I helped with the car loan, now I am in trouble :( please help

[Manilablock]

diba pag ang car loan hindi mo mabayan ire-posses ng bank ung car? meaning, kung hindi ka makakabayad kukunin ung car mo.

1. mas maganda ba kung ibigay mo na lang sa bank ung car?

kasi kung ibebenta mo sa iba ng rush sale (palugi) mag abono ka pa, mas practical na ung reposses wala ka pang additional gastos.

2. saka as a guarantor makaka-apekto ba sa credit standing mo un kung ung unit ay kinuha na ng bank?

[Syuryuken]

pa-repo mo na yan para wala ka ng iisiping babayaran pa.

[1D4LV]

diba pag ang car loan hindi mo mabayan ire-posses ng bank ung car? meaning, kung hindi ka makakabayad kukunin ung car mo.

1. mas maganda ba kung ibigay mo na lang sa bank ung car?

kasi kung ibebenta mo sa iba ng rush sale (palugi) mag abono ka pa, mas practical na ung reposses wala ka pang additional gastos.

2. saka as a guarantor makaka-apekto ba sa credit standing mo un kung ung unit ay kinuha na ng bank?

1. technically mas maganda i repo. kaya lang, may sabit ata sa credit record.
2. kung guarantor ka, hindi ka affected. hindi naman nakapangalan sa iyo yung oto eh.

[dr. d]

consider these..
how much are you in for (how much you will lose if the car is repossessed) ?
how much are you willing to lose (bentang palugi) ?
if you are willing to sell it for a huge loss, at least you will lessen your loss even a little bit..

[yebo]

option 1.) if he sells it at a loss he will still have to pay the bank balance plus penalties. e for sure the bank will be asking more than what he can sell the car for. so he will have to cough out more of his own money.

option 2.) surrender it to the bank. your credit will be ruined, at least for the next 10 years. or forever. you will not be able to borrow from the bank. cash basis forever. the only loans you can get are "in-house" financing for real estate or 2nd hand cars. no more new cars on mortgage for you, or a new house on a bank loan.

option 3.) sell the car on an "assume balance" transaction, with the conforme of the bank. do not try anymore to recoup your losses, just a little bit for the money you pair to keep the mortgage in good standing and that's it. or hey, you might get lucky! just offer it at 15% down of the fair market value (brand new price less depreciation of 1 year x 0.15) and that may even be bigger than your "abono". ang lugi talaga e yung friend mo, wala na siya makukuha, at dapat naman di mo na bigyan sa dami ng sakit sa ulo na binigay nya sa iyo.


sedan kasi e gusto ko hatchback, ako na lang sana bibili nyan hehehehe! magkano pa ba ang balance sa bank (how many months remaining and what is the monthly amortization), at magkano ang down sa "assume balance"?

[Syuryuken]

baka 20% DP tapos 5 years to pay pa paktay sakit sa ulo

[yebo]

TS,

paki post kung 1.4 or 1.6, model (powershift, trend or style), a/t or m/t, color, plate ending, mileage, bank, monthly amortization and remaining months. AND what is your expected downpayment? baka sakali mahanapan kita ng buyer.

nai-post mo na ba sa tsikot classifieds yan? or other websites like $ulit, ayosdito.ph, buyandsellph?

[becauseIhelp]

TS,

paki post kung 1.4 or 1.6, model (powershift, trend or style), a/t or m/t, color, plate ending, mileage, bank, monthly amortization and remaining months. AND what is your expected downpayment? baka sakali mahanapan kita ng buyer.

nai-post mo na ba sa tsikot classifieds yan? or other websites like $ulit, ayosdito.ph, buyandsellph?

1.6L po 4dr sedan 2012 model
A/T po
7700K mileage
16k monthly.
plate ending 7.

ala pa po ako kahit ano posting.
5 years po so may remaining 4 years pa po..

neg po ako s DP kahit hulugan pa po un DP.

[dr. d]

i re-read all the posts.. but i am still confused..
exactly how did you get into this mess? is the loan (and thus the car) under your name or the other person's name? co-maker? what is a co-maker? are you the guarantor? are guarantors blacklisted if they can not meet the payments that the loaner couldn't pay? exactly what are the duties and liabilities of a guarantor? what does the contract say, please?

[yebo]

a co-maker/co-borrower/guarantor has the same obligations and liabilities as the mortgagee. and yes they suffer the same penalties, including civil and criminal liabilities if the property is not surrendered. kaya nga "read the fine print" before you sign any document.