Electronic System Era Begins in Used Car Sales

Electronic System Era Begins in Used Car Sales
Electronic System Era Begins in Used Car Sales

📩 11/12/2021 13:09

The Ministry of Commerce is reorganizing the sale of used cars. According to the draft regulation, the use of electronic systems will be expanded in the purchase and sale of second-hand vehicles. It will also be possible to pay by money order and EFT, with the system that will enable the simultaneous transfer of ownership of the vehicle with the sales price.

According to the news of Mithat Yurdakul from Milliyet; With the draft regulation prepared by the Ministry of Commerce, the condition of having a business and working license required for issuing a license for second-hand car sales has been removed, while businesses that have applied for a concordat will be able to apply for a certificate of authorization. With the regulation, the high school graduation requirement required for the certificate of authorization is also reduced to primary education.

The draft will also expand the use of electronic systems in the purchase and sale of used vehicles. In the current practice, only if the payment is made in cash, the electronic system that enables the vehicle ownership and the sales price to change hands simultaneously is activated, while with the new regulation, payments can be made via the electronic system by money order and EFT methods.

Fraud incidents occur in second-hand car sales, especially over EFT instructions. The scammers who pretend to be buyers take over the vehicle by showing the order document to the seller, after giving an EFT order equal to the cost of the vehicle, then canceling the EFT order and getting lost. With the new regulation, such frauds can also be prevented.

With the electronic system in the purchase and sale of second-hand cars, the money in the hands of the buyer is first transferred to the escrow account and is blocked until the transaction is completed. With the transfer of the information that the transfer of the vehicle at the notary public is finalized, the money is transferred to the seller's account and the sale is completed.

According to another regulation in the draft, the obligation to obtain an appraisal report within 3 days before the date of sale will be increased to 10 days by the business that sells second-hand cars or off-road vehicles.

With the regulation, instead of the fine for violating the regulation, a "one-off" warning comes. According to the draft, the ministry will be able to warn those who violate the regulation on the purchase and sale of second-hand cars, for once before imposing a fine, taking into account their economic situation and whether they have difficulty in paying.

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