SporeHongkong Neutral Newbie October 30, 2010 Share October 30, 2010 hi bro/s..think its abt time that my friend's car shd have got reposessed.. finally i think it got towed away either last nite or this morning as my friend jus called me for advice..he's at the finance company now though n i'll go meet him up after i finish my typing, they are asking him to pay up 03 mths of installments, 350 towing charge, per day parking of 30 at the so called compound and late interest.. bro/s know if he doesnt have enough to redeem the car, wat will be the next step? auction off or he gets sued? wat will happen from then? appreciate yr kind advices..as i myself haven been in his shoes before n couldnt assist him except morally only ba..oh, lastly wat abt his personal belongings in the car, will he be able to collect them back? ↡ Advertisement Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged October 30, 2010 Share October 30, 2010 hi bro/s..think its abt time that my friend's car shd have got reposessed.. finally i think it got towed away either last nite or this morning as my friend jus called me for advice..he's at the finance company now though n i'll go meet him up after i finish my typing, they are asking him to pay up 03 mths of installments, 350 towing charge, per day parking of 30 at the so called compound and late interest.. bro/s know if he doesnt have enough to redeem the car, wat will be the next step? auction off or he gets sued? wat will happen from then? appreciate yr kind advices..as i myself haven been in his shoes before n couldnt assist him except morally only ba..oh, lastly wat abt his personal belongings in the car, will he be able to collect them back? Yes can collect personal belongings. At the same time, they will demand for car key. If your fren can, pay up I advise him to hand over the keys so as to fetch better price at auction. After selling the car, the bank will sue for balance outstanding amount if any. From there, ask your fren to nego a inst pyt. Ps. I never kena repo before but was in this xact line of work Link to post Share on other sites More sharing options...
Voxy28 3rd Gear October 30, 2010 Share October 30, 2010 hi bro/s..think its abt time that my friend's car shd have got reposessed.. finally i think it got towed away either last nite or this morning as my friend jus called me for advice..he's at the finance company now though n i'll go meet him up after i finish my typing, they are asking him to pay up 03 mths of installments, 350 towing charge, per day parking of 30 at the so called compound and late interest.. bro/s know if he doesnt have enough to redeem the car, wat will be the next step? auction off or he gets sued? wat will happen from then? appreciate yr kind advices..as i myself haven been in his shoes before n couldnt assist him except morally only ba..oh, lastly wat abt his personal belongings in the car, will he be able to collect them back? simple... car kenna auction and he still have to finance the difference. Say car market value 10k... auction is paper + body, say 5k, he still need to repay the 5k diff + the 3 mth installment owed. In other words, he is f--ked big time. No money dont buy car.... BTW, what car? If good car, I go bid a bit higher. Link to post Share on other sites More sharing options...
SporeHongkong Neutral Newbie October 30, 2010 Author Share October 30, 2010 Yes can collect personal belongings. At the same time, they will demand for car key. If your fren can, pay up I advise him to hand over the keys so as to fetch better price at auction. After selling the car, the bank will sue for balance outstanding amount if any. From there, ask your fren to nego a inst pyt. Ps. I never kena repo before but was in this xact line of work bro,he jus called me say they ask him p/copy his ic than they go collect for him his impt items only (office documents, office keys, passport) n he already hand over key liao..he say wan take everything out they say cannot n they can also say there's nothing inside the car..like threathening like that leh..(he cannot personnally go there take?) anyway he told me he cannot raise so much money so soon,n he now also dont know wats the procedure..leave the car at the "compound" n cont incurring parking charges or how? he told me the guy told him best is to redeem the car back then sell off in open market wont lose that much..any advice from here bro galantspeedz? btw his drive is a toyota.. Link to post Share on other sites More sharing options...
Voxy28 3rd Gear October 30, 2010 Share October 30, 2010 Yes can collect personal belongings. At the same time, they will demand for car key. If your fren can, pay up I advise him to hand over the keys so as to fetch better price at auction. After selling the car, the bank will sue for balance outstanding amount if any. From there, ask your fren to nego a inst pyt. Ps. I never kena repo before but was in this xact line of work How can auction price be higher? I heard most dealers offer paper + body there about. If say the car is a BMW, the losses will tear his backside. Link to post Share on other sites More sharing options...
Ah_dude Neutral Newbie October 30, 2010 Share October 30, 2010 from what I heard....he need to clear at least 1 month of installment and the Link to post Share on other sites More sharing options...
Nf0rc3r 1st Gear October 30, 2010 Share October 30, 2010 I think if ur fren dun mind bad credit rating they won't sue. They will juz take the car and resell and thats it. My uncle last year dun wan his car anymore and dun wanna sell cos not worth it to redeem loan and sell car, so he stop paying on purpose (Not that he is broke). They tow back the car. After 1 mth, COE rise to 30k. SUDDENLY SELL GOT PROFIT. He quickly go down pay all installment late payment etc etc. redeem and sell the car himself. Link to post Share on other sites More sharing options...
