need advice please/to buy or not

[roofless]

Ive had a look at a 2004 330 ci convertible, car is good, happy with the drive ect, said ill have it, he only wants 40,000dhs, so good price, he then said he owes 17000dhs on a car loan to the bank, so i said i would pay the loan and then go to the Rta to do the transfer,and pay the balance, hes now told me it takes a week to get the release letter, before we can transfer.
Now i really like the car, but what happens in the week from when i pay his loan to when i can transfer the reg to myself.
He said i could have a security cheque against it, (not sure what this is)
Any ideas, does anyone know this car or the guy,
Its on dubbizzle in dubai, on the 20th april.
Its a black,E46 330 ci 2004 convertible with 120,000 on the clock, for 40,000,
The guy is ejyption, and apparently works for BWM near Jumeirah lake towers.
Any thoughts please, as im keen on the car, and still in touch with him.

Thanks
Andy.
PS im after a 330 convertible, aprox 40,000 dhs to spend.

[Ayham]

This isn't how it works, you don't pay up and wait for a week to get the deed.

[yorky500]

Ive had a look at a 2004 330 ci convertible, car is good, happy with the drive ect, said ill have it, he only wants 40,000dhs, so good price, he then said he owes 17000dhs on a car loan to the bank, so i said i would pay the loan and then go to the Rta to do the transfer,and pay the balance, hes now told me it takes a week to get the release letter, before we can transfer.
Now i really like the car, but what happens in the week from when i pay his loan to when i can transfer the reg to myself.
He said i could have a security cheque against it, (not sure what this is)
Any ideas, does anyone know this car or the guy,
Its on dubbizzle in dubai, on the 20th april.
Its a black,E46 330 ci 2004 convertible with 120,000 on the clock, for 40,000,
The guy is ejyption, and apparently works for BWM near Jumeirah lake towers.
Any thoughts please, as im keen on the car, and still in touch with him.

Thanks
Andy.
PS im after a 330 convertible, aprox 40,000 dhs to spend.

You can pay an extra AED150 or maybe AED300 and the release letter will be handed over to you within 30mins.

If you pay, I would get an agreement made up and signed by both Parties explaining what it is you are doing. A lot can happen in 30 mins waiting i.e. he says "off to the toilet" and you never see him again; he welshes on the deal and says "sorry, not for sale anymore".

Sadly, there is no other way around it other than if you are to buy the car, HE has to pay off his loan, but it sounds like he does not have AED17k saved to pay it off.

On reflection, insist that he pays off the loan amount first, you will pay for the letter to be issued the same day and you are good to go.

[Hasan Shaikh]

Ive had a look at a 2004 330 ci convertible, car is good, happy with the drive ect, said ill have it, he only wants 40,000dhs, so good price, he then said he owes 17000dhs on a car loan to the bank, so i said i would pay the loan and then go to the Rta to do the transfer,and pay the balance, hes now told me it takes a week to get the release letter, before we can transfer.
Now i really like the car, but what happens in the week from when i pay his loan to when i can transfer the reg to myself.
He said i could have a security cheque against it, (not sure what this is)
Any ideas, does anyone know this car or the guy,
Its on dubbizzle in dubai, on the 20th april.
Its a black,E46 330 ci 2004 convertible with 120,000 on the clock, for 40,000,
The guy is ejyption, and apparently works for BWM near Jumeirah lake towers.
Any thoughts please, as im keen on the car, and still in touch with him.

Thanks
Andy.
PS im after a 330 convertible, aprox 40,000 dhs to spend.

Unfortunately! He is right. I had to wait for about 2 weeks to get the release letter for my Cayenne. Its some new procedure from the central bank.

You can pay an extra AED150 or maybe AED300 and the release letter will be handed over to you within 30mins.

On reflection, insist that he pays off the loan amount first, you will pay for the letter to be issued the same day and you are good to go.

I would really doubt that it is possible to get the release letter the same day. However, would love to see that happen.

[Bruno]

make sure car is clean though because having owned one previously i can assure you they will require constant TLC.

