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May 8th, 2021 09:31 PM #11
Thank you po for the response. I see. noted po here. I happen to see lang din po yung program ng Toyota na TCUV (Trading Up - Toyota Certified Used Vehicles - YouTube) but I dont know if the program only accepts a toyota car as well. Also, my other concern. if there is a trade-in po na available, would there be an issue since under financing pa siya and not fully paid pa yung auto (we still have 3 years to pay). Thanks again!
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May 8th, 2021 09:33 PM #12
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May 8th, 2021 09:39 PM #13
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May 8th, 2021 09:48 PM #14
After the dealer or buy&sell offers you a price and you choose to accept it, you will have to contact the bank to settle the loan. Hopefully, you still have enough left from the offer less the remaining principal to get you to pay the down payment of the new car you like.
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May 8th, 2021 09:53 PM #15This.
You have to pay off your loan in full first. And then if there is any money left from the sale, you can use that as DP for the new car.
Personally, i think its a very bad financial decision and it seems very impulsive . Whatever equity you have in your montero will be wiped out due to depreciation, interest, fees, predatory buy and sell valuation, etc.
Keep the montero...finish the 3 years and then get another car.
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May 8th, 2021 10:09 PM #16
Within the same boat as EQ. Just finish the loan and get a new car after.
If you can’t wait for your brother to sell the Monty yet you have the means, then just buy the Okavango on your own.
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May 8th, 2021 10:46 PM #17Thanks po for all the responses. Really big help po and gaining a lot of knowledge! Yes we are actually thinking about it naman. might just an impulse just like what was mentioned, as there is nothing really wrong naman with our montero. (just the fact that I am the only one who knows how to drive stick in our household here in PH, so whenever im not available, they need to hire a driver,) I even said it is kind of like spoiled as we are not really well-off. Not everything is final naman po. We still looking for the pros and cons. Just need to gain some information we need when we decide what to really do in the future. Thank you po again for all your advice!
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May 9th, 2021 03:26 AM #18Keep the montero till paid off. Cheaper to teach another person to drive.
Or just buy a cheap used AT car. Kahit mirage. Yun tipong presyong downpayment.
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May 10th, 2021 01:39 AM #19I was on the same boat as you but its a 10 yr old car, not loaned one.
Toyota won't offer trade-in for old cars and what the appraiser did is to contact their buy n sell partner and negotiated a price.
At that time, malaki offer para ma trade ko into Innova G AT (Im eyeing this unit at that time).
But my heart was rooting for Montero, was trying to find way to check sino na contact niya na buy n sell but to no avail, failed.
Sa case nyo po, I think the best is to let someone assume the unit for you with a loss of course (possibly bye-bye downpayment).
Not sure though if ma affected ba credit rating nyo rito.
Then if done, kuha nalang new unit via bank pa din if hindi maaffected credit rating nyo sa assume transaction.
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May 10th, 2021 04:05 PM #20Thanks for the info. Yes I believe yung program ni Toyota is for 5yr old car and below.
That is actually our first option, as per my brother, kahit mabenta niya daw na pang DP kahit konting sobra for the new car his eyeing for, I said nga na sayang naman yung 2 years na binayad mo. Actually may tropa ako na account officer sa bank and he said na medyo risky daw if hindi mo kilala or hindi ka tiwalang tiwala dun sa buyer as kapag daw hindi nakapagbayad yung buyer or tumakbo is sa amin pa din ang habol ng bank, medyo rare din daw na pumayag si bank sa ganyang transactions-something like breach of contract. and new approval daw yun for the buyer if incase they approve.
Thanks anyway. I hope you get the montero!
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