nama. But I am wary of this as the seller can just run away after I've banked in the money.

Is there a safer way of doing this transaction so it protects the seller and buyer?

 

[^pomen_GTR^]

agreement letter and receipt of payment as proof

 

[xtremeleo]

sound advices pomen..

apart from d advice given by our mr pomen, u can write him a banker's check, a banker's check is as good as money, except dat he must bank it first before he can retrieve it back. dat way, if anything goes wrong, you can either 1. cancel the check asap 2. trace it up directly to the check's recipient. a banker's check costs like any other check slip, RM5. dont give out cash sir, not unless u really trust the buyer. please be careful in your transaction sir

 

[^pomen_GTR^]

yep..that the other alternative way...

 

[BA5]

in fact if u are buying cash there will not be 100% in any trading. for eg, if u buy a banker's cheque and went to JPJ to transfer name.

Once transferred Seller can run also without paying / giving the banker's cheque and faster cancel it.

so there will be a risk also...just some trust required in the end.

 

[kumar22mostwanted]

yes the main thing is trust i say
coz these kind off things cant happen simultaneously
they have to happen one after another
it all depends on the arrangement between buyer and seller

 

[imoloq]

Thanks for the advice! I think I'll go with xtremeleo's idea...use bankers check.

After tukar nama, go with seller to cash in the check to make sure everything's alright

 

[EvolutionZ]

usual practice is to pay the dealer - if he has a shop and not under the cherry tree type...and then runner will do inspection and transfer name.

get a receipt from them as proof of payment.

if from individual, then u can pay him cash upon retrieving the car and original transfer documents and seek yr runner or u go yourself to jpj to transfer name. before that, u must do puspakom inspection.

giving a banker cheque is good idea too. but some direct seller reluctant to accept.
anyway judge on yr own instinct....if sense anything fishy, dont proceed.
good luck!

 

[DanzEterna]

when i bought my car last time, i met the seller at my place, he brought the car, get him to sign black & white agreement, then transfer the money to him via online banking. He checked his balance on the spot, money was in, hand me the keys & off he goes.

i went to Puspakom @ tmn medan on sat morning, no que at all, i was the 2nd person in line......then for JPJ registration i passed it to my insurance agent, he pau everything, registration+insurance+roadtax with a minimal fee.

all done.

 

[xtremeleo]

Thanks for the advice! I think I'll go with xtremeleo's idea...use bankers check.

After tukar nama, go with seller to cash in the check to make sure everything's alright

exactly sir, u r protecting ur part, he has to be doing the same at his end. or it will be easier, if u wanna do it by cash transfer, faster.. after the car has come outta puspakom without any problem, ask him to sign on the "borang tukar nama / pemilikan", let him hold onto dat form, and u guys go to the bank and u deposit cash into his account, just make sure he doesnt flee sudehh. after both parties are satisfied, then u get dat form from his hand and return to jpj for the tukar nama process. wud be a lot hassle, but i think its safer and both parties are protected because it doesnt involving holding cash, a lot of them in hand can cause trouble for u jugek

 

[Zeroed]

If its a private seller and you want follow a strict procedure, you can follow these steps:

1. Pay seller a deposit, with signed letter of acknowledgement stating date, amount of deposit, full sale amount and amount outstanding. This is to show sincerity.
2. Purchase a Banker's Cheque for the remaining amount, hire a runner.
3. Show seller the Banker's Cheque with his details on it as proof of ready cash.
4. Meet up at JPJ, sign transfer documents with runner. Car is still with seller.
5. Once runner returns and the transfer is done, you legally own the car now. Hand him the cheque and he hand you the keys. This is the insurance step, no money, no car even if the title belongs to you. Neither can he run away with your money.

Remember to draft letter of acknowledgements and photocopy all documents as necessary.

 

[imoloq]

Hi,

I got my car today.

1. We signed a letter of agreement, one copy for him, one for me
2. JPJ change of ownership
3. Go to Bank for money transfer

Works if there is trust between 2 parties.

Thanks for all the good suggestions!

 

[JINEIL2EN]

good seller & good buyer... win win situation... very good... hope any other buyer or seller can take this as future example....

 

[[PIMPIN]]

I've bought 3 cars so far but from dealership. Basically, they issue me a receipt and I fill in all the relevant agreement to buy the car, photocopy IC etc while they count the money and once the amount is confirmed to be correct they issue me a receipt and I basically give them a day up to a week depending on what number I want so they continue to prepare the car, insurance, registration, Puspakom, etc and they send it over to my house where I sign as having received the car and we part ways.

I have done this all three times with the same dealer. The second car, what I did was go to Sunway and buy parts and prior to delivery, the dealer went from shop to shop with the trade plates to get the parts installed so basically when I paid for the car it was stock but when they delivered, it had quite a list of mods already.

Top service, entirely trustworthy.

 

[karl_razlie]

go jpj to transfer with the owner...after transfer he give u all document and the car then u give him the money....do it in JPJ area la...if scared kena rompak...all can settle within one day as long u got runner there...