What happens to the hire purchase (HP) agreement in the event of the death of the hirer?

If the personal representative has obtained a Letter of Administration or Grant of Probate, the rights, title and interest will be transferred to the personal representative who will take over the responsibilities of the hirer.

Otherwise, the banking institution will repossess the motor vehicle after defaults in four (4) successive monthly instalments.

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

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Knowledge Base ID :   1325
Last Reviewed :   May 22, 2014
Source :   BankingInfo
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