Default on Car Loan

[SporeHongkong]

gd day to all...jus wish to enquire as my colleague asked me if he defaulted on his in house car loan for 2-3mths already, will they tow away his car at his residential address or whats the procedure like? i couldnt advice him as mine was through bank loan..anyone similar situation?

[Furrynadz]

3 month time letter will come

 

[Jordanplus]

your friend's car will be get towed away at any time, anywhere. unless he hide his car at jb.

[Wabbit]

Not only tow but still have to pay for the parking where it is towed to..............

[Little_prince]

3 month time letter will come

 

not 3 month

 

it's 3rd month final warning and tow away liaoz

[Prostcode]

Also, tell your colleague next morning wake up his car no more at the lot liao. Haha.

[Babyt]

no money pay just surrender the car lah.

 

treat the car like his life...omg.

[Mini-itx]

Towing is expensive..... YOu need to pay for towing fees and parking fees (for where the car is parked at). Then after you pay tour loans, you still need to pay for towing fees back to your place.....

 

EXPENSIVE.... Whats the point. Just settle 1 month at least lar.

[Neutralsg]

gd day to all...jus wish to enquire as my colleague asked me if he defaulted on his in house car loan for 2-3mths already, will they tow away his car at his residential address or whats the procedure like? i couldnt advice him as mine was through bank loan..anyone similar situation?

When a loan is defaulted, the finance co., whether bank or in-house lender is likely to put the car on its watch list for repossession after a notice to repossess has been issued to the borrower prior to repossession.

If your friend has difficulty to settle the outstanding loan, it is best to talk to the finance co., a.s.a.p. before they take action to repossess the vehicle because to ignore such notice is more costly than to approach the problem head-on.

Hope above suggestion helps.