Settlement of Car Loan

[national12345]

I plan to buy a used car directly from seller. This car is currently still on loan with Bank A with balance 20K. Let say I purchase the car at 20k and my approved loan with Bank B is 15K. As I know, Bank B will deal directly with Bank A for the 15K and seller will only need to top up the 5K to settle the 20k loan right?

Cause based on personnel from Bank B(Bank that I applied loan with), he said current new JPJ rule (effective from the 1st of June), bank cannot direct deal with bank. Which means seller will need to fork out 20K first to settle the loan with Bank A before Bank B cause issue the 15K payment.

Is this true??? Cause I think this is ridiculously unreasonable. This is only a 20K car, how bout 200K car? Impossible to ask someone to fork out that amount of money right?

I am currently stucked. Can any sifu please clarify on this?

 

[twistedichc]

I plan to buy a used car directly from seller. This car is currently still on loan with Bank A with balance 20K. Let say I purchase the car at 20k and my approved loan with Bank B is 15K. As I know, Bank B will deal directly with Bank A for the 15K and seller will only need to top up the 5K to settle the 20k loan right?

Cause based on personnel from Bank B(Bank that I applied loan with), he said current new JPJ rule (effective from the 1st of June), bank cannot direct deal with bank. Which means seller will need to fork out 20K first to settle the loan with Bank A before Bank B cause issue the 15K payment.

Is this true??? Cause I think this is ridiculously unreasonable. This is only a 20K car, how bout 200K car? Impossible to ask someone to fork out that amount of money right?

I am currently stucked. Can any sifu please clarify on this?

have u ask if refinance the car back from bank A, in a sense that the bank A that buy from seller & resell to u & see the total difference that u have to pay for the car.

 

[Izso]

Why not call and ask the banks directly

 

[Supra_Fanatics]

I plan to buy a used car directly from seller. This car is currently still on loan with Bank A with balance 20K. Let say I purchase the car at 20k and my approved loan with Bank B is 15K. As I know, Bank B will deal directly with Bank A for the 15K and seller will only need to top up the 5K to settle the 20k loan right?

Cause based on personnel from Bank B(Bank that I applied loan with), he said current new JPJ rule (effective from the 1st of June), bank cannot direct deal with bank. Which means seller will need to fork out 20K first to settle the loan with Bank A before Bank B cause issue the 15K payment.

Is this true??? Cause I think this is ridiculously unreasonable. This is only a 20K car, how bout 200K car? Impossible to ask someone to fork out that amount of money right?

I am currently stucked. Can any sifu please clarify on this?

Bank will just pay the amount of the remaining loan to the bank that the seller has loan on. Then that's where you as the buyer will owe the bank RM15K instead.

If the car is RM20K and your approved loan is only RM15K. The remaining RM5K usually it has to be the buyer to pay it by cash. I'm not sure Bank to Bank u pay the remaining RM5K to the bank or to the seller. Since your loan only approve RM15K it cannot be that the seller have to pay another RM5K since he i selling the car not buying the car.

Even my buyer get a loan from bank, there is no need for me and the buyer to meet up at JPJ for ownership transfer. Bank will settle everything. I just need to do the inspection at puspakom for B5 and B7 which cost RM90 as a seller.

But like Izso said, best ask the bank directly. Just giving u a rough picture of how it is from what I had experienced before so far with many of such questions I have asked the bank.

Mine case, my car settled full amount. So only buyer getting the loan from bank. Example, Buyer only manage to get loan RM20K but I'm selling the car RM25K. So buyer have to pay the balance of RM5K in cash to the bank. (New Procedure) Then bank will transfer RM25K to me in total after all documents signed by both buyer and seller. Take roughly about 2 weeks, which is kinda long actually.

 

[vr2turbo]

Why not call and ask the banks directly

Brother, he mentioned in his post

"Cause based on personnel from Bank B(Bank that I applied loan with), he said current new JPJ rule (effective from the 1st of June)"

This what the bank told him.....

