Need to continue pay fren car

[Norns]

Hi all,

Well, im thinking to buy a car from my friend which he still have about rm15k(3 years left) with bank. i've tried to asked bank but they cant transfer name unless the loan is been settled all.

So, in this case, is there any idea to transfer car for continue payment ? the most important thing is change car name only :confused_smile:

Any ideas or opinion from u guys are welcome :_:

P/S Dont ask why i dont apply new loan lol, tried already but very troublesome due to background ... like family prob n guarantor lol . That why now thinking for a short way :regular_smile:

 

[satriaSssEeeZzz]

if u trust your friend, then just continue pay monthly... due to your background which can't get loan.... just my 7 cents...

 

[normality78]

well there is many risk for both side.

shld u do anything "wrong" such as crime stuff with the car, ur fren will kena. same, if 1 day they owner do use the car to borrow money frm personal loaner and unable to pay, they will come and collect "your" car. not to mentioned if 1 day shld ur fren wanna play "busuk", he can anytime come and collect back his car LEGALLY as the car ownership was still him. so think twice. whn money comes, there is no fren

 

[nitrus]

Damn true, dont talk about "fren" .. sometimes even relatives or family members when come to talking about money, shit will arise... sux right

 

[satriaSssEeeZzz]

yaaa that true nitrus...

 

[devious17]

P/S Dont ask why i dont apply new loan lol, tried already but very troublesome due to background ... like family prob n guarantor lol . That why now thinking for a short way :regular_smile:

Dont add to your 'family prob n guarantor' ............. you will make it worse. Get the problem resolved and then own a car otherwise you would be in deeper shit than 'family prob n guarantor '

 

[Norns]

Thx for all replies.

Hmm, is there anyway that a bank can settle the transfer ownership if fren still got 3 years left other than paying him personally ... ?

how if the market value of the car is equally with the his loan amount for 3 years ?

 

[ramsink]

Thx for all replies.

Hmm, is there anyway that a bank can settle the transfer ownership if fren still got 3 years left other than paying him personally ... ?

how if the market value of the car is equally with the his loan amount for 3 years ?

Can, some banks allow it. You can add your name into the current agreement & you got 50% share in it.
You can't remove your fren's name until the loan is fully settled.

 

[siangmh]

well there is many risk for both side.

shld u do anything "wrong" such as crime stuff with the car, ur fren will kena. same, if 1 day they owner do use the car to borrow money frm personal loaner and unable to pay, they will come and collect "your" car. not to mentioned if 1 day shld ur fren wanna play "busuk", he can anytime come and collect back his car LEGALLY as the car ownership was still him. so think twice. whn money comes, there is no fren

Totally agreed with bro normality78, these are really good points !! good advise. Please listen to him :shades_smile:

Be patient bro, please take note : uncertain things like this if turn bad, could bring u really deep shi*. So be cool.

IMO: sort out the originating factor 1st, or try other means....bcos sooner or later in ur life, u will also need good credit to take on loan, be it study loan, car loan or house loan etc.........of course, not that i underestimate that u might embark on cash buy, but, if u can do so, this thread wouldn't be an issue to u at d 1st place, right?

 

[Norns]

Yea, i also personally dont really plan to sambung bayar using my fren name ... quite risky. Im thinking to see if got anyway to settle with bank to change name if the loan on seller side not settled yet .

Err, mr ramsink, the service is avaiable in which bank ah ? best if they could change name 100% directly lol.

let say if i wanna lawyer do agreement to sambung bayar, that would be the best i think. but how much we should pay lawyer ah ?

 

[dome zero]

u means do some agreement btw u n ur fren? bttr dun lo, if got any finance problem, thn? bring it to court? the car olso pull bk.

however i prefer setter e laon 1st, juz 15k.

 

[Norns]

im tired of lookin for guarantor. very frusrated bcos of this as well.

im lookin for any alternate way to change name. if really no then i'll just make agreement ba .... anyone here familar with this ? can share with me for more info as im new to this all ._.

 

[Ingolstadt]

It depends on the lawyer, if you are able to make a thorough contract, without having any sort of loopholes (if the lawyer really pays attention on the details) then its a safe bet, to have the car's name transffered to you when you've finished off the installments. The agreement must also state that during this period, your friend should not take back the car, even though legally, the car is under his name.

