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kch
25-08-2006, 01:03 AM
I'm planning to get rid of my 4-yrs old car & disposing it to a car dealer will making me losing like hell.. So I decided to lelong it to my cousin who agreed to take over the remaining balance of the car loan..

I intended to directly transfer the owership from my name to my cousin's. Just wondering if it can be done.. Any advice from the experts?

*Car value depreciation is going down faster that KLSE stock market, help!!

edwardyap
25-08-2006, 01:44 AM
Nope, can't transfer unless you have settled all outstanding loan amount. Your cousin could get a car loan for the balance amount and you can then use that amount to settle the balance.
Or, let your cousin use and pay for the installments till it's fully paid up and then do the transfer. Just list your cousin as the secondary driver/user with your car insurance provider. But it's not advisable as the finance company will still come after you in the event that your cousin defaults in the payment.

charis14
25-08-2006, 09:11 AM
But it's not advisable as the finance company will still come after you in the event that your cousin defaults in the payment.You will also be liable for any traffic offenses incurred too.