Why need my IC?

Hi all, hope some kind bro and sis can help me with a question.

I'm selling my old ride, and first time doing a direct sale to a buyer. The buyer is applying for a loan from a private credit company, and the credit company is asking me to produce my physical IC to them inorder to approve the loan to the buyer.

My question here is, the buyer is the one applying for the loan, why do them need the my IC?

Thanks in advance.

PS- Mods, im not sure this is the right place for this qns, pls move it as you deem fit.

private credit company... illegal type one?

Well if they need your IC sure there is a form for u to fill and sign.. so ask for that form and read it.

If no form and just IC ask them get lost.

me remember many years back ...did a direct sale to someone and i actually went together with him to his credit company.....guess the company need to verify with the owner before loaning out the money....think they did photocopy my IC but cannot remember if i sign any form....

yes, IC is require...if u feel not safe, can go together with the buyer...even for me, trading in my old ride to CnC, SE will need my physical IC to de-register/trade in....

i usually go down to settle paperwork when they ask for my ic, it only take 10 minutes to register with "ah long"...

Thanks for the replies

I did check up the co. It's a registered co.. But can't be too careful nowadays. Yep, I will go with the buyer to see for myself, I'll make sure to read the forms carefully. Needed to know if this procedure is normal, feels easier now that it seems like a usual practise.

Sorry another qns, is it standard that we need to wait for two days after the loan is settled with the bank to effect the transfer of ownership at LTA? The buyer is very anxious to get the car and asked if I could let him hv the car once the loan is settled, but b4 ownership transfer. Bros and sis' pls Advise?

Dar wrote:Thanks for the replies

I did check up the co. It's a registered co.. But can't be too careful nowadays. Yep, I will go with the buyer to see for myself, I'll make sure to read the forms carefully. Needed to know if this procedure is normal, feels easier now that it seems like a usual practise.

Sorry another qns, is it standard that we need to wait for two days after the loan is settled with the bank to effect the transfer of ownership at LTA? The buyer is very anxious to get the car and asked if I could let him hv the car once the loan is settled, but b4 ownership transfer. Bros and sis' pls Advise?

Before ownership transfer which mean the car insurance still under your name. So if u give him the car before hand and any accident happen which mean you will have to settle the insurance part. Worth it??

any tickets from LTA, you'll also need to answer......

if didnt buy any insurance dont sell him, unless he show u the insurance, or u can terminate ur insurance immediately.

yea, he said he got insurance. will terminate my side once give him the car, that shld be ok liao right? maybe write an agreement that anything happen before the transfer he will take responsibility?

he is very excited with the car, so i kinda feel bad to deny his anticipation...haha

actually if he buy insurance, u can terminate ur car insurance liao, coz no matter who is the owner, the car is covered.

not sure if this is the right way to say ?

tish wrote:actually if he buy insurance, u can terminate ur car insurance liao, coz no matter who is the owner, the car is covered.

not sure if this is the right way to say ?

Thanks tish... i think i got the idea...
will check with the bank how long they need to settle the loan... and see if they can expedite the process to facilitate the soonest ownership transfer.

i felt bad for the buyer, he paid a dealer a few hundred dollars to settle all his paper work, loan and insurance etc.. both of us are first time seller and buyer, so he was relying on the dealer to advise him. but think he was taken for a ride by the dealer. Dealer very 'bo chap' and kept telling him everything is done, even advise him that he can collect the car from me already, when the loan is not settled and ownership not transferred. So i refused to give him the car. this happened two weeks ago, and the loan is still pending. only now asking me to produce my IC. Very irresponsible person, this dealer.

So bro and sis looking to sell car must look for trustworthy dealers.