(Photo credit: Business Times)
Come July 2018, car buyers will be able to log into the Land Transport Authority (LTA) portal to complete vehicle purchases and transfers.
According to LTA, this new “fast and secure” online process will protect car buyers by preventing car scams from occurring. Currently, car buyers depend on car dealers to properly process and complete vehicle transfers to them.
Available as early as July 2018, car buyers will need their SingPass or CorpPass accounts to log into the LTA. After a two-step authentication process, buyers will be able to accept vehicle transfers electronically with a simple click of a mouse. Other vehicle-related transactions can also be done on the LTA portal.
Besides being more convenient, this online process will also save manpower costs, said LTA. In addition, car buyers will no longer need to queue up at LTA’s office and wait for transactions, like vehicle transfers, to be processed.
In April 2018, two parallel car importers closed down without notice, owing customers S$300,000 in deposits. For those unaware, the motorcar industry has received the most complaints from consumers over the last six years.
With this new system in place, car owners will hopefully be better protected. However, customers should still remain diligent and refrain from making full payment until ownership is properly transferred.
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