Bluepica 4th Gear January 13, 2012 Share January 13, 2012 In the event of my K.O., to whom will my car be passes to if I do not have a Will? And if there's still outstanding loan? ↡ Advertisement Link to post Share on other sites More sharing options...
Iamrichardhutsetau Clutched January 13, 2012 Share January 13, 2012 auction Link to post Share on other sites More sharing options...
Vega Turbocharged January 13, 2012 Share January 13, 2012 if dont own the car if you have not fully paid off the installment. Link to post Share on other sites More sharing options...
Bluepica 4th Gear January 13, 2012 Author Share January 13, 2012 if dont own the car if you have not fully paid off the installment. What are you babbling about? Link to post Share on other sites More sharing options...
Watwheels Supersonic January 13, 2012 Share January 13, 2012 In the event of my K.O., to whom will my car be passes to if I do not have a Will? And if there's still outstanding loan? Huh?! Ppl buy car really dun know anything. Now I know got so many ignorant ppl. Once you stop paying installment to the bank you took loan from they will repossess their car. Yes. The reason is their car cos you haven finish paying for it. The bank paid the dealer for the car and you are repaying the bank plus interest. If you dunno pls go and KO. The bank will dan place it for auction at the car auction and get back its remainder value. The bank may make a loss in the process. So whoever you intend to pass your car to I suggest you forget it. Next intelligent question pls. Link to post Share on other sites More sharing options...
Jman888 Moderator January 13, 2012 Share January 13, 2012 in singapore, you dun own a car forever depends on whether you outlast it or it outlast you within the 10 years period [laugh] Link to post Share on other sites More sharing options...
Maxus-MIFA9 Supersonic January 13, 2012 Share January 13, 2012 (edited) Huh?! Ppl buy car really dun know anything. Now I know got so many ignorant ppl. Once you stop paying installment to the bank you took loan from they will repossess their car. Yes. The reason is their car cos you haven finish paying for it. The bank paid the dealer for the car and you are repaying the bank plus interest. If you dunno pls go and KO. The bank will dan place it for auction at the car auction and get back its remainder value. The bank may make a loss in the process. So whoever you intend to pass your car to I suggest you forget it. Next intelligent question pls. For what I know, any immediate family member can transfer the ownership to themself by producing the Death Cert and continue to furnish the car loan. Also, they need to do the ownership transfer at LTA paying the fee on change of ownership. If no family member comes forward to furnish the loan, then it wil be auction out by the loan company to recover the remaining loan cost. Any extra from the auction will be given back to the owner's family members through Public Trustee. Edited January 13, 2012 by Picnic06 Link to post Share on other sites More sharing options...
Mazdaowner Moderator January 13, 2012 Share January 13, 2012 In the event of my K.O., to whom will my car be passes to if I do not have a Will? And if there's still outstanding loan? Harlow brother...in little red dot called Sing-Kah-Por, you no own the car, you merely LEASE it from the bank with a LOAN tied to your name. When ki chia, the bank will terminate the lease with you repossess your car (not karchng) to recover your outstanding balance, if no one in the family is willing to take over or do a transfer of ownership (cost money again). Link to post Share on other sites More sharing options...
Happily1986 5th Gear January 13, 2012 Share January 13, 2012 For what I know, any immediate family member can transfer the ownership to themself by producting the Death Cert and continue to furnish the car loan. Also, they need to do the ownership transfer at LTA paying the fee on change of ownership. If no family member comes forward to furnish the loan, then it wil be auction out by the loan company to recover the remaining loan cost. Any extra from the auction will be given back to the owner's family members through Public Trustee. thanks for highlighting this. Link to post Share on other sites More sharing options...
Watwheels Supersonic January 13, 2012 Share January 13, 2012 (edited) For what I know, any immediate family member can transfer the ownership to themself by producting the Death Cert and continue to furnish the car loan. Also, they need to do the ownership transfer at LTA paying the fee on change of ownership. If no family member comes forward to furnish the loan, then it wil be auction out by the loan company to recover the remaining loan cost. Any extra from the auction will be given back to the owner's family members through Public Trustee. Yes you are right. Provided the immediate family member wants to transfer the ownership to himself/herself and continue the installment. But TS ask who he can "pass" the car to. That's totally different scenario. Haven't make full payment and want to pass the car to somebody. That's stealing. Unless the bank's name is "my ah gong open one". Edited January 13, 2012 by Watwheels Link to post Share on other sites More sharing options...
Nightsky 1st Gear January 13, 2012 Share January 13, 2012 What are you babbling about? Bro Vega is correct. Has your car been fully paid for already? Or are you still servicing the installments? Link to post Share on other sites More sharing options...
Qpik Supercharged January 13, 2012 Share January 13, 2012 My sis's BF's hub passed away with outstanding loan. Whether a will exists or not, I do not know. They do not allow her (BF) to sell off the car privately and settle the loan. Instead, the financial institution sold it off and billed her for the short-fall. What I found puzzling is that if the car was sold in the market, there won't be any shortfall? So, how did the financial institution derived at the final amount is Link to post Share on other sites More sharing options...
Jman888 Moderator January 13, 2012 Share January 13, 2012 My sis's BF's hub passed away with outstanding loan. Whether a will exists or not, I do not know. They do not allow her (BF) to sell off the car privately and settle the loan. Instead, the financial institution sold it off and billed her for the short-fall. What I found puzzling is that if the car was sold in the market, there won't be any shortfall? So, how did the financial institution derived at the final amount is they sold at scrap value to their own staff lor Link to post Share on other sites More sharing options...
Throttle2 Supersonic January 13, 2012 Share January 13, 2012 so now , you all know the tangible and intangible benefits of a fully paid item...heh he Link to post Share on other sites More sharing options...
Zanter 3rd Gear January 13, 2012 Share January 13, 2012 in singapore, you dun own a car forever depends on whether you outlast it or it outlast you within the 10 years period [laugh] Yeah the reality is the Govt owns the car. You just lease it for 10 years even if you full paid for it. Link to post Share on other sites More sharing options...
Sofes Neutral Newbie January 13, 2012 Share January 13, 2012 But what if I only take 3 years loan? so I "own" the car for the next 7 years right. So if I ki chia on the 5th year, can I pass the car to family (for the remaining 5 years) in my will? Link to post Share on other sites More sharing options...
PSP415 Supersonic January 13, 2012 Share January 13, 2012 Yup, u can becos u wld hv fully paid up loan by then. The "ownership" mentioned by e bros is taken a step further to mean that cos of COE, one's ownership is just 10 years till nxt COE renewal or when scrapped. For those whose loan is nt fully paid up, e car belongs to e bank/finance co unless as mentioned, dey allow transfer of ownership to a spouse or family member. Safe ride Cheers 1 Link to post Share on other sites More sharing options...
Vega Turbocharged January 13, 2012 Share January 13, 2012 that is the reason why last time the bank keep the log card. ↡ Advertisement Link to post Share on other sites More sharing options...
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