What to do after u sold car to used car dealer

[dkny]

Recently I sold my car to used car dealer and buy a new car, so something I need to know, hopefully someone could help me clarify some question.
My car sold, and used car dealer sign an agreement that he taken the car effective on stated date.

1. But the dealer didn't made full settlement the bank at that time, so I unable to receive Bank release letter. Anything I can do to get the release letter ? As I know, normally those dealer will continue the instalment until he get new buyer, to save time/cost for admin fees.
2. Since the car sold to used car dealer, and the registration card still under my name, so anything I can do/check, to ensure the old car will not effect me in future ? Example if the my old car still not yet sell, and still under my name.

 

[stupidcar]

Recently I sold my car to used car dealer and buy a new car, so something I need to know, hopefully someone could help me clarify some question.
My car sold, and used car dealer sign an agreement that he taken the car effective on stated date.

1. But the dealer didn't made full settlement the bank at that time, so I unable to receive Bank release letter. Anything I can do to get the release letter ? As I know, normally those dealer will continue the instalment until he get new buyer, to save time/cost for admin fees.
2. Since the car sold to used car dealer, and the registration card still under my name, so anything I can do/check, to ensure the old car will not effect me in future ? Example if the my old car still not yet sell, and still under my name.

Interested to know too.

 

[mikechoy]

DKNY , you are at the insecure circumstances . no matter you signed what ever agreement or so call bill of sales when you delivered the car to the used car dealer , you are safe if have any summon . But for the finance side , if dealer not paying the installment , you will in trouble no matter what kind of agreement or bill of sales or even police report you show to banker cos the vehicle still under your name .

Im not here to scare you , there are some worst case happened before .the used car dealer closed down and the vehicle disappear . end up the owner have to serve both new and used car installment to prevent blacklisted . Always remember , only sell the car to those trusted dealer ,dont because of 2k-3k higher offer and sell to those tom dick harry .

In your case advise you go to the dealer and instruct them to settle your used car balance as soon as possible , good luck .

 

[Supra_Fanatics]

Just want to know, if u sell the car to used car dealer, there is no way to transfer the name of the owner until there is a buyer?

If that's the case, I think is safer to either sell it ourselves or trade in when buying new cars or just sell to Top Mark instead.
Since it is that insecure to sell to used car dealers.

But selling ourselves has the risk as well from what I read.

 

[mikechoy]

Dear Bro ,

Of course the used car dealer got to have the new buyers only they can transfer the ownership , but as long as the vehicle is without finance(loan) and with all proper document like bill of sales then seller are consider safe .

direct selling between seller and buyer is easy but prefer in cash term , when come to financing most the finance are not willing to offer the loan or approval are low , banker prefer getting business from dealer although paying few hundred handling fees .

so always get a reputable used car dealer , or trade in for a new car with those reputable dealer should be safe .

 

[Supra_Fanatics]

Dear Bro ,

Of course the used car dealer got to have the new buyers only they can transfer the ownership , but as long as the vehicle is without finance(loan) and with all proper document like bill of sales then seller are consider safe .

direct selling between seller and buyer is easy but prefer in cash term , when come to financing most the finance are not willing to offer the loan or approval are low , banker prefer getting business from dealer although paying few hundred handling fees .

so always get a reputable used car dealer , or trade in for a new car with those reputable dealer should be safe .

Any reputable one to recommend? thought of selling it to a dealer I last bought a kelisa from. Quite alright to me. But not 100% trust him that kind of thing though. Cuz the car accident before and he told me don't have. Confirmed by my mech friend. But overall the car is good just the door part and maybe fender have accident before.

So far car all okay though so more like give and take for a 2nd hand car.

 

[DanzEterna]

Dear Bro ,

Of course the used car dealer got to have the new buyers only they can transfer the ownership , but as long as the vehicle is without finance(loan) and with all proper document like bill of sales then seller are consider safe .

direct selling between seller and buyer is easy but prefer in cash term , when come to financing most the finance are not willing to offer the loan or approval are low , banker prefer getting business from dealer although paying few hundred handling fees .

so always get a reputable used car dealer , or trade in for a new car with those reputable dealer should be safe .

bro, why the approval rate is lower when buying a car from direct owner compared to used car?
i heard that the interest & more documentation required when dealing with direct owner

 

[Supra_Fanatics]

bro, why the approval rate is lower when buying a car from direct owner compared to used car?
i heard that the interest & more documentation required when dealing with direct owner

Ah! Danz, need your advice then. Since u sold ur perdana personally. What is needed to be done in order to sell your own car by ourselves?

 

[DanzEterna]

:

Ah! Danz, need your advice then. Since u sold ur perdana personally. What is needed to be done in order to sell your own car by ourselves?

i had to pay off my outstanding loan 1st with the bank.
1. owner view car, satisfied then go home think & when decided call me back to confirm. i did not want any deposit as a few ppl are interested in the car also
**remember to pay off all summons 1st.

2.once he confirmed on the car, then only take deposit. rm500 enuf la.

3. proceed with puspakom. since im busy i called puspakom to my hse (PMI) but extra Rm100 la, if bring to centre rm30. so i paid RM130, summore they are punctual.

4.tinted memang cannot kautim as they need to take pic, so if not pass must tear tinted lo.

5.once approved they will issue me the report on the spot.

6.informed buyer that puspakom already passed the test.

7.buyer immediately came over to my hse.