In short, any miscellaneous stuffs canbe signed in a contract drafted by a lawyer, provided the lawyer is experienced enough and pays a great deal of attention to all the details. But are you willing to pay RM2-4k for these sort of agreements? Provided the lawyer is a friend lar, but i dont think ay of them are willing to do such troublesome stuffs. To play it safe, dont hand the money to your friend, pay directly to the bank. :)

Remember, every legal contract can be altered, that's why there's lawyers and thats why we have courts, to settle disputes leaved out by contracts.

 

[Norns]

wah ... u mean the lawyer would charge so much about rm2~4k ... really surprise me lolx ....~
i thought just few hundreds still okie for me T_T

From my case, my fren paid 2 years loan adi, 3 years unpaid. Can he re-paid back the 2 years then change name adi ? i heard my fren say his fren mention sumthin similar

meaning if he paid back the amount he settled(2years), then the name can be change adi. but when i talk this kinda thing to bank, they keep say no such thing.
I really dunno issit bcos they dunno or they just didnt find it out exactly

 

[normality78]

bro, getting laywer to draft an agreement is not RM1 or RM2 bucks thing. anytime can easily cost from 2k-3k onwards depending. time consuming as well. lawyer is not fun to engage. alittle bit thing, they charge u here and there.

lets say after he draft an agreement, thn u find section 2.1A or 3A not rite and wanna ammend, dun be suprise u will need to pay ANOTHER 2k-3k onwards to re-draft.

 

[siangmh]

Still, enter into private contracts to top-off d current situation is not a good way to purchase car. Only make things more complicated & cost more $$ if things happen...

Putting legal fees on drafting agreement aside, shld anything bad happen, u'll end up civil suit with him? u know civil suit is extremely time consuming & not cheap to get lawyer to sort things out, yet no guarantee on law suit result? Eventhough u might have a lenghty detailed agreement in hand......

Should u have d big bucks ready for all these things, why not shoot on bigger initial down payment & look for a really small loan, easier to deal with a small loan, isn't ?

Should u really interested in buying his car, make sure u get to change d legal owner to urself.

 

[Ingolstadt]

Actually it's just a safe-bet kinda thingy i gues.... is he a close friend? I mean if you guys can trust each other, why not?

One more thing thou, you guys can draft an agreement with mutual agreement. Stating all the legal entities, each getting one a witness and with personal handwritten vouch and signatures. It's can also be considered a legal document. Not only lawyers can draft legal agreement thou. Then each of you gets one copy.

To make it stronger in the sense of legalising it, you guys perhaps can share the cost of taking the documents to a lawyer and have him verify it and sign on it. This will save a lot of costs involved in him drafting the statement from head to toe. :)

 

[belly70]

For ur info, there are only 3 ways/options of transferring a name between a seller and a buyer. The 1st one, a buyer has to take a fresh loan to contra/settle the existing loan of the seller. The 2nd one is called "assignment" where the buyer and the seller will sign an "Assignment Agreement" with the existing financier and continue to pay the same monthly instalment until the loan is fully settled (normally, the seller does not agree with the 2nd option bcoz one of the conditions is that he has to be the g'tor). The 3rd option, the buyer has to settle the loan in full and collect all the relevant transfer documents (JPJ K3, release letter,etc) and proceed with the transfer of name with JPJ.

IMPORTANT : As long as a vehicle is under financing/ownership is claimed by the bank, it is subjected to the Hire Purchase Act, 1967 and any "side" agreement between u and the seller is considered null and void.

 

[siangmh]

Bravo, Belly70.

Good points there, please bring up more of these sort of info to share with us.

Your kindness in sharing would return you more :>

 

[Ingolstadt]

belly70
The so called agreements i suggested between two parties does not violate your call of option 1, 2 or 3. It works in part with it where this guy's friend will be subjected to any 3 of the scenarios, and that the agreements would take place in the 3rd, which is that once the settlement was done (in this case, by the thread starter, paying to his friend in the confine timeline stated in the contract with the bank.) the agreement states the 'Agreement' and 'MOU' between these two parties that once the settlement was made, the car HAD to be transferred to the thread starter's name. These kinda agreements work within the confine rules and regulations that you mentioned, not working on top or to replace them.