need urgent advise on car repo and finance

bollocksman SG

i all,

I got this problem , which i have regretted for more than 6 months already. Sad Sad

I was naive and helped my friend out of goodwill , cos I was jobless more than a year ago ( short term only) and he helped me in providing me some jobs while i was jobless.

I help him register and get car loan under my name ( using CPF info from my previous job). It was for 17 K for a 2nd hand nissan presea (93 model) . He paid upfront abt 1.5 K and serviced the loan without fail for almost 10 months. I have also since got a another full time job and have my hands full servicing my credit cards and credit lines.

recently he has been behind in installments and the in-house car finance co. has been calling me regarding the delayed payments. I have tried to locate him but to no avail , even his wife called me to ask about his whereabouts and what happen to his money as he has also not give her any monthly maintenance money.

I have until the end of this week before the car finance co. calls me again, and i dont have cash until next month's pay day to pay them off .

What are my options ??

Option 1 : Get the ready cash from family loan or delay the repayment until my pay day, Within next month i need to locate the car and repo it my self, Sell off and repay outstanding amt to car finance co in installment ( i can afford a few hundreds only)

Option 2 : get car fianance co to repo the car and I bear all other cost besides selling off back to them at much reduced price , pay off outstanding in installments.

Please advise , as I cant locate the person , contacted his own wife and relatives too on that and I want it to end ASAP , even if I bear some costs but at much reduced compared with gettting lawyer's letter . pls advise, I know i was stupid before and i regretted it quite sometime ago... Now i just need to find a solution to enable me to move on with lower damage on cost.

any advice is appreciated.

thks

so_nice SG

u dunno where ur friend work? or where his parents stay? sure got a way to locate him. get the finance company to repo the car perhaps. or leave the car plate number on car forums so others can keep alook out for u.

iceFatboy SG

check with finance company.. and maybe sell it off.

problem is can you locate your friend or for that matter, your car?

normally, finance company has many ways to get the car back provided it is still in SNG.

libbytan SG

1) Are you sure his wife don't know where this joker is? Or is the wife trying to hoodwink you?

2) Spend some money to get a PI to track this joker down.

3) Force him to sell the car. Two things you need from your friend. The car keys and his IC! If worst come to worst, steal the car keys and IC from him!

4) With that you can sell the car to a secondhand dealer.
With the rising COE, 2nd car price will be good now.

5) Do not worry. Oweing a few months to finance co is nothing to lose sleep over. Just make sure you get the joker.