Help: Selling my car assume balance

[playplugg]

Mahirap na po ibenta yan kasi depreciated na yung sasakyan,

saka mahirap din naman isoli yung sasakyan dahil magkakaroon naman ng record sa bank.

Not sure kung applicable din ba sa sasakyan?!

hanap kayo ng finance agency/other bank na pwede kayo payagan na mag-refinance at mas babang montly amortization, pero yun lang hahaba na talaga yung duration ng payment, at yun ang magbabayad dun po sa current in-house/bank na pinagbabayaran nyo.

at dun naman kayo ngayon magbabayad sa nahanap na finance agency/other bank,

kung si "bank a" ang current na binabayaran, eto naman si "bank b", babayaran ng buo yung sasakyan nyo, (remaining balance)

at doon na po kayo sa "bank b" magbabayad ng monthly amortization, na mas mababa.

[[archie]]

^^ It's just going to prolong the agony. May kumuha ng assume balance, grab it kung wala default na lang.

To refinance means more interest, longer payments and with the car getting old, maintenance and repair cost.

[bugoys]

Nalilito din ako dito.

Kapag assume balance ba ico continue niya yung payment ng 1st owner? Luging lugi ata yung buyer based on that computation nga na P487,500 to assume plus cash payment pa for the 1st owner???

Exactly! Dapat ata si seller pa ang magbigay kay buyer ng "pampalubag loob". Hahahah.

Kidding aside TS, ang hirap ng situation mo. But think about what I said sa "pampalubag loob". Ano bang proper term dun?

Example: Just to sell the car, entice your buyer say with a 20k upfront payment (whatever is "reasonable" because the total balance per se is already high to begin with), and he/she will continue the balance. I think its a win-win situation for both of you.

1. Buyer gets to pay only 12,500 monthly w/o shelling a lot of cash when buying the same unit (cash) or bank loan for a used car (dp). All they got to do is issue pdc's as stated sa previous post.

2. TS got rid of his/her burden, and just move forward and learned a lesson re finances.

Because honestly, I won't buy a car na sobrang taas sa bracket 480ish thousand, when I can get a better deal on a much lower price, given the same condition. Sa ibang seller, you can still haggle, pero in your case fix na.

Hope you don't take my 2 cents against me. It's a desperate move, but you sounded like one. I think its a thought to ponder.

[playplugg]

^^ It's just going to prolong the agony. May kumuha ng assume balance, grab it kung wala default na lang.

To refinance means more interest, longer payments and with the car getting old, maintenance and repair cost.

Agree for that Sir [archie],

TS will be the last option to save the reputation record and same time yung car itself, kasi pinaghirapan din naman ito bilhin, sadly, ang sasakyan po kasi is a depreciated thing kaya mahirap po talaga lalo pag nasasagad po, unlike sa property, may appreciation value + in-case naman na masasagad talaga, right away pwede ibenta + yung resale value, may tubo na agad..

kung meron man si TS na certain friend/buyer na willing saluhin yung payment (assume balance), grab na agad, na bayaran yung full remaining balance, then bahala na sila kung i-transfer ba yung ownership dun sa certain friend/buyer, or merong silang agreement na babayaran na lang by monthly kung sino po yung sasalo...

and the last case at talagang no choice, "repossessed" talaga ang mangyayari...


Hindi naman po masama mag "loan" as long as po na talagang pinag-aralan po mabuti ang cash-flow at well planned, at yung dapat i-sustain na budget every month para mabayaran po ang monthly amortization, and other expenses, no problem po yun..

Saka pag good payer naman ang certain person under the loan at nagbabayad lagi on time or advance,

hindi na po mahirap mag-apply ng loan either sasakyan or property and some emergency needs, kasi maganda po ang record and the same time, ang bilis po ng approval (credit line)....


kaya po kung papasok po sa certain loan agreement, yung principal, dapat meron po na co-maker, in-case na di kaya bayaran ni principal, si co-maker ang sasalo...

[dr. d]

your problem is, the balance is still too large..
you have to sell it at a loss.. as was already mentioned above, no one will buy a used car at brand-new price.
at 487K, i can buy a comparable car with no strings attached.
even if you say, "bigay ko na sayo ang kotse.. ikaw na ang magpatuloy ng installment", baka wala pang kumagat agad..

[xninjax]

try mo pa rin post sa olx for assume balance.. AFAIK meron pa rin mag-aassume nyan.. eto ung mga di ma-approve sa mga financing/loans as per my experience

[TopEngine]

nakakagulat ka naman TS. kung 2012 pa ito kinuha, naka 2 taon ka na naghuhulog, at 39 months pa to full pay. ilan years to pay ito?

yung P487,500 is not the assumed balance as this include Interest within your M.A. Most of the Interest kasi binayaran mo sa 1st 2 years dahil compounded yan. Siguro ang assumed balance nito nasa P450K pa, parang P37,500 pa ang Interest.

