Car For Sale w/ Assume Balance.. Gaano kasigurado?

[viepink]

hello tsikoteers! balak ko kasing kumuha ng sasakyan pero may assume balance sa bangko, gaano ako kasigurado na after kong mabayaran sa bangko eh sakin na malilipat yung name? ano bang proseso ng pagbili ng oto na may assume balance? dapat ba may deed of sale na agad tpos transfer ng ownership? pwede ba un? pwede ko na bang makuha kaagad ung papers para assurance lang na sa akin na talaga? baka kasi maloko ako, hope matulungan nyo ko. thanks!

[tidus1203]

Pag ako sayo bro iiwasan ko na mga 2nd hand na may balance pa. Kung bibili ako 2nd hand dapat fully paid na or eh kung babayaran mo din naman yung balance of the price of a brand new car but for a 2nd hand car eh di bumili ka na lang ng brand new car yourself. Paying a balance for a brand new car's price but you're getting a 2nd hand car just does not make financial sense to me....

[kumagbehota]

yup tama, lalo na pag ang assume balance eh more than 2 years pa tapos me base price ka pang binayaran, di sana nag brand new ka na lang, at least ikaw talaga naka una... laking psychological effect din yun at peace of mind...

[mazingerZ]

The bank normally frowns upon assumption of mortgage because of the costs and hassle involved between the bank, the buyer and the seller. Costs involved would be the transfer of ownership, cancellation of existing chattel mortgage, registration of new chattel mortgage, redocumentation of loan proposals etc. What I can suggest kung talagang kakilala mo ang owner ng vehicle are the following:

1. Prepare an open dated deed of sale signed by both parties (unnotarized);
2. Continue paying the loan with the bank where the vehicle is mortgaged;
3. Let the seller sign an authority to release OR/CR and other documentation once the loan has been fully settled;
4. Transfer ownership only after settlement of the loan;

The catch here is there should be 100% trust between both parties (buyer and seller). Dicey so to speak. Kaya medyo frowned upon repakol.

Why not fully pay the entire loan amount muna, then reloan it with the bank or another bank? Mas maigi ito kaysa sa assumption of mortgage.

Hope this helps.

[tidus1203]

Also as far as the bank or the car dealer (whoever holds the car loan) hindi ba its also risky for their part cause they are not so sure about the new owner if he/she has the capacity to pay? So ano yun bagong credit verification? So kung palpak sa verification yung new owner, ano yun di pwede ibenta ng seller sa buyer yung car?

[mazingerZ]

Let me put it this way, the credit worthiness of the new owner is also being evaluated. Kailangang makapasa din siya sa criteria set by the bank. Thats the scenario. Answer ko sa tanong mo bro, yes.

[viepink]

a ok.thanks for ur tips. tama brand new nalang kukunin ko atlist may peace of mind at sure ako na aalagaan ko tlga.. thanks uli!

[dbuzz]

mazingerZ==

[SIZE=3]Why not fully pay the entire loan amount muna, then reloan it with the bank or another bank? Mas maigi ito kaysa sa assumption of mortgage.
[/SIZE]
Bro papano ang reloan? enlighten please.
say na kailangan mo ang reloaned amount na yun to fully pay the entire amount of the original loan.

sa related topic, ayon sa sabi-sabi:
imbes na kukuha ng hulugan na sasakyan eh mas maigi daw na isanla mo real property mo then bumili out of it ng cash na sasakyan. makakatipid daw. tama ba yun?

[tidus1203]

^^Thats not a good idea. Never ka dapat magsanla ng property (real estate) for a sake of a car since PROPERTY >>>> CAR... Remember pag nag sanla ka laki ng bawas sa cash loan mo mga halos 20% off yan normally since insurance yun ng pawnshop from credit defaults.... Also mas mataas pa yung interest ng pawnshops kaysa a car loan itself.

[mazingerZ]

Ang tinatawag sa ganyang proceso bro dbuzz is refinancing. This would easier than to assume the balance of the previous loan. Mas konti ang babayaran. Pero the catch here is that your new loan will be treated as a second hand refinancing. Depending upon the appraisal kung magkano ang maavail mo. Like Tidus said, do not pawn your real estate property for the sake of a car. Chattel property holds lesser value versus real estate property over time. Kaya in all honesty I'd rather have the thread starter avail of a brand new auto loan na lang para less hassle and hindi siya ma expose over time sa unnecessary risk.

[dbuzz]

^^Thats not a good idea. Never ka dapat magsanla ng property (real estate) for a sake of a car since PROPERTY >>>> CAR... Remember pag nag sanla ka laki ng bawas sa cash loan mo mga halos 20% off yan normally since insurance yun ng pawnshop from credit defaults.... Also mas mataas pa yung interest ng pawnshops kaysa a car loan itself.

Ang tinatawag sa ganyang proceso bro dbuzz is refinancing. This would easier than to assume the balance of the previous loan. Mas konti ang babayaran. Pero the catch here is that your new loan will be treated as a second hand refinancing. Depending upon the appraisal kung magkano ang maavail mo. Like Tidus said, do not pawn your real estate property for the sake of a car. Chattel property holds lesser value versus real estate property over time. Kaya in all honesty I'd rather have the thread starter avail of a brand new auto loan na lang para less hassle and hindi siya ma expose over time sa unnecessary risk.

refinancing nga.. hhmmm


anyway regarding sa sanla ng property, i don't know kung mali lang choice of word ko. (i guess business loan sa banko yun at collateral yung property)

kasi ganito yun.

nangutang sya sa banko at collateral ay bahay at lupa nya at nagpatayo sya ng car wash. then since na maliit lang kailangan nya sa carwash business nya, eh pinambili nya ng rav4 'cash' ang the rest. then may sobra pa to accommodate one secondhand revo. doon nya nabangit na mas ok daw yun mangutang sa banko to buy car kaysa kumuha ng hulugan.

ang pagkabanggit nya kasi "sinanla ko bahay at lupa ko." anyway may existing business din pala sya na tindahan ng gulong.

[mazingerZ]

Well, ang tinutukoy mo bro dbuzz is that meron siyang credit or loan line sa banko using the house and lot as collateral for his business. Drawdowns on the line is only made when the need arises. In this scenario, there is no fix monthly amortization for the principal, only the interest repayment monthly for the due portion of the amount drawn down. Sa kanya dependent ang principal repayment. Pwede rin yan, kasi mas mura ang interest since it is on a diminishing balance computation vis-a-vis regular auto loans which uses the add-on principle (78 method).

[dbuzz]

Well, ang tinutukoy mo bro dbuzz is that meron siyang credit or loan line sa banko using the house and lot as collateral for his business. Drawdowns on the line is only made when the need arises. In this scenario, there is no fix monthly amortization for the principal, only the interest repayment monthly for the due portion of the amount drawn down. Sa kanya dependent ang principal repayment. Pwede rin yan, kasi mas mura ang interest since it is on a diminishing balance computation vis-a-vis regular auto loans which uses the add-on principle (78 method).

ganun ba? anyway di ko alam kung may credit line sya sa banko ang alam ko ngayon lang sya nangutang sa banko at ang pagkasabi pa eh minimum daw ay 3m ang allowed sa kanya. take note "minimum" ha?

so bottom line bro, pag may business ka madali lang mangutang? or magka establish ng credit line sa banko? anyway thanks bro sa info. medyo ot na ako.