What is the process after I accept your offer for my car?

FAQ for Seller

The next step is to provide us with your preferred date, time and location to view the car and also the intended date of handing over the vehicle. You will need to apply for a Transaction Pin from the Land Transport Authority (LTA). The next step is to provide us with your preferred date, time and location to view the car and also the intended date of handing over the vehicle. You will need to apply for a Transaction Pin from the Land Transport Authority (LTA).

What is Balloon Scheme?

FAQ for Seller

The Balloon Scheme is a typical loan option that helps a potential car buyer reduce initial down payment & heavily reduced monthly repayments. The initial downpayment can be reduced to as low as 10% and its monthly installemnt can be reduced by a good 50%! However, it also means that by the last year, your PARF value will wiped out or with 10% balance, depending on individual finance company, which you may have to potentially pay in cash to redeem its PARF should you wana extend its COE or you could simply give the car back to the finance company without paying anything. Another thing to note will be that usually, under the Balloon Scheme, interest rates will be slightly higher. Tips: At the end of the day, you could have an dealer to offer you higher body value for the car and they will redeem its parf for you, so instead of returning the car and getting no cash back on body value, look for us! & we will redeem its PARF Value and at the same time, giving you a good cash back on your cars body value!

How to find out the scrap value of a car?

FAQ for Seller

The exact dollar scrap value of your car depends on when do you intend to scrap/deregister your vehicle. If you intend to scrap your car before your COE expires, it is calculated based on the formula below:

Scrap Value = Total COE rebate + Total PARF rebate

Your COE rebate is pro-rated based on the remaining amount of your COE.

If you intend to drive your car till the very last day of your COE, here's the formula:

Scrap Value = Total PARF rebate

To find out the amount that you are able to get back as 'scrap value', you can check it on LTA's website via the link given below,

https://vrl.lta.gov.sg/lta/vrl/action/pubfunc?ID=EnquireRebateBeforeDeReg

Take note, you will have to select the intended deregistration date and that the amount varies, depending on the date you select.

 

 

How to obtain my vehicle's COE number?

FAQ for Seller

1. Go to http://www.onemotoring.com.sg, on the top menu, click on "Log In", then click on "Singpass" or "Corpass"
2. Once you have login with your Singpass, on the top menu click on "Vehicle Hub", then "Enquire asset info"
3. Select "Vehicle" under Asset Type and input Vehicle No, then click "Details"

What is the penalty for doing an early settlement on my vechile outstanding finance?

FAQ for Seller

Early finance redemption for vehicle loans in Singapore is calculated based on the "Rule of 78", which is a method of allocating the interest charge on a loan across its payment periods. More interest charge is allocated to earlier payments compared to the later ones.

Because the banks/instituition need to cover their administrative costs and commission already paid out, car owners who early redeem their loans are further penalised with a charge of 20 percent of the unpaid interest; the bank will only rebate the borrower 80 percent of the unpaid interest instead of the full sum.

Banks usually further charge an Early Settlement Penalty, but in our below example, we will ignore this portion.

When doing an early redemption on a car loan, the amount to pay is:

Initial loan amount + total interest - instalments already paid - 80 percent of unpaid interest

Can I buy a car even if I do not hold a valid license in Singapore?

FAQ for Seller

Good news, yes. You can buy a car even if you do not hold a valid license in Singapore. But here's the catch, driver of the vehicle will have to be named in the car insurance document which is known as the 'insured not driving policy' while you have to provide a named driver.

It is basically a declaration that you will not be driving the vehicle, and that only the named driver in the policy is the actual person driving the vehicle instead of you. So technically you're paying off the car and someone else will be driving it.

 

Can I authorize a friend or family member to sell my vehicle while i'm overseas?

FAQ for Seller

Yes you can authorise a family member or a friend to sell your vehicle on behalf, however there is a few of things to take note of.

1. Ensure that you have obtained the Transaction-Pin from LTA before you leave the country and hand to the person authorised to assist in the sale. If not you can also request for the Transaction-Pin from www.onemotoring.com.sg and it will be delivered to your residential address.

2. Duly Completed/Signed "Application Form For Transfer Of Vehicle (M01)". You can locate the form in the following link: http://www.onemotoring.com.sg/publish/onemotoring/en/lta_information_guidelines/forms_download0.MainPar.15985.collapsePar.67710.File.tmp/M01.pdf

3. Lastly you are required to get a "Power of Attorney" Letter to authorise the person to act on your behalf. Sample letter can be found in the following link:
www.onemotoring.com.sg/publish/onemotoring/en/lta_information_guidelines/transaction_pin/documents_for_transaction/annex_a_and_b.MainPar.50139.collapsePar.20903.File.tmp/Sample_POA.pdf

 

If my current car has been converted to a Z10 or Z11 (Grab/Uber/Other Business), am I required to convert it back to P10 or P11 (Personal) before selling or de-registering?

