Balloon Scheme Car Scrap Procedure

[Mos_rex]

Anyone have any experience with balloon scheme cars which have reached the end of the term and needed to be scrapped ? I know that last instalment for cars under balloon scheme is normally the parf value of the car, hence, I would like to know if it is possible to surrender the car to the finance company during the last instalment month and let them sort it out themselves.

 

The car I am driving now is a bit complicated issue as the owner has passed away and I took over the car few months before she passed away. Still have until July next year to drive and I am worried about the last instalment to the finance company since car is not under my name.

 

Appreciate advise and assistance from fellow forumers. TIA

[Little_prince]

  On 11/24/2014 at 8:36 AM, Mos_rex said:

Anyone have any experience with balloon scheme cars which have reached the end of the term and needed to be scrapped ? I know that last instalment for cars under balloon scheme is normally the parf value of the car, hence, I would like to know if it is possible to surrender the car to the finance company during the last instalment month and let them sort it out themselves.

 

The car I am driving now is a bit complicated issue as the owner has passed away and I took over the car few months before she passed away. Still have until July next year to drive and I am worried about the last instalment to the finance company since car is not under my name.

 

Appreciate advise and assistance from fellow forumers. TIA

since owner die, insurance under whose name?

[Mos_rex]

  On 11/24/2014 at 8:40 AM, Little_prince said:

since owner die, insurance under whose name?

Insurance is under the name of her estate.

[Vhtfhwlego]

If I drive a car registered under someone whom pass away, why do I still pay the installment?

[Little_prince]

  On 11/24/2014 at 8:44 AM, Mos_rex said:

Insurance is under the name of her estate.

i don't think it works that way.

[Little_prince]

  On 11/24/2014 at 8:47 AM, Vhtfhwlego said:

If I drive a car registered under someone whom pass away, why do I still pay the installment?

ya lor. doesn't sound right hor

[Carnoob]

There's no need to worry at all especially since the car is not under your name. Unless you are her NOK if not then no liability, even if you don't pay now, the finance will just tow back the vehicle and cannot chase payment from you.

[Mos_rex]

  On 11/24/2014 at 8:47 AM, Vhtfhwlego said:

If I drive a car registered under someone whom pass away, why do I still pay the installment?

 

Because the car is not fully paid off even though after someone pass away. Loan is still under her estate and responsibility of her beneficiary to settle the loan with the finance. An agreement was made between myself and deceased before she passed away and being the responsible person I am, will honor the agreement irregardless.

 

Little Prince - Yes it is possible. Car is registered under her estate with the LTA and also with the insurance and I am the named driver in the policy.

[Galantspeedz]

  On 11/24/2014 at 8:55 AM, Mos_rex said:

 

Because the car is not fully paid off even though after someone pass away. Loan is still under her estate and responsibility of her beneficiary to settle the loan with the finance. An agreement was made between myself and deceased before she passed away and being the responsible person I am, will honor the agreement irregardless.

 

Little Prince - Yes it is possible. Car is registered under her estate with the LTA and also with the insurance and I am the named driver in the policy.

 

Finance company no issue? Did you become the guarantor?

 

Imagine if installment not paid... who they call to chase for payment.. lol... sibei weird

[LiuDeHua]

  On 11/24/2014 at 8:36 AM, Mos_rex said:

Anyone have any experience with balloon scheme cars which have reached the end of the term and needed to be scrapped ? I know that last instalment for cars under balloon scheme is normally the parf value of the car, hence, I would like to know if it is possible to surrender the car to the finance company during the last instalment month and let them sort it out themselves.

 

The car I am driving now is a bit complicated issue as the owner has passed away and I took over the car few months before she passed away. Still have until July next year to drive and I am worried about the last instalment to the finance company since car is not under my name.

 

Appreciate advise and assistance from fellow forumers. TIA

 

Why you don't call the finance company to ask?

 

My personal understanding is that if you don't have the upfront cash to full settle the loan, then come end of life of the COE, you will need to sell the car to a dealer.

He will then help you to full settle the loan, then de-register the car.

 

Finance company will not take in the car.

[Evillusion]

  On 11/24/2014 at 8:47 AM, Little_prince said:

i don't think it works that way.

A friend also did the same way when her father passed on and she took over the car. Most of the paperworks were still in her late father's name.....but the problems came when she wanted to sell the car......run here run there...lta...ntuc.....i really pity her. Luckily the car was sold to another friend who didnt mind the wait and hassle. I also was a bit malu as i was the one who brought both parties together....one told me she wanted to sell and the other told me he wanted to buy a car.....wasnt plain sailing but luckily the sale went through.

[Chucky2007]

  On 11/24/2014 at 8:44 AM, Mos_rex said:

Insurance is under the name of her estate.

seriously?? Edited November 27, 2014 by Chucky2007

[Achtung]

U do continue to pay. We paid for my deceased dad.... my mum execute his estate after he passed on.

 

 

  On 11/24/2014 at 8:47 AM, Vhtfhwlego said:

If I drive a car registered under someone whom pass away, why do I still pay the installment?

 

[Nlstch]

I thought all loans are now covered with insurance so that in case the borrower pass on, the finance company can claim from insurance company to settle the loan?