Selling an "Assume Balance" car

[Aero13]

may car loan kami from Eastwest bank sa kotse namin na Hyundai Getz. i already paid almost a year din sa kotse. ang tanong ko. Paano ang process sa pag bebenta ng kotse nato, ang plan ko is ibebenta nalang then let the buyer assume the remaining balance.

paano ang transaction like sa deed of sale, paano ma transfer yung sa loan from me to the seller, kailangan ba na nandun kami sa bank mismo? and allowed ba na any branch of eastwest bank kami pumunta? thanks

[Aero13]

up! ko lang po itong question ko.

[bulletred]

may car loan kami from Eastwest bank sa kotse namin na Hyundai Getz. i already paid almost a year din sa kotse. ang tanong ko. Paano ang process sa pag bebenta ng kotse nato, ang plan ko is ibebenta nalang then let the buyer assume the remaining balance.

paano ang transaction like sa deed of sale, paano ma transfer yung sa loan from me to the seller, kailangan ba na nandun kami sa bank mismo? and allowed ba na any branch of eastwest bank kami pumunta? thanks

You may or may not notify the bank with regards to your plan on selling your car as assume balance. karamihan hnd na nila inform ang bank for easy and fast transaction and mostly preferred by the buyer. You should have contract to sell agreement with assume balance and summarize your terms and conditions likewise, in deed of absolute sale, dont forget to include that it is governed and covered by the terms and condition stipulated in the assume balance agreement that in any infringement act on the terms and condition will consider your deed of absolute sale of your car to the buyer will be void and not valid.

In addition, you should provide authorization letter authorizing the buyer to get all document in the bank upon full payment.

[Aero13]

thanks for replying sir.

ang problem ko po ngayon is WHAT IF hindi nagbayad itong si buyer ko ng Monthly Amortization niya? ako parin ang hahabulin right? and just incase po kailangan hatakin yung sasakyan due to non-payment ang mangyayare po ay ako po ang ma-babad credit?

thanks po

[bulletred]

thanks for replying sir.

ang problem ko po ngayon is WHAT IF hindi nagbayad itong si buyer ko ng Monthly Amortization niya? ako parin ang hahabulin right? and just incase po kailangan hatakin yung sasakyan due to non-payment ang mangyayare po ay ako po ang ma-babad credit?

thanks po

Si buyer hnd sya nag e exist sa bank kaw parin ang naka front at check mo pa din ang naka issue sa bank. Buyer will issue pdc sayo then yon naman ang pang pundo mo for your check. in case of default in payment malalaman mo agad since sayo naka deposit check payment nya. If you have extra fund, shell-out first para wala kang default record sa bank.

Sa contract to sell lalagay mo naman yung term and conditions mo like 2 months default payment ng buyer kukunin mo ang car. Kaya dapat all documented and notarized.

Minsan mahirap ang assume balance lalo na pag ang ka deal mo hnd marunong mag bayad...sakit sa ulo.

[Aero13]

wow.. maraming salamat sa pag reply. na-experience niyo narin ito sir na magbenta ng assume balance na auto?

ill try this. so far wala akong utang sa bank at hindi naman ako nahuhuli sa monthly amortization. kaya wala narin akong problem sa bank.

[shadow]

if you don't inform the bank then you are violating your contract of agreement with the bank. technically hinde mo pwede ibenta dahil hinde pa saiyo yun kotse.

mahirap yun binenta mo na yun kotse tapos ikaw pa rin naka loan sa bank, kahit saan mo tingnan talo ka.

and ewan ko kung meron tao na gusto mag assume ng balance unless siguro sobrang baba ng price, dahil lugi rin yun buyer,. he's going to pay for the price of a brand new car pero second hand naman na yun kotse.

[nath007]

Si buyer hnd sya nag e exist sa bank kaw parin ang naka front at check mo pa din ang naka issue sa bank. Buyer will issue pdc sayo then yon naman ang pang pundo mo for your check. in case of default in payment malalaman mo agad since sayo naka deposit check payment nya. If you have extra fund, shell-out first para wala kang default record sa bank.

Sa contract to sell lalagay mo naman yung term and conditions mo like 2 months default payment ng buyer kukunin mo ang car. Kaya dapat all documented and notarized.

Minsan mahirap ang assume balance lalo na pag ang ka deal mo hnd marunong mag bayad...sakit sa ulo.

- hi, ive noted ur great advice regarding the non payment ng buyer. that you should stipulate in the contract na after 2 mos na non payment pd mong bawiin ung car. WHAT IF for some crazy reason binenta nya din ung car mo sa iba? i mean it would be the third owner...

[Lnsbm]

Si buyer hnd sya nag e exist sa bank kaw parin ang naka front at check mo pa din ang naka issue sa bank. Buyer will issue pdc sayo then yon naman ang pang pundo mo for your check. in case of default in payment malalaman mo agad since sayo naka deposit check payment nya. If you have extra fund, shell-out first para wala kang default record sa bank.

Sa contract to sell lalagay mo naman yung term and conditions mo like 2 months default payment ng buyer kukunin mo ang car. Kaya dapat all documented and notarized.

Minsan mahirap ang assume balance lalo na pag ang ka deal mo hnd marunong mag bayad...sakit sa ulo.

Whats the best solution po if the buyer of assume balance na car cant pay anymore?liabilities po?

[dreamur]

Whats the best solution po if the buyer of assume balance na car cant pay anymore?liabilities po?

The bank will run after the original buyer. But if you signed a notarized deed of sale, the owner can run after you. So better talk to the owner and the bank about your intention to default.

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