We bought our car 2 years ago via bank financing (Public Bank) with loan terms of 60 months. This year, we are going back to our home country for good.
What are our options about the car ownership?
- Can we "purposely" default the loan? i.e. we tell the bank that we cannot pay the rest of the loan and they'll repossess the car.
- Can a 2nd hand car dealership pay off the balance to the bank? i.e. we won't get a single penny for the car and it'll be owned by them to resell
- Are there any other options?
Thank you all in advance for your help and advice.