Can't afford to pay my car loan

**jodski** · February 20th, 2017 02:10 PM

Medyo ingat lang ng konti sa pag default sa loans... in progress na centralized database nyan.

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**EQAddict** · February 21st, 2017 08:12 AM

I can assure you if your car is repossessed that you will absolutely 100% be not able to get any housing loan in the next 7-8 years minimum. Your credit score is screwed.

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**dr. d** · February 21st, 2017 08:40 AM

Originally Posted by WallyWest

Makiki-ride lang sa thread na ito. Actually, I can still afford to pay but I'm thinking of "restructuring" our finances to make room for a housing loan.

A dumb question but what exactly are the consequences if a car is repossessed? If I give up the car, will it still count as repossessed? Will it ruin any future loan (personal, housing) applications even if your monthly income suggests that you are capable of paying?

If I decide to sell my car na "assume balance" , will it have the same consequences as getting the car repossessed?

Tapatalked

pre-terminate the installment program. purchase the car completely. then sell it, even at a loss. that way, you get to preserve your loaning abilities for the next several years (10 years nga ba yon?). it's not easy to come out of this in the positive, because "no sane buyer will buy a used car at brand new price. you want to sell it quick? give a really low price.
selling "assume balance" might get you in trouble, if the buyer is a no-do-gooder. if the bank does not agree to pass on the ownership and responsibilities to the balance assumer, in the end, you will still be the name the bank will run after. if the balance assumer reneges, kayo pa rin ang hahabulin. nawala na kotse, patay pa credit history nyo.
in the olden days, buying on installment is akin to "a pact with the devil". how times change.
good luck.

and yes, i will always go for house over car. anytime.

**kamotekid1968** · February 22nd, 2017 11:14 AM

after reading all posts above, question is..paano ba talaga ang tamang process ng pagbili ng "assumed balance" na sasakyan? bibilhin ng 2nd owner then sya na magpprocess ng papeles (eg. register of deeds, transfer of ownership, etc..) kasi kung iisipin mo na madali lang pero parang complicated pala lalo pat di pa bayad sa bank ang original owner ng unit.

**Juan Martinez** · February 22nd, 2017 01:02 PM

Originally Posted by kamotekid1968

paano ba talaga ang tamang process ng pagbili ng "assumed balance" na sasakyan?

if you were a buyer of a mortgaged vehicle, to protect your investment, you need to do the following:

1) you check with the bank's loan officer what is the status of the vehicle you are going to buy- whether it has unpaid amortizations or not, or how much is the remaining balance;

2) if you were going to assume the chattel mortgage, you need to consult with bank loan officer if this is possible that the chattel mortgage between the original owner and the bank be cancelled to pave the way for the execution of a new chattel mortgage between you and the bank;

3) if you were not going to assume the chattel mortgage because you would pay in full the remaining balance of the mortgagor, then you need to get the "release of chattel mortgage" from the mortgagee bank. the owner of the vehicle should sign a deed of sale in your favor, so that the car's certificate of registration will be transfered to you.

4) with respect to insurance, whether you assume the chattel mortgage or pay up the remaining balance in cash, you need to take another insurance for the car. this is so because, in property insurance, in order for you to be entitled to the insurance proceeds in case of loss, you must have insurable interest at the time the contract of insurance was entered into AND you also must have insurable interest at the time of the loss or at the time of the happening of the event insured against.
here, obviously, when the original owner took out an insurance coverage over the vehicle, you did not have insurable interest yet over it. in other words, if any thing would happen to the car you assumed or bought, you wouldn't be entitled at all to the insurance proceeds nor the original owner.

**rfj** · April 5th, 2017 11:15 AM

re-assume would be the best, di pa ma blacklist sa bank at the same time mabawi pa kahit konti lang

**dr. d** · April 5th, 2017 11:20 AM

Originally Posted by rfj

re-assume would be the best, di pa ma blacklist sa bank at the same time mabawi pa kahit konti lang

the usual problem in assume balance, is looking for the assumer of the balance.
the lower the asking price, the larger the loss of money to the seller, the faster the buyer appears.

**ice15** · April 5th, 2017 06:31 PM

I find it strange that "hanzuy" only has 1 post and seems like he never logged-in again after his initial post.

Trying to sell a car is difficult nowadays thanks to the promos offered by various dealerships...

I personally know an ex-colleague who sold his car for nothing! As in just assume the 35k monthly payment for the next 12 months... (If only the car was A/T!!!) - car was 1 year old.

So just a suggestion to guys having issues with car payments... TNV (Grab or Uber) Try to make the car earn money for you before giving up on it.

**Chernhey1930** · May 2nd, 2017 05:12 AM

Originally Posted by ice15

I find it strange that "hanzuy" only has 1 post and seems like he never logged-in again after his initial post.

Trying to sell a car is difficult nowadays thanks to the promos offered by various dealerships...

I personally know an ex-colleague who sold his car for nothing! As in just assume the 35k monthly payment for the next 12 months... (If only the car was A/T!!!) - car was 1 year old.

So just a suggestion to guys having issues with car payments... TNV (Grab or Uber) Try to make the car earn money for you before giving up on it.

Hello everyone, newly here.. ask ko lang po, pa advice nmn po ako, ako po 24months na po na monthly amort ko sa kotse ko, pero sa kasamaang palad po, hnd inaasahang problema s financial. Ano po kaya ang mas ok na maging desisyon? At si casa po ba ang dapat kong kausapin or c bank na? Pls reply po.. thanks.

**shadow** · May 2nd, 2017 08:01 AM

Originally Posted by Chernhey1930

Hello everyone, newly here.. ask ko lang po, pa advice nmn po ako, ako po 24months na po na monthly amort ko sa kotse ko, pero sa kasamaang palad po, hnd inaasahang problema s financial. Ano po kaya ang mas ok na maging desisyon? At si casa po ba ang dapat kong kausapin or c bank na? Pls reply po.. thanks.

Sell your car at loss kung magkano na lang naiwan amount wala ka na makukuha, then pay off the loan. Tapos problema.

Kasi lahat ng wala ng capacity to pay eh ayaw pa rin magpalugi. Eh Sila na nga walang pangbayad Sila pa Meron habang mag demand sa price ng kotse.

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