as i mentioned in earlier post.. this is a very regret decision to help someone.. i'm not a guarantor, the loan is taken up by me..

lesson learnt.. never ever take up loan for someone else even if that's your closest person or under influence by pressure of your family member asking you to help someone..

talk to his family and ask their help. let them know their son/daughter problem.

many thanks for your words.. helps a lot. You're right, the problem is getting back the car from him now.. just like lend money to someone is easy, but when wanna get back the money is hard.. helping someone its like double edge sword sometimes.. but i'm glad that your lil sis is matured and independent..

yep, try to sort it out with your relative. else you will be losing a relative and 20k + -, your relative might think you wanna take advantage of him since he did pay the deposit and instalment for 1 year i suppose ? turn hostile where there is no other option. best way is to call bank to see if possible to settle it with money after they tarik the car (this will avoid you to have hard time facing your relative ie. taking the car), once they tarik the car. go to bank, pay 3~4 months instalment + penalties get the car. sell it, lose another 10~20k there, or just keep the car and pay for the instalment.

i was thinking that if i take back the car, i will pay him back the rm15k deposit that he paid initially. But do i have to pay back the past 1 year installment that he paid off? Or those are consider as the "rental" during his possession of driving the car for past 12 months?

It is my huge mistake when i decided to help him but he seems to taking advantage of my credit rating and causing a serious mess up with my CCRIS... i will take to him and have a clear cut to any financial related stuff from me.

it all boils down to your negotiation with him. i think you are kinda fair to him paying him back the deposit. instalment maybe no need as it is clear that the car value is way lesser than what you owe to the bank.

but in another point of view, you see it this way... you are helping him to loan only, now the value of the car is lower than the loan...you shouldnt be paying him anything at all since you might even lose another 10 to 20k to topup the different if you sell off the car.

do your home work now like calling to bank for settlement sum, call 2nd dealer how much they accept. workout the maths, how much you are losing. prepared the figure be4 you approach him. and good luck ts, that is why good people become lesser.... expensive lesson learned and they changed.

you got you point there too... many thanks for lighten me up bout the depreciation of the car value vs the outstanding loan .. never have thought of that.

this is an expensive lesson to learn.. but i will still help people when necessary, just not financial related stuff anymore..

yeah i agree with what klthor said.

But I'd choose 2nd option = not to pay him anything deposit back. TS was already kind enough to let him with credit loan on TS name, this is already a courtesy not to be taken as granted. But now things messed up, TS most probably has to bear with the losses with the depreciating car value. Out of her kindness, she didn't get any good in return, but defaulted credit mess that would haunted her credit record + cash value loss, this is truly a painful lesson to bear!

I'd suggest TS to deal with bank instead, to tarik back the car and nego with bank to get back it. I believe TS must have informed him many times d, if he was willing/able to pay the loan, he would have made it early. All TS need to approach him, in anyway, is just to show him the ''surat tarik balik'' from bank, that would itself serve as a clear final warning. What i wanted to say here is, there's no point to nego with him, if he reacts nothing with the warning letter, he is just taking the advantages.

Good luck.

Next time get a call from Bank Bounty Hunter.. Gracefully direct them the location of the car and tarik on spot.

Since under your name... Then go and take back the car by settling the outstanding and then only you can decide whether to sell off or continue installment.

what the fcuk... hrv for a job? and 130k car? saga is the best i will help.

to me, i place family first. that is why i would suggest to discuss and nego first. show outstanding balance, show market value of the car (as seller point not buyer)... if the relative shows no sign of sorry, then maybe would go for bank tarik and nego tactic. else i really hope ts could sort it out within the family.

https://www.honda-malaysia.com/hr-v

HRV price.... how to sell 110k? GOod luck....

1. Take back the car and use it as your own. (Easy way is ask bank tarik, then go back pay the compound and the arrears and take the car out)

2. To settle with the guy, just consider BUY the car form him... if its 100k, then u buy form him that amount... minus whatever is outstanding in the bank.. thats the amount he OWE u not u owe him...

