procedures in buying car with assume balance

[love2drivefast]

We are looking to buy a fortuner car that is still mortagaged in RCBC. Unfortunately the car had been hit last dec and the insurance is now expired and the approval that it can be fixed just came out last july 14. also the car has almost 3 months arrears in the bank.
What are the procedures that should be followed? Will the bank allow us to assume the mortgage of 3 years and just update the payment? How about the damage? If we secure a new insurance can we put it under our name? If we dont transfer or change the name of the OR/Cr will we have problems once we fully pay the car? Is the deed of sale with assume balance and us issuing a new set of checks for the bank be good enough?

[tidus1203]

I know it can be done but my personal opinion is when buying 2nd hand cars go buy one that is already fully paid. Assuming someone else's balance is a big financial blow since you are paying the balance of a mortgage for a brand new price but you are getting a 2nd hand car.

[brandobandit]

*tidus1203
Depende lang yan sa condition ng car. Meron din naman second hand na parang brand new pa.