What is the repossession process?
- Notice of Intention to Repossess: The Bank will issue a 21-day notice for the Hirer to settle overdue amounts.
- Follow-up Notice: If no payment is received within 14 days, a second notice is issued.
- Repossession Initiation: Upon expiry of the notice period, the Bank may authorize licensed repossessors to take possession of the motorbike.
- Notice to Redeem: After repossession, the Hirer has 21 days to:
- Settle all outstanding payments and charges to recover the motorbike.
- Pay off the full loan balance.
- Introduce a buyer to purchase the vehicle at a price set by the Bank.
- Vehicle Disposal: If no action is taken, the Bank may sell the motorbike via public auction or private sale to recover the outstanding balance.