Tuesday, November 06, 2007

Are you a risks taker?

Imagine this scenario: -

One foreign student that you know requested you to be a guarantor for his Hire Purchase transaction. He wants to buy a car but the bank requested a guarantor. He is asking you to be his guarantor. In return of you agreeing to be his guarantor, he is willing to pay to you RM3000.

Additional facts 1:
His hire purchase agreement is for 7 years. At the most he will be in Malaysia is another 5 years. Would you be willing to be his guarantor?

Additional facts 2:
He agreed that you would only be his guarantor for 1 1/2 years afterwhich he is willing to find another guarantor to take your place, or he will sell the car to another person. Would you be willing to be his guarantor?

Are you a risks taker or not?


chooi peng said...

fact number 2 is impossible to happen. Bank doesn't allows to change guarantor!

David Bong said...

will check with the bank on this. If cannot, then he has to sell the car.

hmmm...would you take the risks?