I hired a Grab driver and he told me he was working while driving Grab, so out of curiosity I asked him how?

He said his job is just to spot car number plate parked outside and check in the system if the owner did not pay for their installment, then he can call the towing company to tow the car and get his commission.

BUT, there is one condition: If the owner has paid more than 75% of the installment, then they have no rights to tow the car anymore.

Any idea why?

I paid mine on time, just curious.

Maybe the simple logic is that you own 75% of the car? Like is Samsung bought 51% of Apple then Apple becomes Samsung?

Because banks don't have tow truck.

Coz u oledi paid what you owned in the first place
25% left only interest fee ....maybe

Kek, good luck with your late interest and credit record

because most likely they can sell off the car to pay the balance.

cos the bank already earn 25% profit from the loan, and the owner has more to lose in interest charges etc

Cos 75 >25

Fact

how much commission? working for banks? or freelance?

because they already earn enough from you,
than now is late charges those, slice you kaw kaw to finish you
if new, they will tow asap, so that the auction price still can cover their loss

Cause let say the bank loan 100,000 to the owner, paying 75% installment already mean owner paid the principle sum of 100,000 to the bank...mean, bank money, take back already their original loan money... not scared anymore...anything after is extra profit already...

Therefore no hurry to chase, or any urgent to tow perhaps, better coax the owner to pay the rest. Cause asking tow services, need to incur charges by the bank to pay tow fees, administrative fee, commission fees paid to TS, lawyer fees and various whatever all kind of hassles fees... so not worth it anymore for the bank =)

kek, never first time knowing about this.lol

because BNM said so.

It is to avoid unfairness to car owners who got their car reposssed for just owing < rm10k.

Stupid banks and ruthless reposseser are the worse scums.

cukur.

At the end, seems like noone knows the answer hahhh.. Bankers are busy, no time on LYN

Did the banks force you to borrow money from them to buy the car you cannot afford?