I still owe bank $65,000 after selling car to dealer

[BMWM3]

Singapore Seen | I still owe bank $65,000 after selling car to dealer

What should we do if we caught in a similar incident? Bros your thought please.....


After selling a car to a dealer, STOMPer Fok Kah Hon faces an outstanding bank loan of $65,000 and heavy traffic fines. He is at a loss as to what he should do now.The STOMPer told us in an email today (Feb 25):"I had a car sold to a dealer two months back; The car dealer took the settlement money and the car from me, but did not settle the outstanding bank loan of more than $65,000 and did not initiate the transfer of ownership to the company. "Now the car is no longer insured. Parking summons from HDB and traffic fines from Traffic Police are directed to me, even though I am no longer driving the car."I told the car dealer numerous times but they kept making empty promises. "I reported the case to the police, but they said there was nothing they could do except to "wait". "LTA says they are unable to do anything as well because they are unable to force the car dealer to pay the bank loan. "I am at a loss as to what to do now because the bank has threatened to sue me and my credit ratings would be adversely affected. "What can I do?"

 

[sandman369]

Re: I still owe bank $65,000 after selling car to dealer

Why can't one settle his/her own loan? It's just a trip to the bank.

Get a bank draft/money order before passing your car and transact at LTA for immediate transfer.

 

[wt_know]

Re: I still owe bank $65,000 after selling car to dealer

1. naive
2. trust the dealer blindly
3. simply lazy

 

[sft]

Re: I still owe bank $65,000 after selling car to dealer

1. naive
2. trust the dealer blindly
3. simply lazy

bro, I agree with 1 and 2, but why lazy?

 

[wt_know]

Re: I still owe bank $65,000 after selling car to dealer

means he knew how to do it but simply lazy to do it ...
just pass the car to dealer and expect dealer settle everything ... tan ku ku

 

[Mockngbrd]

Re: I still owe bank $65,000 after selling car to dealer

Wouldn't passing cash to bank be sooo much easier to settle the loan?

 

[wt_know]

Re: I still owe bank $65,000 after selling car to dealer

provided he got $65k cash to settle the loan first and then sell the car to dealer and collect full?
anyway, there are so much of such horror stories and yet seller is not taking every precaution to protect themself
i'm afraid ... not many used car dealer able to give cashier order or cash
they are all cowboy ... they take your car and hope to flip it in few weeks and if sold then settle the car

Wouldn't passing cash to bank be sooo much easier to settle the loan?

 

[MW]

Re: I still owe bank $65,000 after selling car to dealer

Please la, most of us just hand everything to dealer to settle. Only when shit happens you see experts telling u what should you have done blah blah. Who here reads all the fine prints in a document, such as insurance policy or credit card t&c?? We just assume everything that should be there is there and what should be done is done. Same goes for dealers

Anyway ccb dealers and ccb FT

 

[pengful]

Re: I still owe bank $65,000 after selling car to dealer

Please la, most of us just hand everything to dealer to settle. Only when shit happens you see experts telling u what should you have done blah blah. Who here reads all the fine prints in a document, such as insurance policy or credit card t&c?? We just assume everything that should be there is there and what should be done is done. Same goes for dealers

Anyway ccb dealers and ccb FT

I do read hor. But I cannot understand what the f**king fine prints say. CCB lawyers who drafted the fine prints.

 

[sandman369]

Re: I still owe bank $65,000 after selling car to dealer

Please la, most of us just hand everything to dealer to settle. Only when shit happens you see experts telling u what should you have done blah blah. Who here reads all the fine prints in a document, such as insurance policy or credit card t&c?? We just assume everything that should be there is there and what should be done is done. Same goes for dealers

Anyway ccb dealers and ccb FT

I didn't the last time I had to do this. I read fine prints too. I do not trust them, not even ADs

 

[Slow_poke_driver]

Re: I still owe bank $65,000 after selling car to dealer

Can report police say kanna scam and car stolen?

 

[wt_know]

Re: I still owe bank $65,000 after selling car to dealer

is this uniquely singapore .... waiting for lawyer comment

1. made a police report ... police say can't do anything
2. go to LTA ... LTA say can't do anything
3. go to bank .. bank say can't do anything

all 3 ask the car owner go fk spider?

4. go to the dealer ... dealer say go fk yourself for giving me the car

 

[hoks]

Re: I still owe bank $65,000 after selling car to dealer

I think we are assuming that the "settlement money" he passed to dealer is the 65k. It can be that he does not have the $$ to settle the 65k and the dealer is suppose to top up whatever cash owner has passed them and settle the car loan then do the transfer.

I only wonder why police say cannot do anything...isn't this fraud?

 

[detach8]

Re: I still owe bank $65,000 after selling car to dealer

A lot of people don't have the cash to full settle the car before selling, especially those who took 10 year loans.

 

[naan1974]

Re: I still owe bank $65,000 after selling car to dealer

I think we are assuming that the "settlement money" he passed to dealer is the 65k. It can be that he does not have the $$ to settle the 65k and the dealer is suppose to top up whatever cash owner has passed them and settle the car loan then do the transfer.

I only wonder why police say cannot do anything...isn't this fraud?

Police cant tell who is the fraud here, can be car dealer or seller
so cant do much

 

[MW]

Re: I still owe bank $65,000 after selling car to dealer

is this uniquely singapore .... waiting for lawyer comment

1. made a police report ... police say can't do anything
2. go to LTA ... LTA say can't do anything
3. go to bank .. bank say can't do anything

all 3 ask the car owner go fk spider?

4. go to the dealer ... dealer say go fk yourself for giving me the car

One word. Sue

 

[Darth Vader]

Re: I still owe bank $65,000 after selling car to dealer

call gangster to settle for you.
but max can get back 50%.
sue ? lol

One word. Sue

 

[sandman369]

Re: I still owe bank $65,000 after selling car to dealer

They will just close the company. U get shit. It's a big purchase, read the fine prints.

 

[Red_Bean_Bun]

Re: I still owe bank $65,000 after selling car to dealer

SPF ?

Please do not waste time reporting to those guys especially those at the neighborhood police post.

Go give a commission to a debt collector got better chance to get money back .......

 

[chershen]

Re: I still owe bank $65,000 after selling car to dealer

Painful reminder of my own experience which I have shared here previously.

Exact same predicament as the poor soul in STOMP.

Call me naive, trust the dealer blindly or lazy (?).

No one can help you except getting a good lawyer, seriously. BUT, that is assuming that the company has not "ZHAP LUP"!

Can trace back my posts for those who are not aware.

End of the day, help yrself, have a good lawyer with you. The rest? Don't waste time.