How to transfer of vehicle ownership?
To better align with Singapore’s vision of being a Smart Nation, the Land Transport Authority (LTA) will be doing away with Transactions Pins (TPINs) for the following LTA vehicle-related transactions: Transfer of Vehicle Ownership, Transfer of TCOE, Transfer of Rebate, and the Deregistration of Vehicle.
Previously, a TPIN was necessary to sell, deregister and transfer your vehicle. It was also needed to make changes to your vehicle’s Preferential Additional Registration Fee (PARF) or Certificate of Entitlement (COE) rebates.
Now, instead of the TPIN, vehicle owners and businesses will need to use their SingPass 2FA to confirm and complete these transactions.
In this step-by-step guide, we’ll show you the process of completing vehicle transactions with this new SingPass 2FA system. Kindly note that the OTP for the 2FA system can either be generated through the OneKey Token or SMS via mobile phone.
Transfer of Vehicle Ownership
Seller (Vehicle Owner) Transfers Vehicle to Buyer (Next Owner)
- Seller to use the ‘Transfer Vehicle’ function on One Motoring (via SingPass) to initiate vehicle transfer to Buyer.
- Select Vehicle Details and enter the Buyer’s details (Name, ID number and mobile number).
- Upon submission, an SMS will be sent to the Seller to notify them of the transaction.The Seller can still cancel the transaction before the Buyer accepts the transfer.
- An SMS will also be sent to the Buyer to notify them of the transaction. The Buyer can then log into One Motoring to confirm or reject the vehicle transfer within the next 5 calendar days.
- If the vehicle transfer is successful, a confirmation SMS will be sent to both Seller and Buyer.
How can I update change of mailing address?
You may login into the online customer portal for updating.
Alternatively, you may download the form from our website and fax/email us for updating.
Note: It is the customer’s responsibility to notify us of any change in address or contact number, otherwise, we will send correspondence to the address as per contract.
How can I request for early settlement amount?
You may login into the online customer portal to request for early settlement amount and system will calculate settlement amount immediately.
Will there be notification send to me to pay my car instalment?
No notification is given, please refer to your Car Financing Payment Schedule to monitor and make your payment every month.
Is there any grace period to pay my instalment?
Yes there is a grace period of 7 calendar days (including weekend/PH) from the due date of your instalment. For eg. Due date of instalment 5th of the month, your last day of payment is 11th.
Can I pay my car instalment via credit card or Nets?
No, we do not accept Credit Card or Nets payment.
What is the mode of payment to pay car instalment?
Please download form from our website.
At AXS station, choose Bills / Loans / Click into our Organisation ‘s Name
4 fields to fill in: Hirer’s Name / Contact No. / Vehicle No. / Amount
Internet Banking select Paynow, enter our UEN no. 197901535G and indicate vehicle as a reference.
Cheque payable to “Tokyo Century Leasing (S) Pte Ltd.”
How can I change my Giro bank account?
For change of bank account, you need to re-submit a new giro form.
Please download the giro form, complete and mail back to us.
How do I terminate my Giro arrangement?
To terminate your giro, please proceed to the nearest branch of your Bank and fill in a Giro Termination Form. Your Bank will notify us of your giro termination via letter.
Is there any late charges if I pay my instalment late?
Yes, late charges will be imposed if you pay after the 7 days grace given.
Late fee will be $50 plus overdue interest which is calculated from your due date of instalment till the date payment is made.
When will I be billed late charges and how do I pay?
Late charges will be billed to you on a monthly basis.
If your instalment payment is by giro, late charge will also be deducted by giro.
If your instalment payment is by Cheque or AXS, please include this late charge with your next instalment payment.
How much can I borrow?
The loan amount is dependent on the Open Market Valuation (OMV) of the financing vehicle :
Open Market Value (OMV) Finance Amount Where OMV is
of purchase price less amount of discount, rebate or any other benefits offered.
