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Under what circumstances can a banking institution repossess my car? When can a bank repossess my car?

Your banking institution can repossess the motor vehicle hired to you when:
  • You default in two successive monthly instalments or the final instalment;


  • or
  • In the case where the hirer is deceased, defaults in four successive monthly instalments.


Back to Hire Purchase (HP)'s Contents


Reprinted with permission from BankingInfo (A Consumer Education Programme by Bank Negara Malaysia)


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Notes
Knowledge Base ID :   1307
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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