Need help: What would happen if you surrender a flood-submerged car to the bank?

[bwiseat]

I don't know where to start but here it goes:

My 2 month-old car got submerged in flood waters caused by Typhoon Ondoy. The way I see it I would have to spend 50k or so to have the car in a running condition. I was able to ask for moratorium for my monthly amortization but the bank only granted me 2 months. I would have to resume my monthly payment next month that is why it really makes me think hard kung worth it na gastusan ko yung car at the same time pay for it monthly knowing na hindi na siya mababalik to it's brand new state.

From what I know, returning it to the bank voluntarily is not a good thing to do since kelangan ko pa din i-settle ang difference (what's worse is hindi pa siya tumatakbo due to parts needed to be replaced so extra gastos yun from the bank to have it repaired) if they sell it from repossession.

What are my options? Is it better to just keep the car and have it repaired than return it to the bank If ever I tell them I can't afford to have it repaired and pay them for the monthly amort at the same time? Is it possible that I ask for a few more months from them so that I can use the money to restore the car?

TIA!

[atreyuken]

I don't know where to start but here it goes:

My 2 month-old car got submerged in flood waters caused by Typhoon Ondoy. The way I see it I would have to spend 50k or so to have the car in a running condition. I was able to ask for moratorium for my monthly amortization but the bank only granted me 2 months. I would have to resume my monthly payment next month that is why it really makes me think hard kung worth it na gastusan ko yung car at the same time pay for it monthly knowing na hindi na siya mababalik to it's brand new state.

From what I know, returning it to the bank voluntarily is not a good thing to do since kelangan ko pa din i-settle ang difference (what's worse is hindi pa siya tumatakbo due to parts needed to be replaced so extra gastos yun from the bank to have it repaired) if they sell it from repossession.

What are my options? Is it better to just keep the car and have it repaired than return it to the bank If ever I tell them I can't afford to have it repaired and pay them for the monthly amort at the same time? Is it possible that I ask for a few more months from them so that I can use the money to restore the car?

TIA!

Any update dito sir ano ginawa nyo sinoli niyo po ba?

[dr. d]

this is 10 years old!
i would have asked them to declare it a total loss.
fixing a submarined car... glitches are expected to come up...
i have heard folks whose cars drowned... they had it fixed, but electrical glitches still come up from time to time...