Continue Repayment

[ZTH]

What does it really means ?

Is it : the new buyer continue to pay for your car but REGISTRATION CARD's name is still yours / his or hers ? :X-:

Thanks :shcokedcamo:

This is because my resale value (car) is too LOW and even OWE the FINANCE company money even if I trade-in my car.

 

[sebastianloeb]

If i m not mistaken it mean u need to find someone who willing to continue paying the car. The person will apply new loan from the same bank from where u got ur loan from and pay ur outstanding loan. Now he/she is the one who have loan with the bank while u free already. The process will include changing name in registration card and some signing loan contract..
This way, u will face less lost compare if u trading in ur car. Trading in = wont get any cahs instead need to pay the remain interest to the bank. Continue paying = U just free urself away from the old loan contract to enable u to apply new loan (new car). Eventhoug u still got nothing but unless u dont have to pay the bank outstanding interest.

hopefully any member with banking backgroud can correct me if i was wrong. Thinking of changing car also actually.. hehe:X-:

 

[ZTH]

Thanks.

So the name would change lar.

My sales guy told me the name of the car is still under me so DANGEROUS !! :angry_smile: especially if the person paying the loan ( continue ) do something to the car.

 

[mag9556]

What does it really means ?

Is it : the new buyer continue to pay for your car but REGISTRATION CARD's name is still yours / his or hers ? :X-:

Thanks :shcokedcamo:

This is because my resale value (car) is too LOW and even OWE the FINANCE company money even if I trade-in my car.

Means your new buyer will use your name to continue the loan...
The car will still under your name...

Recommended not to do so..
If he / she didnt pay..u will be in deep shit..thus get summon.. u r the owner...

I have a fren that using this term ended black list at bank coz 24 mths didnt pay car installment.. now get the car back and need to pay F**king damn high interest...The worst thing is black listed 'buta' 'buta'...

Good Luck

 

[sebastianloeb]

So i was wrong about the name change. Sorry bro ZTH and thanks bro mag9556. As I mentioned, i m also planning to change my car to bigger one. Same problem with ZTH. cant keep 2 cars. need to let go the current ride and give way to new one.
So, its quite risky step to ask someone to continue paying our loan right? Unless he/she is our close relative maybe.. Will take it into consideration. Thinking of hilux vigo actually..

 

[mag9556]

So i was wrong about the name change. Sorry bro ZTH and thanks bro mag9556. As I mentioned, i m also planning to change my car to bigger one. Same problem with ZTH. cant keep 2 cars. need to let go the current ride and give way to new one.
So, its quite risky step to ask someone to continue paying our loan right? Unless he/she is our close relative maybe.. Will take it into consideration. Thinking of hilux vigo actually..

If u really wanna to take the challenge u can do it but bare in mind, nowdayz even own brother also can harm u...better think twice...
If u have a higher salary, i mean installment not exceeded 30% on your income..u can own 2 cars...If exceeded...very hard lol..no need to think too much...
As the same as me..I have 2 cars under loan and no gurantor.. both under my name...

 

[ZTH]

Oh I see. So my sales guy is telling the TRUTH.

Great & Useful INFO.

Thanks everyone. Thanks everybody.

 

[zan]

avoid sambung bayar. its a very big risk!

 

[b00n]

it involved very messy procedures if you wanted to do it that way.....
especially with a 3rd party which u don't know.
You'll need to engage a lawyer to draft a copy of agreement and also get it stamped.
If it's not stamped; it's not valid in the eyes of law.
The agreement would consist of sales and the buyer whereby the buyer would agree to repay on your behalf and at the end of the repayment; name changes would be done.
Unless of course you trusted the guy than u can skip this procedure; but it's not advisable....
Anyway, it's not advisable at all to do this thing.

example; the car is no longer under your procession but the buyer didn't repay.
The finance company would still go after you because the loan is still under your name. Your credit record would be reflected as bad pay master. Even with the stamped agreement; it would take ages to clear your name. So pls do nthink carefully before engaging in this type of transactions.

 

[ZTH]

Alright. Thanks !! I won't. Just wanna know more. THANKS AGAIN !!

 

[m@ttz]

agreement should be done by lawyer - can include watever we wanted, e.g. take back the car if buyer not pay more than 3 months, state of whose need to pay for summons, etc. then registered to 'pesuruhjaya sumpah' or 'high court' n need to be stamp, otherwise its not valid..

many people done by do their own agreement , signed both side n stamped it = it was no valid in court..