What happens to your car when u.....

[fabianyee]

What happens when one passes away while he/she is still paying for the car's monthly installment?? So who gets ownership of the car? The bank? Next of kin?

 

[XXX]

...errrr...what are you up to? dun forget ah nowadays got CSI ah..dun play play...

 

[fabianyee]

...errrr...what are you up to? dun forget ah nowadays got CSI ah..dun play play...

What are you thinking?
Death is so sudden nowadays. So this question kind of pop up so I ask u guys loh...

Housing loan got MRTA but don't think there's such thing for car loan...

btw, you got new car loan right??

 

[astroboy]

Ahh.... don't use that scenario la.. what about the owner sudah lari? same situation.

To the bank, they just wait for people to bank in... dead or alive. If $$$ don't come in as scheduled, they will got hunt for the car and tarik the car if can find loo.. then after some time if still cannot locate hirer to settle outstanding, bank will lelong the car. If proceed exceeds the loan, then they will issue a cheque and try to get the hirer to collect looo. If tak cukup, continue to hunt for the hirer and file bankruptcy against the defaulter if need be.. if the defaulter is 6' under ground, then his/her EPF a/c, bank a/c all freezes until income tax, bankers, credit card company and debtors claim their share loo.. before distributing the balance of the deceased assets to the next of kin according to the will.

 

[IsaacVky]

Ahh.... don't use that scenario la.. what about the owner sudah lari? same situation.

To the bank, they just wait for people to bank in... dead or alive. If $$$ don't come in as scheduled, they will got hunt for the car and tarik the car if can find loo.. then after some time if still cannot locate hirer to settle outstanding, bank will lelong the car. If proceed exceeds the loan, then they will issue a cheque and try to get the hirer to collect looo. If tak cukup, continue to hunt for the hirer and file bankruptcy against the defaulter if need be.. if the defaulter is 6' under ground, then his/her EPF a/c, bank a/c all freezes until income tax, bankers, credit card company and debtors claim their share loo.. before distributing the balance of the deceased assets to the next of kin according to the will.

sounds so bloody money sucker. dah la mati still so hardcore. :stupid:

 

[Zoggee]

What happens when one passes away while he/she is still paying for the car's monthly installment?? So who gets ownership of the car? The bank? Next of kin?

Alamak...you plotting to kill your wife for the VW?

 

[climenta]

This query needs to be directed to our very own entertainment CEO

 

[XXX]

Alamak...you plotting to kill your wife for the VW?

....wei you forgot the MX5....kakakkakkaka

 

[shyful313]

when talk about payment of course still have to pay to financial institution if still have balance of credit..but if dont have any balance just bring that surat mati with all the documentation to jpj lorr..

 

[fabianyee]

....wei you forgot the MX5....kakakkakkaka

Stop ruinning my reputation...

 

[flash]

Something I don't know? Fabbie jumping camp?

Stop ruinning my reputation...

 

[jeffreyewe]

Stop ruinning my reputation...

Huh? Got reputation meh???

 

[flash]

What reputation? Donut King? That belongs to Porkster. Drift King? Mebbe.

Huh? Got reputation meh???

 

[fabianyee]

off topic aledi lah..

So the conclusion is that if one dies before paying off the car loan, the car goes back to the bank?

 

[flash]

Hmmm, on the subject, I had thought of it before. Ended up "buying" the car from my dad.... now the hire purchase and car is under my name. And if anything should happen to me???? Hmmm, god knows. And I believe it is gonna be a hassle. Anyway, just in case, I have got the signed transfer forms to my beneficiary, kept by me of course together with my will, etc, etc, etc. How the bank will sort out the transfer of hire purchase to my beneficiary, that is their problem. Ha ha. Perhaps a banker can enlighten us?

 

[XXX]

Rockwill will solve ur problem....eg: I hereby give with tender loving kindness to my beloved wife my loan of Rm88000 still owing to the bank at a monthly instalment of RM888 per month.

 

[astroboy]

off topic aledi lah..

So the conclusion is that if one dies before paying off the car loan, the car goes back to the bank?

Yea.. technically, we never officially own the car until release from the bank, despite having our name on the grant. Its a back-to-back charging the grant to the bank as a condition of the bank releasing the loan.

Otherwise, u think after pay 10% down payment, you can own the car meh?!

So one never passes the car as an asset to the next-of-kin until full settlement. Its a LIABILITY!!

 

[beemercsc]

hi everybody,,

My friend went thru exactly the same senario. The owner ofteh car died and still have outsatnding in bank. the car stuck. In order to change the ownership he have to go thru Amanah Raya. and the car only can be transfered to next of kin. it means if want to sell the car is not possible. And another big head ache is the Amanah Raya want the grant to be released by the the bank. then you knowlah how to get the letter B. But the settlement is not much around 15k. they paid the sum get the grant and change it to his mother and transfered to my friends name. but i am wondering if the loan amount is big. used all surrendered do wnt to take the risk and hassle... But the bank still hunt for the car and they managed to find and have to give some undertable to settle..


The bank will be very eager to reposses teh car if the settlement amount is less....

hope this will help..

and one thing few years back i come accross some policy in Ambank that will cover this kind of risk.. but donno now they have or not... that time only using wira not bothered to ask... acceptable risk... when is come to bmw and luxury car better consider....

Regards
R.Theva

 

[Spaceman]

i hope there's a MRTA insurance for cars as well....meaning when we pass on, this insurance will settle off the outstanding amount owed to the financial institution, just like the MRTA for house.

 

[suhaimi850]

i hope there's a MRTA insurance for cars as well....meaning when we pass on, this insurance will settle off the outstanding amount owed to the financial institution, just like the MRTA for house.

Make it proposal to BNM for MRTA car hire purchase loan.