POPULAR: Yellow Form - Sale Agreement - Ask a Question
Create Yellow Form Create Sale Agreement Ask a Question Sign in
» transfer of ownership

transfer of ownership

If the vehicle has been financed by the bank and settled by a third party (not the person in whose been financed by the bank) can transfer of ownership be effected directly into the third party's name without being first transferred to the person whose been financed by the bank? If so what is the procedure?
Add Comment

No, you will not be able to do the change of ownership directly onto the new owners name.

The procedure is usually as follow:

  1. You settle the finance with the bank
  2. After the funds has reflected, usually after a few days, you contact the bank and request the documents of the vehicle to be posted to you. They will post you 4 documents:
  3. A settlement letter (all the instructions are usually on this settlement letter)
  4. The certificate of registration of the vehicle
  5. A signed yellow form (sometimes a white copy)
  6. Their proxies ID

On the registration document, you will notice that you are listed as the owner and the bank as the title holder.

If you read the settlement letter, they will instruct you to take all the above documents to the traffic department and register yourself as the title holder as well.Once this is done, the vehicle is now yours and you are able to transact with the vehicle.

Thereafter you can sell the car and do the change of ownership onto the new owners name

Add Comment

Sign in or continue as a guest.

You're commenting on:

  • Avoid in-appropriate remarks and comments.
  • If you'd like to thank the poster, you should cast a vote.
  • If you have a question or need a new topic, create it here.

This website is not affiliated with the traffic department or department of transport. The original NCO form that has been used can be found here