(Photo Credit: Le Casa Del Autor)
It's time to sell your car, and you've got all but two options. You could get someone to help sell your car for you, or you could take matters into your own hands. Of course, it goes without saying the virtues of getting someone to help sell your car for you. On the other hand, if you choose to sell it by yourself, it could either pave the path to a strong personal mission, or to tedious times of painkiller popping. It's a long process of waiting with no guarantee of a prospective buyer, lots of paperwork, and problems waiting to happen if you're clueless on the necessary steps.
Here's what to do!
When you finally get an interested party, you'll need to arrange a meet-up. Your prospective buyer is going to want to test drive your car. Naturally, you wouldn't want your $130,000 machine in the hands of some stranger with no precautions. It's best to have an indemnity form at hand. That way, in the event that your buyer has an affinity with high speeds and lampposts, they are legally responsible for it! The buyer might also want to know where and when the car has been maintained so that they know that the vehicle is in good condition, in which case, you should have all relevant receipts from servicing and maintenance to show the buyer.
Get your indemnity form here!
After test driving and inspecting the vehicle, have them sign a sales agreement form if they are interested in buying your vehicle. That ensures that the agreement is on black and white. After that, the buyer should place a deposit on the vehicle. On the buyer's part, they should receive an receipt from you.
Get your sales agreement form here!
Before you sell your vehicle, all outstanding loans must be paid off before you can transfer the ownership to the buyer. Chances are, the buyer isn't going to pay for the car upfront in cash. In that case, the buyer will have to source for loans to pay for the car in full. On top of that, the buyer must also get his/her own motor insurance, which is needed for the transferring of ownership.
To transfer the ownership from seller to buyer, both parties must be present at the Land Transport Authority. Both parties will need to bring their ICs and proof of a valid motor insurance and Road Tax. You'll also need the M01 form filled up to submit to the LTA. There will be a transfer fee ($11) which would be calculated out by the Registrar of vehicles.
Payment to the Seller
Almost there! The buyer has to pay the balance amount to the seller, which should be settled by the loan company or if possible, in full cash. You should provide a receipt back to the buyer to confirm receiving the payment.
Once that's done, it's time to hand over the vehicle. The sales agreement has the portion to confirm the handover of the vehicle. This confirms that any fines and claims are the buyer's responsibility.
That's a handful, isn't it?
Selling your car shouldn't be so much trouble, and with us, it won't be! We handle your problems so that you don't have to. Just submit your details here, and we'll liaise with our extensive network of dealers to get you the best price for your car!
After that, make an appointment with the interested buyer and they'll handle all outstanding bank loans and troublesome paperwork. Then, they'll pay you the balance after the handover. It's as easy as that!