Millhouse

Hello -

I've agreed to sell my car to the first person who showed interest as I couldn't be bothered dealing with people. The downside of that is that he wants to finance it. I've cleared my loan and the mortgage is released.

I've given my buyer the usual documents. My question is that assuming his bank wants to take security over my car - then I need to transfer it to him at or around the same time as the money is transferred. My question is how does this work? At somepoint, one of us will be naked - i.e. the money transfer has not happened, or the ownership has not passed.

As the person is from a country of questionable ethical values, I want the money before I transfer ownership. Is this possible? Will the bank wire the money before it has taken security?

Any advice duly appreciated.

(oh, and if anyone wants to pay 90k cash for 2013 Fortuner with 40km on the clock let me know - I'll jump ship tomorrow)

Scamp you have nothing to add to this thread so no need to comment. lol

shiva

if they are getting a loan tell them to bring cash surely?

actually now i think on it, the car would be in the banks name not the individuals so surely it'd be the bank you transfer ownership to at the RTA, that should give you some security no

scrubbedexpat141

I'm sure it's perfectly reasonable to not transfer ownership until the money is in your account.

Ask him to find out when the money lands and if there is any need for any pre-lim agreements to be in place for the bank to be happy that they will 'own' it?

If he quibbles then you could just give him the reg card to show you're committed to him buying it -he can't do anything with just that and without you?

Millhouse

Ah, thanks

Well, I am quite committed to selling it to him - unless the guy in the RTA offers me 1k more for it like he did the last time I sold a car.

Not keen to transfer until I see the greens to be honest.

scrubbedexpat141

Yeah I wasn't much use was I?

I know when I was considering selling mine a guy at work had sold his with loan outstanding to a cash buyer. He gave the buyer documents and the reg card until the money cleared to then pay off loan and transfer ownership. Now, I'm sure you have to trust someone but if you have the documents that the person with your money needs to do anything then you'd be a bit happier.

Has his loan been agreed / processed? Mine took a few weeks and ended up I had to go to HSBC with the owner of the car (the guy in the garage) together to sign stuff with the bank. Then we went to registration place and it all got done for me but what happened I've got no ****ing clue. The guy sorted everything.

Millhouse

Interesting. As far as I can see he is starting the application now... probably a time waster then.

britexpat76

You normally have to go through a showroom as they will give the bank the quotation (If its car loan) The dealer will them protect you both and keep car until he receives the cash from bank.

If he just gets a personal loan no need for any of that.

scrubbedexpat141

It took at least a week for me to get loan sorted. The bank (as BE says) wanted an independent valuation done too etc.

Ethos82

Tightwad Millhouse is selling a year old car? That's the worst time to sell a car.

Unless the Millhouses are finally leaving Dubai? Fess up, Millie. What gives?

scrubbedexpat141

Boooom. He's back.

Ethos82

I'm stuck here till Wednesday on a work trip. Never realised how much I missed humidity. And dust. And glare.

Millhouse

It's missed you more.

I'm buying a 911.

scrubbedexpat141

Awesome.

Now all you need to do is go to Double Deckers and argue with BritExpat about which Porsche is best.

britexpat76

That wasn't me, if you remember we made love not war. Though the 911 is the only Porsche to have.

mikewot

If you're a hairdresser.