Problem!!!

[*Bad Girl*]

ok GGT members , i want to see all of ur point of views to this issue:

There is a person who has a car which he bought it brandly new from the agent he doesnt want s it know he wants to buy a new car it has been used for 5months and the installments were paid for the 5 months , this person cannot buy another car becoz the bank will not let him until he pays all his installments so what can he do now.

No down payments and the installments r for 6 yrs.

[Racing Replica]

well he can sell the brand new car and buy the used car :D


or he can retrun it to the agent and sell it with less price but he'll lose alot if he did that :S

[Type R]

Tell him to seel the car. Pay all the installments. And get the other car either by cash or through installments.

Case closed :friday:

[*Bad Girl*]

Ok the problem here is the person has no cash ok so everything is installment if he gave the car to the agent he has to pay the bank interest which is 2000 dinars and the agent will but the car for 1000 dinar less so he has to pay a total of 3000 to the bank so he will not b able to afford the new car, what to do now?

[red and proud]

why did he buy the car in the first place :drooling:

[Racing Replica]

sorry for this word .... he's an IDIOT ... if he is not interested in his car why did he buy it :motz2:

[*Bad Girl*]

Because he had no choice he had to buy a car any car and they cheated him his friend works in a bank and he cheated him and he want s to buy another car now.

[red and proud]

how can it be that he has to buy any car jsut any car... well its not mu biznez but hope ur friend solve shis problem

:pointlaf: bad girl :help:

[Racing Replica]

:whip: to da cheater

well if im in action i'll use this car till i get some cash and buy another car and i'm sure that i'll get a car better than the one which is used for 5 months :up:

[*Bad Girl*]

Thanx 4 the help guys:)

[Racing Replica]

Thanx 4 the help guys:)
anytime :up:

[Dr.Xta-C]

Ok the problem here is the person has no cash ok so everything is installment if he gave the car to the agent he has to pay the bank interest which is 2000 dinars and the agent will but the car for 1000 dinar less so he has to pay a total of 3000 to the bank so he will not b able to afford the new car, what to do now?

Your point regarding loosing 1000BD by selling the car back to agent might be true but I'm 100% sure that he will not have to pay the bank the 2000BD interest because he will be using the money he gets from the agent to arrange an early re-payment of the loan. Banks usually charge a fee of about 25BD for loan re-calculation. So his accumulative loss will be around the ~1025BD figure...

[*Bad Girl*]

Your point regarding loosing 1000BD by selling the car back to agent might be true but I'm 100% sure that he will not have to pay the bank the 2000BD interest because he will be using the money he gets from the agent to arrange an early re-payment of the loan. Banks usually charge a fee of about 25BD for loan re-calculation. So his accumulative loss will be around the ~1025BD figure...

i didnt understand this part can u explain again, ok if he sells the car to the agent they will pay him cash and then he can go and pay the amount tothe bank its (bahrain credit) does that apply there?, ok lets say the car is for 5200 the interst is 2000 so total of 7200 , if the agent buys it again theyll buy it for 4000 so what happens next?

[Dr.Xta-C]

Ok ok .. ! Let's explain this step by step!

The guy takes a loan of 5,200BD...
His monthly repayment is (7,200/72) = 100 BD/month
He already repayment 5 mothns = 500 BD
The remaining figure is 7,200-500 = 6,700BD worth of repayments (67 months)
Ok, now let's assume the guy sells the car for 4,000BD.. (Now he has 4,000BD in hand)
His actual loan amount - paid repayments = 5,200-500 = 4,700BD
Lets assume Bahrain Credit charges 25BD for loan recalculation (Most banks charge between 25 ~ 35 BD)
In that case, your friend will have to pay the 4,700 + Loan recalculation amount (25BD) = 4,725BD, which means that he'll loose 725BD + the 500BD he already paid = 1,225BD... Other minor charges may apply so he should expect to pay around 4800BD not 4700BD so his total loss (including the 500BD he already paid would be somewhere around the 1,300BD figure)

Did you get it .. !?!?

That's why I bought my car in Ca$h !

Now I have a question .. ! If your friend wasn't planning on keeping the car, why did he get it in the first place .. !?!?

