Bad luck

[Eddy_theddeus]

Like to check with all bro n sis for advise , if my bro own a car with full loan nad he past away wht shall i do with the car or who can i sell to .Really having a very bad Sunday , was wake up by my son tell me a bad new that my bro fell unconious at home , give a call to 995 then he was sent to Nuh to the emergerc dpt from morning till now my bro have not wake up the doctor tell us to get ready for the worse to come so wht I do with the car?

[Eddy_theddeus]

Anyone can advise ?

[Estrangable]

Anyone can advise ?

 

Yr bro is dying in the hospital and u are worried about his car loan ... Am I interpreting this correctly or u are quite an ass in life ?

[Eddy_theddeus]

Yr bro is dying in the hospital and u are worried about his car loan ... Am I interpreting this correctly or u are quite an ass in life ?

Wht the fuc... U talking ,he really in the worse stage need to carry on with my life .so I need to plan ,if u can't ans pls f ..... Off .

[Eddy_theddeus]

Yr bro is dying in the hospital and u are worried about his car loan ... Am I interpreting this correctly or u are quite an ass in life ?

And I not back home yet n i' m still in the hospital

[Vid]

And I not back home yet n i' m still in the hospital

 

First of all, I'm sorry about your bro.

 

The situation is very simple. If he pass away and no one take over his car, it will be sold off. If there is any outstanding loan, the bank can recover from his assets, like property, shares, etc. That is excluding the HDB, if he owns one, as that will be passed to his wife, children or whoever he left it to, if any. If no assets, bank will have no where to recover and will write off.

[Vid]

But like one of the bro mentioned, the car is the last of your worries at the moment.

[Eddy_theddeus]

First of all, I'm sorry about your bro.

 

The situation is very simple. If he pass away and no one take over his car, it will be sold off. If there is any outstanding loan, the bank can recover from his assets, like property, shares, etc. That is excluding the HDB, if he owns one, as that will be passed to his wife, children or whoever he left it to, if any. If no assets, bank will have no where to recover and will write off.

Bro thk for the advise , he only 39 year old not married .

[Mockngbrd]

Sorry to hear... Pray for a miracle :(

[SGCMsmallcar]

Sorry to hear abt this. Btw this round most 10 years loan car can break even. Just work out the sum outstanding and sell the car in the open market.

 

 

Bro thk for the advise , he only 39 year old not married .

Edited June 20, 2011 by SGCMsmallcar

[Ender]

I think you don't need to do anything to the car if your bro has not fully paid the loan yet. As it's still the property of the bank, and the bank will come and repossess it.

[Bullterrier]

Bro thk for the advise , he only 39 year old not married .

 

Any debts including car loans and so forth will be recovered from your bro's estate. If the estate is not able to pay off the creditors then they will have to write it off. As correctly pointed out by one of the brother here, his HDB flat will be protected from any creditors unless its a bank loan for the flat and its the bank who is recovering the unpaid portion but you are supposed to have mortgage insurance for this very purpose.

 

In your brother car loan case, unless he has a guarantor for the car loan, the bank will most likely write it off after trying to claim it off his estate proceeds. If there is a guarantor involved then he will be liable for the unpaid portion of the loan.

[Yahgo22]

For cases like this, would it be wise for car buyers who take up a

car loan to buy a Decreasing Term Insurance for the amount loaned.

 

For instance, if the buyer loan $50k for 10 years.

 

He will take up a $50k 10 years Decreasing Term Insurance.

 

Should anything happens to him during this period, his insurance will

pay off his car loan.

Edited June 20, 2011 by Yahgo22

[Yazoo]

What about renting it to a rental company long term for them to rent it out to others? Workable for you?

[Sosaria]

Sorry about your personal tragedy. If the car loan is not in your name, and you are not the guarantor or something like that, you have nothing to worry. The bank or whoever gave the loan can't do anything to you or your other family members.