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

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!

u are the bravest person i ever know..loan on ur name on hrv?wow..last time my best friend want to use my name loan on axia..i said yes and if he fucked up im gonna take the car..bcus it just around rm400 and i can afford it..if hrv im wont agree bcoz its 1k per month which im also fucked up to pay

Woman. Whats wrong with you ..

DOnt pay him back anything, just take the car back and pay for it and clear your name.

Its his problem that he fucked up. This is his problem, not yours .

Dont pay him back for the installment. this is rental.

Dont pay him back the 15k .. this is for all the trouble he put you through. Let him learn a lesson.

Woman. Whats wrong with you ..

DOnt pay him back anything, just take the car back and pay for it and clear your name.

Its his problem that he fucked up. This is his problem, not yours .

Dont pay him back for the installment. this is rental.

Dont pay him back the 15k .. this is for all the trouble he put you through. Let him learn a lesson.

hmmm it would be damn good to have a friend or relative like you ... you need to weigh your decisions as most people will somehow end up coming for people like you as you could be deemed too nice

well some or most ould or might say - give them the beenfit of doubt ... trust them with the good side

but this is when people take advantage of your kindness ... for people like you - make sure you draw the line clearly as to how much you want to or can afford to help - dont get yourself in trouble yeah

as for the TS - yeah you can weigh all the comments here and pick ur own decision to take

but make it very clear as this happens once, it will happen again, say u pay for the dues now ... what happens if next time no calls from bank, car been towed - auctioned off ... and above 70 - you can be made bankrupt ...

have fun and kung hei fatt choy

True, why need to pay him. Just take the car, its yours legally.

But, if he is honest and you really wanted to help him - you pay the missed installments. But don't let him use the car until he managed to pay back the missed installment and future ones.

since you are helping by taking a loan for him, the car ownership is under you or your relative?

you may opt to surrender the car back to the bank...

To many comments without basis

If you report the car stolen, you won't get the amount insured. Will only get the current market value.

Summore need to wait few months for claim. Car loan installment still need to pay until u get the claim.

This post has been edited by saiga: Jan 24 2017, 10:41 PM

Report car stolen is strictly no-no.

False police report + cheating insurance will land you into more trouble.

Just sell the car. If got extra, give him back. If need to topup, ask him / his family to settle. If they can't, you settle it and take the loss as lesson learned.

Worst case scenario now is you lose some money.

You should not have any financial obligation and just a matter lending your name which is a dumb mistake and lesson learn.

Sold off the car to clear whatever loan to the bank, anything owing. You should claim from him.

If you come out a single cent, you are really dumb as fck and deserve your fate....

If got extra, take it yourself, since it's your car. If not enough, do you think can claim from him? Since even the installment also cannot pay......means he is in deep financial shit hole....

Tumpang TS tered.

If we become guarantor, it will be permanent until the loan finished or can give full responsibility back to the car owner?

In other words, dont want become guarantor until loan finish.

This post has been edited by hustlerism: Feb 2 2017, 03:11 PM

Until loan finished or refinance. That's why don't simply become guarantor.

a guy got blacklisted & fired by a company, this shows what type of person he/she is.
TS can consider sell off your current car and take up the HRV for ur own.
another 8 years to go lol

OR

TS can settle the monthly payment first, and try to look for a buyer who is willing to take up ur HRV, do some survey online, checking the vehicle price etc etc.