In recent news
“Car dealer jailed 7 years for scam involving S$3.2m”
The number of scams involving car dealers has been on a steady rise in Singapore. Even if they don’t make the headlines, it is a well-known fact that dealing with a car dealer automatically incurs a premium. I mean, how else are these people expected to make a living for themselves? Dealers are not the only one to blame. We, as consumers, should also take the responsibility of knowing what the precautionary steps needed when dealing with a car dealer are. Don’t know how to deal with car dealer? Below are some simple steps to always remember whenever you come face to face with a car dealer.
1) Always obtain a log card
This is one mistake many people always make. They don’t ask for the log card after they have completed the transaction of their cars. The purpose of the log card is to ensure that YOU are the owner of the car as the log card states clearly who the owner of the car is. If you didn’t manage to get the log card from the dealer, you can simply log into one.motoring and use your SingPass to check. If you don’t see your name under the car in a week, you better start calling as something might be up. Transfers usually take place within a week!
2) Always have your paperwork on hand
Here is a list of things you should always have wirh you, although this is by no means extensive.
- Sales and Purchase Agreement (shows that you bought the particular car unit)
- Payment Receipt (containing the number of transfer and the detailed car mileage)
These two points will affect the future resale value of your car so make sure that the car you get after your paper work is finally processed does not get modified. You do not want an additional transfer costs or mileage added to your car.
3) Check all documents
Have a checklist of documents you need to sign or take note of. Any additional document that you sign can be used as leverage against you, so never never never sign documents under pressure. Don’t overlook it. Also, a good habit would be to photocopy every document you sign or return to the dealer.
4. Terms and Conditions
Don’t we all hate that small little font at the bottom of the page? However, don’t overlook it. Look out for any penalties imposed, or any additional “admin fees or loopholes.
5) Obtain the appropriate loan amount
Make sure that you request for the loan application form. If you don’t, you might be applying for a loan higher than you would otherwise have been willing to and eventually have to spend a longer time and more money trying to repay your loan.
6) Hand Over Form
Ensure that there is proper handover of liability. The dates, time and name must be accurately detailed on the form.
7. When you don’t know what to do, call Carro to ask our car specialist for advice.
At Carro, our core principle is transparency. We help customers by guiding them through buying or selling process.
Image Credit: Do it Yourself