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What should the guarantor do?


Penn1
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Supercharged

 

i tot cousins usually similar age? how come you conclude 1 old auntie, 1 young chap?

 

victim of circumstances? how so? so finance company has to bear loss because she feels hard to reject a relative? don't be naive lar.

erh usually but not always......

 

my father and mother marry late. and my father comes from an enlarged family whereby he is the youngest son of 2nd wife of my grandfather. hence most of my cousins from my father's side are all much older than me

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Please lar...whoever suggest the finance company to bear loss?

 

If nothing to suggest, keep your opinion to yourself.

 

At least people suggest stake out at his place, hunt down the car etc.

 

if you cannot take critics then don't post in a public forum.

 

not finance company bear loss then who bear? by absolving the guarantor of her liability, the hirer will bear the loss and obviously at this moment, he has no ability to pay so who bear the loss? of cuz the finance company.... and if this is allowed then what for have guarantor in the first place.... the issue of having a guarantor is because the finance company already has doubts on the hirer's ability to pay...

 

and as for those suggestions, well.... it is already what the repossessor's are already doing......what for say the same thing...

 

the only way is to force the hirer to say the location of the place... which is most likely a private place like a condo carpark which repossessors has no access to or sold in MY

 

you want hear good things only ar? buy more 4D and pray that the hirer or guarantor strike 4D...

 

it happened before, owner managed to redeem his car after striking 4D on deadline day.... the lucky number is his car number....

erh usually but not always......

 

my father and mother marry late. and my father comes from an enlarged family whereby he is the youngest son of 2nd wife of my grandfather. hence most of my cousins from my father's side are all much older than me

 

you never see the word 'usually' in my paragraph?

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if you cannot take critics then don't post in a public forum.

 

not finance company bear loss then who bear? by absolving the guarantor of her liability, the hirer will bear the loss and obviously at this moment, he has no ability to pay so who bear the loss? of cuz the finance company.... and if this is allowed then what for have guarantor in the first place.... the issue of having a guarantor is because the finance company already has doubts on the hirer's ability to pay...

 

and as for those suggestions, well.... it is already what the repossessor's are already doing......what for say the same thing...

 

the only way is to force the hirer to say the location of the place... which is most likely a private place like a condo carpark which repossessors has no access to or sold in MY

 

you want hear good things only ar? buy more 4D and pray that the hirer or guarantor strike 4D...

 

it happened before, owner managed to redeem his car after striking 4D on deadline day.... the lucky number is his car number....

critics can be taken if some people stop assuming things. you jump straight to the conclusion that finance company is to bear the losses and assume no other way out. There is certainly more than one way to resolve this matter. Only shallow minded person will take for granted losses is for the finance company to bear.

 

At least others are being constructive to give some suggestion as to asking the guarantor to continue the instalment payment.

 

People post in the forum is to hear sensible and practical suggestion. Not for someone who cannot even understand why cousin can have big age gap

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When borrow money time. Borrower is king!

 

When come to return money. Lender is superior king!!!

 

Heard this somewhere before.. Prolly during recession..

 

If you owe the bank a million bucks, you cannot sleep well at night.

If you owe the bank a Billion bucks, the banker cannot sleep well at night.

 

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The Finance Company will lose money only if they still cannot recover the full amount after making both the borrower and the guarantor bankrupt.

 

Even if the car can be found, and eventually auctioned off, the shortfall after all the fees & charges and the expected low auction price (one may have heard of the cartel of 2nd hand car dealers and their auction strategy), the guarantor is still expected to cough out substantial amount of money to settle the case, assuming the borrower fail to pay up.

 

A very painful lesson for her and a good reminder for guarantor to be!

 

 

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The Finance Company will lose money only if they still cannot recover the full amount after making both the borrower and the guarantor bankrupt.

 

Even if the car can be found, and eventually auctioned off, the shortfall after all the fees & charges and the expected low auction price (one may have heard of the cartel of 2nd hand car dealers and their auction strategy), the guarantor is still expected to cough out substantial amount of money to settle the case, assuming the borrower fail to pay up.

 

A very painful lesson for her and a good reminder for guarantor to be!

 

 

Exactly. That is what I thought.

 

The guarantor now is not running away from responsibility. But looking at ways to mitigate the matters. Perhaps to look for alternative

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critics can be taken if some people stop assuming things. you jump straight to the conclusion that finance company is to bear the losses and assume no other way out. There is certainly more than one way to resolve this matter. Only shallow minded person will take for granted losses is for the finance company to bear.

