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Trade in procedure..
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<blockquote data-quote="tIANcI" data-source="post: 675582" data-attributes="member: 25377"><p>When selling a car, always have a proper bill of sale/contract. Terms of the sale must be clear. State the following:</p><p></p><p>- price</p><p>- settlement process</p><p>- duration to obtain loan</p><p>- forfeiture of deposit (how it will or will not be forfeited)</p><p>- duty of buyer to ensure transfer is effected within x duration</p><p>- terms in case of failure at PUSPAKOM (who bears cost to rectify etc.)</p><p>- sale does not include existing tinting (almost all car's will fail at PUSPAKOM)</p><p></p><p>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.</p><p></p><p>After sale is completed, always:</p><p></p><p>- cancel the insurance</p><p>- notify the JPJ of sale (send in copy of duly executed transfer doc)</p><p></p><p>Hope this helps.</p></blockquote><p></p>
[QUOTE="tIANcI, post: 675582, member: 25377"] 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. [/QUOTE]
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