anyone scrap your cars before ?

Wen^Chu SG

hi… i got a question….if i scrap my car , must i pay the full amount to the finance company first and get a original log card from them before i scrap my car?

altis183 SG

yes. unless selling to a car dealer or get a car dealer to settle for you.but expect to lose a little…

Wen^Chu SG

but the problem is will the car dealer negotiate with the finance company to scrap the car first and pass them the money? cause i called up the finance company , it seems tat they are telling me must pay the full amount first before scraping car…

SnowFlag SG

Yes, u need the log card before u can scrapped the car. If u have outstanding loans with the finance company, you have to pay them in full before they return u the log card. You can call the finance company to ask on how much you have to repay in one lump sum.

SnowFlag SG

Yes, the car dealer will help you to pay the finance company 1st before they scrap ur car. But ur scrap value must be more than the amount u own the finance company, before the car dealer works out a deal with u.

Wen^Chu SG

the car dealer will handle? but my loan is higher than the scrap value…..the rest i can pay in cash….

SnowFlag SG

I have said that ur scrap value must be more than the amount u own the finance company, before the car dealer works out a deal with u.

If your loan is higher than the scrap value and u are willing to pay the rest in cash (plus some fee to the car dealer), you can go and work out a deal with the car dealer (u can ask a few before deciding on one car dealer).

Wen^Chu SG

oic…....anyway need how long to scrap the car and get back the money>?

SnowFlag SG

u said the outstanding loan is more than the scrap value and u are paying the rest by cash, so what money to get back?

Wen^Chu SG

no….what i mean is the scrap value in cash…..cause i called up LTA…they said they only give us a piece of paper after scraping….not in cash…..with this , how to pass to the finance company?

SnowFlag SG

No. After u have strike up a deal with the car dealer, u have to pay them the remaining amount. Then the car dealer will pay the full amount to the finance company to get back the log card. You have to go with the car dealer to collect ur log card. You also need to sign some agreement. Then with the log card n the car, the car dealer will scrap the car. You just have to wait for the letter from LTA saying that your car is scrapped.

Yes, it is true that when scrapping the car, u only received a piece of paper, not cash.

Wen^Chu SG

oh so the car dealer will fork out the money first? then how are they going to get back the money they forked out? they will go thru LTA or other factories to scrap car? will they get back paper value or cash?

hotxyz2002 SG

I have a few queries about scrapping of cars too.

1) When we scrap a COE car, we will only get a piece of paper?? Not cash?
Is this piece of paper referred to as the COE rebate?

2) Then, of what use is this piece of paper? To offset the COE cost of a new car purchase? What if we don't intend to buy a car, does this mean that this piece of paper is as good as useless?

Hope to get the experienced people here to shed some light into this still dark area for me. Thanks!

SnowFlag SG

Reread my post again. It is very clear oriedy.

Car dealer get the paper value too (not cash). The difference is that they can use the paper value when they get a new car.

SnowFlag SG

All "Yes" to ur questions.

hotxyz2002 SG

quote:
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Originally posted by hotxyz2002:
I have a few queries about scrapping of cars too.

1) When we scrap a COE car, we will only get a piece of paper?? Not cash?
Is this piece of paper referred to as the COE rebate?

2) Then, of what use is this piece of paper? To offset the COE cost of a new car purchase? What if we don't intend to buy a car, does this mean that this piece of paper is as good as useless?

Hope to get the experienced people here to shed some light into this still dark area for me. Thanks!
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All "Yes" to ur questions.

For how long can we keep this piece of paper before it 'expires'?
Is there an expiry date within which we can use to offset the purchase of a new car?

SnowFlag SG

i think the expiry date is 12 months after deregistration of the car.