FAQ for Seller

Yes, you would be required to convert it back to P10 / P11 prior transfering to the next owner or deregistering it. The process is the same as converting it to Z10 in the first place. Simply go back to onemotoring with your login details and amend the vehicle specifications

Can I renew my current 5-year COE vehicle upon expiry?

FAQ for Seller

If your vehicle is a Category A, B or D vehicle, you can renew your COE for 5 years only once. When the 5-year renewal period is over, you cannot renew the COE again and you will have to deregister the vehicle

Can I renew my current 10-year COE vehicle upon expiry?

FAQ for Seller

If your vehicle is a Category A, B or D vehicle, you can renew your COE for another 10 years. Car's that have been renewed with 10 years COE can further renew their COE only with 10 years period

Can I renew my vehicle COE earlier than the expiry date of the current COE?

FAQ for Seller

You can renew the COE of your vehicle before the expiry month of the 10-year COE. The new COE will start from the first of the month following the renewal month and the balance unused period of the current COE will be forfeited.

For example, if the COE of your vehicle expires on 30 July 2018 and you choose to renew the COE early using the May 2018 Prevailing Quota Premium (PQP), the new COE will start on 1 June 2018 and the unused period of the current COE from 1 June to 30 July 2018 will be forfeited.

Can I renew my COE online if the COE has expired?

FAQ for Seller

You can still renew your COE online after it has expired but only within the 1-month grace period from the COE expiry date and with payment of the late renewal fee. After the 1-month grace period has passed, you cannot renew your COE anymore. For example, if your COE expires on 15 May 2018, you have until 15 June 2018 to renew your COE online. After 15 June 2018, you cannot renew your COE online or through any other channel anymore.

How do I check my COE expiry date and the Prevailing Quota Premium (PQP) rate applicable for my vehicle?

FAQ for Seller

The Asset Owner can login to his/her Dashboard using SingPass 2FA or CorpPass 2FA to enquire the COE expiry date and the PQP rate applicable for his/her vehicle. To do so,

Please visit www.onemotoring.com.sg > Digital Services > Enquire COE Expiry Dates and PQP Rates (Requires login). Log in using SingPass 2FA or CorpPass 2FA to check your COE expiry date and PQP rate applicable for your vehicle.

Can my car dealer help me to deregister my vehicle?

FAQ for Seller

For PARF-eligible vehicles

Only you can deregister your vehicle online by logging in to www.onemotoring.com.sg using your SingPass or CorpPass 2FA. Thereafter, you will need to dispose of your deregistered vehicle at an LTA-authorised scrapyard, store it at an LTA-authorised Export Processing Zone, or export it out of Singapore and upload the export documents online to LTA within 1 month from the deregistration date.

For non-PARF eligible vehicles

If you are scrapping your vehicle at an LTA-authorised scrapyard or storing your vehicle at an LTA-authorised Export Processing Zone (EPZ) pending export, log in to www.onemotoring.com.sg using your SingPass or CorpPass 2FA to appoint your car dealer as the authorised person to deregister your vehicle at the scrapyard/EPZ.

If you are exporting your vehicle, you will need to upload the export documents online to deregister your vehicle, by logging in to www.onemotoring.com.sg using your SingPass or CorpPass 2FA.

How do I know my vehicle has been deregistered?

FAQ for Seller

You should receive an SMS notification upon completion of a successful deregistration. You can view the status of your transaction at www.onemotoring.com.sg > Digital Services > Retrieve Deregistered Vehicle DetailsYou will also receive a letter from LTA after completion of a successful deregistration. Alternatively, you may also log in to www.onemotoring.com.sg using your SingPass/CorpPass 2FA to view your eletter, status of your transaction or to enquire on the registration status of your vehicles.

My vehicle was stolen but I have not made a police report. How do I deregister it for the PARF/COE rebates?

FAQ for Seller

You are required to make a Police Report with the Singapore Police upon discovery of the theft. The police will decide on the classification of the case. If the police classifies the case as theft, please submit the police report to LTA after 3 months from police report date for deregistration of your vehicle.

What must I do if I wish to deregister my vehicle and retain the registration number for use on my new vehicle?

