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.

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

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Knowledge Base ID :   1310
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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