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Tsikot Member
- Join Date
- Nov 2012
- Posts
- 2
November 22nd, 2012 09:34 AM #1hope someone can help me. need your advise sana.
my friend is selling his 2008 altis to me. ang arrangement is 5yrs pay. hindi pa niya tapos ang amortization ng sasakyan. one year pa. he told me i cant transfer the ownership to my name until i have fully paid for the car. (5yrs)
my question is
1. the docs i should acquire from him. curious lang ako about my security. we are not that close so i cant fully say that i could trust him.
2. the insurance is not included daw and nakapangalan din yon sa kanya. makakahanap ba ako ng insurance na nakapangalan sakin kung ang sasakyan ay sa knya pa nakapangalan.
copy lang daw ng or/cr bbgay nia sakin. i need to issue pdc's na. before i close our deal id like to your opinion. wala ako alam masyado sa legal transaction when buying a car for installment. this is supposed to be my first car.
thanks in advance, :-)
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November 22nd, 2012 05:34 PM #3
1. avoid buying a car na naka monthly amortization pa at itutuloy mo yung bayaran, unless the seller is a family member. i've heard lots of stories like that na minsan talaga walang habol. but if you would really want so, please try to have the following documents:
a) deed of sale
b) letter of undertaking fully notarized containing all of your agreed terms.
c) at least, a copy of the OR/CR
d) he has to make a letter to the bank and received by them on your agreed terms.
2. the insurance is named after whom the OR/CR is named, so hindi pwede yan.
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Tsikot Member
- Join Date
- Nov 2012
- Posts
- 2
November 22nd, 2012 05:49 PM #4salamat po sa mga nagreply.
ang arrangement kasi na gusto niya bayaran ko sya ng monthly sa price na gusto niya at sya na ang magsettlle ng bayarin sa bank. For example, ang monthly niya ay 17k ang monthly ko ay 10k payable in 5yrs. Yung babayaran niya na 17k/mo 1-2 yrs na lang. Technically, hinde assume balance ang mangyayari.
ang takot ko lang baka hinde na sya magbayad sa bank magkaproblema pa. although wala naman ako downpayment sa kanya pero magissue na ako ng PDC for 5years.
Ang gusto ko din sana mangyari once fully paid na itransfer na sa akin. what is the wisest arrangement na mangyayari non kung nagtutuloy pa rin ako ng bayad pero fully paid na ang car. i have no intention na tumakbo, my concern is yung convenience and security for us both. pasensya na po sa madaming tanong- thanks
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November 22nd, 2012 07:04 PM #5
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Tsikoteer
- Join Date
- Feb 2008
- Posts
- 325
November 23rd, 2012 06:09 PM #6masyado magulo yung ganyang transaction. if you're willing to be tied up to paying around 10K a month for the next five years, bakit di ka na lang mag apply ng sarili mong auto loan sa banko? may mga banks naman na nag fifinance ng second hand cars. That way banko lang kausap mo at konti lang ang chances na magka aberya. hth.
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November 26th, 2012 09:49 PM #7
Since the car is still under mortgage, your friend is not yet the owner,thus he has no personality to sell the car to you. It is also difficult for you to claim (damages)from the bank or to the insurance company because you are not a party to the contract.please avoid this kind of transaction.....magulo!!!
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