Tagged Knowledge Base
If I default in my hire purchase payments, can the banking institution claim from my guarantor?
Yes. Your banking institution can claim the payment from the guarantor because the guarantor has agreed to undertake the liability to repay your debt in the event of your default. Back to Hire...
Can my bank claim any amount from me after the repossessed vehicle is sold?
Yes. If the proceeds from the sale of the repossessed motor vehicle are not enough to cover your liabilities, your banking institution can claim the amount outstanding from you. Recommended...
Do I still have to make instalment payments if my vehicle, subject to a hire purchase agreement, is stolen?
Yes. This is because your liability to pay the monthly instalment does not cease with the loss of your motor vehicle. However, you may claim from the insurance company, the market value of the...
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...
How can I transfer, sell or part possession of the motor vehicle to a third party even though the motor vehicle is still financed under my name?
It is illegal to transfer, sell or part possession of the motor vehicle without the permission of your banking institution, who is the legal owner. If you do so, you may incur substantial losses...