Jump to content

Bankruptcy case related to used car purchase?


Char
 Share

Recommended Posts

5th Gear

Any bankruptcy case related to used car purchase ? As we all know the actual value of all these pre own are very low compare to paid for ! In the event of difficulty from paying of monthly installment , what will be happening to the owner ?

↡ Advertisement
Link to post
Share on other sites

Any bankruptcy case related to used car purchase ? As we all know the actual value of all these pre own are very low compare to paid for ! In the event of difficulty from paying of monthly installment , what will be happening to the owner ?

Normally the finance company will tow away the car and go for auction. Then they will ask the buyer to pay the different of the auction price and the balance outstanding. If the buyer still cannot pay, the finance company may file for bankruptcy.

  • Praise 1
Link to post
Share on other sites

Supercharged

If before repo,

 

Go to any dealers and ask for the best price.

If best price offered is more than outstanding loans, sell to have a few $ back to own pocket.

If price offered is less than outstanding, don't think one can fork out the cash and good game.

 

If after repo,

 

Sit tight and hold on.

 

 

all the best. it doesn't change a thing about one when one is bankrupt.

Stay positive.

  • Praise 2
Link to post
Share on other sites

Turbocharged

Ask wrong forum .

 

Here nobody buy car by instalment all pay full cash.

  • Praise 11
Link to post
Share on other sites

Minimise your lost ... sell off asap . Best have someone to take over before filing bankrupt . Once go into audit , u loss more

  • Praise 5
Link to post
Share on other sites

Ask wrong forum .

 

Here nobody buy car by instalment all pay full cash.

 

 

here people all pay full cash buy car de ........ [laugh]

If crisis starts and people lose their jobs, then i think a lot of people will go this route.

 

 

Many will become Pte Taxi driver at nite club . [thumbsup]

  • Praise 3
Link to post
Share on other sites

Any bankruptcy case related to used car purchase ? As we all know the actual value of all these pre own are very low compare to paid for ! In the event of difficulty from paying of monthly installment , what will be happening to the owner ?

 

its unlikely Fin co will force u into bankruptcy. No benefit to them.

 

They will repo ur car , auction it . Still not enough , depend on the value, they may get '3rd party' to come knock on your door to collect debt or take away some of your home items like TV , HIFI etc.

  • Praise 3
Link to post
Share on other sites

 

its unlikely Fin co will force u into bankruptcy. No benefit to them.

 

They will repo ur car , auction it . Still not enough , depend on the value, they may get '3rd party' to come knock on your door to collect debt or take away some of your home items like TV , HIFI etc.

 

you speaking from experience or just guessing

Link to post
Share on other sites

 

you speaking from experience or just guessing

 

CHOI CHOI CHOI , 大吉大利 !

 

from leasing company point of view.

  • Praise 3
  • Haha! 1
Link to post
Share on other sites

Sound advice. If it was me, I would open my offer to both direct buyers as well as dealers for the best deal to maximise the opportunity and minimise the loss in accordance to the given time frame for disposal.

If before repo,

 

Go to any dealers and ask for the best price.

If best price offered is more than outstanding loans, sell to have a few $ back to own pocket.

If price offered is less than outstanding, don't think one can fork out the cash and good game.

 

If after repo,

 

Sit tight and hold on.

 

 

all the best. it doesn't change a thing about one when one is bankrupt.

Stay positive.

 

Link to post
Share on other sites

(edited)

 

CHOI CHOI CHOI , 大吉大利 !

 

from leasing company point of view.

 

your leasing company or you assume?

Edited by Galantspeedz
Link to post
Share on other sites

5th Gear

In the event of crashing COE , will the finance co ask you to top up ? Let's say you bought a pre own car when COE at current level $66,000 and actual used car COE only at $20,000 and later COE crash to $20,000 . Like we purchase of private property always get loan base on valuation and will car loan also the same ? If the property price fall below certain percentage of valuation and the bank will ask you to top up .

Link to post
Share on other sites

Agree regardless the brands and level of luxury / exotic cars when they are made by Mattel or Bluebox etc. :D

Ask wrong forum .

 

Here nobody buy car by instalment all pay full cash.

 

  • Praise 1
Link to post
Share on other sites

(edited)

 

your leasing company or you assume?

 

My ex company's part time biz... why u have the thought it was assumption ? U in leasing or loan biz too ?

Edited by Angcheek
  • Praise 3
Link to post
Share on other sites

(edited)

Any bankruptcy case related to used car purchase ? As we all know the actual value of all these pre own are very low compare to paid for ! In the event of difficulty from paying of monthly installment , what will be happening to the owner ?

 

Difficulty in paying monthly installment? Meaning you owe the bank. Plus got interest somemore. Let the bank repo the car and let them deal with it. There's not much you can do on your own. If you sell the car you still got to repay what you owed to the bank on top of interest. As if you still got mood to go sell your car.

Edited by Watwheels
  • Praise 1
Link to post
Share on other sites

In the event of crashing COE , will the finance co ask you to top up ? Let's say you bought a pre own car when COE at current level $66,000 and actual used car COE only at $20,000 and later COE crash to $20,000 . Like we purchase of private property always get loan base on valuation and will car loan also the same ? If the property price fall below certain percentage of valuation and the bank will ask you to top up .

 

 

If COE crash ..... will u still pay the same amount for that same pre owned car ? .................

↡ Advertisement
  • Praise 4
Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...