How to sell your car directly to a buyer

Edwin Loh
4 Jun 2010
 

Updated 3rd March 2017

So you have found someone who wants to buy your car, and are willing to go it your own. You can give the used car dealers a miss. Selling directly might not be as daunting a task as it seems to be. Here are some steps to guide you along the way.

 

Step 1 - Test Drive

Provide an Indemnity form for the buyer to sign if a test drive is required. This releases the seller from any liabilities in the event of any damage, loss or injury sustained during the test drive.

A buyer may ask for a third-party evaluation from the likes of STA or Vicom. But this will be up to the seller to decide, as it does take some time, and there will be some cost involved.

Do some research when pricing your car. The price which you would transact your vehicle at, would typically be lower than what the dealers are offering in the used market, as dealers would need to cover various costs, like overheads, minor repairs and ensuring that there is some buffering to factor in the Lemon Law.

 

Step 2 – Sales Agreement                

Upon agreement to the price of the vehicle, a Sales Agreement Form should be signed as a confirmation of purchase. This agreement should include details on the buyer, seller and the vehicle being sold. After which, a deposit either by cash, bank transfer or cheque is to be made.

The seller should then issue an Invoice for the deposit paid. Keep this invoice, as it will be used again later in the transaction.

 

Step 3 – Loan Settlement and Insurance

Seller

  • The seller must ensure all loans for the car has been paid up for, before transferring the vehicle to another party. If you need to settle your existing loan to bridge the difference in-between the transaction, give us a call at +65 6533 5878 for advice. We'll point you to a few reputable financing parties.

Buyer

  • The buyer must source for his/her own loans to finance the payment of the vehicle if the full payment is not done in cash. The deposit is not refundable if the buyer decides not to follow through with the transaction. However, the deposit is refundable in the event that the loan is not approved and the documentation of the loan process is provided to the seller.

  • Some cars may be near their ten-year mark, and a keen buyer may intend to purchase it, in view of renewing its COE. If financial assistance is needed, look here for COE Loan arrangements.

  • The buyer must also source for his/her own motor insurance for the vehicle. Car insurance can easily be applied for through our Car Insurance Quotation service.

 

Step 4 – Transference of Ownership

Upon buyer loan approval (loan approvals take approximately 2-3 days), the vehicle transfer can take place. Both the buyer and seller must be present at the Land Transport Authority with their Identification cards (I/Cs) and present proof of a valid motor insurance and Road Tax. Both parties are to fill in the M01 form  the transference to be effected. Vehicle ownership cannot be transferred within 3 months from the date of registration unless due to the death of the registered owner.

The buyer will have to absorb the transfer fee incurred in the ownership transference process.

The transfer fee is $11

 

Step 5 – Payment of Balance

Upon vehicle transference, the buyer has to pay the seller the balance of the agreed amount either through a finance company (loan), cheque or a cash payment. The invoice issued earlier, should have the balance amount filled in and countersigned by both parties.

 

Step 6 – Handing/Taking over

The last step is for both parties to sign the Handing/Taking Over form. The buyer is then responsible for all fines, summons and claims relating to the vehicle. The seller can now hand over the keys to the vehicle and all relevant documentation about the vehicle to the buyer.

Within just three to four days, you are able to sell your car!

 

For ease of reference, here are the required forms again for download:

Form for Step 1
Indemnity Form 
Forms for Step 2
Sales Agreement Form
Invoice Form 
Form for Step 4
M01 Form from LTA site
Form for Step 6
Handing and Taking Over Form 

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