Andy, you have 2 options to go about completing this deal.

1. Make him sign a document stating the agreement between both parties that you will pay off his due amount then pay the balance when the letter is out from the bank. in the process you get a document signed and make sure he gives you a cheque with the amount you paid for the bank. and take a DL copy so that if things get worse atleast you are sure he doesn't have a fake name and he really exists. you can do this in the RTA court as well so that it's attested from the RTA lawyer, i think they charge 200 AED.


the second way would be allowing him to deal with his loan issue independently without getting the buyer (which is you) involved.

[yorky500]

Unfortunately! He is right. I had to wait for about 2 weeks to get the release letter for my Cayenne. Its some new procedure from the central bank.

I would really doubt that it is possible to get the release letter the same day. However, would love to see that happen.

I have done this, what, 3 times now with HSBC Auto Loans - pay the extra, wait 30mins or so, viola - release certificate for the RTA in my hand.

[Ayham]

Hasan Shaikh, your Cayenne with from the dealer, dealers do not say "off to the toilet" :D

[Hasan Shaikh]

I have done this, what, 3 times now with HSBC Auto Loans - pay the extra, wait 30mins or so, viola - release certificate for the RTA in my hand.

And when was the last time you did that?

Hasan Shaikh, your Cayenne with from the dealer, dealers do not say "off to the toilet" :D

I dont understand sir

[yorky500]

And when was the last time you did that?

January 2011 with HSBC Auto Loan Office (next to House of Cars) on SZR (hidden behind the train station).

It was very easy to do. When paying off, just say I need the relase eltter now, pay the extra whatever the amount is, grab a cup of coffee from the machine, sit down and wait 20-30mins or so - there you are Sir, your release paper for RTA.

[Hasan Shaikh]

January 2011 with HSBC Auto Loan Office (next to House of Cars) on SZR (hidden behind the train station).

It was very easy to do. When paying off, just say I need the relase eltter now, pay the extra whatever the amount is, grab a cup of coffee from the machine, sit down and wait 20-30mins or so - there you are Sir, your release paper for RTA.

Not anymore my friend. The central bank issued some new rules last month and now the standard time is atleast 1 week. No matter how much you pay.

I believe the release transactions are reviewed and approved by the central bank on ramdom basis. But still, all transactions ahve to be routed through the central bank beofre the release letter can be issued.

[yorky500]

Not anymore my friend. The central bank issued some new rules last month and now the standard time is atleast 1 week. No matter how much you pay.

I believe the release transactions are reviewed and approved by the central bank on ramdom basis. But still, all transactions ahve to be routed through the central bank beofre the release letter can be issued.

Bollocks - that is just downright idiotic. If I pay off my car loan, why do I need to get Central Bank approval. My loan is with HSBC not the Central bank and if I have to pay extra to get the release letter the same day, why should it be subject to Central bank?

I always thought Banking here was 3rd world, but feck me, we are now going Pre-historic!

[roofless]

Hi guys, Thanks for your quick and helpfull replies, i will have to have a chat with him.
Cheers

[roofless]

sorry, forgot to mention, he said i can take the car and all keys, when i pay the bank loan, so could he turn round and say i stole it??

[Simon Motorsport]

I always got my release letter 30 mins after the car was paid or after i paid the car i was buying..

BTW, your name will be mentioned on the payoff letter to the bank, so it will be official to the bank that YOU have paid off his bank loan.

On the other hand... jeeeeezz....

Look to the seller.. IF i need to finance a 40K car.. and i dont have 17K to pay the loan off.. then i DO NOT BUY a 330. Probably a guy who fills up the car with 10 bucks at eppco and drives around roof down on jbr...

Sorry but when i hear those things i just have to shake my head... Dubai.. Showoff is everything....

Good luck with buying the car.. but be SURE that its okay.. as to me it sound like that dude didnt have enough cash to maintain that car!

[roofless]

The guy bought the car 3 years ago for 95000, i think he hasent got the money to pay it off, any way i have now got him to ask the bank about the letter being released early,
thanks again for all the advice.