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Riskke
4-cylinder Member
Malaysia
115 Posts |
 Posted - 10/09/2007 : 7:47:20 PM
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Anyone know what is a proper procedure to complete a " trade-in for a new car " ?
1) what document that the dealer should give to us to ensure that our old vehicle are safe to be handed to them when we take our new car.
2) how to check whether our traded in car loan balanced has been settled as promised by the used car dealer?
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If the rich are getting richer and the poor getting poorer,then the middle class must be getting classier!!! |
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Chips
Administrator
Malaysia
21993 Posts |
Posted - 10/09/2007 : 7:54:53 PM
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| I have answered your e-mail on this. |
Chips |
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Riskke
4-cylinder Member
Malaysia
115 Posts |
Posted - 10/09/2007 : 8:30:01 PM
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| Yes i have receive your email , thank you very much on your advise and i appreciate it much :) , by the way your response are faster than expected , keep it up ! |
If the rich are getting richer and the poor getting poorer,then the middle class must be getting classier!!! |
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jwongawee
4-cylinder Member
Malaysia
67 Posts |
Posted - 10/09/2007 : 9:49:12 PM
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Riskke,
If possible can you forward the reply from Chips to me ? I would like to know too. My email is jwongawee@gmail.com
Thanks ! |
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skng03
V8 Member
Malaysia
1326 Posts |
Posted - 11/09/2007 : 01:10:47 AM
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| what about post it here so that everyone can read |
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TheAuditor
V6 Member
Malaysia
346 Posts |
Posted - 11/09/2007 : 01:24:11 AM
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Yup. I mean, besides hearing it from the SA on how to go about. Posting it here could be of assistance. (3rd party view la!!) |
Please love your auditors. |
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MyBoy
V8 Member
Malaysia
630 Posts |
Posted - 11/09/2007 : 04:36:15 AM
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quote:
Originally posted by jwongawee
Riskke,
If possible can you forward the reply from Chips to me ? I would like to know too. My email is jwongawee@gmail.com
Thanks !
Me too,
myboy.myboy@gmail.com
Thanks. |
Speed has never killed anyone. Suddenly becoming stationary, that's what gets you, that's the killer. |
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MyBoy
V8 Member
Malaysia
630 Posts |
Posted - 11/09/2007 : 04:37:02 AM
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quote:
Originally posted by skng03
what about post it here so that everyone can read
Yeah, why not? |
Speed has never killed anyone. Suddenly becoming stationary, that's what gets you, that's the killer. |
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Riskke
4-cylinder Member
Malaysia
115 Posts |
Posted - 11/09/2007 : 09:40:42 AM
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Chips/Motor Trader +ACY- Autocar Asean
to me
show details
Sep 10 (13 hours ago)
Hi Jack,
1) I think you need to be concerned about the matter of the outstanding
loan and transfer of ownership. Tell him that you want to have confirmation
that the loan is settled and that you are no longer liable after you hand
him the car. If he is not cooperative, ask him how he will guarantee you
that you will not face the nightmare later on that you read about where
owners hand over their cars believing the loan will be settled and some
years later, they get sued because the dealer never settled it. I feel that
if this dealer is an authorised Honda dealer, he should have a professional
process that protects the customer as well as himself and will do everything
properly.
2) You should not accept just a letter but say you want to go with the
salesmen to the bank to settle the matter. Prepare a letter informing the
bank of your intention to trade-in the car to the company concerned and that
you understand they will settle the outstanding loan and hand it over
personally together with the salesman. Get some sort of receipt of the
letter (ask them to chop and sign a photocopy). But you still need to
understand that even though you sent them such a letter, until and unless
the loan is settled, you will still remain liable as far as they are
concerned. Sure, you can say that you informed them of the move but from the
legal point of view, they have nothing to do with the dealer at all and you
are the one who signed the contract with them, so they will go after you.
3) By law, when you hand over the car to the dealer, the ownership should be
transferred to the dealer immediately. But many dealers don't do this
because it involves a fee and also adds another owner to the car, so they
often do not transfer and wait till there is a real new owner who buys the
car and then they transfer. But what sometimes happens is that the new owner
also doesn't bother (either due to ignorance or purposely) and so the car
remains in your name in JPJ records and any offences will still be charged
to you. Therefore, what you should do is to prepare a letter to the dealer
where you state that you have handed over the car to him at the time/date
and that he will be responsible for any offences relating to the car after
that time/date. At the same time, send a letter to the JPJ to notify them
that you have handed over your car to the dealer (details of address) who
will transfer ownership and that you have signed the necessary documents for
the transfer. Send by registered mail and keep the receipt. This will
provide some protection if the dealer does not transfer it and something
happens.
This is the advice I give you in good faith but I cannot be responsible for
any effects arising from you following any or all the advice I have provided
in this e-mail.