[rafmac]

Correction sa response above. You won't get a hit sa credit rating mo if you voluntarily surrender your car to the bank. Yes masakit kasi di mo ma recover yung ginastos mo but at least ok pa your credit rating and if you need to take out a loan in the future hindi ka malalagay sa blacklist


Posted via Tsikot Mobile App

[Syuryuken]

nakakagulat ka naman TS. kung 2012 pa ito kinuha, naka 2 taon ka na naghuhulog, at 39 months pa to full pay. ilan years to pay ito?

yung P487,500 is not the assumed balance as this include Interest within your M.A. Most of the Interest kasi binayaran mo sa 1st 2 years dahil compounded yan. Siguro ang assumed balance nito nasa P450K pa, parang P37,500 pa ang Interest.

60 months yan

[jick.cejoco]

It goes like this:
Car for sale 1,234,567 plus take over payments. The assume balance which had been tolerated does not sound right


Posted through phlpost.gov.ph

[ninjababez]

pwede siguro ganito, assume balance. walang kukunin DP si TS, pero ang deal is pag nag skip ang buyer ng payment balik kay TS yung sasakyan.

[marsha07]

Correction sa response above. You won't get a hit sa credit rating mo if you voluntarily surrender your car to the bank. Yes masakit kasi di mo ma recover yung ginastos mo but at least ok pa your credit rating and if you need to take out a loan in the future hindi ka malalagay sa blacklist


Posted via Tsikot Mobile App

Pls check with banks. Voluntary surrender is still a red flag unless you have a document to show that proves your good faith like you surrendered the car due to total wreck, major warranty issue, nabaha, etc. Afaik, voluntarily surrendering the car due to lack of money does not give you a clean record with any bank.

[chiekot]

My suggestion is humanap ka ng buyer that can afford to pay the amortization but not qualified to get a loan because he cannot prove his income. siguro ma negotiatte mo pa ng konti ang initial cash-out nya.

[jayteecie]

Correct me if I'm wrong, isn't it that the original OR and CR are with the bank? If yes, who would gonna buy a car without these original documents? I know I won't. Besides, how can you execute a deed of sale if you don't have those?


Posted via Tsikot Mobile App

[icebergX]

Correct me if I'm wrong, isn't it that the original OR and CR are with the bank? If yes, who would gonna buy a car without these original documents? I know I won't. Besides, how can you execute a deed of sale if you don't have those?


Posted via Tsikot Mobile App

yes sir,nasa bank pa yun papers nyn. siguro yun agreement is between sa seller at yun mag aasume. di ko lang sure.

back to topic, mahirap yan assume balance. 1st year kase sobra taas ng interest kesa sa principal, bumababa lang sa later year
na. para ka lang nagbayad ng interest sa unang taon mo. eto yun dapat kino consider ng bumibili ng kotse na hulugan.

ibenta mo nalang ng cash yan sir. let say 480k tapos i early settlement mo yun ammortization mo. me makukuha ka pa rin dyn, siguro 100k. wag mo na isipin yun naibayad mo dati.

[ninjababez]

Correct me if I'm wrong, isn't it that the original OR and CR are with the bank? If yes, who would gonna buy a car without these original documents? I know I won't. Besides, how can you execute a deed of sale if you don't have those?


Posted via Tsikot Mobile App

afaik notarized contract pwede.
also if i were the seller, i would add something like if the "buyer" failed to do 2 months consecutive payment, balik sakin ang kotse.

[999]

here's an idea,
my officemate, instead of defaulting just gave the car to his dad. dad continued the payment, but officemate can always get the car back (assuming he can continue the payment).

-ninjababez-

agree. better to lend it to your dad or any relative. ask them to help you continue the amortization like pawning your car to them.

[JonJon Villegas]

Mali computation nyo, kinompute nyo with interest eh. Pwede mo threadstarter tawagan bank mo to recompute at sabihin you will pay it full. Yung sa akin 11,600 with 36 months left pa kung kocomputin mo nasa 417k, pero nung tumawag ako sa bank ko at binigyan ako ng statement of account nasa 305k lang.

[dr. d]

Mali computation nyo, kinompute nyo with interest eh. Pwede mo threadstarter tawagan bank mo to recompute at sabihin you will pay it full. Yung sa akin 11,600 with 36 months left pa kung kocomputin mo nasa 417k, pero nung tumawag ako sa bank ko at binigyan ako ng statement of account nasa 305k lang.

does this already include the pre-termination fees and other fees, hecho derecho?
if this is true, then TS may still be able to put a few thousands in his pocket if someone steps up and buys it..
the 487K is the ballpark asking price of that car in the used market, sans strings attached..
now if only someone generously steps right up and takes an interest...