8.he said can pay me half the amount 1st anot? the balance pay after change name i said WTF, he said scared i take the money & cabut...i said lm also afraid if i hand over the car u cabut how?

9. summore we met at my parents hse.....so stupid meh i wanna do that, he knows where my parents hse ma....

10.i told him like that la we go to the bank (luckily bank only 1 km away) to wire the money into my account after that i hand over him the keys.

11.at the bank over the counter after transfer the money i checked the money is in my account i get him to sign a brief black & white stated that ive released the car etc....

12. went back to house gave him the keys & drove off. & pray he wont call me within the next few days & complaint the car having problems.

13. the next day we went to JPJ to do the transfer name.
14. after 1 week he did not call thank god.

 

[Supra_Fanatics]

:

i had to pay off my outstanding loan 1st with the bank.
1. owner view car, satisfied then go home think & when decided call me back to confirm. i did not want any deposit as a few ppl are interested in the car also
**remember to pay off all summons 1st.

2.once he confirmed on the car, then only take deposit. rm500 enuf la.

3. proceed with puspakom. since im busy i called puspakom to my hse (PMI) but extra Rm100 la, if bring to centre rm30. so i paid RM130, summore they are punctual.

4.tinted memang cannot kautim as they need to take pic, so if not pass must tear tinted lo.

5.once approved they will issue me the report on the spot.

6.informed buyer that puspakom already passed the test.

7.buyer immediately came over to my hse.

8.he said can pay me half the amount 1st anot? i said WTF, he said scared i take the money & cabut...i said lm also afraid if i hand over the car u cabut how?

9. summore we met at my parents hse.....so stupid meh i wanna do that, he knows where my parents hse ma....

10.i told him like that la we go to the bank (luckily bank only 1 km away) to wire the money into my account after that i hand over him the keys.

11.at the bank over the counter after transfer the money i checked the money is in my account i get him to sign a brief black & white stated that ive released the car etc....

12. went back to house gave him the keys & drove off. & pray he wont call me within the next few days & complaint the car having problems.

13. after 1 week he did not call thank god.

No need to do name transfer for the car bro? Then mine is different bro, mine still under loan, and thinking of selling it. If not wrong still owe RM23K loan. So, if still on loan how to sell personally?

After hearing the risk of selling to used car dealers a bit worried liao. :afraid:

The black & white was prepared by urself or is a legal form of sign letter?

 

[DanzEterna]

No need to do name transfer for the car bro? Then mine is different bro, mine still under loan, and thinking of selling it. If not wrong still owe RM23K loan. So, if still on loan how to sell personally?

After hearing the risk of selling to used car dealers a bit worried liao. :afraid:

The black & white was prepared by urself or is a legal form of sign letter?

haha forgot to include that part, ok aldy edited in my previous post in red.
the B&W document is prepared by myself.

if your car still under loan, & u trade in via used car they will settle the outstanding loan for u & once the bank has confirmed with u then only surrender the car to used car, if u have $$$ balance from the trade in, the used car will then return it to u or contra off for the downpayment for a new or used car.

if u selling to direct buyer try asking sifu johnsonlam. he posted in the earlier post i think.

 

[mikechoy]

Danz : banker prefer to deal with their panel dealer cos if anything happen to the car they can immediately ask the dealer to responsible or assist them . if direct cases , there need to follow the new HP act set by bank negara which the buyers need to pay the full downpayment to banker then after the banker will settle the seller outstanding finance then balance return to seller...this kind of process and troublesome .



Supra : actually need not to worry so much when sell off your car , discuss the price u wish to sell with the dealer and after agreed on both party , set at delivery date and make sure the dealer settle your finance at the same day ( prefer go with him to bank ) , then sign the bill of sale letter and you can pass him your car . do everything in the same day .

 

[DanzEterna]

Danz : banker prefer to deal with their panel dealer cos if anything happen to the car they can immediately ask the dealer to responsible or assist them . if direct cases , there need to follow the new HP act set by bank negara which the buyers need to pay the full downpayment to banker then after the banker will settle the seller outstanding finance then balance return to seller...this kind of process and troublesome .



Supra : actually need not to worry so much when sell off your car , discuss the price u wish to sell with the dealer and after agreed on both party , set at delivery date and make sure the dealer settle your finance at the same day ( prefer go with him to bank ) , then sign the bill of sale letter and you can pass him your car . do everything in the same day .

ya true. the banker told me that the process for dealing with direct seller is more troublesome, require more documentation & interest rate higher. but if the seller already settled his hp loan then could it be easier?

 

[Supra_Fanatics]

Danz : banker prefer to deal with their panel dealer cos if anything happen to the car they can immediately ask the dealer to responsible or assist them . if direct cases , there need to follow the new HP act set by bank negara which the buyers need to pay the full downpayment to banker then after the banker will settle the seller outstanding finance then balance return to seller...this kind of process and troublesome .



Supra : actually need not to worry so much when sell off your car , discuss the price u wish to sell with the dealer and after agreed on both party , set at delivery date and make sure the dealer settle your finance at the same day ( prefer go with him to bank ) , then sign the bill of sale letter and you can pass him your car . do everything in the same day .

ya true. the banker told me that the process for dealing with direct seller is more troublesome, require more documentation & interest rate higher. but if the seller already settled his hp loan then could it be easier?

Thanks bro! You guys help me a lot. Now less worry on selling the car process. Will do accordingly.

 

[EvolutionZ]

SF, u got lot of cars... Great... I believe you will get good grasp of used car process soon...