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.
Bump! Anyone?