Ithunk 1st Gear October 30, 2010 Share October 30, 2010 he should sell the car on his own first.... Link to post Share on other sites More sharing options...
SimonTan 2nd Gear October 30, 2010 Share October 30, 2010 By right now that coe is up, most car should be able to sell higher than the outstanding car loan. Tough luck lah, it might be a blessing in disguise. Sometimes we are too afraid and too lazy to sell off depreciating assets to make our life less burdened. Now the finance company is 'helping' him to make the right decision. Most times many of us will be in denial emotional state, giving lameq excuses for not controlling our finances proper. Its ok, there is no shame or feel sad in such situation. There are up and down in life. A healthy body and mind is more impoortant. Just thanks the repo company for making the correct decision on your friend behalf!! Who know monday when he take MRT to work, he may meet a sexy CMM and have a wonderful relationship!! 1 Link to post Share on other sites More sharing options...
Jujitsuka 4th Gear October 30, 2010 Share October 30, 2010 If ur frd secides to leave it there he will incur parking charges which is daily rated super boh hua better ask him borrow monies from u and redeem the car! If they auction of his car definitely will come after him for the remaing sum and if more than 10k will sue him for bankruptcy! Link to post Share on other sites More sharing options...
SimonTan 2nd Gear October 30, 2010 Share October 30, 2010 Would you borrow money to a friend whom you alreaady know has difficulty in repayment?? I would not, no matter how good a friend is. Unless its life and deth situation! Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged October 30, 2010 Share October 30, 2010 bro,he jus called me say they ask him p/copy his ic than they go collect for him his impt items only (office documents, office keys, passport) n he already hand over key liao..he say wan take everything out they say cannot n they can also say there's nothing inside the car..like threathening like that leh..(he cannot personnally go there take?) anyway he told me he cannot raise so much money so soon,n he now also dont know wats the procedure..leave the car at the "compound" n cont incurring parking charges or how? he told me the guy told him best is to redeem the car back then sell off in open market wont lose that much..any advice from here bro galantspeedz? btw his drive is a toyota.. He should be allowed to go collect his personal things. I think they r trying to pull a fast one. Ask him call his finance company. If cannot redeem then yes, have to leave in compound and incur daily parking charges. No choice. If cannot redeem means cannot ownself sell, have to go thru auction。 Where is the car? Toa payoff Turf city? Benoi Rd? Anyway which finance companynor repo company. Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged October 30, 2010 Share October 30, 2010 How can auction price be higher? I heard most dealers offer paper + body there about. If say the car is a BMW, the losses will tear his backside. Apparently you hear wrongly. Sometimes it better to find out rather than hear. Anyway, even paper+body may be higher if sufficient downpayment was made. So stop hearing yeah..... Cuz your sources seem not very accurate 1 Link to post Share on other sites More sharing options...
Ithunk 1st Gear October 30, 2010 Share October 30, 2010 ive seen a car getting towed in my carpark b4....lol.... Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged October 30, 2010 Share October 30, 2010 he should sell the car on his own first.... Pls dun give wrong advice if u do not know anythig Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged October 30, 2010 Share October 30, 2010 I think if ur fren dun mind bad credit rating they won't sue. They will juz take the car and resell and thats it. My uncle last year dun wan his car anymore and dun wanna sell cos not worth it to redeem loan and sell car, so he stop paying on purpose (Not that he is broke). They tow back the car. After 1 mth, COE rise to 30k. SUDDENLY SELL GOT PROFIT. He quickly go down pay all installment late payment etc etc. redeem and sell the car himself. Oh pls stop talking nonsense leh Link to post Share on other sites More sharing options...
Ithunk 1st Gear October 30, 2010 Share October 30, 2010 By right now that coe is up, most car should be able to sell higher than the outstanding car loan. Tough luck lah, it might be a blessing in disguise. Sometimes we are too afraid and too lazy to sell off depreciating assets to make our life less burdened. Now the finance company is 'helping' him to make the right decision. Most times many of us will be in denial emotional state, giving lameq excuses for not controlling our finances proper. Its ok, there is no shame or feel sad in such situation. There are up and down in life. A healthy body and mind is more impoortant. Just thanks the repo company for making the correct decision on your friend behalf!! Who know monday when he take MRT to work, he may meet a sexy CMM and have a wonderful relationship!! yes a healthy body and mind is more important... Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged October 30, 2010 Share October 30, 2010 Nbz.... Here all give advice is through hearsay..... ↡ Advertisement Link to post Share on other sites More sharing options...
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