hi all sifu here.. i need some advise from you all pls. A year ago i decided to help my relative to take up a car loan under my name due to his name already blacklisted in banks. The reason i agreed to take up the loan under my name because i hope that he can get a car for his new job so that he can go to work more convenient. Another reason is he said that his name is blacklisted in bank therefore bank will not accept loan to him forever.

Now the problem has come... recently he got fired from his job and couldn't afford the car loan anymore. The loan has been overdue for two months, he kept on giving excuses and delay the loan payment and I am really fed up on getting those call from bank and SMS. Today i received the call from bank saying that they will issue a Surat Tarik within 7 days.

I really wish to terminate the loan and done helping for my relative which should be his responsibility for his own adulthood but now has causing a serious damage to my CCRIS.

Now what can i do...?
1) take back the car and sell it to second hand car dealer. But will i have to pay a big sum of money to the dealer due to the loan still not finish pay?

2) Transfer ownership of the car loan to my relative and ask him to do a refinance from bank

3) if a person is blacklisted by bank is it forever?


any other helpful advise will be very much appreciate... thanks...

1) Possible, the amount, depends on how much outstanding loan versus your car value or the dealer willing to buy at what price

2) Bank won't allowed u to do that, unless u fully settled the loan

3) No, not forever

Lets say i go for first option.. the loan is 130k, and still owe bank 110k, usually how much will the car dealer offer to buy?

why 130k car for a new job?

1) Depends on how much the car can be sold as, you might have to settle the outstanding.

Never ever take a loan for someone even a relative or best friend, being blacklisted by bank is a good reason to not help him/her unless you are very rich...

Has he ever considered driving Uber or Grab? Could be a source of income when he's jobless like he is now.

Another victim again, sorry for hear that.. the lesson is never trust someone even your family for second time if previously he also bad reputation in bank loan. The best possible solution is you takes his car and continue loan until finish if you can afford it. Sell to car dealer may cause you to add cash to settle the debts depend on market value once for all...

sigh,..i shouldnt have agreed to take up the loan for him.. it is a regret decision ever i made in my life

i have thought of this solution too.. but it is a freakin 9 years loan... and now only pass 1 year...

What type or car is this debt?

honda hrv..

quite sure you'll have to top up some difference if you were to sell to dealer because after deducting the 1st year depreciation, loan outstanding would be more than the trade in value. but before you can do that, you need to settle the overdue payment

This post has been edited by cedyy: Jan 12 2017, 12:26 AM

Thats correct . I am pretty sure TS has to top up some amount .

Depends on the market value of your car, and then, usually, they will discount 20%,

consider take the car back as your own?

wou..sorry to hear that. it's a big amount.

u cant transfer the name back to your cousin cause he is blacklisted. it still under your loan anyway. take the car and use for your self. u can try ask the 2nd car shop dealer see how much they will offer for you. There are some selling continue repayment installment car.

Omg ts, Hrv sommore 😅
Just curious, if the car has insurance and get stolen, can claim insurance based on sum insured right..

if 1st year, can claim back 100%

But Loan has interests < -- will need to pay this
1st yr insurance <-- will need to pay this

probably end up, still need to pay some money.

LOL

TS,

Just sell the car, take money from that morons mother and pay off the remainder.

it's his family problem.

you on the other hand better fix your brain.. no idea why u are stupid enough to be a guarantor

If you have enough cash to settle the settlement amount, do so, but it will be quite a lump sum. If otherwise, try to get another term loan from your bank to settle the settlement amount and pay off slowly on your term loan. Sell the car once it is transferred to your name and pay off as much of the term loan to minimize the amount.

First of all, TAKE BACK THE CAR. You don't want any surprises from him later (e.g - he might consider selling the car on his own, and that will add more to the headache that you have)

Second, SETTLE the outstanding loan amount. This is a given no matter what you want to do, to get the bank off your back.

Then after you have paid the outstanding loan, you get to decide what to do with the car. If you can afford it, just continue paying the loan and use the car for yourself. If you already have s car, consider selling that car instead of the HRV, as you most probably will need to pay the banks if you sell the HRV due to the difference in the market price and loan balance.

get back the car 1st, i doubt you can even get the car from your relative. good luck TS. when you take loan for some1, always consider this amount is given for free to him/her. i have consider to loan for my little sis axia and i can live with it paying her car instalment when she faces financial difficulties. but lucky my little sis make me proud, no help needed from me at all.

if you so lucky that you manage to get back the car, its either you keep it yourself or you sell to 2nd car dealer or you try to sell it yourself a.k.a look for some 1 who willing to use 110k to buy off your car (sambung bayar). but honestly, 110k for a 1 year old hrv isnt really attractive at all. if its like 90k ish, you may get lots of buyerss. anyway, go get back the car. try to sort it out with ur relative. last resort, ask the bank to tarik then maybe still can discuss with bank by paying penalty + installment to get back the car better than letting bank auction your car at lower price.

This post has been edited by klthor: Jan 12 2017, 10:37 AM