Where OMV is
less than or equal to
of purchase price less amount of discount, rebate or any other benefits offered.
Is there any administrative charges upon loan application?
We do not have administrative charges upon loan approval.
What is the early termination charges for full settlement?
However, you may opt for early settlement whereby interest rebate is calculated using the following formula :
Where “n” represents the unexpired period of hiring (expressed in months); and “N” represents the original tenure of finance (expressed in months).
But the following conditions shall apply :
i. In the event of early settlement, a charge of 20% of the total term charges payable under the HP Agreement, pro-rated for the unexpired hiring period (calculated in months).
ii. In addition, a prepayment fee of 1.5% of the Outstanding Principle will be charge.
Are we allowed for partial redemption?
No, partial redemption is not allowed.
How will I know whether my Hire Purchase application will be classified under the Hire Purchase Act?
If the purchase price (less COE) of your car does not exceed $55,000 it will be classified under the Hire Purchase Act.
Where the purchase price (less COE) of your car exceeds $55,000 it will be subject to Common Law and will not be classified under the Hire Purchase Act.
What is the minimum age and driving experience requirement?
The lessee or its assigned / authorized driver should be at least 27 years of age with at least 2 years driving experience and holding a valid Singapore or International Driving License / Permit in the appropriate vehicle classes.
What is the minimum period I can lease a car for?
The minimum lease period you can lease out a brand new vehicle is 24 months. However, if and when you opt for a used vehicle that’s available in our current fleet for lease, the minimum lease period would be 12 months.
What happens if I want to end my lease early?
If you want to end your contract before the agreed lease maturity, you would need to refer to the early termination structure stated in our lease/hire agreement. It’s usually around half the value of the remaining payments of your lease.
Is insurance included as part of the standard lease price?
Comprehensive insurance coverage with Personal Accident Insurance coverage is included in the monthly leasing rate.
What happens at the end of my lease?
Upon contract maturity, you’ll only need to handover to vehicle back to us with acceptance of the car condition subjected only to fair wear and tear and take on a new lease vehicle or extend your lease contract for another 3 to 24 months.
What entities qualify for financing from Tokyo Century Leasing (Singapore) Pte. Ltd.?
Tokyo Century Leasing Singapore Pte. Ltd. provides financial solutions for corporate entities. These include companies and business, including sole proprietors and partnerships.
What documents do I need to submit with the application for financing?
• Audited accounts from the past three (3) years
• Quotation/invoice for the equipment, if available
• Accounting and Corporate Regulatory Authority (ACRA) Business Profile
Is there a maximum amount of financing that can apply from Tokyo Century Leasing Singapore Pte. Ltd.?
The amount of financing will vary from application to application and is subject to an evaluation of the purpose of the financing and an assessment of the entity applying for the financing. Speak with our Business Development Manager about your needs and they will be able to advise you further based on your requirements.
Do I need to take up insurance for equipment under Hire Purchase/Lease?
Yes, insurance cover is mandatory for equipment under financed. Our Business Development Manager will be able to advise you on insurance requirements.
Can I take up a Hire Purchase for equipment located out of Singapore?
Yes, it is possible to take up a Hire Purchase for equipment located out of Singapore. This will be subjected to approval.
What is the difference between a Lease and Hire Purchase?
Both Hire Purchase and a Lease allow you to manage your cash flow and liquidity needs as both Hire Purchase and a Lease arrangements allow you to spread the payments for an asset into the future instead of paying for it at the point of acquisition. In the case of a Hire Purchase arrangement, there is a need for Hirer to make a minimum down payment of 10% of the asset value. In the case of a Lease, the full value of the asset can be financed. In addition, under a Lease, the assets remain the property of the leasing company, unlike a Hire Purchase, where the asset belongs to the Hirer.
Can I make partial repayments for my Hire Purchase?
Partial repayments are subject to approval and a small administrative fee may apply.