If Bankrupt Car how?

[Jun86]

Only 4 months into the loan need to default liao!?!?!??!

 

I am sorry about the "Your friend is an idiot" comment, I was too lenient.

 

 

 

[Watwheels]

IMO since your "friend" is in such deep sh*t, dun drag the father or who ever down together. Just sink into the sh*t alone. Too late for anyone to help. I know it sounds harsh but learn it the hard way cos whatever your friend does now is of no use. Just go ahead declare bankrupt and let them repossess whatever is left.

[Alim]

This is confusing...why 2 banks call up when default on car loan????

 

May be what he meant was one bank for the car loan and the other bank for credit card payments as his friend has spent quite a fair bit "furnishing" the car.

Edited March 15, 2010 by Alim

[Introz]

May be what he meant was one bank for the car loan and the other bank for credit card payments as his friend has spent quite a fair bit "furnishing" the car.

 

most probably

thats is how my friend go bankrupt

car+coe 60k + furnishing 20k

but he is better

at least 2years after owning a car.. that is also he lost his job.. bank reprossed his car and left 10k balance.. now paying around 18k for 4-6years

Edited March 15, 2010 by Introz

[Alim]

I have seen many over these overzealous youngsters modding their cars like no tomorrow.

 

The irony is that after zhng the car so nice, got no money to pay for installments, road tax and insurance.

 

They end up pretty much like their cars...Nice on the outside, Empty on the inside.

Edited March 15, 2010 by Alim

[Aaron_soh80]

hi all, my friend is hovering ard the idea of getting himself declared as a bankrupt as he cant afford repayments over his loans..could i jus enquire if his car can be trf to his dad wout his dad incurring his loan as it's still under the term loan as he jus bought it 6mths ago..he dont wan to lose it as he spend quite some money on refurnishing it though..any advices? thks on behalf of my friend..

 

 

Cant transfer lay..delare bankrupt more worse..unless his dad pay all his loan or the car die die must go..

[Jun86]

Sell the car, work out a new deal with the bank to repay ur balance with the car sale, make sure ur friend don't go buy something out of his reach again.

Yeah he'll be without a car, got some debt to pay but at least he won't be bankrupt.

 

If he declare bankrupt, he'll still lose the cars and also lose alot of social freedom as mentioned in one of the posts above.

 

Other alternatives are possible like personal loans from family but I doubt any man with integrity or self respect will resort to that. If want to suffer, suffer alone don't drag others into it especially family.

 

Loan sharks also possible but ur friend can't even pay monthly installments liao let alone the cut throat interest rate of the sharks.

 

Casino can go try try but I seriously doubt it'll do any good coz chances are it won't.

 

Any sane person who learn his lesson will minimize the loss and learn from it. I hope ur friend choose the right path and not get himself deeper into the hole.

 

 

[Babyt]

bankrupt cannot travel overseas, apply job also difficult.

[Little_prince]

how he owe bank so much money?

 

[Watwheels]

This is the most bizarre person I have come across. Already owe a backside full of debts still go and buy car. Money used up liao wanna call it quits by wanting to declare bankrupt and after that dun ask about how to settle debts instead ask what will happen to his car.

 

I suggest TS's friend to drive his car to the MRT track and drive head on at a train. The earth will become a better place with one less such person.

[Curahee]

This is a wake up call for those ppl with mindset such as u only live once, ENJOY! Now kena until jia lat jia lat. See how he gg to enjoy rest of his life.

[Introz]

This is a wake up call for those ppl with mindset such as u only live once, ENJOY! Now kena until jia lat jia lat. See how he gg to enjoy rest of his life.

maybe some we know will be in this soup for next 6mth?

but he now quiet dei

[Jeffang]

car sure gone... reprocess by bank...

unless.... he park his car far far away... dont let the bank get it back.. or... report lose.. hahahaa

 

if not bankrupt everything sure gone...

unless he don want to work for next 5 yr and dont need any money... if not bankrupt is not fun at all..

go take loan from ah long is better then the bank... never pay back they come to your house put lock or paint... but loan from bank they can take everything inside your house away!!!!

 

and worst is after bankrupt u got to slowly pay the bank back all the money u own them!!!

 

[Donut]

hi all, my friend is hovering ard the idea of getting himself declared as a bankrupt as he cant afford repayments over his loans..could i jus enquire if his car can be trf to his dad wout his dad incurring his loan as it's still under the term loan as he jus bought it 6mths ago..he dont wan to lose it as he spend quite some money on refurnishing it though..any advices? thks on behalf of my friend..

 

i got a way out, but its a daring act.

 

ask yr friend to drive to malaysia (anywhere in malaysia) and declare car been stolen. make all the proper police reports and submit to insurance.... problem solved....

 

some new car insurance (1st year), the insurance covers all outstanding loans in case of theft.... ask yr friend to check his insurance policy.

 

honda car, 1st year, under Allianz has this benefit.

 

but yr friend dare to do it?

 

 

[Throttle2]

i agree with u and already told him of the consq of being a bankrupt..but frankly speaking he showed me the demands by the banks to ask him pay min 1k each mth..few banks add up he need pay at least 4k a mth..how to? but any other way to pass the ownership of the car to his dad? if he being declared bankrupt, he need send the car back to where?or jus wait for people come collect?

 

 

Seriously, not mocking.

 

but $4k a month only and he's fu*cked already?

Your friend simply cannot afford a car.

 

Got face to take loan buy car, no guts to sell and face the music.

 

[Throttle2]

This is a wake up call for those ppl with mindset such as u only live once, ENJOY! Now kena until jia lat jia lat. See how he gg to enjoy rest of his life.

 

 

Yeah......

 

thats a really lame reason to buy a car on heavy leverage.

 

 

 

 

[Babyt]

i got a way out, but its a daring act.

 

ask yr friend to drive to malaysia (anywhere in malaysia) and declare car been stolen. make all the proper police reports and submit to insurance.... problem solved....

 

some new car insurance (1st year), the insurance covers all outstanding loans in case of theft.... ask yr friend to check his insurance policy.

 

honda car, 1st year, under Allianz has this benefit.

 

but yr friend dare to do it?

 

den forever cannot drive in singapore? for what? if kenna caught by police...will end up 1 big round...ended up kenna charged for cheating worse...

[Donut]

den forever cannot drive in singapore? for what? if kenna caught by police...will end up 1 big round...ended up kenna charged for cheating worse...

 

no.... use yr brain lah....

 

drive to malayia, sell to syndicate lah...!!! lots of them there!!

 

but dun ask me for lobang, i dun have.