Brains1983

Afternoon Bored,

I'm likely to buy another car shortly. The one I want is in Dubai, they owner is only looking for someone to take over the monthly payments. Does anyone know what the procedure is for that, I'm presuming it's another salary letter, then arranging it through the same bank is the finance on the car is with? then half a day at the RTA to do the transfer, then however this export to Abu Dhabi thing works?

Can you also transfer the insurance? I've seen plenty adverts stating how long there is left on the insurance as if it's a selling point, so presuming you can, however since the original premium paid should reflect the claim history of the original owner, it doesn't make sense if he can get a good premium and then transfer the insurance to a shit driver like me?

Brains1983

Anyone?

Bluelionesse

why not find out who the car is financed by and insured with, then give them a ring. Good luck

busybee2

bank payments are divided out at the beginning of the loan ie 24 months etc. whose to say that now that car is worth x times remaining loan payments, it may have gone down. so i would get them to pay off the loan first and not take over their payments you may not want to deal with "their" mortgage/loan provider etc. also with insurance yes and no the insurance is usually worked out on 4 or 5% depending on whether car or 4x4 but if you have no claims discount etc then you should be able to get a discount, and so you may actually get a better or worse rate, check out what you would have to pay for that car first.

Eeyore

I thought that either the banks or the RTA don't allow transfer of ownership on a car that has an outstanding loan against it? The story I keep hearing is that you can't just agree to take over someone else's payments, the original loan has to be paid off before a car can change owners.

rowell

Yes thats the way I think it works

busybee2

i have heard of people transferring over payments though. i suppose it depends on which bank.