 

At least others are being constructive to give some suggestion as to asking the guarantor to continue the instalment payment.

 

People post in the forum is to hear sensible and practical suggestion. Not for someone who cannot even understand why cousin can have big age gap

 

the company cannot find the car..... the instalment now is not the problem... even if the o/s instalment are cleared... most likely the company wants to see the car... to prove that the asset is still around...

 

you chose to only see the bad side of what i post.... it's up to you....

 

hope you solve your wife collegue's problem.... [:)]

The Finance Company will lose money only if they still cannot recover the full amount after making both the borrower and the guarantor bankrupt.

 

Even if the car can be found, and eventually auctioned off, the shortfall after all the fees & charges and the expected low auction price (one may have heard of the cartel of 2nd hand car dealers and their auction strategy), the guarantor is still expected to cough out substantial amount of money to settle the case, assuming the borrower fail to pay up.

 

A very painful lesson for her and a good reminder for guarantor to be!

 

 

 

you be surprised auction prices is not as low as one thinks... unless maybe if the key is not recovered....

 

A dealer will still bid higher than B dealer if he feels there is money to be made, and dealers will keep on bidding as long as they feel their is money to be made... but they will of cuz discount some for repairs as they are not allowed to test drive the car...

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if you cannot take critics then don't post in a public forum.

 

not finance company bear loss then who bear? by absolving the guarantor of her liability, the hirer will bear the loss and obviously at this moment, he has no ability to pay so who bear the loss? of cuz the finance company.... and if this is allowed then what for have guarantor in the first place.... the issue of having a guarantor is because the finance company already has doubts on the hirer's ability to pay...

 

and as for those suggestions, well.... it is already what the repossessor's are already doing......what for say the same thing...

 

the only way is to force the hirer to say the location of the place... which is most likely a private place like a condo carpark which repossessors has no access to or sold in MY

 

you want hear good things only ar? buy more 4D and pray that the hirer or guarantor strike 4D...

 

it happened before, owner managed to redeem his car after striking 4D on deadline day.... the lucky number is his car number....

 

 

too bad you are the only bad guy around, if this were to be posted 2 years ago, sure kena left right centre [laugh][laugh]

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the company cannot find the car..... the instalment now is not the problem... even if the o/s instalment are cleared... most likely the company wants to see the car... to prove that the asset is still around...

 

you chose to only see the bad side of what i post.... it's up to you....

 

hope you solve your wife collegue's problem.... [:)]

 

you be surprised auction prices is not as low as one thinks... unless maybe if the key is not recovered....

 

A dealer will still bid higher than B dealer if he feels there is money to be made, and dealers will keep on bidding as long as they feel their is money to be made... but they will of cuz discount some for repairs as they are not allowed to test drive the car...

Go speak to some 2nd hand car dealers if you know one and find out if they will try outbid one another, whatever the car condition. Get Real!

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Go speak to some 2nd hand car dealers if you know one and find out if they will try outbid one another, whatever the car condition. Get Real!

 

You still wearing diapers?

 

Galantspeedz was a car dealer. [rolleyes]

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i tia kong some finance coy know the borrower name is super chui but because the guarantor is solid, thats why give the loan... in the event of default, the coy can choose to attack or disturb either one, or even attack the guarantor more than the borrower. bo sa lah... even if the borrower kia zai zai and never disappear.

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i only know now jap auto cars super valuable machiem got gold inside so yeah i agree auction prices not necessarily low.

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Go speak to some 2nd hand car dealers if you know one and find out if they will try outbid one another, whatever the car condition. Get Real!

 

haha why speak to them when i handled the repossessed car auction process for almost 2 years... still not real enough?

 

anyway where you get your source from? maybe there is some dealers that form a group but not all...

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She should pay the monthly installments and that should buy some time

 

for her to hire a PI to find her cousin.

 

When she finds him she should bitch slap him to get her money back

 

and sell the car to pay off the loan with penalties etc.

 

:D

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You still wearing diapers?

 

Galantspeedz was a car dealer. [rolleyes]

 

no lar not car dealer... i was working finance company side... the same people that want to sue TS's auntie [lipsrsealed]

 

 

too bad you are the only bad guy around, if this were to be posted 2 years ago, sure kena left right centre [laugh][laugh]

 

i see the post i get the feeling is how can the wife colleague get out of being a guarantor.... not how to solve the problem...

 

the forum is different liao...

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The way I see it, guarantor just settle the outstanding loan in full lor. After that go and settle with cousin or whomever. That's what being guarantor is about what.

 

Problem solved.

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