Bankrupt M’sian Finds Out Agent Who Repossessed His Car is Illegally Selling it at RM25K

In a recent confession shared on the Facebook page Muflis Bankrupt di Malaysia, an anonymous man (let’s call him Syafiq) detailed his experiences since being declared bankrupt in 2021.

In the post, he revealed that during his bankruptcy, his car was repossessed last year. He went on to explain that when the car was taken, the repossession agent demanded RM6,000 to release it, but he didn’t have the funds to pay.

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The agent tried to sell his car for RM25,000

Syafiq recounted how he found out that the repossession agent planned to sell his car. He learned about it when a potential buyer called him to ask about the car’s details.

“I found out because the buyer contacted me to check the car’s details. The repossession agent had told him it was a secondhand car and was trying to sell it for RM25,000!”

Syafiq explained that once he clarified the situation to the buyer, the buyer was shocked and decided not to proceed with the purchase. This incident led Syafiq to file a police report.

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The bank couldn’t do anything about it

Syafiq noted that, 6 months later, the repossession agent contacted him again and suddenly increased the price to release the car from RM6,000 to RM10,000.

He mentioned that he had informed the bank about the repossession, but they told him they couldn’t do anything because the repossession agent hadn’t declared it to them.

Syafiq expressed concern that the repossessed car might be used as a scapegoat, leaving him as the victim since the car is still registered in his name.

“The bank also said it’s because I didn’t return the car to them myself after my bankruptcy status. What should I do? I don’t want the car anymore, I want the bank to take it. My name is already on the insolvency list, and the bank won’t take action. Does anyone have any ideas?”

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What do you guys think Syafiq should do? Let us know in the comments!

Also read: M’sian Gets Declared Bankrupt After He Fails to Pay Personal Loan that His Parents Forced Him to Apply