Lack of req.

**marjako27** · September 23rd, 2013 12:36 PM

Parang ang hirap kase ng secondhand sir, lalo sa gaya ko wala masyadong alam sa oto. And cash for me is definitely not an option

**makwin** · September 23rd, 2013 04:44 PM

I think this would be both difficult and improbable, either you take it out through bank financing or in-house. Although the loan is secured by chattel mortgage and postdated checks (equivalent to the number of months of your loan), both institution will still look into your (and your co-maker’s) subsequent paying capacity and credit standing, this is called credit underwriting procedure/s. You will be subjected through stringent credit investigation, and will be required to present copious documents e.g. proof of income, billing, bank statement, etc… If a second hand car/cash basis is not an option at this point in time, I don’t know what is. Then again, as somebody who is connected with a financial establishment, this is just my supposition.

**dr. d** · September 23rd, 2013 04:54 PM

the bank initially accepted his (revans) proposal, albeit with (allegedly) "incomplete" documentation. the client did not hide anything nor pretend to be anything else..
the car is already with him and he is currently using it.
so what can he probably be facing? can he sue the bank for reneging on the contract?
my suspicion is, someone thought the big boss will approve it, because the client seemed "safe". but the boss did not approve it, and the "middle guy" is now caught in between...

just curious.. what was the bank looking for, to make revans'es documentation "complete"?

**jhnkvn** · September 23rd, 2013 05:12 PM

Originally Posted by dr. d

the bank initially accepted his (revans) proposal, albeit with (allegedly) "incomplete" documentation. the client did not hide anything nor pretend to be anything else..
the car is already with him and he is currently using it.
so what can he probably be facing? can he sue the bank for reneging on the contract?
my suspicion is, someone thought the big boss will approve it, because the client seemed "safe". but the boss did not approve it, and the "middle guy" is now caught in between...

just curious.. what was the bank looking for, to make revans'es documentation "complete"?

Exactly my thoughts. Revans isn't liable naman, after all, he followed proper protocols in having his car loan approved and the person in-charge then, approved it. Sa ganyan, yun tama is you. In fact, you don't even need to return the car as your loan was APPROVED then and there. Thanks to lower interest rates, a lot of banks are now in stiff competition for consumer loans. If they approved it while you told them your situation in good faith, that's their problem not yours.

Don't be a pushover, raise the issue with a lawyer if you have to. You do have a contract after all.

**marjako27** · September 23rd, 2013 05:24 PM

Originally Posted by makwin

I think this would be both difficult and improbable, either you take it out through bank financing or in-house. Although the loan is secured by chattel mortgage and postdated checks (equivalent to the number of months of your loan), both institution will still look into your (and your co-maker’s) subsequent paying capacity and credit standing, this is called credit underwriting procedure/s. You will be subjected through stringent credit investigation, and will be required to present copious documents e.g. proof of income, billing, bank statement, etc… If a second hand car/cash basis is not an option at this point in time, I don’t know what is. Then again, as somebody who is connected with a financial establishment, this is just my supposition.

Thanks for the enlightenment Sir Makwin, unless they are willing to intervew some/all of my clients, i think theres no way for me to prove my financial capacity, as for the cash basis, if i have that amount liquid, i will put it somewhere profitable, the interest itself can cover morethan enough for MA. if i can't get that loan maybe someone can, hanap na lng cguro ng tao na makakatulong, someone who has good credit history, again thanks po..

**revans** · September 23rd, 2013 05:45 PM

Ang hinahanap nila ngayon AUDITED FS which i told them clearly na wala ako... i submitted a copy of my BANK STATEMENT, ITR, BIR registration, my wife ITR, DTI as co-maker upon application for a car loan. And told me na ok na yun, after a couple of days they called me up, kasi nag haggle pa ako ng interest na babaan because i showed them the interest rate of the other bank and they did, they told me approve na yung 20% add-on interest and after a week pinag down na ako....

**marjako27** · September 23rd, 2013 06:08 PM

Pki elaborate nga po, anu ba yan audited fs na hinihingi nila?

**revans** · September 23rd, 2013 08:21 PM

Originally Posted by marjako27

Pki elaborate nga po, anu ba yan audited fs na hinihingi nila?

Financial statement that is duly recieved by BIR... ang mayrun ako ang in-house fs, naginawa ng accountant na walang recieved ng BIR.

**marjako27** · September 23rd, 2013 09:22 PM

Originally Posted by revans

Financial statement that is duly recieved by BIR... ang mayrun ako ang in-house fs, naginawa ng accountant na walang recieved ng BIR.

Sad naman, dameng hinahanap ng mga banks, kala ko yun usual ITR + DTI Permit lang which also i dont have. Goodluck sa kaso mo, dont worry to much approve na yan, im sure mahahanapan yan ng sollution.