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

**becauseIhelp** · March 6th, 2013 11:32 PM

A friend of mine po asked if I can help them for a auto loan... Since I already have a car loan in BPI, the agent of Ford actually helped us..

The car will be 1 year old sa April po, but monthly abunado ako para di mag penalty un car loan nila. Now they told me mukhang di na nila kaya bayaran

Pag sinoli po ba un car, black listed na po ako sa bank?

Kakainis lang po talaga kasi I made sure na updated ako sa loan ko tapos ganto

Does anyone know kung ano po ang pinaka tamang gawin?

**vinj** · March 6th, 2013 11:53 PM

Originally Posted by becauseIhelp

A friend of mine po asked if I can help them for a auto loan... Since I already have a car loan in BPI, the agent of Ford actually helped us..

The car will be 1 year old sa April po, but monthly abunado ako para di mag penalty un car loan nila. Now they told me mukhang di na nila kaya bayaran

Pag sinoli po ba un car, black listed na po ako sa bank?

Kakainis lang po talaga kasi I made sure na updated ako sa loan ko tapos ganto

Does anyone know kung ano po ang pinaka tamang gawin?

First, read the fine print on the contract so you know what to do. Technically the car is yours if the loan and vehicle are under your name so i'd suggest you get the car from your "friend" already, sell it and pay off the loan. In the meantime you'll have to support the payment to keep it from going past due to keep your own record clean. Discuss with the bank on what the outcome on your record would be if you surrender the vehicle.

It's a painful pill to swallow but the fact that your friend needed help to obtain a loan already suggests that they are incapable of paying the amortization and maintaining the car.

**becauseIhelp** · March 7th, 2013 12:15 AM

Its really a painful pill to swallow.. And rest assure, lesson learned po talaga...

I am actually getting the car tomrw, but Im afraid I cant continue the payment... Its really giving nightmares na po..I honestly dont know what to do na po...

The car is Ford Fiesta Sedan 2012 (April)

**leodawesome** · March 7th, 2013 12:20 AM

Originally Posted by vinj

It's a painful pill to swallow but the fact that your friend needed help to obtain a loan already suggests that they are incapable of paying the amortization and maintaining the car.

This is correct. Minsan nga kahit relative mahirap tulungan financially lalo na at alam mo na mahihirapan din sila makabayad in the first place.

If you are also incapable of paying for another car that you won't need, maybe you could sell it to a relative or a friend that can continue the monthly payments for you. Medyo mahihirapan ka lang gawin to kapag sa ibang tao kasi sayo pa nakapangalan yung loan, along with the documents of the car (OR, CR, insurance, etc). Best bet is to sell it ng palugi but they have to continue the monthly amort.

**vinj** · March 7th, 2013 12:32 AM

Originally Posted by leodawesome

If you are also incapable of paying for another car that you won't need, maybe you could sell it to a relative or a friend that can continue the monthly payments for you. Medyo mahihirapan ka lang gawin to kapag sa ibang tao kasi sayo pa nakapangalan yung loan, along with the documents of the car (OR, CR, insurance, etc). Best bet is to sell it ng palugi but they have to continue the monthly amort.

Agree to this option to consider selling it to a relative at a "palugi" price to continue the loan or just to pay off the remaining balance (write off any loses and just charge to experience). First thing though is to talk to the bank and get an outstanding balance of the loan and pay-off amount just so you have an idea of the numbers that you are looking at. Think it over well and don't make any brash decisions.

**becauseIhelp** · March 7th, 2013 12:34 AM

Im willing to sell it po.. kahit po super lugi na, I just need to dispose it ASAP. ANg hirap po kasi ng isip ako ng isip

I just help them lang po kasi ang naging prob nila for getting the loan from the bank is over 65 na daw po kasi un mag babayad.. Kasamaang palad e medyo naging sakitin na nga po sya kaya hindi na po kaya talaga bayaran un car.

**slapz** · March 7th, 2013 02:17 AM

I just want to say that, that is not helping, it is enabling.

**yebo** · March 7th, 2013 06:46 AM

never ever be a co-maker/co-borrower for any loan except if the person is your parent, sibling or child, and only if they can pay. if they don't have the capacity to pay then the better thing to do is tell them not to get into debt.

surrender mo na lang sa bank yan. and recoup your money from your so called friend. nag-abono ka so bawiin mo pera mo sa kanya.

10 years yan bago mawala yang bad loan record mo. 10 years na di ka makakautang sa bank.

**wifi21** · March 7th, 2013 11:04 AM

It will reflect as a bad record kahit isurrender mo sa bank. But that is better than forever be delinquent. Yup, your bad record will reflect for 10 years or more. Iyun yung tinatawag nating cmap.