FAQ for Seller

Before deregistering your vehicle, you can apply to retain the registration number of your vehicle at any of the following channels:
www.onemotoring.com.sg > Digital Services > Retain Registered Vehicle Number

 

ESA providing registration of new vehicle services

 

At LTA Counters (Before or when deregistering your vehicle)

How do I transfer Private Hire Vehicle (PHV)/rental car?

FAQ for Seller

Transfer of Private Hire Car (PHC)/rental car can be done online at www.onemotoring.com.sg. Vehicle owners can initiate the transfer of vehicle ownership using their SingPass/ CorpPass 2FA. The buyer or the next vehicle owner can similarly use their SingPass/CorpPass 2FA to accept the transfer of the vehicle ownership and pay the transfer fee using their credit/ debit card (VISA/Mastercard) or Internet Banking account (Citibank, DBS/POSB, OCBC/Plus!, Standard Chartered Bank or UOB). See more information at www.onemotoring.com.sg on the transfer requirements and procedures.

How do I authorize a friend or family to sell my vehicle while i'm overseas?

FAQ for Seller

1. Ensure that you have obtained the Transaction-Pin from LTA before you leave the country and hand to the person authorised to assist in the sale. If not you can also request for the Transaction-Pin from www.onemotoring.com.sg and it will be delivered to your residential address.

2. Completed/Signed "Application Form For Transfer Of Vehicle (M01)". You can locate the form in the following link: http://www.onemotoring.com.sg/publish/onemotoring/en/lta_information_guidelines/forms_download0.MainPar.15985.collapsePar.67710.File.tmp/M01.pdf

3. Lastly you are required to get a "Power of Attorney" Letter to authorise the person to act on your behalf. Sample letter can be found in the following link:
www.onemotoring.com.sg/publish/onemotoring/en/lta_information_guidelines/transaction_pin/documents_for_transaction/annex_a_and_b.MainPar.50139.collapsePar.20903.File.tmp/Sample_POA.pdf

Do note that the above is not applicable to a Company's Car. Different documentations will be required.

In the scenario where the vehicle owner has passed away, what is the procedure to sell the deceased vehicle?

FAQ for Seller

Upon the death of a person, called a deceased, the Personal Representatives of the deceased will need to apply for a Grant of Probate (if there is a Will) or Grant of Letters of Administration (in Intestacy) that will authorize them to deal with and distribute the deceased's assets.

With the authorization letter, the representative can then proceed to LTA to de-register the vehicle or sell it over to the dealers.

How do i sell my car through CarQuotations.com.sg online portal? What's the process like?

FAQ for Seller

1. Furnish us with the details in the form given at https://carquotations.com.sg/sell-car#sell-car-your-now and submit
2. Once we have received your details, our administrations will go through & prepare the submission of your details for bidding
(dealers & our corporate clients will then bid for the car)
3. Our sales executive will contact you on the next day to quote you with the highest price we've received for your car.
4. if agreeable, the sales executive will arrange the entire transaction; which is hassle-free (you can also choose your preferred location).
5. The full amount will be issued during the handover, and all legal paperwork will be handled for you.

What are the fees bearable by the seller involved when I sell my car with CarQuotations Group?

FAQ for Seller

For vehicles of any age under category A, B, C, and E, our Sell-By Bidding service is completely free of charge regardless if a transaction has taken place. All handling charges, administration, and commission payable will be borne by the buyer of your vehicle. 

What is the difference between consigning with CarQuotations.com.sg compared to advertising myself on Sgcarmart?

FAQ for Seller

Should you choose to advertise by yourself on SgCarmart, you would have to consider these factors,

You would be answering all the incoming calls from the public to your phone, arranging your own viewings with your prospective buyers

Issues: You would have a hard time differentiating which client has the highest potential, and when we mean highest potential, we meant highest chance of selling to them on the post and they have a higher chance of getting a loan approval. A genuine buyer even if buying at your full listed price, is a bad client if he couldn’t get the loan he requires.

and settling all the required paperwork on your own with the buyer. Not forgetting paying for the advertisement cost.

With CarQuotations, our seasoned professional consignment agents are here to assist from answering public queries from the listing, being the middleman in arranging the appointments, and taking care of both buyers and seller's paperwork.

What happens if the dealer paid me a deposit but backed out of the deal last minute?

FAQ for Seller

Should the dealer backs out after giving a deposit, you may forfeit the deposit given to you. However, this should be based on the sales agreement which includes such clauses.

My vehicle is no longer derivable. Can I submit my request for sale on CarQuotations.com.sg to assist me in sourcing for a quote?

