Trade in procedure..

[erman6600]

Hi all..Due of many scam cases expecialy with car trader it made me scared since i would like to trade in my car with one of SA in bmw showroom somewhere in north. Could anyone tell me the right procedure? Do i need to left my car to him before full sattlement? I just need to be extra careful because one of my friend get cheated by SA by promise to sell her car to 3rd party, but in the end the car loan is not sattle and she in burden with 2 loans to cover up..Please enlighten me. Thanks.

 

[tIANcI]

When selling a car, always have a proper bill of sale/contract. Terms of the sale must be clear. State the following:

- price
- settlement process
- duration to obtain loan
- forfeiture of deposit (how it will or will not be forfeited)
- duty of buyer to ensure transfer is effected within x duration
- terms in case of failure at PUSPAKOM (who bears cost to rectify etc.)
- sale does not include existing tinting (almost all car's will fail at PUSPAKOM)

Never handover car until the bank has confirmed settlement. Never ever ... Because not only might they not settle the outstanding but in the case of an accident, you probably be made a party to the suit due to vicarious liability.

After sale is completed, always:

- cancel the insurance
- notify the JPJ of sale (send in copy of duly executed transfer doc)

Hope this helps.

 

[love1mummy]

better let the runner to be focus doing it