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My car was being repossessed. What should I do next?

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asked on Dec 11, 2009 at 01:14
by   alan
edited on May 3, 2016 at 05:04
 
My car just been repossess by AmBank. I understand that its 2 months 21 days and I owed few months. The car is under my dad's name. I'm the guarantor. My dad suffered stroke and can't use the car as I'm making the payments and using it now.

Its like this... My due date is every 10th of the month. Today is the 10th. I was sending stock to my supplier then 2 guys stopped me and said I owe car loan and need to tow the car. I said I'm working now and will be paying after my work at 5pm. Then they showed me the repossession letter dated 10th December 4.27pm.

I've been paying the bank every 10th of the month for the pass 6 months, (I kept the receipts) why today so different? It is still the 10th, they came repossess my car at 4.55pm. Wow that was fast.. 'pakat' with bank meh? I was not given any warning or letters on my payment as I'm the guarantor. Don't tell me a simple call to warn me also can't?

So what can I do next? Pay the amount or fight the case?

Forget to add... I was been paying every 10th after 9 pm at cash deposit machine (CDM) machines. Just now after the car was being repossessed I can't bank in the money. Its stated "none authorize account." Last 6 months I paid without any problem, only today.

And the repossess men was so rude and even scared my girlfriend. They looked like gangster.
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answered on Jun 16, 2012 at 01:42
by   robert88
edited May 3, 2016 at 07:34
 
If I received the 4th schedule, and it shows I still owe RM1616 for the outstanding arrears as stated in the Fourth Schedule notice. I think the RM1616 is for 3 month instalment (RM560 per month).

If I only pay RM600 for 1 month instalment, will the bank issue the Fifth Schedule notice for me?
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answered on Jul 13, 2012 at 20:29
by   kitboy
edited May 3, 2016 at 07:35
 
5th Schedule is issued only when your car being repossessed and you have 21 days to redeem your car else being sold off or auction.

4th Schedule is a process before issuing repo order. So if the 4th schedule saying you are owing 3 months, just go ahead and make 1.5 months payment or 1 month minimum and the 4th schedule will be cancelled.
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answered on Jun 14, 2016 at 19:02
by   anon
edited Jun 20, 2016 at 03:51
 
I was being approached by repossessors today. They bluffed me saying that they were from GDex. When I went out from my office, one of them already waited for me outside and show repossession letter and rudely said he knew where I kept the car and he wanted my car key. I was so shocked because my outstanding was only 1 month and the letter showed that I didn't pay for 3 months. I showed them the screenshot of my payments and they still didn't believe what I said. They said that the system in Kuching showed that I still haven't pay for 3 months. I just checked Ambank online and my outstanding is only 1 month. I didn't even receive any warning from Ambank, not a letter not even a phone call. How come they just came and lied saying that they are from GDex just to make sure I went out to the office to meet them and showed the repossession letter without warning like that? All the while their own system were at fault by not updating my payments. I'm still furious right now. Disgraceful!
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answered on Jun 18, 2016 at 21:17
by   Javad
edited Jun 20, 2016 at 03:52
 
@Alan

Can you please let me know how much you pay for repossession fee? Did the bank charge you any extra fee?
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answered on Aug 2, 2016 at 20:54
by   JusTin
edited Sep 28, 2016 at 07:45
 
Repossession fees depend on what type of car and what's your year of manufacture (YOM) and most importantly the month in arrears (MIA). Usually will cost from RM650 to RM2000, luxury car may cost higher.

Usually bank will not charge extra fees on the repossession fees. Unless you are referring to storage fees and towing fees or if your car is placed at storeyard for a longer time, you might incurred cost for duplication of keys too if it was towed.

I recommend to take a photo of the condition of your vehicle during the repossession time to prevent any dispute if there are unknown scratches or dented.

When repossession order (RO) issued to repossessor, your account will be frozen blocked and no payment could be make through Cash Deposit Machine (CDM) and if your car is parked inside private compound, repossessor doesn't have the right to trespass into the area to repossess your vehicle. In this case, you can take a cab to nearest Bank Branch and request to pay over the counter. If payment made, the RO issued earlier will be automatically considered expired.

Good luck!
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answered on Nov 19, 2016 at 21:22
by   asianoob
edited Jan 23, 2017 at 09:52
 
My car was towed on 16 January 2016. They came when me and my friend were parking and open the door.. one of them showed me the authority card and when I was just trying to read it, he kept it back to his wallet and told me I didn't pay my installment... I said I did pay on 30 October 2016 when the bank called and asked me to pay RM1,600 if not they will send a letter of repossession..  When I explained to him he yelled at me and said if I paid the letter won't come out.. I told all 4 guys to wait a minute for me to call the bank but they disagreed and one of them snatch my car key from me. and I argued with them.. then another one open his phone and show me the letter of repossession.. they should give me the letter not by photo right? Then I agreed to go with them to CIMB Bank.. they told me that they will take the car to police station to do report then will come to CIMB.. I told my friend to go with them.. when I reached CIMB I told them that I have paid the installment.. they checked and said that I didn't pay.. I showed them the picture of online transfer but they still say no payment receive..  then I checked on my transition... the money was rejected and back to my account after 5 days. Why the bank didn't call me that the transfer been rejected? And then my friend called me that they didn't go to police station.. they just park beside police station and then directly drive to store.. can they do that? After that I settled the payment they only give me an ATM transaction receipt and a letter of releasing.. they didn't give me detail of receipt what I paid for. and I need to pay the towing RM680, legal fee RM550, postage RM409.80, roadtax RM1286.45, stamping and search fee RM20. all in RM5,500.. my installment is RM900 monthly.. the towing guy is very rude.. is this legal? Can I make a police report?.. Please help..
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answered on Nov 20, 2016 at 00:03
by   vkpc
edited Jan 23, 2017 at 10:04
 
I need to pay the towing RM680, legal fee RM550, postage RM409.80, roadtax RM1286.45, stamping and search fee RM20. all in RM5,500.. my installment is RM900 monthly.. the towing guy is very rude.. is this legal? Can I make a police report?.. Please help..

The moral of this story is.....
Don't borrow from banks to buy car.
Why borrow when cars are so cheap?
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answered on Nov 20, 2016 at 00:40
by   asiasnoob
edited Jan 23, 2017 at 10:11
 
A new sports car is my dream.
Just temporary cash flew, cannot meh?
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answered on Dec 24, 2016 at 17:43
by   TradeMaster
edited Jan 23, 2017 at 10:20
 
Most all repossession companies have a database they ride around in parking lot running people plates to see if the car is wanted on repossession, if the car comes up wanted for repossession they request for the paperwork and they get it within about 5 minutes.
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answered on Jan 20, 2017 at 02:59
by   myra
edited Jan 23, 2017 at 10:22
 
Today I'm facing the same thing... 2 guys entered my house porch and asked for the key.. the thing is the car is not mine and I don't have the key but they kept asking for the key and asked me to take my things inside the car... are they allowed to enter my house area or my front porch? They said they can because they have valid document and bank officer with them so they can enter my house?
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