Can the loan for a car be written off if this property was destroyed as a result of hostilities?

Thus, the borrower has the right to apply for cancellation of the loan debt if the following conditions are met:

1. A car as collateral:

• The car was destroyed as a result of military aggression, and:
• Its repair is technically impossible or economically unreasonable (if the repair costs exceed the value of the car according to an expert or appraiser).
• As of 23 February 2022, this car was the only one in the borrower's family.

2. No overdue debt:

• As at 23 February 2022, the loan was not overdue for more than 7 days.

3. Purpose of the loan:

• The loan was issued to purchase a car in accordance with the terms of the agreement.

How to act:

1. Filing an application:

• The application must be submitted within 90 days after the termination or cancellation of martial law in Ukraine.

2. Documents for confirmation:

• A report (act) or appraisal report made by an appraiser or expert confirming the destruction of the car.
• Documents confirming that the car is the only one in the family as of 23 February 2022.
• Other supporting documents that may be required by the lender (for example, a certificate of marital status or other property information).

Important:

The lender has the right to request additional documents to verify the fact of the car's destruction and compliance with the terms and conditions. It is recommended that you contact your bank or other lender in advance to clarify the list of required documents.