Mr_pee Neutral Newbie May 20, 2008 Share May 20, 2008 Hi fellow MCF forummers... need some advice from experts here. My Fren is a Guarantor of a Swift Sports... Now both owner have a problem with each other which will never be settle... My Fren desperately wanna remove her name as the swift guarantor... Called the bank up.. they sae cannot remove must swap with other garantor.. Oredi tell the first owner to find other garantor but i tink he take things very lightly... not bothered.... The quest is: Is there any other way to settle this?... Wat if the first owner starts to play punk threaten not to pay or skip payments..?? Anione can help or advice... ↡ Advertisement Link to post Share on other sites More sharing options...
Jeffang Neutral Newbie May 20, 2008 Share May 20, 2008 your friend will end up going to pay for the owner... if you friend also don't want to pay... the bank will go sue the owner and your friend! Link to post Share on other sites More sharing options...
Iziz Clutched May 20, 2008 Share May 20, 2008 Ur fren is screwed... like the bank says, u need to find another guarantor to do a swap. On the other hand, if the owner plays punk, etc, he will screw up his own credit record and can forget abt buying a car again (in e event e car gets re-possessed). So ur fren can have peace of mind (unless he wans to "hug together and die") Link to post Share on other sites More sharing options...
Mr_pee Neutral Newbie May 20, 2008 Author Share May 20, 2008 i forgot to mentioned that she has a new car coming out soon also... by her own name no guarantor.. diff bank... Need to help her before she kena play with dat guy.... Link to post Share on other sites More sharing options...
Pentium 1st Gear May 20, 2008 Share May 20, 2008 Aiyoh, must be boyfriend and girlfriend relationship turn sour lah. Link to post Share on other sites More sharing options...
Mr_pee Neutral Newbie May 20, 2008 Author Share May 20, 2008 Ya correct!!!! Now come ask ppl for help.... Never thing of future anyhow hentam guarantor now problem... Link to post Share on other sites More sharing options...
Porker Turbocharged May 20, 2008 Share May 20, 2008 The guarantor is screwed period. Better resolve amicably since she signed as a guarantor without a gun pointing at her (in the past that is). Link to post Share on other sites More sharing options...
Guest Julio369 Neutral Newbie May 20, 2008 Share May 20, 2008 (edited) Is this Swift driver holding a stable/ steady job? Is he well educated? Is he from a reasonable/ ok/ educated family? If yes, than your chance to settle is good becasue his credit status/ career will be at stake. If he is a low life creature, odd job labourer, with a "ah beng attitude", than no lawyers, police, laws can help her. worst scenerio.... she MUST settle full outstanding payment with the bank if the car is ever repo (touch wood), if not, her credit status/ jobs/ career will be affected. After settlement than you can send demand letter, summons etc...note that the amount must be >S$10K in order to have a court case & make him bankrupt(last resort but try not to).....all the legal cost/ desposits to court she must pay up front & you never know if you can recover back. The best is talk to him or his family.... if he defaults any payments. Other than that, you can only pray he pays his instalemnts on time. NEVER EVER BE A GUARANTOR, EVEN TO YOUR OWM RELATIVES/ SIBLINGS/ IN-LAWS. IF THEY CANNOT AFFORD TO DRIVE, DON'T DRIVE Edited May 20, 2008 by Julio369 Link to post Share on other sites More sharing options...
Jeffang Neutral Newbie May 20, 2008 Share May 20, 2008 (edited) can tell her not to buy any car now 1st!!! go cancel!!! maybe she can pay for the car 1st... or better still!!! take over the car! my friend also as a guarantor for a car, end up both owner & guarantor are bankrupt now! cause car repo by bank, owner & guarantor cannot pay outstanding payment about 30k!!! (int around 18k, car price aorund 15k) those people who buy car need guarantor better dun buy any car!!! sabo people only! Edited May 20, 2008 by Jeffang Link to post Share on other sites More sharing options...
Mr_pee Neutral Newbie May 20, 2008 Author Share May 20, 2008 her car coming out shud be latest this week... A brand new impreza... She did all this without telling her sibling or any of her fren... tried to tok to the bank abt cancelling her name die die cannot oredi.. it seems the onli way is... pray dat the guy carry on hs monthly payment and dont play punk... or find someone else to swop name... Link to post Share on other sites More sharing options...
Mr_pee Neutral Newbie May 20, 2008 Author Share May 20, 2008 Guarantor is a dangerous thing to commit... no turning back oredi... Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged May 20, 2008 Share May 20, 2008 she can't take over the car, the car is in her guy friend name. LTA also will now allow transfer unless it is a sales and purchase. Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged May 20, 2008 Share May 20, 2008 can. offer to pay half of the o/s amount lor and withdraw her name. the bank should allow. stupid idea but possible. Link to post Share on other sites More sharing options...
Mr_pee Neutral Newbie May 20, 2008 Author Share May 20, 2008 Its an OPC swift sport with a beng driver... Lucky the rd tax is cheap if not oso cialat... scared the guy cannot pay... i told he if he neber pay... take the car away from him... u pay or go and rent out the car lor... (worst case scenario) Link to post Share on other sites More sharing options...
Mr_pee Neutral Newbie May 20, 2008 Author Share May 20, 2008 Half the amt of the car.. u mean if the loan is 40k u pay 20k??... don tink she can come out with dat some of money.... can engaged lawyer to demand the family to remove her name or not?? Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged May 20, 2008 Share May 20, 2008 Not possible. She became a guarantor thru her own freewill and should have been aware of the consquences. Legally she has nothing against the company or the guy. Even if the guy default, i have my doubts that she can claim back from the guy thru legal means. What she can try to do is try to talk with his family and if they are kind and understanding enough they may be willing to be guarantor for their son and let her pull out her name. I guess this depends on her r/s with his family. Link to post Share on other sites More sharing options...
Ender Hypersonic May 20, 2008 Share May 20, 2008 Is this Swift driver holding a stable/ steady job? Is he well educated? Is he from a reasonable/ ok/ educated family? If yes, than your chance to settle is good becasue his credit status/ career will be at stake. If that guy needs a guarantor to secure a loan, it tells something about his credit history. Usually most people no need guarator for car loan, if holding decent and stable job. Link to post Share on other sites More sharing options...
Dwoon 1st Gear May 20, 2008 Share May 20, 2008 What if go to the bank and declare that you lost your job??? Will they ask the car owner for another guarantor??? ↡ Advertisement Link to post Share on other sites More sharing options...
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