---------- Post added at 10:52 AM ---------- 6 hour anti-bump limit - Previous post was at 10:51 AM ----------

Bank will just pay the amount of the remaining loan to the bank that the seller has loan on. Then that's where you as the buyer will owe the bank RM15K instead.

If the car is RM20K and your approved loan is only RM15K. The remaining RM5K usually it has to be the buyer to pay it by cash. I'm not sure Bank to Bank u pay the remaining RM5K to the bank or to the seller. Since your loan only approve RM15K it cannot be that the seller have to pay another RM5K since he i selling the car not buying the car.

Even my buyer get a loan from bank, there is no need for me and the buyer to meet up at JPJ for ownership transfer. Bank will settle everything. I just need to do the inspection at puspakom for B5 and B7 which cost RM90 as a seller.

But like Izso said, best ask the bank directly. Just giving u a rough picture of how it is from what I had experienced before so far with many of such questions I have asked the bank.

Mine case, my car settled full amount. So only buyer getting the loan from bank. Example, Buyer only manage to get loan RM20K but I'm selling the car RM25K. So buyer have to pay the balance of RM5K in cash to the bank. (New Procedure) Then bank will transfer RM25K to me in total after all documents signed by both buyer and seller. Take roughly about 2 weeks, which is kinda long actually.

Very confusing nowadays, like no standard procedure......

 

[twistedichc]

hmmm, if what TS's bank personnel tells, its like golden cars r gonna be hard to procure when u don't have enuff cash, hmmmmm

wifey lenovo wit tapatalk

 

[Supra_Fanatics]

hmmm, if what TS's bank personnel tells, its like golden cars r gonna be hard to procure when u don't have enuff cash, hmmmmm

wifey lenovo wit tapatalk

2nd hand car is tougher. What I can say is, don't apply for Public Bank. The service is damn slow. Take more than 2 weeks to get the loan to approve then today which is the 3rd week, I'm suppose to meet the buyer and banker to sign the agreements, when I called, they told me the guy that I dealt with last week was just a relieve officer for the current officer that was away. So, just passed my details to the banker and he shall check with the current officer that is back.

Wth, the day that need to sign, the relieve officer shud get it done even though the current one is back. Yet they say the transaction for the money would take about 2 weeks to transfer.

Transfer cash also need to take 2 weeks. Wth.

 

[DanzEterna]

2nd hand car is tougher. What I can say is, don't apply for Public Bank. The service is damn slow. Take more than 2 weeks to get the loan to approve then today which is the 3rd week, I'm suppose to meet the buyer and banker to sign the agreements, when I called, they told me the guy that I dealt with last week was just a relieve officer for the current officer that was away. So, just passed my details to the banker and he shall check with the current officer that is back.

Wth, the day that need to sign, the relieve officer shud get it done even though the current one is back. Yet they say the transaction for the money would take about 2 weeks to transfer.

Transfer cash also need to take 2 weeks. Wth.

u need to keep on calling & pressure them, if not your file will be just lying on their table.

 

[vr2turbo]

2nd hand car is tougher. What I can say is, don't apply for Public Bank. The service is damn slow. Take more than 2 weeks to get the loan to approve then today which is the 3rd week, I'm suppose to meet the buyer and banker to sign the agreements, when I called, they told me the guy that I dealt with last week was just a relieve officer for the current officer that was away. So, just passed my details to the banker and he shall check with the current officer that is back.

Wth, the day that need to sign, the relieve officer shud get it done even though the current one is back. Yet they say the transaction for the money would take about 2 weeks to transfer.

Transfer cash also need to take 2 weeks. Wth.

But PBB voted best local bank many times......

---------- Post added at 01:36 PM ---------- 6 hour anti-bump limit - Previous post was at 01:29 PM ----------

u need to keep on calling & pressure them, if not your file will be just lying on their table.