TS is so nice, hrv for a first car?smh, u should have think twice before making this decision

"... take up a car loan under my name due to his name already blacklisted in banks...honda hrv... 9 years loan... loan is 130k, and still owe bank 110k... he got fired from his job and couldn't afford the car loan anymore...received the call from bank saying that they will issue a Surat Tarik within 7 days..."

Some may think that TS (thread starter) is nice to help a relative... I think she also help to set-up a financial trap for her relative to step in, and now both are facing difficulties to get out.

1. What is the price of a new HR-V? About 115k ? Then it seems there is hardly any downpayment and it is a 100% or more loan.
2. Tenure is 9 years. Total payment to the bank would be roughly double the cost of the car, am I correct or not?
3. If this is not a financial trap for someone who was already blacklisted by the banks, what do you call it?

There is a Chinese saying which roughly translated to "want to help someone, help till the end".

So TS maybe has a duty to follow through and extend the helping hand instead of pulling away at the critical moment. Like helping to pay the missed installments... for a few months till the relative found another job... or help to bear some loses in selling the car and settle the bank loan.

As the car and the loan is under her name, 2 choices to make: keep the car or sell it - which is proper if TS discussed it first with the relative. Anyhow, be prepared to pay the missed installments or there will be added costs when the bank tarik the car.

===============

"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?"

Needless to say this is unlikely to happen.

a) If the relative is able to take a loan from any bank, he would not need your help, and take the loan under your name.

b) the car is already "owned" by the bank (technically it is a hire-purchase agreement with the bank)... how to tranfer "ownership" without the knowledge of the real owner?

If he is able to take a loan now or maybe in a few years time*, then it would be like selling the car to him... he buys the car (with help from a bank to finance the purchase), and after your car loan is settled with the bank , the bank 'released' the car to the other bank.

* This is a big "IF"... bank blacklist is due to outstanding and overdue payments... how likely is this relative able to clear all his overdue payments when he is, every now and then, jobless and without any income?

(When the car loan is fully settled, the bank will issue a letter, you take the letter and show it to JPJ with your car grant, JPJ will then cancel the statement on the grant that the car is under finance. I guess many do not know this because Malaysians are rich and renew their cars every 4-5 years before the car loan terminates. )

you are basically screwed both ways, quick check on mudah a 2015 HRV is 90k, second hand dealer maybe take from you 90k(if this will ever happens) - you still owe bank 120k

report the car stolen, retrieve the car and continue the loan urself - u get a new car ... provided u can service the loan and not paying for another car ...

weigh the option, if ur other car is an older car which if u have paid up already then good, sell that... use the new HRV

nope - offer the help as in u will take over the car ... and the loan

do not offer anything back as in the previously paid installment - u been taken a ride here ... dont do anything dumber

mate, i know you are smart, but i would suggest you not to teach people doing 'grey' area things... reporting the car is stolen is silly. the police found the car in possession of her relative how? police take him and charge him? you have to know stealing is a criminal case, its not like you can call off the case just like that.

This post has been edited by klthor: Jan 13 2017, 05:29 PM

bro (calling you bro with some degree of respect here) dont be silly lah

the fella 2 months never pay(as per TS) and kept on providing excuse ... when the bank comes and tow the car - who will be at loss? the TS lah who else ...

ok then just so if the TS is nice - inform the relative - you are taking possession of the car and if this doesnt happen, then make the police report

sometimes being nice does'nt pay ... whats the point of being nice when people treat you like shit - in this case - the description from the TS does seem to indicate thats the case ...

maybe should let ts to decide. im a soft approach guy, making police report will be an extreme measure which I would not try to use unless i have no choice. you are making your relative become a criminal, maybe you could say its his fault making ts to bankrupt... i have no solid experience in dealing with bank after car being towed, but reporting car stolen is like framing some1. the most will be threaten if he refuse to return thr car. few k vs framing your relative, i will pick paying few to settle. remember, crimincal record never wash away. is what he did enough for you to frame him to have crimincal record? becaus he did not steal the car, he asked ts to help him to obtain loan and he/she agreed on! so go to court he denied stealing the car? butterfly effect....

you should not pay him the full amount of RM15k he's paid as it is also subject to the car depreciation and loan interest cost!