Need Advice - Pre-caution to take when selling car

[lingwu]

guys...i'm in kl and sold my car to a guy in penang. He took a car loan from eon (which is the same as my loan bank) via a 2nd hand car dealer. So therefore,i am actually selling to the 2nd hand car dealer. the problem is that they want to collect the car after giving me the undertaking letter from the bank that was issued to the 2nd hand car dealer for the buyer.

I have demanded that they pay up the difference of the money of the selling price and the settlement of my loan. They are claiming that they can't give the money until they take the car to puspakom for inspection (of which i offered to do on behalf) and the car reg has changed name.

The 2nd hand dealer is offering to give a guarantee letter that they will be paying the difference once the bank has dispersed the money to them.

Should I accept such arrangement? Please advice...

 

[EvolutionZ]

its actually very subjective matter.....the answer is yes and also no.

usually, if the buyer buys a car from you, he should submit the loan as direct case and the bank shall issue an undertaking letter to you, therefore guarantee u the payment shall be make good to you once name transferred to new owner. but when a buyer sought used car dealer to help submitting loan, the bank undertaking letter shall be under the dealer's company name. therefore the payment (disbursement) once name transferred will be paid to the dealer and the dealer will in return pay to you....its solely based on trust!

basically, it works this way but you should get something in writing to guarantee the dealer will pay you back, and get the different of loan and selling price immediately upfront without any delay. e.g, car sold at rm30k, loan is rm20k, therefore u should get the 10k upfront....but if there is some outstanding at yr current loan...deduct accordingly....it should be ok if th dealer is at permanent site with signboard and some cars.....i don think they'll runaway with the sum unless its a huge one...hope this could help.....my 2cents...

 

[lingwu]

hmm...the problem is the dealer is in kuantan and i am in kl lah..so really dun know about this dealer plus got ask a few people to check on this dealer but still no news..i did not give my car to buyer yet and has now instead told the buyer that perhaps i can arrange the loan thru a dealer in kl. any dealer here in the forum willing to do the loan? pls take note that the buyer specifically mention that the loan must be from eon bank.

 

[EvolutionZ]

call me, i can arrange with eonbank but if using my dealer for the transaction, some charges incurred, are u ok with it. Eon bank case are very fast and straight forward....012-2069363