Regards
** Original Mail from Chips . Thanks you :) |
If the rich are getting richer and the poor getting poorer,then the middle class must be getting classier!!! |
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TheAuditor
V6 Member
Malaysia
346 Posts |
Posted - 11/09/2007 : 12:22:30 PM
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| Thanks. I guess its this kind of informative sessions that makes this MTM forum a worthwhile discussion. |
Please love your auditors. |
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skng03
V8 Member
Malaysia
1326 Posts |
Posted - 11/09/2007 : 10:09:24 PM
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ADVERTISEMENT
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izaman
1-cylinder Member
Malaysia
12 Posts |
Posted - 12/09/2007 : 12:21:09 PM
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| waa, sound so complicated. |
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Chips
Administrator
Malaysia
21993 Posts |
Posted - 12/09/2007 : 12:37:36 PM
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| There are procedures but it is necessary to ensure they are followed to protect yourself. I am sure you often come across reports of owners having a nightmare because a car they sold off years back was never transferred and the bank goes after them. At least if you make sure you have informed the bank of your actions, you are not totally vulnerable and also if you have informed JPJ, then they can go after the dealer or next owner whom you already made known to them. But if you have no documents, then you will be the target for any action. So don't be lazy! |
Chips |
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kevyeoh
V8 Member
704 Posts |
Posted - 22/10/2007 : 2:31:28 PM
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i think this is a very good and informative thread for all car owners... should put this as sticky...
;) |
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Riskke
4-cylinder Member
Malaysia
115 Posts |
Posted - 22/10/2007 : 5:17:29 PM
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yup, i bet most of the people around are not aware of it , yet actually when we handed over the car to the dealer, it was still " our car " in that time. The loan , the registry in jpj , everything is still us, so in that period if there is any summons , goes to us also.
So many thing to be done when we hand over the car to the dealer , in order to protect ourself from being a scapegoat on summons and loan repayment.
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If the rich are getting richer and the poor getting poorer,then the middle class must be getting classier!!! |
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cvchua
V12 Member
Malaysia
2574 Posts |
Posted - 22/10/2007 : 8:12:50 PM
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| never trust a used car dealer. Insist to have all document done properly. Never pre-sign any document with them. Go to JPJ with them if necessary. Go to bank with them if necessary. Just be careful with them... |
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Chips
Administrator
Malaysia
21993 Posts |
Posted - 22/10/2007 : 9:08:18 PM
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I am very very cautious with any official personal documents (MyKad, registration card, passport, credit card, etc) because of identify theft. I don't know about today's generation but when I was a teenager and got my first IC, it was practically conditioned into me that you guard your IC seriously and don't lose it. So we always made sure about it and were scared of losing it and thankfully, I never did (although one time I misplaced it and was very stressed out trying to find it).
As for the car reg card, I am also scared that someone can use it to either take over my car or to be a document for a stolen car, both of which can make my life miserable. So I guard it well and I do not ask someone else to go and renew my roadtax for me. I can't understand how some people can just pay an office boy some money to go to the PO to renew their roadtax. To me, it seems so unsafe. |
Chips |
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skng03
V8 Member
Malaysia
1326 Posts |
Posted - 22/10/2007 : 11:40:49 PM
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quote:
Originally posted by cvchua
never trust a used car dealer. Insist to have all document done properly. Never pre-sign any document .........
i kena once few years back, sign blank on bank document, end up the interest up from 3.7% as agree to 4.3%. luckyly with the bank manager's help, revise back to 3.7% |
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Riskke
4-cylinder Member
Malaysia
115 Posts |
Posted - 22/10/2007 : 11:54:06 PM
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But most of the car dealer now they will just let u sign without let u taking a look on the document like when signing the hire purchase document, because it require so much signature.. even those asking you to applying credit card will be asking you to sign on a blank application sheet only.. only then they just fill up the form for u..
quite dangerous too in that way..
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If the rich are getting richer and the poor getting poorer,then the middle class must be getting classier!!! |
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cvchua
V12 Member
Malaysia
2574 Posts |
Posted - 23/10/2007 : 08:13:29 AM
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it happened to me once with a credit card application. I was somewhat pastured by a sale lady while waiting to settle some issue at a telco company. She said it is absolutely free with no condition whatsoever, so i signed up thinking no harm having one extra card if it absolutely free. So being nice, the gal said she fill up all the particular for me and i just have to sign at the appropriate space. DON"T ALLOW THIS!!
I was wrong, the following months the card automatically pays my telco bill of which i didn't know until the 3rd month when i continue pay my monthly bill....
I have to call up their customer center and continue to follow up with them for a whole month to get things sorted out. I practically have to shout and yell over the phone to get it sorted because everytime u call a different person will handle my case and u have explain all over again... then they said they need time to investigate... and when u call back.. the repeat the all episode again.... a lot of hassle..
the morale of the story... don't sign anything BLANK!! |
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kevyeoh
V8 Member
704 Posts |
Posted - 29/10/2007 : 9:30:00 PM
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2) how to check whether our traded in car loan balanced has been settled as promised by the used car dealer?
Question:
can anyone tell me the actual scenario where you will have problem with trade in car?
is it only happen to cars with outstanding loan?
cause i cannot figure out how ppl can get cheated...
assuming that I am going to trade in my car now and use that money as downpayment...means even if there's still outstanding loan and if the dealer never settle for me...then how/where to get the money for downpayment? |
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Topic |
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What is a procedure of trade-in for a new car
