How do I get my motor vehicle back after it was repossessed by my banking institution?
After the repossession, your banking institution will issue you a Fifth Schedule notice.
This notice gives you a chance to settle the amount outstanding within 21 days.
You can get the motor vehicle back provided that, before the expiry of 21 days, you:
- pay all outstanding arrears with interest due and the costs incurred by the banking institution (costs of storage, repair or maintenance, repossession and re-delivery); or
- settle the balance in full including the costs of repossession, storage, repair or maintenance.
Reprinted with permission from BankingInfo (A Consumer Education Programme by Bank Negara Malaysia)
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