Hi. Currently my cousin's gf wants to take over my car,
which I am ok with. However I have checked with my bank regarding
the car loan, and they told me I have to clear all my outstanding
loan with the bank first, before I can go ahead with the transfer
of ownership with LTA.
The question is, why they can't just transfer the name, and then
my cousin's gf can continue to pay the instalment monthly? It's
abit ridiculous.
If this is really the case, I will not bother to go
through the transfer of ownership, as both me nor my cousin's gf
have that much of cash on hand to clear that loan. If they have
that much of cash, they would rather buy a new car with 100%
downpayment.
So now, I am comtemplating to just persuade her to "loan" my
car, and every month she will still pay for the instalments, and
whatever expenses she may incur (e.g. Road Tax, Insurance,
Servicing, Summons, Season Parking etc).
P.S. this year's Road Tax and Insurance have already been paid
for by myself this month.
Pls advise me, if the above is workable.
EDIT : The car is only 1 year old, and the loan is for 10 years.
And the above plan means the car is still under my name. So
whatever shyt happens to the car, the LTA, Insurance Company, Bank
will still come to me instead.