No one talk about total loss situation?

If such accident, insurance reimburse market value which is below outstanding bank amount for longer loan periods.

No car, no collateral, bank will ask you settle remaining balance immediately.

Won't be too far from market.

But can try see if Insurance companies will accept till outstanding bank amount for long loan periods.

Anyone successful please share here at least got options by paying higher premium.

Bank Negara said it will prohibit financial services providers (FSP) from using Rule 78 in personal financial products, but they may offer fixed rates or a floating rate or where interest is charged on the remaining principal balance after deducting payments made by the borrower.

reducing the tenure here in Malaysia to seven years would mean households’ indebtedness is limited to seven years instead of the 10-year maximum tenure.

https://www.thestar.com.my/business/busines...-rule-78-timely

This post has been edited by dogbert_chew: Jan 9 2025, 07:32 PM