What to ask in buying PASALO CARS

[Mentos]

Mga paps, may balak kami kunin na pasalo car, ciaz in particular.
Ano-ano ba ang dapat gawin sa ganitong kaso, ano-anong dokumento hihingin ko sa seller, at ano gagawin kung sakali matapos namin bayaran ang term paano namin makukuha ang or/cr sa bank at malipat sa name namin.
TIA sa mga inputs.

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[chronicle]

Stay away.
If pasalo lang. Might as well go straight to the banks repo unit list and see if something fits your want/need.


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[istan]

Illegal yun mga pasalo with regards to the terms of their loans with the bank.

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[ray_noel]

Better go straight to the bank with the seller where they loan the car... at the end, still the bank own the car not the seller...


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[sirkosero]

Remember... You can never sell what you do not own.

So yung seller mo is not in the position to sell the car since the bank owns it until the loan is settled.

Also, assuming tumuloy ka, you will pay the bank. Then after the loan is finished, the bank releases the documents. Guess to whom they will name the car? To the seller. Who becomes the owner? Yup, the seller. Who paid? You of course.

If you want to throw money away, give it to me. I'll be happy to take your money

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[dr. d]

Mga paps, may balak kami kunin na pasalo car, ciaz in particular.
Ano-ano ba ang dapat gawin sa ganitong kaso, ano-anong dokumento hihingin ko sa seller, at ano gagawin kung sakali matapos namin bayaran ang term paano namin makukuha ang or/cr sa bank at malipat sa name namin.
TIA sa mga inputs.

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sirko is right.

whatever you do, make sure that the bank approves of it, in writing.
after all, the bank is technically the owner of the car.

if you make a deal with the "owner" alone, this is what will happen:
you will give him a cash amount, and you will continue paying the monthlies to the bank.
once the bank is paid in full (by you), the bank will then issue the ownership papers to... your seller! not to you, but to the guy who "sold" you the car. in the bank's eyes, the original owner is the legal owner of the car.
this "seller" will then paperwork the car ownership in your favor.
or so you think.
but what if he does not?
think of the tons of legwork and possible lawsuit...

someone once said, "buying pasalo cars is buying a used car at brand new prices".
sit down and put on paper, just how much you are buying that car, and compare it to buying a similar car if you were the one dealing with the bank or dealer.

good luck, po.

[Mentos]

Thanks sa mga input paps, yeah you're all right.
Yun nga rin mga question sa utak ko, mas better to go to 2nd hand dealer na lang directly at pumayag na rin si misis tutal pamalit lang naman sa mas luma nyang sentra na panghatid sundo sa skol.

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[sirkosero]

Btw, mas hassle and pasalo cars than buying bank repo. May konti problem yung paperworks ng repo na nabili ko but it is all being cleared by thr bank

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[chronicle]

Btw, mas hassle and pasalo cars than buying bank repo. May konti problem yung paperworks ng repo na nabili ko but it is all being cleared by thr bank

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Out of curiosity. What's the issue encountered?

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[sirkosero]

Out of curiosity. What's the issue encountered?

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The issue with the repo? Insufficient documents of the bank regarding the surrender of the car from the 1st owner

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[_Qwerty_]

ok lang magpasalo kung talagang kilala mo yung tao.. kamag anak or kapatid.. pero kung totally hindi mo kilala.. malabo.. walk away.. better off getting a new car..

may contract din naman yan between that two of you.. tsaka ok lang kung pasalo kung wala nang cash out.. yung iba kasi gusto pa ma recover yung hinulog nila..

mas ok kung didiretso kayo sa bank and let them know na ikaw magtutuloy at sa yo ililipat yung car after kung papayag sila..

[manuel_04]

A pasalo...

A friend of mine summed it up nicely, "I wouldn't agree to the arrangement even if it were free.(meaning no cash out)" 😁

That's because you are agreeing to answer for their debt. Note that most of these people who cannot continue the payment of their car loan are those who availed of low downpayment schems i.e. relatively bigger loan with much higher interests. So thats really the nature of the debt you are agreeing to pay.

If you are a prudent man then, just apply for your own loan. Let the foolish guy who dug himself into debt answer for his errors.

Ps: Its not the bank who owns the car. It's the debtor. However, the bank has a lien on the car since it is the collateral of the loan itself.

