Hi guys, i would like to ask lang this question since may friends family is at lost, they dont know what to do with their car loan, hindi pa kasi tapos bayaran ang loan from the bank, his father died of natural death, they still have 3 years to pay. The bank sent them a letter, about the renewal of their car insurance. Should they pay the renewal and continue the monthly payments or should they inform the bank about the situation. They are capable of paying the monthly mortgage but afraid that the bank might pull the car, and if the bank asked for a co owner requirements, they may not be able to give the necessary documents. Please share your insights, expertise and experiences with this situation.
The Largest Car Forum in the Philippines
- Forums
- Discussions
- Events
- Community
Results 1 to 20 of 37
Hybrid View
-
Verified Tsikot Member
- Join Date
- Feb 2010
- Posts
- 55
January 9th, 2011 02:02 PM #1
-
Tsikot Member Rank 4
- Join Date
- Sep 2004
- Posts
- 4,933
January 9th, 2011 02:09 PM #2I suggest they inform the bank. Who knows, maybe may loan protection guarantee insurance. In case the person dies, loan will be fully paid, just like card protection insurance.
Originally Posted by knight0901
If capable naman to continue the payments, maybe the surviving spouse or one of the kid can continue the loan. Mahirap din na after fully paid yung car and nag request na yung original C.R., eh hindi ma release kasi deads na yung nag loan. Mas mahaba pa explaination.Last edited by av8or5; January 9th, 2011 at 03:00 PM.
-
Tsikoteer
- Join Date
- Aug 2009
- Posts
- 1,956
January 9th, 2011 02:48 PM #3Mas maganda na advise na lang yung bank na patay na yung original borrower, dito siguro papasok yung co-borrower.
-
Running on Empty...
- Join Date
- Oct 2002
- Posts
- 17,338
January 9th, 2011 02:52 PM #4As the vehicle is an asset of the deceased, this goes to his estate or heirs.
Inform the Bank and discuss with the Account Officer the options. They'll be lucky if there is mortgage redemption insurance on the car since the death of the principal will mean, the car is automatically paid up.
When my dad died, he had one car under loan and unfortunately it had no MRI, We just decided to continue payment and my siblings and i will just work on the transfer upon full payment of the loan.
-
Verified Tsikot Member
- Join Date
- Feb 2010
- Posts
- 55
January 10th, 2011 11:54 PM #5Thanks guys for your suggestions. They went to the bank this morning to inform them and they were asked to wait for a call from their consumer lending to discuss the options. We'll update you guys when the bank calls them.
-
Tsikot Member Rank 2
- Join Date
- Oct 2007
- Posts
- 1,324
January 21st, 2011 10:48 AM #6The car becomes part of the estate, so technically next in line (wife) decides. Originally Posted by knight0901
Usually mayroon naman MRI yan na hindi declared sa borrower.
The policy owner is the Bank.
Of course you renew your car insurance, make sure your liability cover is atleast 500,000.
And your participation 2000 to 3000 only.Last edited by mark_t; January 21st, 2011 at 10:51 AM.
-
bounce
- Join Date
- Apr 2009
- Posts
- 1,339
January 21st, 2011 11:26 AM #7^ sir ano yung MRI?
ganito din nangyari samin nung nawala father ko. may remaining 3yrs pa sa loan.
advise ng kakilala namin sa bank ituloy na lang ang monthly para wala nang mga ek ek. at ako naman ang co-maker..
-
Tera Patrick Fanatic
- Join Date
- Sep 2007
- Posts
- 1,456
January 21st, 2011 12:04 PM #8bro mark, kung auto loan, walang mri. hahabulin na lang ng banko ang mga comaker.
-
Tera Patrick Fanatic
- Join Date
- Sep 2007
- Posts
- 1,456
January 21st, 2011 12:10 PM #9mortgage redemption insurance - that in the event na madedo ang borrower, bayad thru insurance ang utang
-
bounce
- Join Date
- Apr 2009
- Posts
- 1,339
-
Tsikoteer
- Join Date
- Feb 2008
- Posts
- 12,683
May 29th, 2016 03:01 PM #11Isnt there a mortgage chattel taken on the lease? If so, the the loan is settled and the car ia fully paid up.
Sent from my SM-N910C using Tapatalk
-
Darker and Bigger
- Join Date
- Oct 2002
- Posts
- 40,599
May 29th, 2016 03:44 PM #12Ito rin alam ko. Originally Posted by dreamur
Ganito naman lahat nga loans. Be it housing, car or soul loan. [emoji16]
The principal borrower is always insured for eventually. Pag namatay bayad na dapat.
Sent from my iPhone using Tapatalk
-
Tsikoteer
- Join Date
- Feb 2008
- Posts
- 12,683
June 3rd, 2016 06:29 PM #13Now leasing is an entirely different story. Ownership is not transferred until the lease contract is fulfilled (assuming this is lease to own). You need to talk to Toyota and assume the lease.
Sent from my SM-N910C using Tapatalk
-
Tsikot Member
- Join Date
- Feb 2019
- Posts
- 4
February 18th, 2019 02:24 PM #14Hi, guys! Newbie here but maybe you have an answer to my question. We got a car from Toyota financed by BDO for a five year contract named after my dad and my mom signed as a co-maker. Although, a year after my dad died but we still continued to pay for it since my mom didn't want any bad record under her name. However, after paying off the car loan, BDO denies issuance of the car's OR CR because of my dad's outstanding credit card balance with BDO. Is this legal? Is our asset tied with my dad's credit card balance? Thanks for the replies
Reply With Quote
Originally Posted by knight0901
