Assumption of payment or get your own car loan?

[jackhummer]

Hi guys! I am a new member but has been browsing the forum for sometime already. I am not expert in cars so i need your help on this pls. A friend of mine offered me his Mitsubishi Lancer GLX 2010 model for 50K and will assume payment for the balance. He told me he paid a downpayment of 130K and eight monthly payments of 13K. Will it be wise to take the offer or I'll loan for a brand new one. By the way, the lancer has already about 5k+ on its ODO. Thanx for your tips guys.

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[shadow]

ilan months yun term?

[renzo_d10]

ilan months yun term?

At magkano per month.

Hula ko diyan eh nasa 14-16k per month eh. Ang liit kasi ng down.

[ooba99]

The subject is about car loan/assumption of... Wrong thread forum. Moving thread...

DONE.

[phezthie]

*TS, pwede... just ask for the approval of the concerned bank for the assumption para you can directly transact na with them...

[CVT]

Hi guys! I am a new member but has been browsing the forum for sometime already. I am not expert in cars so i need your help on this pls. A friend of mine offered me his Mitsubishi Lancer GLX 2010 model for 50K and will assume payment for the balance. He told me he paid a downpayment of 130K and eight monthly payments of 13K. Will it be wise to take the offer or I'll loan for a brand new one. By the way, the lancer has already about 5k+ on its ODO. Thanx for your tips guys.

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[COLOR="teal"]
Thinking aloud,- he is selling the car to you at 50K. Lots of assumptions here:

His expenses are 130K(40K is insurance and chattel mortgage, so 90K is down) + 8*13K = 234K...

Amount that actually went into the car is 90K + 8*13K/1.30 = 130K.... (I assume here interest rate of 6% per year or 30% in 5 years)

What is the SRP of the car?... My guess is 90K + 60*13/1.3 = 690K?

Kung malapit sa mga numbers na iyan (since you did not give us the exact figures), I'd say it is a good buy, assuming that the car is in mint condition (sabi mo nga 5KKm lang ang natatakbo), since he already expensed 130K and he is selling at 50K or 80K depreciation in 8 months.

13.4K:stereo:
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[aljan_fs]

will the bank do a CI of a buyer kung "assumed balance" ang terms or pwede na mag-issue na lang ng checks in replacement sa mga checks na naissue ng original lendee? THanks.

*TS, pwede... just ask for the approval of the concerned bank for the assumption para you can directly transact na with them...

[shadow]

Siyempre kailangan ng bagong CI para makita Kung meron capacity to pay yun mag assume ng loan.

Pag ganito ba hinde affected yun credit ratings nun original na nakautang Sa bank? Diba parang default na rin lumabas or something well technically hinde default pero iniwan mo yun obligation mo at pinasa Sa iba

[phezthie]

yes, new CI will be conducted before ma approve yung assumption...

*shadow... you're right, technically hindi in default yung original na borrower but if the question is kung affected ba yung kanyang credit standing, it depends sa reasons why he asked to let someone assume the loan as well as his subsequent transaction. of course, the history of his previous payments will likewise be considered..

example is, if the original borrower's reason was to buy new one and he applied the loan from the same bank...he is definitely a good client in that case...

on the other hand, if he applied from other bank, still his credit standing will not be affected because it will reflect in his credit database which his previous bank could access... in this case, the first bank would probably check why he transferred to other bank as they have lost a possible good client ..

if the he sold it because he can no longer pay, compounded by history of his previous default in payment... obviously, he's a big no no to the bank. obviously, it follows that his credit standing will be poor too...

if sold for any other reasons which do not affect his capacity to pay, like going abroad, cannot refuse a friend, or similar alibi etc... his credit standing will be considered as equipoise, not good and not bad. his standing will change however based on the nature of his next transaction and its outcome...