[*Bad Girl*]

Ok ok .. ! Let's explain this step by step!

The guy takes a loan of 5,200BD...
His monthly repayment is (7,200/72) = 100 BD/month
He already repayment 5 mothns = 500 BD
The remaining figure is 7,200-500 = 6,700BD worth of repayments (67 months)
Ok, now let's assume the guy sells the car for 4,000BD.. (Now he has 4,000BD in hand)
His actual loan amount - paid repayments = 5,200-500 = 4,700BD
Lets assume Bahrain Credit charges 25BD for loan recalculation (Most banks charge between 25 ~ 35 BD)
In that case, your friend will have to pay the 4,700 + Loan recalculation amount (25BD) = 4,725BD, which means that he'll loose 725BD + the 500BD he already paid = 1,225BD... Other minor charges may apply so he should expect to pay around 4800BD not 4700BD so his total loss (including the 500BD he already paid would be somewhere around the 1,300BD figure)

Did you get it .. !?!?

That's why I bought my car in Ca$h !

Now I have a question .. ! If your friend wasn't planning on keeping the car, why did he get it in the first place .. !?!?

ok i kind a got it, ok he needed a car urgently and he was not working at that time so anything would have done 4 him now he works and his salary is good so he wants a better car were he wants to pay for it he doesnt wantthis car, thats y.

[Racing Replica]

why didnt he take his dad's car :headbang:

[yassrey]

thats too easy all what he has to do is upgrade his insurance to golden coprehensive and the hitt a wall or get involve in an accident that he is not the one to blame in and there goes the car and the bank istallment with it!

[Z28 Girl]

thats too easy all what he has to do is upgrade his insurance to golden coprehensive and the hitt a wall or get involve in an accident that he is not the one to blame in and there goes the car and the bank istallment with it!


good idea :thinking2

[Silver SS]

Yassrey don't give out the secrets :nono:

[*Bad Girl*]

thats too easy all what he has to do is upgrade his insurance to golden coprehensive and the hitt a wall or get involve in an accident that he is not the one to blame in and there goes the car and the bank istallment with it!


Wow Yasseryy thats an idea ill let him do that:laf:

[Silver SS]

:nono: Bad Girl ....

[4ced]

the guy basically screwed himself he signed a bunch of documents when he took the car loan and now hes committed to paying the bank the full amount... he can probably forget about the 5 installments he's paid thats all gone...

thats what loans do they screw u over but too late to tell him that now...

anyway...

he should try to find someone to buy the car... that person will pay directly to the bank and they will clear out his loan... let him contact the bank first and see how much it will cost him to settle the loan now. theyll charge him an early settlement fee (its usually more than 25 bd, whoever mentioned that! its sometimes 100 dinars or sometimes more, depends on the bank really)

another thing he can do is stop paying! then the bank will reclaim the car and he will be in the clear :blink: but thats bad for his credit record... if u give me more details about the bank, interest etc i can give u more detials...

[///M Power]

the guy basically screwed himself he signed a bunch of documents when he took the car loan and now hes committed to paying the bank the full amount... he can probably forget about the 5 installments he's paid thats all gone...

thats what loans do they screw u over but too late to tell him that now...

anyway...

he should try to find someone to buy the car... that person will pay directly to the bank and they will clear out his loan... let him contact the bank first and see how much it will cost him to settle the loan now. theyll charge him an early settlement fee (its usually more than 25 bd, whoever mentioned that! its sometimes 100 dinars or sometimes more, depends on the bank really)

another thing he can do is stop paying! then the bank will reclaim the car and he will be in the clear :blink: but thats bad for his credit record... if u give me more details about the bank, interest etc i can give u more detials...
:blink:......

[Dr.Xta-C]

hmmm...

What I know for sure is that NBB and BBK charge a fee of 25BD for loan re-scheduling. Other banks though charge a certain interest amount over the remiaining unpaid which might be upto 1.5% for an early loan repayment. I honestly don't know what Bahrain Credit's policy is towards this sort of arrangement.

I'd recommend the guy to call up Bahrain Credit's help center and find out !

[ZOSicK]

Yassrey is da man :up2:

best solution for now as he lacks cash and all is that he keeps a car for a while .. after he gets back on his feet financially he can start planning again