I received a post-repossession notice (Fifth Schedule). What should I do now?
You have three options, all of which must be acted upon before the expiry of the 21 days as stated in the Fifth Schedule notice.
- Pay all outstanding arrears and out of pocket expenses (includes cost of storage, repair or maintenance, cost of repossession and re-delivery) incurred by the banking institution to take back possession of the motor vehicle; or
- Repay in full, the balance due and settle all out of pocket expenses (includes cost of repossession, storage, repair or maintenance); or
- Introduce a buyer to purchase the motor vehicle at the price indicated on the notice.
Reprinted with permission from BankingInfo (A Consumer Education Programme by Bank Negara Malaysia)
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