So if all call and pressure nothing gets done dy, don't know where to start...ha! ha!
That is why they always say is who you know. Those days I deal with banks on behalf of my company, so when time comes for any persoanl bank matter, I know most of them. Those days apply Credit Card, housing loan all very easy and fast, now no more....

 

[Supra_Fanatics]

u need to keep on calling & pressure them, if not your file will be just lying on their table.

But PBB voted best local bank many times......

So if all call and pressure nothing gets done dy, don't know where to start...ha! ha!
That is why they always say is who you know. Those days I deal with banks on behalf of my company, so when time comes for any persoanl bank matter, I know most of them. Those days apply Credit Card, housing loan all very easy and fast, now no more....

Yala forgot that hm have friend in public bank. Never thought of it since Im not buying car so I left it to buyer to get it done and I have been chasing the buyer to chase the bank until 1 day I fed up and ask her to give me the bank number.

Problem is, the person in charge of her loan is away. Then the relieve officer was there one week but 2nd week he on leave whole week. After when he came back, 1 day itself he got it done. That bugger left it lying on the table for a week la. Come back 1 day can kao tim.

Dunno how they got voted. All i know is that public bank is not as fast as they claim. Slumber only. Sama saja.

That's why in future will find friends or someone who have friends in bank to kao tim it. Anyway if buyer get loan from Bank take longer time but less hassle. No need go JPJ for ownership transfer. Even buyer just straight get insurance from bank. IS Life + Accident insurance.

Only thing need to do is the Puspakom Inspection. RM90. I think if buyer get loan, RM60 should be bear by buyer. Since we usually just pay RM30 so is a small amount that we seller can bear.

 

[vr2turbo]

So the loan still not approved?
Buyer what car fast they should be chasing.....

 

[Supra_Fanatics]

So the loan still not approved?

Approved. Now waiting for ownership transfer to be done by the bank. Once confirmed. It is safe to handover the car according to the bank. They said it will not be possible to do any cancellation of the loan once the car ownership transfer is successfully transferred.

 

[vr2turbo]

Only the money part got to hold on first.....

 

[Supra_Fanatics]

Only the money part got to hold on first.....

The money part will take about 2 weeks. Cuz buyer ask the banker when can I hand over the car. They dont want wait till money goes into my account 1st it seems that's why I call the bank to confirm whether it is a guarantee that money will masuk my account and they guaranteed that.

That's why only I dare to handover the car once ownership transfer confirmed.

 

[vr2turbo]

The money part will take about 2 weeks. Cuz buyer ask the banker when can I hand over the car. They dont want wait till money goes into my account 1st it seems that's why I call the bank to confirm whether it is a guarantee that money will masuk my account and they guaranteed that.

That's why only I dare to handover the car once ownership transfer confirmed.

Person you called confirm or not? Hear your journey on the sales of your car I also scare.....:hmmmm:

 

[Supra_Fanatics]

Person you called confirm or not? Hear your journey on the sales of your car I also scare.....:hmmmm:

Yes bro, the same person that handle our signings on that day. Actually I was told by the officer who came down to take photo of my car, since the buyer went and ask him again. I already told them that after get money only give car but they still eager to get the car.

I also scared man, but learn quite a lot of things within this period.

 

[vr2turbo]

Yes bro, the same person that handle our signings on that day. Actually I was told by the officer who came down to take photo of my car, since the buyer went and ask him again. I already told them that after get money only give car but they still eager to get the car.

I also scared man, but learn quite a lot of things within this period.

Yup, learn thru' experience can be fun as well as scary, but real life situation is still the best way to learn, as both physical and mental......

 

[Supra_Fanatics]

Yup, learn thru' experience can be fun as well as scary, but real life situation is still the best way to learn, as both physical and mental......

Surely an experience with lots of fear, concern, anxiety, depression, frustration, patience, time and energy involved all this while. Took me like 3 months to sell off the car with a few bad deals and some conman emails and msgs. Even on the day to the bank I got 1 SMS asking for my car still available.

