Selling away my car

onit SG

hey all

B4 i get to my main motive,pls dun flame me,yes ,i have bought a car on impulse

i need to sell away my car.But i found out that i need to fork out extra cash to make for the diffrence,Scrap value isnt enuff to cover the bank loan.

My question is,Will bank be able to allow me to pay the offset in terms of instalments.If yes,how do i go about doing it

Many thanks.

Apollo_sg SG

easiest way is to talk to the car agent, tell them absorb ur car whilst u take a higher loan. den see whether he can sort out for u.

but bear in mind, the more u loan, the higher is ur repayment. it's always a bad deal, so dun buy on impulse. u'll neber gain buying cars.

onit SG

hey apollo...

dun really understand ur suggestion....

u mean i sell away to car dealer and get them to fork ou the diffrences to the bank...thereafter i continue paying the loan with the dealer...?or are u suggesting me to buy a another car from the dealer .the so called overtrade kinda thing...

i really need to do sumthin coz i am facing a possible retrenchment....

thansk anyway for the reply

win_ong81 SG

What are your car details??? Perhaps I can help you.

StMichael SG

I had the same problem - tried to talk to SDL (the company that handled the mortgage). They said this instalment thing could not be done - I have to allow them to repossess the car, upon which the lawyers will serve me a letter of demand (after the auction) and then I'll negotiate to pay by instalments.

My friend has gone through this before, and is now paying $200 a month. I'm thinking of going through the same route as I'm working in China and my car is just simply not being used...

onit SG

okay…if they repossess the car.will it affect my credit status and my job…..then if they auction…........then whom is the party involved for the negotiations…?

StMichael SG

The credit status will most certainly be affected, unless the finance company is so kind as not to report to the Credit Beareau (you think that's possible? Shocked ). Your job should not be affected unless you need a car for it Smile .

My friend negotiated directly with the lawyer.

onit SG

hey thanks for the swift reply...

so when he negotiated with the lawyer....who is he indebted to?the lawyer or the bank...

many thansk for the reply.i damn desperate to get rid of my precious car...coz retrenchment drive is on the suspense at my workplace...

win_ong81 SG

To ONIT:

Care to provide me with details of your car, perhaps i can source for a dealer for you?

onit SG

hey there

i did furnish u with details...pls check ur pm...

StMichael SG

Originally posted by onit:
[b]so when he negotiated with the lawyer....who is he indebted to?the lawyer or the bank...
b]

The bank.

IcedLemon SG

To ONIT:

Do u intend to get a new car? If yes, find a car wif a high loan quantum n do overtrade to cover ur old car.

StMichael SG

Finally set everything into motion. Putting my car up for repossession by defaulting. Let’s hope everything goes on well!

huoye SG

dun haf to let them repo lar.....juz tell them u wan to surrender the car..... or alternatively juz tell them u going sell the car and when u and the dealer sign the sale and purchase agreement juz fax to ur finance company for approval.....den after that if any shortfall they will issue u the deman letter den u all can discuss on instalment payment lor..........eh hope u not from my finance company.... Laughing

StMichael SG

That was what I tried to do last year in Oct (the company is SDL Leasing). They give me some excuse about consumer rights blah, blah, blah - and say that in order for them to take back the car, I've to default for 2 months. After which they will get someone to tow the car (or I drive the car to somewhere - can't remember). The letter of demand comes after they've gone through the auction. Uh...so what's your company? Seems more sensitive to the needs of their customers than the one I used...

My case, of course, is compounded by the fact that I'm teaching in China and only goes back to Singapore about a week every year.

huoye SG

Eh........... better not to reveal my company....but anyway i think if they say that den u shld b ring it up to CASE but ur car muz be under the HP Act....to be under the HP Act ur vehicle has to be less than $55,000.......which is the purchase price - COE = Less than $55k..........as for 2nd hand car it will be the pruchase price - prorated COE =

But i dun see why they shld not allow u to surrender the vehicle

StMichael SG

Well, it is too late for everything else now anyway. I’m back in China, and I’ve cancelled my GIRO. Hope everything turns out ok and no nightmares…