Selling car under loan, what are the legal procedures?

[marlowem]

Hello. I'm selling my car that's still under bank loan for the next 3years. A buyer has offered to pay a certain amount of cash and continue the loan. What paperwork needs to be done so that in case the buyer gets into an accident, illegal/criminal activities, fails to pay the monthly, etc., I won't be the one the bank/authorities look for. Thanks!

[marlowem]

Can anybody please help? Any ideas? Thanks!

[shadow]

If I understand, either the buyer get a new loan from his/her own bank then pay off your bank or the buyer can talk directly to the bank where you currently have your loan.

'coz I don't think you have legal "standing" to sell your car since it's still mortgage with the bank.

[actor21]

masakit sa ulo tol, lalo na pag naka aksidente yung oto, ikaw ang hahabulin.
wag mo nalang intindihin ang monthly kase pag di sya nagbayad pwede mo hatakin
yan tapos goodbye na ang ibinayad nya sayo at pwede mo na uli ituloy sa banko ang
monthly..

pero pag me aksidente, maski me insurance ikaw ang hahabulin ng na aksidente.

[[archie]]

and usually PDC ang labanan kung may mortgage pa. mahirap actually ganyan pero try to talk to the bank kung paano best way to do it. basta hindi ka madefault sa utang... ok lang.

[marlowem]

Salamat sa mga sumagot! Mukhang masakit nga sa ulo pero no choice e hehe

[marlowem]

Hi sirs. I called up the bank and they said "assumption of mortgage" is okay with them. Its BPI Family bank by the way.

[shadow]

Hi sirs. I called up the bank and they said "assumption of mortgage" is okay with them. Its BPI Family bank by the way.

then pa apply mo na yun buyer mo sa BPI, para ma process na loans niya

[boyet_deleon]

Hi sirs. I called up the bank and they said "assumption of mortgage" is okay with them. Its BPI Family bank by the way.

Hi sir marlowem, tanong ko lang po ano requirements ng BPI Family? Plan ko din i sell kotse ko medyo bago pa, nagka emergency lang e. Thanks!

[ab_initio]

Deed of assignment with assumption of mortgage.

[shadow]

^but correct me if I'm wrong but the buyer still need to pass the bank's credit CI? 'coz bank won't allow the assumption of the buyer has a f*ck up credit history

follow up question on this situation, will this affect the credit history of the original mortgager since parang abandonment din ba lalabas yun?

[marlowem]

^but correct me if I'm wrong but the buyer still need to pass the bank's credit CI? 'coz bank won't allow the assumption of the buyer has a f*ck up credit history

follow up question on this situation, will this affect the credit history of the original mortgager since parang abandonment din ba lalabas yun?

Yes, the bank said they've to do a CI of the buyer and that processing takes a week. I don't know what will happen to my credit history though, I'll ask the bank and hope it will still be good.

Mas madali 'ata e cash buyer na lang hehe

[migs267]

*Marlowem - Same case tayo..Im also planning to sell my car still under mortgage sa bank. Bago pa yung car ko 10 months pa lang. 8 months na akong nag huhulog sa banko. Plan ko is makuha ko lang yung down payment ko kahit ipag patuloy na lang ng interested buyer yung succeeding payments (5 yrs to pay). Im planning to sell the car cause mag migrate na ako sa ibang bansa.

Feeling ko parang hirap ng ganitong situation..

[marlowem]

Hirap talaga pare

[ab_initio]

^but correct me if I'm wrong but the buyer still need to pass the bank's credit CI? 'coz bank won't allow the assumption of the buyer has a f*ck up credit history

YES. THE REASON WHY FOR THE ASSIGNMENT TO BE EFFeCTIVE, THE ASSIGNOR NEEDS TO INFORM HIS CREDITOR. WITHOUT THE APPROVAL OF THE CREDITOR, THE ASSIGNMENT IS INEFFECTIVE.

follow up question on this situation, will this affect the credit history of the original mortgager since parang abandonment din ba lalabas yun?

IF I WERE THE BANK, I WONT TAKE THAT AGAINST THE DEBTOR-mortgagor. Di naman abandonment yun, it is legally allowed.

[bco_mindanaoave]

assumption of mortgage ang pinakamaganda dyan sir. Since magiisue din sya ng PDC sa bank.

[boyet_deleon]

assumption of mortgage ang pinakamaganda dyan sir. Since magiisue din sya ng PDC sa bank.

Opo eto ang try ko, para malinis at maayos po.

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assumption of mortgage ang pinakamaganda dyan sir. Since magiisue din sya ng PDC sa bank.

Opo eto ang try ko, para malinis at maayos po.

[boyet_deleon]

Sirs followup question lang po, sensya na. In case may buyer ako na ipayout yung loan ko, yung kotse po sa bangko pa din nakapangalan until i pa release ang chattel at transfer of ownership sa karingal? Or nakapangalan pa din yun sa original na nakaloan? Pwede din po ba incase nakapangalan pa sa original na nagloan yung yung car e ilipat ng derecho yung name sa bibili?

Natatakot lang po kasi ako kung ang scenario, nabenta na yung kotse pero sa akin pa din naka name yung car, usually ata 2 weeks bago irelease ng bank yung mga documents. What if naaccidente yung buyer during this period, ako pa din po ba ang mananagot kahit may notarized deed of sale?

salamat po sa lahat

[CrusaderSix]

What about the PDC as a buyer?

Puwede replace yung mga PDC ng seller and replace it with my own dun sa bank?

Baka yung payments ko sa seller di aabot sa bangko

[boyet_deleon]

Question po sa mga nakapagbenta ng kotse under loan, na nagpapayout. After po bayaran ng buyer sa bangko yung loan, may nakaready na po ba kayong deed of sale, pirmahan and then pa notarized sa bank or sa notary public na lahat lahat? Yung buyer ba magtatago ng original copy? Magkano po usually inaabot notaryo? Yung acknowledgement receipt din po ba dapat notarized? Lastly sinamahan nyo pa po ba yung buyer para sa change of ownership? (ROD>Karingal>LTO). sensya na po dami ng tanong. Thanks everyone.