FAQ for Seller

Yes! CarQuotations will source out the best value for the car and also throw in a hassle-free towing service free of charge as well.

Should I get a car valuation first before selling my car?

FAQ for Seller

Yes, you should because you'll want the best price for your car, on top of that, you'll never have to deal with unethical dealers as we are the ones communicating with them. Car valuation is free! So you should get a valuation first before selling away your vehicle!

For consignment with CarQuotations Group, do i need to leave the car with CarQuotations till there is a confirmed buyer?

FAQ for Seller

Nope, you are not required to leave your vehicle in our showroom. CarQuotations will bring out our consignment team to meet with you for a short discussion on your terms and professional photo taking. Hence you are still able to use the car in the meantime. Once a potential buyer has been sourced, viewing will then be arranged at your location.

How do I avoid dealing with unethical dealers?

FAQ for Seller

The first step will be getting a car valuation first before selling your car as it helps car owners find out how much your car is worth, which in turn will help in filtering off unethical dealers and below valuation offers. Furthermore, most car valuation services are done online, which means you wouldn't have to haggle and negotiate for prices with car dealers. It also saves you precious time and avoids the trouble of having to drive your vehicle down to dealerships and getting them to quote a price for your car.

If my company is terminated from the registry, can i still sell my vehicle which is registered under that company?

FAQ for Seller

Yes, the registered company owner is still able to apply for the transfer of vehicle registration even though the current company is no longer in service (terminated) as he/she is still able to print out the Accounting & Corporate Regulatory Authority (ACRA)

The company has only 1 director and he/she is not in Singapore, what are the legal documents required to sell a company car?

FAQ for Seller

The required documents to sell a company vehicle are:

The sales agreement, M01, ACRA for latest 3 months, a signed authorization form (if there is outstanding finance) and the IC or employment pass of the owners (or directors or partners) whose names are registered under ACRA or the IC of the manager with an authorization letter from his partners or directors.

You will also need to log in to One Motorist via SingPass/CorpPass 2FA to confirm and complete the transactions.

What is the consideration for buying a PARF car or a COE car?

FAQ for Seller

Your first consideration would be, if you're intending to get a cheap and good ride that’ll last for a few years until you upgrade to something better, get a COE Car. If you want something less older that’ll let you collect your COE and PARF rebates after de-registration, get a PARF car. 

The main reason why PARF and COE car prices differ:

A PARF car hasn’t been de-registered before its 10-year depreciation period has ended. This makes it eligible for both the COE and PARF Rebate, which ranges from 50% – 75% of the Additional Registration Fee (ARF) paid on the vehicle.
A COE car is not eligible for the PARF Rebate because the owner chose to pay the Prevailing Quota Premium (PQP) for 5 or 10 more years more instead of de-registering the vehicle. This means that upon de-registration, you’ll only receive the COE Rebate.
There are many other differences between PARF and COE cars that contribute to both their upfront and long-term cost, such as:

The Down Payment
The down payment makes up the biggest chunk of your upfront cost when buying a used car. And with the latest MAS car loan restrictions, the amount you can borrow is reduced – meaning you’ll have to pay a larger down payment.

So your down payment will depend on the following:

If the Open Market Value (OMV) of your vehicle is $20,000 or less, your maximum Loan-to-Value is 60% – meaning you’ll have to make a 40% down payment. Almost all COE cars will fit into this category.
If the Open Market Value (OMV) of your vehicle is more than $20,000, your maximum Loan-to-Value is 50% – meaning you’ll have to make a 50% down payment. Most PARF cars will fit into this category.

The Rebates
The rebates associated with both PARF and COE cars is where used cars get much of their value from. COE cars are the cheapest used cars you can buy because you’ll only get the COE rebate. PARF cars on the other hand are much more expensive because upon de-registration, you get both the PARF and COE discounts.

Can I register more than one vehicle under my name?

FAQ for Seller

There are no restrictions imposed on the number of vehicles a person can register under his/her name, as long as the person is successful in bidding or securing a Certificate of Entitlement (COE) to register a vehicle. However, please note that individual bidders are limited to only one bid submission per bidding exercise (i.e., a person cannot bid for more than 1 COE for each bidding exercise.)

Can i transfer my No-Claim Discount (NCD) to my spouse?

FAQ for Seller

Generally, NCD is non-transferrable to another person. Your NCD can be transferred from one insurer to another and from one car to another. However, in some cases, insurers may allow NCD to be transferred only to the policyholder's spouse (a one-time transfer that is non-reversible). The above stated is at the discretion of each individual insurer. For details, please check with the relevant insurer, agent or broker.