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.

[shadow]

Pwede ba maging co maker ditto sa atin ang walang relation?

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[999]

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?

YES, if you signed as CO-MAKER for the CAR LOAN, then YOU are EQUALLY LIABLE, Blacklisted

[d'flash]

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.

oh my.. 4 years pa, mukang maliit ang DP ah, laki ng monthly amort. up to now ba continuous pa din payment mo?

and TS, ask ko lang, what comes to your mind na magamit yung name mo for loan na 5 years? is this a special friend? :naughty2:

[yapoy86]

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?

matanda na ata yung tinulungan nya at hindi na eligible for car loan... so ang ginawa nya siya mismo ang nag loan at pramis nung matanda na sya magbabayan ng monthly... credentials lang nya ang ginamit kaya siya mismo ang borrower..

ang masakit pa nyan ang laki ng monthly for such a small car.... laki ng interest nyan kaya mahirap ipasa

[d'flash]

matanda na ata yung tinulungan nya at hindi na eligible for car loan... so ang ginawa nya siya mismo ang nag loan at pramis nung matanda na sya magbabayan ng monthly... credentials lang nya ang ginamit kaya siya mismo ang borrower..

ang masakit pa nyan ang laki ng monthly for such a small car.... laki ng interest nyan kaya mahirap ipasa

mas masakit pa jan is nagkasakit na daw yung matanda,

[stickers]

oh my.. 4 years pa, mukang maliit ang DP ah, laki ng monthly amort. up to now ba continuous pa din payment mo?

and TS, ask ko lang, what comes to your mind na magamit yung name mo for loan na 5 years? is this a special friend? :naughty2:

matanda na ata yung tinulungan nya at hindi na eligible for car loan... so ang ginawa nya siya mismo ang nag loan at pramis nung matanda na sya magbabayan ng monthly... credentials lang nya ang ginamit kaya siya mismo ang borrower..

ang masakit pa nyan ang laki ng monthly for such a small car.... laki ng interest nyan kaya mahirap ipasa

Baka inlaws nya ito ah.. hmm so pede pala ibenta yung car kahit inaamortize mo pa? anu yun open deed of sale lang?

[dr. d]

so, i suppose that means, the bigger your loss at the re-sale, the faster your headaches will disappear..
i wonder, do banks have a mechanism to make it easier for the mortgager..?

[lakers24]

[QUOTE=becauseIhelp;2101005]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.[/QUOT

Lumalabas 5% lang DP mo kung 16k monthly mo for a Php 789,000.00 car? parang 20% yata required DP ng bank diba..

[beni23]

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.

Laki ng monthly. Magkano nadown diyan?

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[Denter]

I do dent repair/removal and I am in 31 examiner st., I have so many friends who are buying and selling cars, bring ti to my shop and I'll ask some friends if they can help you although that ford fiesta is not very sale-able.