I said available but already have buyer waiting for loan to approve. If not approve then is on sale again and I shall let him know.

He quickly reply. Yes please, I'm interested in your car. Will be paying up cash immediately. Let me know.

I was like...wow...so good manners and got english way of talking. Yes please? lol!
Another scam. Usually they SMS. All genuine one make calls to me.

Some called me and trying to bullshit their way through saying the car if don't sell now, later price even worse. Im offering RM18K for your car which is consider very good already, cuz u see ar the new Saga SV so new and yet price only RM35K+-. So your car price if sell 24K a bit hard to sell. Ppl would think why not get new one.

I just like "Oh...is it? Oh yes ar? I see...." Then tell me like what service outside not good one la. There is not such thing as trusted mech. Trust me I'm an engineer. Best to service at SC center.

Engineer...okay LMAO!

Told me to think about it. But somehow he manage to bullshit a lady that he told me a Saga BLM white color Mileage only 20K and car is very new still. She will to sell at RM18K but he said too bad is white color that's why considering to take or not.

I say, like that ar. I ask my uncle and get back to u. Hang up and didnt bother. Well I'm too nice, like izso said he would F him upside down already

Yet he service his car on his own

 

[vr2turbo]

Surely an experience with lots of fear, concern, anxiety, depression, frustration, patience, time and energy involved all this while. Took me like 3 months to sell off the car with a few bad deals and some conman emails and msgs. Even on the day to the bank I got 1 SMS asking for my car still available.

I said available but already have buyer waiting for loan to approve. If not approve then is on sale again and I shall let him know.

He quickly reply. Yes please, I'm interested in your car. Will be paying up cash immediately. Let me know.

I was like...wow...so good manners and got english way of talking. Yes please? lol!
Another scam. Usually they SMS. All genuine one make calls to me.

Some called me and trying to bullshit their way through saying the car if don't sell now, later price even worse. Im offering RM18K for your car which is consider very good already, cuz u see ar the new Saga SV so new and yet price only RM35K+-. So your car price if sell 24K a bit hard to sell. Ppl would think why not get new one.

I just like "Oh...is it? Oh yes ar? I see...." Then tell me like what service outside not good one la. There is not such thing as trusted mech. Trust me I'm an engineer. Best to service at SC center.

Engineer...okay LMAO!

Told me to think about it. But somehow he manage to bullshit a lady that he told me a Saga BLM white color Mileage only 20K and car is very new still. She will to sell at RM18K but he said too bad is white color that's why considering to take or not.

I say, like that ar. I ask my uncle and get back to u. Hang up and didnt bother. Well I'm too nice, like izso said he would F him upside down already

Yet he service his car on his own

Yup, had follow your journey, in fact was the one who told you to try selling in Sunday car mart.

Actually if you know got so much problem you might have sold to Used car earlier.

Fuh! you are saying don't trust an Engineer? We have one oh!......hahahahaha

 

[Supra_Fanatics]

Yup, had follow your journey, in fact was the one who told you to try selling in Sunday car mart.

Actually if you know got so much problem you might have sold to Used car earlier.

Fuh! you are saying don't trust an Engineer? We have one oh!......hahahahaha

No la, not don't trust. Just that he is more like boasting how good he is, how knowledgeable he is and trying to convince u to see him as someone knowledgeable that what he said is definitely right and have to listen. Totally trying to bullshit his way out in getting a cheap deal in getting a Proton Saga BLM. Then say new Saga SV have brake-disc and ABS which mine don't have which is a joke (both don't have)

Ya, but then still glad I manage to sell it higher than what used car dealer offers. Haih. If only those used car dealer offer high, I already sell adi.

Lesson learn is that, the condition of the car does not boost up your price but just the higher possibility in getting your car chosen as the one instead. But price still depends on Buyer's budget and how much they willing to pay.

All my plus point seems like went down to drain LOL!