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...

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..

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. 

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.

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

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 ...