Matrixx 3rd Gear May 20, 2008 Share May 20, 2008 (edited) can. offer to pay half of the o/s amount lor and withdraw her name. the bank should allow.stupid idea but possible. Can it actually be done, since I thought being a guarantor means being accountable for the whole sum. So unless the whole sum is settled, would the bank let the guarantor off by just paying half of the outstanding amount? Edited May 20, 2008 by Matrixx ↡ Advertisement Link to post Share on other sites More sharing options...
Guyver 1st Gear 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... The solution to this ... is ... money. Period. So if don't want to pay money ... then there is no way out liao. Link to post Share on other sites More sharing options...
Mr_pee Neutral Newbie May 20, 2008 Author Share May 20, 2008 doubt so.... i tink they will ask u find another job.. unless u got into an accident and get permanent disability .... hence u cannot find other job... with proof from doc then they will let u off..... cialat ah for gurantor... if the first owner never pay dats it... u must answer to the bank... Link to post Share on other sites More sharing options...
Mr_pee Neutral Newbie May 20, 2008 Author Share May 20, 2008 yup.. i told her to standby at least 3mths instalment incase the guy wanna start his nonsence... Link to post Share on other sites More sharing options...
Porker Turbocharged May 20, 2008 Share May 20, 2008 Let this be a warning to all (guys and girls).. Never ever stand guarantor for someone if its for the wrong reason. Even husbands and wives fall out and go to court over $$$ so what makes you think gf and bf won't? This world is going to the craps man. Link to post Share on other sites More sharing options...
Genie47 1st Gear May 20, 2008 Share May 20, 2008 Rule no. 1. Don't be guarantor for car purchase. Usually your wife or girlfriend will tell you not to be guarantor. Rule no. 2. If your wife or girlfriend encourage you to be guarantor, they are most likely having an affair. Link to post Share on other sites More sharing options...
Unltd 5th Gear May 20, 2008 Share May 20, 2008 Dude, I think hard luck trying to remove name unless you can find a swap. Legal and Bank papers are not something to be trifled with, even swapping takes a long time (a few months). The owner of course not bothered, they are on bad terms.... Give the girl something to worry about, a reminder of him! There is no other way to settle it, unless ownership is transferred to the girl or car is sold outside. If owner skips payment or not pay, the banks will chase after guarantor. Actually I needed a guarantor for my car loan too when I first started out, I am doing sales and if I do not have a car I lose my job which I was on probation on. My mum was my guarantor, so being guarantor is not a death warrant. But you sure as hell gotta make sure you can trust the person whom you guarantee! Link to post Share on other sites More sharing options...
Peqasus 1st Gear May 20, 2008 Share May 20, 2008 hmm...the fix here is the car is under the guy's ownership. pray she actually has a set of keys for the swift. in the event guys dun pay instl. then gal jus drive the car away til he settles his debt. but would tat be criminal? i mean if she furnish the letter tat the guy faulted on payment. wat happens during a repo? if the repo company goes after guarantor, can the guarantor offer to carry on instlment and let her hv the car? i mean from the repo pt of view, the gal is paying so y not let her continue lor. the gal can lease the car out and recover partial. Link to post Share on other sites More sharing options...
Fitvip Supersonic May 20, 2008 Share May 20, 2008 I don't think the repo co has the power to do such a thing. Transfer of name, as mentioned in earlier thread, is not allowed, unless sold. Don't think the bf will agree to such a step! Link to post Share on other sites More sharing options...
Nkps 1st Gear May 20, 2008 Share May 20, 2008 Guarantor is a dangerous thing to commit... no turning back oredi... i think Porker is willing to take care of the girl but not the guarantor thingy Link to post Share on other sites More sharing options...
Nkps 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??? where got so easy? why they need guarantor? cos they juz want to pin down someone incase anything happen.... u think to bank they care about the little money? Link to post Share on other sites More sharing options...
Chrispie 5th Gear May 20, 2008 Share May 20, 2008 I think recently there was a gal asking for advise abt gurantoring for BF also... all the MCFers say 'Mai Siao lah'.. Link to post Share on other sites More sharing options...
Route88 2nd Gear May 20, 2008 Share May 20, 2008 I fully agreeded. Spell out again. NEVER EVER BE A GUARANTOR, EVEN TO YOUR OWM RELATIVES/ SIBLINGS/ IN-LAWS. IF THEY CANNOT AFFORD TO DRIVE, DON'T DRIVE Link to post Share on other sites More sharing options...
Mahjong74 Supercharged May 20, 2008 Share May 20, 2008 (edited) The car is under the guy's name. Owner is the guy. The gal cannot just drive the car away even she has the spare keys. As a guarantor, she has willingly guarantee that the guy will make the payment. The repo company doesn't go after the gurantor, they only go after the car. The repo company find and repossess the car. The bank will asked the car owner to pay the outstanding installments plus a admin fee for the repossession. Then the car owner can take back the car. If not, the bank will auction the car at a low price and the car owner has to pay up the difference. If car owner can't pay, the bank will then go after the guarantor. Edited May 20, 2008 by Mahjong74 Link to post Share on other sites More sharing options...
Bugsbunny Neutral Newbie May 20, 2008 Share May 20, 2008 100% agreed. drive within your mean Link to post Share on other sites More sharing options...
Elfenstar 3rd Gear May 20, 2008 Share May 20, 2008 My mum was my guarantor, so being guarantor is not a death warrant. But you sure as hell gotta make sure you can trust the person whom you guarantee! Exactly plus one more point... make sure you can afford to pay off the loan if the owner cannot meet the payments! Link to post Share on other sites More sharing options...
Xspace 1st Gear May 20, 2008 Share May 20, 2008 Siao... up lorry liao... Link to post Share on other sites More sharing options...
Fondue Neutral Newbie May 20, 2008 Share May 20, 2008 Your friend is in a fix, but don't have to panic as yet. In the worst case scenario, the guy gotta miss a few payment before the bank will act, and most likely, the car will be repo, and later auction off if the guy still refuse to pay. Only then will the bank come after the guarantor, and it'll be for the outstanding balance after the sales of the car and not the full loan amount. Hopefully this amount is not too daunting. All this would take a few months, and even if the bank does eventually comes after you friend, can always nego for payment by installment. Try getting your friend to think thru this process. If she is confident that the guy will not drag till the car gets auction off, then there is really not much to worry about. I'm not sure about this, but I don't think he can sell off the car on his own without settling the outstanding amount with the bank. ↡ Advertisement Link to post Share on other sites More sharing options...
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