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Beware Of Trade In Scam In Malaysia

For the car owners who wants to trade in your vehicle, please be mindful on the trade in process especially during settlement of the hire purchase loan and pass the car to the used car dealer. Let's talk about it further.

During hire purchase loan settlement, you must attend together with the used car dealer to make sure your hire purchase account fully settled and closed account otherwise something terrible might happened. Below are the real case happened to one of the victim.

"Customer trade in their Honda CRV 2010 to the used car, the used car value of trade in is RM54,000 and settlement value is RM60,000, so customer have to top up RM6,000 into his hire purchase account to close the account completely. So, customer proceed to bank in RM6,000 to the hire purchase account and pass the car to the used car dealer direct in mind thinking that the used car dealer will settle the remainder RM54,000 with bank after customer already done the biometric thumbprint. The used car dealer didn't complete the settlement and then sambung bayar the CRV 2010 to another user and drove it to other state."

The customer thought the car was settled until few months later he receive a bank call stated that he never pay the instalment for few months already. So the customer was shocked and contacted the used car dealer however the number being blocked and customer afraid the used car dealer will make problem with him. And after that customer have no choice in order to protect his name in CCRIS payment record he have to continue pay for the car but the car wasn't with him. Another few months later he received multiple traffic summons from other state as well as local council summons, customer then proceed to make a police report regarding on this issue.

Moral story above that please finalised all the settlement letter, biometric thumbprint as well as bill of sale received when the day you pass the car to the used car dealer.

If this happened to you, don't worry and please follow the steps below for what you can do.

1. Make a police report to stated this car not belongs to you anymore together with the bill of sale so in case any criminal case you will not involved.

2. Walk in the used car dealer and ask them to settle it in a given time. (bring along your friends or legal party if you're afraid the used car dealer have no good intention)

3. Hold your bill of sale, walk in to any commercial attorney/lawyer to write a legal letter to the used car dealer to settle this outside the court. (to get back your money lost and also clear your name from the bank negara system)

4. If the used car dealer does not respond to the legal letter, you and your lawyer can proceed to go to lawsuit the used car dealer and settle it in the court.

Hope all of above can help you solve your problems today and good luck.

CarAuto2u Malaysia