What will happen to car if car owner dies ?

[Darth_mel]

Repossessed ? Write-off ?

[Route88]

The next of kin have to settle

[Acemundo]

obviously law of intestate applies....

 

meaning next of kin to take over the asset...

 

however, complication here in that a car is not necessary an asset in singapore. at least because most people bought car with loan and the car paper value drops 40% on first day of registration.

 

so assuming car in negative equity, next of kin would not want to take over a liability.....so bank will have no choice but to repossess it and sell via auction.

[Galantspeedz]

Depends

 

If there is a guarantor, it will be the guarantor.

 

If not, the person in charge of the estate can choose to pay it off or the bank can repossessed the car and claim any shortfall from the deceased estate.

[Parkingidiot]

Isn't there a term insurance component on the life of the car owner, so that in case of death - the car loan would be covered? Similar to housing loans?

[Guyver]

Isn't there a term insurance component on the life of the car owner, so that in case of death - the car loan would be covered? Similar to housing loans?

 

Very simple .... just take a $100K term as long as your loan period.

 

DONE!!

[Refugee]

Isn't there a term insurance component on the life of the car owner, so that in case of death - the car loan would be covered? Similar to housing loans?

 

only for comprehensive insurance i think.

 

usually just rely on external TERM INSURANCE to cover... like what guyver said.

 

 

 

--

2 cents (Cash, Fully Paid).

[macrosszero]

My friend continued to drive his late father's car and car installments, and car insurance after his dad passed away. Although I've told him it would be wise to have the insurance changed to his name. Seems LTA and insurance companies are none the wiser when people hand in their I/C.

[RadX]

My friend continued to drive his late father's car and car installments, and car insurance after his dad passed away. Although I've told him it would be wise to have the insurance changed to his name. Seems LTA and insurance companies are none the wiser when people hand in their I/C.

 

 

Think OSCAR system not fully 'Womb to the Tomb' yet

 

One-Stop Change of Address Reporting Service (OSCARS) ...even thought Address, it should still be linkeed

Edited February 16, 2009 by RadX

[Kooler]

Err his body turns cold and he goes heaven???

 

Sry couldn't resist it

[Onenightstd2]

My friend continued to drive his late father's car and car installments, and car insurance after his dad passed away. Although I've told him it would be wise to have the insurance changed to his name. Seems LTA and insurance companies are none the wiser when people hand in their I/C.

 

 

Best is if yr friend kena summon, then LTA LL will ask you, who will take over the vehicle.

Summon will be cancelled since dead man cannot drive car.

 

My experience, my dad passed away last yr, he left us a fully paid van, we wanted to change ownership of van to my younger brother, but LTA wanted us to do oath at columbo court which needs the service of a lawyer and at a fee of abt 3k for a van that cost about 15k. Changing vehicle ownership is very simple previously but not now. Both tranferee and transferor must be present. We wrote in many times to LTA to change ownership to my younger brother, but was refused. Finally one day our dad van kena summoned for illegal parking by Tp.

 

Tp pasted ticket on windscreen but few days later wrote to us asking why owner already not around and yet ownership not changed, we explained to Tp and finally LTA LL have to change it to my brother name for free and summon cancelled by Tp.

 

[Bird5011]

Best is if yr friend kena summon, then LTA LL will ask you, who will take over the vehicle.

Summon will be cancelled since dead man cannot drive car.

 

My experience, my dad passed away last yr, he left us a fully paid van, we wanted to change ownership of van to my younger brother, but LTA wanted us to do oath at columbo court which needs the service of a lawyer and at a fee of abt 3k for a van that cost about 15k. Changing vehicle ownership is very simple previously but not now. Both tranferee and transferor must be present. We wrote in many times to LTA to change ownership to my younger brother, but was refused. Finally one day our dad van kena summoned for illegal parking by Tp.

 

Tp pasted ticket on windscreen but few days later wrote to us asking why owner already not around and yet ownership not changed, we explained to Tp and finally LTA LL have to change it to my brother name for free and summon cancelled by Tp.

 

Wah..this is a good one..

TP should have summon LTA for screwup...

And paste the ticket on the front door of LTA headquater..

[RadX]

Bloody govt redtape....no f$$%^^$# brains