Home / Malaysia Business & Finance Law / Banking & Finance Law Bank doesn't want to repossess car. What happens next? Hire Purchase issues

Bank doesn't want to repossess car. What happens next? (modified 0 times) stuckinahole Profile Hello there, I am a guarantor on a car loan and the hirer has defaulted for over 3 mths on the loan since last year. I have been doing my best to sustain the account's monthly payments, partly because the bank said that they would keep my name in the clear if I do so. However I recently found out from 2 separate credit card app rejections that I have been flagged on this loan - which means the bank LIED to me. I can't sustain the loan anymore. The bank doesn't want to repossess the car because it has no resell value. So what happens next? I know I am liable for the full amount as the guarantor. I understand there's supposed to be some sort of "judgement" but I have no idea what that exactly means. Can the bank drag out this "judgement" so the amount will hit 30k with interest and they can declare me bankrupt? The current amount is currently about 20k. Please advise what is my best course of action since I really can't sustain the loan anymore. I have written the bank to ask for some leniency on their part and allow a withdrawal with a partial payment, but I guess they want all their money back so I didn't even get a response. What happens at "judgement"? Appreciate the advise. 27 Jan, 2012 09:21:19

RE:Bank doesn't want to repossess car. What happens next? (modified 0 times) vkpc The hirer can inform the bank by writing that he/she will leave the car at the bank branch on a certain day and time. Once the car is left there and the keys, reg card dropped at the counter, it is considered that the bank has taken possession of the car. This is law. 30 Jan, 2012 08:50:48

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