Malaysia

Interim ownership system for used cars launched

PETALING JAYA, April 2 — The government today launched an online system where car owners can transfer the ownership of their cars temporarily to used-car dealers when they sell their vehicles.

Called the Interim Ownership Transfer System, or the Sistem Tukar Milik Sementara (STMS), it would prevent car owners from getting fines and summonses, and instalment notices from financial institutions, after they have sold their cars to used-car dealers.

According to a report in The Star Online, the system was launched here by Transport Minister Datuk Seri Kong Cho Ha.

With this system, car owners who sell their vehicles through used-car dealers will be able to register their vehicles through the STMS system and obtain a receipt as proof that they have transferred the ownership temporarily to the dealer, said the report.

If the vehicle is not sold after six months, the used-car dealer will be given permanent ownership of the vehicle.

 

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