[SidCoronel]

Mga paps, may balak kami kunin na pasalo car, ciaz in particular.
Ano-ano ba ang dapat gawin sa ganitong kaso, ano-anong dokumento hihingin ko sa seller, at ano gagawin kung sakali matapos namin bayaran ang term paano namin makukuha ang or/cr sa bank at malipat sa name namin.
TIA sa mga inputs.

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Ask him/her:
1) Why is s/he selling the car?
2) Why is s/he asking you to pay what s/he paid the bank already? Considering s/he already used the car.

Ask your self these:
1) Why would you want to solve other people's problem/s?
2) Why would you want to hit your head with a rock that does not, and will not belong to you? Considering you cannot transfer the CR under your name.
3) Why would you give your hard earned money to a total stranger, trusting a total stranger that s/he will pay the bank what you paid him/her?

[ice15]

personally, I feel na mas dehado yung seller kesa sa buyer...

May ibang tao na di nya kakilala na sasalo sa loan nya. paano kung itakbo nya yung car? Paano kung gamitin nung sumalo sa illegal activities yung kotse... naka-pangalan pa din sya sa seller...

Pero sa buyer naman... Hindi naka-pangalan sa kanya yung car. (again, positive & negative kasi madaling takbuhan yung sasakyan kapag may "nangyari")

Paano ginamit ni seller yung sasakyan, obviously wala syang pang-hulog. maintenance pa kaya!

Paano kung in-house pala financing na sasaluhin mo tapos ang taas ng interest?

Sa office namin dati, may 2 akong kilala na nagpasalo ng car nila (90's Sentra and Lancer), nag migrate sila sa US and AUS, since kilala namin yung may-ari... ang ganda nung deal na binigay nila (50% down yung cars kaya di gaano masakit yung interest) wala nang cash out... basta ituloy mo nalang.

Kung maganda naman yung offer and kilala yung may ari... pwede ko i-consider yung "pasalo"

[misseksaherada]

Ask him/her:
1) Why is s/he selling the car?
2) Why is s/he asking you to pay what s/he paid the bank already? Considering s/he already used the car.

Ask your self these:
1) Why would you want to solve other people's problem/s?
2) Why would you want to hit your head with a rock that does not, and will not belong to you? Considering you cannot transfer the CR under your name.
3) Why would you give your hard earned money to a total stranger, trusting a total stranger that s/he will pay the bank what you paid him/her?

Ang ganda Sir ng binigay nyong questionnaire.. Kagamit gamit na self check ito.. I think hindi lang ito applicable for pasalo.. Meron naman case nanghihiram sila ng credit card.. Pa-swipe daw.. Tapos tsaka na lang din bayad..

I-copy ko toh.. Magandang reminder at pang advice lalo na sa mga taong hirap tumanggi..

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[kagalingan]

kung topschool gumawa nito ang tawag debt restructuring"

[dr. d]

kung topschool gumawa nito ang tawag debt restructuring"

did i understand it right?

that's not debt restructuring!
he's re-structuring his entire car!
his car is about to be re-possessed,
and he's selling his car's new-ish parts, for old parts + cash.
tanggal new parts, palit old parts.
pocket the cash.

is this real?
and he's advertising it out in the open!
i want to offer some choice words, but.. wag na lang!
baka mag-dilang anghel.

[carxynogen]

Saw this post in visor also.

Bad news for those who are in the look out for second hand cars.

Some good deals are from bank repo pa naman.

[ice15]

did i understand it right?

that's not debt restructuring!
he's re-structuring his entire car!
his car is about to be re-possessed,
and he's selling his car's new-ish parts, for old parts + cash.
tanggal new parts, palit old parts.
pocket the cash.

is this real?
and he's advertising it out in the open!
i want to offer some choice words, but.. wag na lang!
baka mag-dilang anghel.

actually mga late 90's to early 2000's halos lahat ng repossessed cars ganyan.

yung iba nga pati parts ng engine nawawala na.

[dr. d]

actually mga late 90's to early 2000's halos lahat ng repossessed cars ganyan.

yung iba nga pati parts ng engine nawawala na.

talagah...!
ngayon kaya, marami pang ganyan?

"buy used goods only from people you know and trust."

the last used cars i purchased,
were from folks i knew and trusted, and whose vehicles i saw on a daily basis.
nung na-bangga, ay nakita ko yung pre-pukpoked condition, etc etc.