Busybody 1st Gear February 5, 2013 Share February 5, 2013 Curious, and assuming no Guarantor. Will car be repo? Or will bank clawback from dead owner's assets? Thanks in advance ↡ Advertisement Link to post Share on other sites More sharing options...
Warthog Clutched February 6, 2013 Share February 6, 2013 Bank will claw back outstanding from the deceased estate if the value of the repo car is insufficient. Link to post Share on other sites More sharing options...
Givechance 1st Gear February 6, 2013 Share February 6, 2013 The bank will only know the owner is dead when the installment is not being paid on time. I guess if the installment is being paid monthly, the bank is none the wiser. Link to post Share on other sites More sharing options...
Ghostrider 3rd Gear February 6, 2013 Share February 6, 2013 Curious, and assuming no Guarantor. Will car be repo? Or will bank clawback from dead owner's assets? Thanks in advance Take from the deceased estate. If not enough, then suck thumb and write off as bad debt. Link to post Share on other sites More sharing options...
Agalvilaku 2nd Gear February 6, 2013 Share February 6, 2013 Not sure, when one of my colleague deceased, his bank account was automatically got freezed until the govt approves his wife as the legal nominee. He did not left any Will. Link to post Share on other sites More sharing options...
Alhisham Neutral Newbie February 6, 2013 Share February 6, 2013 Bank will claw back outstanding from the deceased estate ... Take from the deceased estate. The above will only be possible if the living beneficiary/s were to file in Court to apply for a Grant of Letters of Administration. On the other hand, its unlikely that the Bank or the Car dealer will an auto loan without any Guarantor cheers Link to post Share on other sites More sharing options...
Shanhz 3rd Gear February 6, 2013 Share February 6, 2013 Not sure, when one of my colleague deceased, his bank account was automatically got freezed until the govt approves his wife as the legal nominee. He did not left any Will. sounds inhumane, but when someone pass away and his acct PIN got give others, quickly take out the $$$ first. Link to post Share on other sites More sharing options...
Shanhz 3rd Gear February 6, 2013 Share February 6, 2013 (edited) On the other hand, its unlikely that the Bank or the Car dealer will an auto loan without any Guarantor cheers dun make sense. how many of us here take loan got put guarantor one? if your income is sufficient, there is no need for guarantor. Edited February 6, 2013 by Shanhz Link to post Share on other sites More sharing options...
Busybody 1st Gear February 6, 2013 Author Share February 6, 2013 Looks like answers are in conflict. I know i didnt need a guarantor when taking car loan too Link to post Share on other sites More sharing options...
Mllcg 3rd Gear February 6, 2013 Share February 6, 2013 actually, when a person passes away, do not tell any finance company(be it bank or whatever). Just clear their loans asap.. if not they will freeze the deceased's assets Link to post Share on other sites More sharing options...
Alhisham Neutral Newbie February 6, 2013 Share February 6, 2013 Not sure, when one of my colleague deceased, his bank account was automatically got freezed until the govt approves his wife as the legal nominee. He did not left any Will. Banks normally will not freeze acct unless got wind that acct holder is deceased. Where spouse shares PIN no of deceased, can still withdraw thru ATM continously. :D cheers Link to post Share on other sites More sharing options...
Angchug 3rd Gear February 6, 2013 Share February 6, 2013 Not sure, when one of my colleague deceased, his bank account was automatically got freezed until the govt approves his wife as the legal nominee. He did not left any Will. Actually it's not true gar will freeze the deceased account. When my wife passed away I still kept all account for few years n use it for the children school fee. As for the outstanding hospital bill with SGH, SGH came after me for payment. They don't push you for full payment, took me 2 years to clear 150k. However they did sent debts collector on the 2nd years to ask you nicely to settle everything ASAP. As for CPF without any nominees, they were write to spouse n parent for collection, 50:50. Link to post Share on other sites More sharing options...
Ghostrider 3rd Gear February 7, 2013 Share February 7, 2013 The above will only be possible if the living beneficiary/s were to file in Court to apply for a Grant of Letters of Administration. On the other hand, its unlikely that the Bank or the Car dealer will an auto loan without any Guarantor cheers My car loan from DBS no guarantor leh.... So has the other car loans...all got no guarantor one. Link to post Share on other sites More sharing options...
Alhisham Neutral Newbie February 7, 2013 Share February 7, 2013 My car loan from DBS no guarantor leh.... So has the other car loans...all got no guarantor one. Then I should say you're "unlucky" cause in the event of a repossession of the car due to default in payment, you'll be the 1st person they come after since they can't find a guarantor to chase after :D cheers Link to post Share on other sites More sharing options...
Ghostrider 3rd Gear February 7, 2013 Share February 7, 2013 Then I should say you're "unlucky" cause in the event of a repossession of the car due to default in payment, you'll be the 1st person they come after since they can't find a guarantor to chase after :D cheers Sure or not....got guarantor they go after guarantor first ?? Even Ah Long also go after the primary borrower first...then go after guarantor. Which financial institution go after the guarantor first one ? Please share.... Link to post Share on other sites More sharing options...
Alhisham Neutral Newbie February 7, 2013 Share February 7, 2013 (edited) Sure or not....got guarantor they go after guarantor first ?? Even Ah Long also go after the primary borrower first...then go after guarantor. Which financial institution go after the guarantor first one ? Please share.... My statements are based on incidents collated. I'm also puzzled why go after the guarantor straight away. Then it struck me, if the borrower/s already have difficulty in servicing the loans, the bank or their lawyers will realised that the next best person to go after will be the guarantor cause he will be financially sound. :D After all they just want their money right ?? I think the Ah Longs has also adopted the same lines ; go after the neighbours. Hope that answers. Edited February 7, 2013 by Alhisham Link to post Share on other sites More sharing options...
Mllcg 3rd Gear February 7, 2013 Share February 7, 2013 My car loan from DBS no guarantor leh.... So has the other car loans...all got no guarantor one. since when car loan need guarantor one? your car is the guarantor Link to post Share on other sites More sharing options...
Myxilplix Turbocharged February 7, 2013 Share February 7, 2013 Got but not sure whether based on income or loan quantum or monthly installments, but i think income level. My first two car loans needed guarantor but i was earning less than 5k per month at the time. All DBS car loans. Or maybe now they see my credit history with them very good, not a single installment late or missed so no need guarantor. Come to think of it some of my previous motorbike loans also needed guarantor, now don't need also. ↡ Advertisement Link to post Share on other sites More sharing options...
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