Selling a car not fully paid from a bank

**dmadshark** · August 30th, 2012 03:53 PM

Good Day mga Sir and Mam.

I'm a newbie here sa site. Just like to ask questions regarding may topic.

I'm helping a friend of mine sell her 2012 Ford Focus which she loaned from BPI. She's now residing sa US and will not be back in the near future, hence, selling the car. Issue is, it's not yet fully paid.

Let's start from this question: Does buy and sell garage's usually buy this kind of cars?

**robot.sonic** · August 30th, 2012 04:17 PM

madami ng thread sa ganyan. search mo "assume balance".

**1D4LV** · August 30th, 2012 05:18 PM

i dont think dealers would be buying them.
the best route is to sell it palugi + assume balance.

example: Cost of Car : 1M
Downpayment: 200k.
Monthly: 18k for 5 years.

You can sell the car at around 130k + assume balance. for sure mabibili yan.
Talo sya sa DP and mga hinulog nya, pero mabibili yan.

**oliver1013** · August 31st, 2012 09:12 AM

Is that the new focus?

**nismo26** · September 19th, 2012 10:31 PM

papayag ba ang bank kung ipapa-assume mo ang sasakyan?

**TopEngine** · September 20th, 2012 12:05 PM

Could the 2nd-hand buyer loan the assume balance from the bank?

**oliver1013** · September 22nd, 2012 11:21 AM

Pwede yan i just concluded a transaction like this....binili kong auto may utang pa na 130k sa bpi din..ang ginawa ko...binayaran ko muna ng 200k yung seller.at gumawa kami ng conditional deed of sale...tapos kinausap namin yung acct officer ng bpi tapos sinamahan ko yung seller ultimo hanggang sa teller para bayaran yung remaining bakance nuya hanggang sa sentimo...now eto yung tricky part..15working days bago ma release yung CR at OR..nagiwan ako ng mga photicopies ng ids ko etc..pumayag naman yung seller na iuwi ko muna yung auto hanggang sa mailabas yung CR...ayun ok naman kakalabas lang ng CR yesterday binayaran ko na ng buo yung balanse ko kaliwaan sa pag abot ng CR at pirma ng deed of absolute sale..

**Ginnova** · September 22nd, 2012 11:48 AM

pwede yan kung i-full payment na yung sasakyan. pero sa case ni TS, car is still pretty new. lalabas dyan eh ituloy ng buyer yung monthly amortizations for the rest of the loan. OR/CR is still under the original owner. eh pano kung di magbayad yung buyer. yung original owner ang hahabulin ng bank. car is still mortgaged and cannot be cancelled unless the loan is fully paid.