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asked about General

about 2 months ago

Owner passed away and recently signed a hire-purchase scheme for a new bike, and only 1 month+ has passed. How can the family handle this? They do not want to continue to pay for the bike as non of them can use it.

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How can we assist you?

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Katherine
If the vehicle was acquired using a hire-purchase scheme, this means that the legal ownership of the car belongs to the hire-purchase company until the car loan is fully paid up. The hire-purchase company can repossess the car and sell it to cover the unpaid loan. If the proceeds from the sale is insufficient to cover the car loan, the outstanding amount will be paid out of the estate of the deceased. You may contact the Hire Purchase company directly for verification. More details can be found through here: https://singaporeprobatelawyer.sg/transfer-of-car-ownership-after-death-in-singapore/
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about 2 months ago