i want to change new car but...
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my barely 2-yr old car still has $65k outstanding loan, 8 yrs remaining, i asked around, dealers only willing to pay $50+k for it. so i still have to fork out $15k to settle the loan -- makes it not worthwhile to sell it.
But is it possible for me to get someone to take over the loan, and maybe pay him $5-7k cash? It sounds too good to be true for whoever takes over isnt it? No need to pay downpayment, still got cash to last 10 months of instalment, practically driving the car for free for 10 mths!
But does it makes sense and is it possible for me to do this? Pls advise!!! -
what car? how much is the current loan mthly? color?
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i believe that law do not allow anyone to take over loan...
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there's always a by-left. it has been done b4 and i believe other people are doing it as well.
be more flexible ma...help people out
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SIao................... cuz the loan was disbursed based on u and not the new guy so is not allowed......and if the loan is not transfered to him there is a high chance that you may take back the vehicle once dat fella paid up the loan....
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Originally posted by huoye:SIao................... cuz the loan was disbursed based on u and not the new guy so is not allowed......and if the loan is not transfered to him there is a high chance that you may take back the vehicle once dat fella paid up the loan....
so depends on whether the financing bank allows or not? my car is not that expensive. even normal salaries sure can pay. mthly instalment is <$700. so why wont the bank allow the transfer? i dun mind paying some admin/transaction fees. -
Why do you need to change your car so badly? In your current position, I think you will be taken as hostage by the bank and the buyer, and likely to lose your pants trying to get rid of the car. If I were you, I will just continue driving until breaking even or something.Originally posted by fairlady04:my barely 2-yr old car still has $65k outstanding loan, 8 yrs remaining, i asked around, dealers only willing to pay $50+k for it. so i still have to fork out $15k to settle the loan -- makes it not worthwhile to sell it.
But is it possible for me to get someone to take over the loan, and maybe pay him $5-7k cash? It sounds too good to be true for whoever takes over isnt it? No need to pay downpayment, still got cash to last 10 months of instalment, practically driving the car for free for 10 mths!
But does it makes sense and is it possible for me to do this? Pls advise!!! -
i want to change cos the car prices are so low now, so tempted to upgrade. but still doesnt want to lose too much $$. isnt this a great way -- provided its do-able. and i mean, why is it not do-able? i juz want to know whether anyone has done it b4 and the procedure. tats all. imagine if there is someone who has no cash to pay for downpayment or even the first few instalments, my offer will be so attractive. my car is in good condition, good FC of 15-16km/l, bodykit, 1.5l. why not?Originally posted by Gazelle:Why do you need to change your car so badly? In your current position, I think you will be taken as hostage by the bank and the buyer, and likely to lose your pants trying to get rid of the car. If I were you, I will just continue driving until breaking even or something. -
Harrier can also see here.
http://www.sgcarmart.com/new_cars/Toyota_Harrier.php -
wad car are u trying to sell off??
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There is a standard formula that used car dealer will used to calculate the value of your car car. And based on the new car price, I believe $50 will probably be the value of your car today, regardless if there is a body kit.Originally posted by fairlady04:i want to change cos the car prices are so low now, so tempted to upgrade. but still doesnt want to lose too much $$. isnt this a great way -- provided its do-able. and i mean, why is it not do-able? i juz want to know whether anyone has done it b4 and the procedure. tats all. imagine if there is someone who has no cash to pay for downpayment or even the first few instalments, my offer will be so attractive. my car is in good condition, good FC of 15-16km/l, bodykit, 1.5l. why not?
To quote you an example,
Assuming you give sell your car at $65K with $7K discount, your 2 year old car will cost around $58K. Will you want to pay $58K for a 2 year old used car, that has no more agent warranty and free servicing, or will you prefer to get a brand new car at the same price. Not to mentioned the cash rebate that car dealer are offering for new car.
Please consider to take a shorter or smaller loan if you are prone to changing car every 2 years. Or else you will just be throwing money away. -
I'm confusedOriginally posted by Gazelle:There is a standard formula that used car dealer will used to calculate the value of your car car. And based on the new car price, I believe $50 will probably be the value of your car today, regardless if there is a body kit.
To quote you an example,
Assuming you give sell your car at $65K with $7K discount, your 8 year old car will cost around $58K. Will you want to pay $58K for a 8 year old used car, that has no more agent warranty and free servicing, or will you prefer to get a brand new car at the same price. Not to mentioned the cash rebate that car dealer are offering for new car.
Please consider to take a shorter or smaller loan if you are prone to changing car every 2 years. Or else you will just be throwing money away.
I thought his car is only 2 yrs old, warranty should left 1 more yr (based on current market - new car 3yr warranty). -
but the loan is disbursed on you and ur pay and ur credit rating...... if so simple juz transfer here and there good liao oh and for ur info to transfer the name of the logcard shld be abt $1k....u can check wif LTA.... i am juz giving my opinion to the best i know cuz i am working in a financial institution and i am doing cars..... but of cuz if u think i am wrong maybe u can call ur bank to ask first.......
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Bank will not allow you to transfer your loan because then they will lost the opportunity to reapply the (rule78 interest sucking tool) on the new owner. And yes, there will be a transfer fee of about 1K.Originally posted by huoye:but the loan is disbursed on you and ur pay and ur credit rating...... if so simple juz transfer here and there good liao oh and for ur info to transfer the name of the logcard shld be abt $1k....u can check wif LTA.... i am juz giving my opinion to the best i know cuz i am working in a financial institution and i am doing cars..... but of cuz if u think i am wrong maybe u can call ur bank to ask first....... -
Thanks Huoye and Gazelle for ur inputs.Originally posted by Gazelle:Bank will not allow you to transfer your loan because then they will lost the opportunity to reapply the (rule78 interest sucking tool) on the new owner. And yes, there will be a transfer fee of about 1K.
Gazelle, i am willing to "throw" $7k or even $7k + S$1k transfer fee away, if it is possible to do it. I am just not willing to throw $15k away. hehe. so u can say my threshold is $7-8k max.
my car is Honda Fit 1.5l. OMV ~$20k....Very hard to find a 1.5l Fit now and a lot of pple have shown interest. I am just asking to see whether this can be done, b4 i get these pple excited...
if anyone heard it's been done b4, ie. transfer the loan to someone, and he continue driving, pay the loan every month -- mind sharing? -
think i heard b4... the owner have to go for swearing session to not sell the car after the new owner have paid off or something... exact detail i dunno... ur car is manual or auto?
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...the owner have to go for swearing session to not sell the car after the new owner have paid off or something...
are you serious or joking about the swearing session?
Swear in the court meh -
you have got a PM
