My brother came for a visit just now. Looks like there is a change of plan about the guarantorship deal with my tenant. It seems that the bank does not want to accept the foreign student (my tenant) as the loan applicant. There is a miscommunication between my tenant and the used car sales agent who submitted both particulars of my brother and my tenant. The bank thought that my tenant is the guarantor and because of that, the bank rejected the application. The bank does not want a foreigner to be a guarantor.
So now, instead of being the guarantor for my tenant, my brother will have to be the buyer of the car but my tenant will pay for the monthly installment. If however, my tenant fails to pay the installment on time, I wonder whether my brother has enough savings to pay the due installment. If not, he would have to find some cash advance to pay for it or else the bank will repossess the car.
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