i hv a uncle whose in a bit of problem .. he has a 1 yr old hyundai matrix .. .. but he is facing a serious financial problem and he can't sell the car as we all know , because if he sell ... he still hv to come out the $$ to top up right ... but he has consulted my auntie whose still considering to take over the car and pay the instalment for him ....
the the question ...
is it possible to transfer the bank instalment to my auntie and the ownership or watever insurance name to my uncle without the need of topping up anything or without the hassle of hving to resell the car and add in my auntie name ...
does bank allow transferring of paying instalment in the name to another person ?? and whether lta allow the inclusion of adding another person name to the car ..??
thanks for any sincere help or info
think can add named driver to insurance. as for bank loan, why not continue? and ur aunt pay ur uncle each month....
I dun think loan you can just transfer like that. I think the bank will treat every loan as a new case as always they need a guanrantor.
Also another point to ponder. In the event that your uncle own the car, but installment paid and used by your aunt. The parf value should be whose? LTA will only give that credit to the owner. Then your aunt will be at the losing end.
Most probably when your uncle took the loan, he was bonded with at least 3 yrs. Quite unlikely to transfer to another name unless the bank approve of it.
Heard of one case quite similar. A want to tranfer to B. The bank take it as A wants to terminate the bond. And ask for the rebates back(around 2500).
They got the gimmics saying take 35k loan bond for 3 year get 2500 cash rebate. If wants to change to your aunt name..get ready to pay the penalty or rebates given.
It would be advisable to use it under your uncle name for the finance. But car owner ship will need to register your aunt name as the next owner. In case your uncle chut stun..