What if one fails to pay installments?
A friend of mine bought my old car since I have a new car. We agreed to some terms that will be followed and he fails to do so, the car will be repossessed. Months have passed and it is just once that he tried to pay with the installment. He has now 3 failed months to pay and I've sent him a notification regarding the repossession of the car.
Singapore’s statutory laws that regulate repossession can be found in the relevant sections of the Hire-Purchase Act. This states the rules that both parties must follow and adhere to. Upon repossession, you must inform your friend of the details of repossession. When you repossessed the car, you must allot 7 business days for you to resell it to others and allow your friend to pay his arrears. After this, it is up to your friend if he will respond accordingly about his intention, if he will pay and request for the return of the repossessed car or respond nothing and allow you to sell it to others.