Teriyaki Neutral Newbie February 22, 2009 Share February 22, 2009 (edited) Dear all, I have a friend who recently got retrenched. He still has to pay HDB loan and car loan... He's thinking of letting go his car. But even selling off, he still owe finance company more than $10k. Since he does not has anymore income, he is thinking of defaulting monthly payment... But don't think bank can allow him to do that? He still got to worry about HDB repayment. No car never mind. But no roof over the head is quite bad.. So how? Will the bank just repossess his car? Edited February 22, 2009 by Teriyaki ↡ Advertisement Link to post Share on other sites More sharing options...
Silver_blade Turbocharged February 22, 2009 Share February 22, 2009 He can either default his repayment and wait for the finance co. to repossess the car..then kenna sued for the outstanding payment. Or he can talk to the finance co. and hopefully work out a repayment scheme for the outstanding amount after he has sold his car. Link to post Share on other sites More sharing options...
Bugsbunny Neutral Newbie February 22, 2009 Share February 22, 2009 TRy to rent out the car? Link to post Share on other sites More sharing options...
Teriyaki Neutral Newbie February 22, 2009 Author Share February 22, 2009 TRy to rent out the car? cannot do that... u didnt read today's newspaper? it's illegal to do that. Link to post Share on other sites More sharing options...
Teriyaki Neutral Newbie February 22, 2009 Author Share February 22, 2009 He can either default his repayment and wait for the finance co. to repossess the car..then kenna sued for the outstanding payment. Or he can talk to the finance co. and hopefully work out a repayment scheme for the outstanding amount after he has sold his car. yeah, he's thinking of defaulting till he get another job. but guess by then, his car would be towed away. Link to post Share on other sites More sharing options...
Silver_blade Turbocharged February 22, 2009 Share February 22, 2009 Risky...may be shipped out of the country and reported stolen + may not have enough insurance to cover anu accident while it is being rented out. Yup, it is also illegal. Link to post Share on other sites More sharing options...
Silver_blade Turbocharged February 22, 2009 Share February 22, 2009 yeah, he's thinking of defaulting till he get another job. but guess by then, his car would be towed away. I think in such bad times.....speak to the finance co is the best way forward. See if he can convinced them to allow him to not pay anything or pay a small portion until he find a job. Win-win for both party. Repossess and auction off, in such lousy market, may not be able to recover the full amount. Link to post Share on other sites More sharing options...
Hub_n_mona 1st Gear February 22, 2009 Share February 22, 2009 best is to call all the debtors and work things out..they should be able to tailor some sort of repayment plan..ultimately their goal is to collect back the money Link to post Share on other sites More sharing options...
Hub_n_mona 1st Gear February 22, 2009 Share February 22, 2009 Risky...may be shipped out of the country and reported stolen + may not have enough insurance to cover anu accident while it is being rented out. Yup, it is also illegal. you multi-tasking ah? saw your post in another thread before edit Link to post Share on other sites More sharing options...
Silver_blade Turbocharged February 22, 2009 Share February 22, 2009 (edited) Hee...hee...typed in the wrong thread. [blush] Edited February 22, 2009 by Silver_blade Link to post Share on other sites More sharing options...
Sei_fei_loh 1st Gear February 22, 2009 Share February 22, 2009 He can pass his car over to his family or relatives or close friends who need a car. Whoever takes over will pay for the instalment. this doesn't really falls under renting the car out. Link to post Share on other sites More sharing options...
Vwguy77 3rd Gear February 22, 2009 Share February 22, 2009 I think in such bad times.....speak to the finance co is the best way forward. See if he can convinced them to allow him to not pay anything or pay a small portion until he find a job. Win-win for both party. Repossess and auction off, in such lousy market, may not be able to recover the full amount. Agreed. But I think your friend should also talk to the HDB about repayment of the housing loan. HDB is very easy on repayment and they won't just chase you out if you don't pay. Link to post Share on other sites More sharing options...
Gunzy 4th Gear February 22, 2009 Share February 22, 2009 btw wat type job is he looking at?? Link to post Share on other sites More sharing options...
Teriyaki Neutral Newbie February 22, 2009 Author Share February 22, 2009 btw wat type job is he looking at?? sorry i have no idea... Link to post Share on other sites More sharing options...
Teriyaki Neutral Newbie February 22, 2009 Author Share February 22, 2009 Agreed. But I think your friend should also talk to the HDB about repayment of the housing loan. HDB is very easy on repayment and they won't just chase you out if you don't pay. think hdb at least the wife can still contribute... anyway cpf mah.. Link to post Share on other sites More sharing options...
Teriyaki Neutral Newbie February 22, 2009 Author Share February 22, 2009 He can pass his car over to his family or relatives or close friends who need a car. Whoever takes over will pay for the instalment. this doesn't really falls under renting the car out. if i dont have car.. i may consider. but i think now buy car so damn cheap. really waiting for prices to drop further Link to post Share on other sites More sharing options...
Drive_carcar Clutched February 22, 2009 Share February 22, 2009 Dear all, I have a friend who recently got retrenched. He still has to pay HDB loan and car loan... He's thinking of letting go his car. But even selling off, he still owe finance company more than $10k. Since he does not has anymore income, he is thinking of defaulting monthly payment... But don't think bank can allow him to do that? He still got to worry about HDB repayment. No car never mind. But no roof over the head is quite bad.. So how? Will the bank just repossess his car? He should delay HDB. They have a longer grace period, can go to MP for help to delay also. Then meanwhile figure out what to do about car. Link to post Share on other sites More sharing options...
Blackyv Turbocharged February 23, 2009 Share February 23, 2009 think hdb at least the wife can still contribute... anyway cpf mah.. errr..... how u know the wife working?? and even working, how u know wife cpf mthly contribution enough for the instalment?..it sounds like his friend hdb is not cheap type and perhaps need cash top up type..... don't forget many young couple nowadays don't mind to slog for their so call dream home which cost 500-700K hor... ↡ Advertisement Link to post Share on other sites More sharing options...
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