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.

Sent from my SM-N950F using Tapatalk

[shadow]

Damn! Umuutang ka from someone two months na lang yan will you let the bank take the car away Sa halagang two months eh baka mas mahal pa isang laptop Sa amount na babayaran mo for two months. Or sell something your gadget, laptop, phone or whatever.

Don't you realized na mas malaki mawawala saiyo kung pabayaan mo Lang yun two months?

[marsha07]

*shadow

saang part po ng post ko na sinabi kong umuutang ako?
tama po kayo, napaka sayang talaga kung 2 months lang na unpaid ay mahahatak siya.
however, as much as I want to pay off asap, na-drain po talaga ako nowadays. Sh1t happens.

Thanks for the advice to sell my gadgets, itong laptop ko, wala ng bibili nito, 5 yrs na ito sa akin at madami ng gasgas & all
kaya i doubt na mabenta pa po ito kahit sa 5K...

sabi ko nga sa taga BDO na tumawag sa akin, pwede ako magbigay ng payment pero not the full amount.
kaso sabi niya full amount daw dapat.

[_Qwerty_]

magkano sir yung 2months?? mag salary loan ka kaya sir.. madami dyan.. sa sss pwede din.. may cash loan din sa mga banks.. sapara ma settle mo na yan.. June pa pala yun.. september na ngayon sir.. 4 months na yan sana nagawan mo na sya nang paraan.. ngayon nagkapatong patong na yang interest nyan.. mamaya may sobpoena ka na din.. pag hinatak yang sasakyan mas lalo kang malulugi..

[marsha07]

nung june po sir, nasa 35k na siya, di ko na alam ngayon kung magkano na kasi di na sumagot sa email yung taga bdo. ask ko kasi siya na kung pwede magbayad ako in partials until masettle ko yung full amount. thanks for your thoughts.

[jansky]

nung june po sir, nasa 35k na siya, di ko na alam ngayon kung magkano na kasi di na sumagot sa email yung taga bdo. ask ko kasi siya na kung pwede magbayad ako in partials until masettle ko yung full amount. thanks for your thoughts.

mag loan ka sa mga nagpapaloan na ang collateral m eh ung sasakyan.. I think pde ata ito.. not necessarily na sa bank ka mag loan

[kim_belle00]

Hi mga gurus

Same situation here w/ Mr. Aero13

Lancer ex naman eastwest dn same mode of payment

Additional question lang po, kasi ang ngng answer sa question is HINDI ININFORM yung bank

Paano naman po KUNG IINFORM yung bank what is the process po ??

THNAKS IN ADVANCE

[Phoenix67]

Kung good payer ka, I think puedeng i-restructure ang loan sa bank. Puede rin siguro ipa-transfer ang loan to another bank, just like sa process sa pagtransfer credit card balance to another credit card.

[marsha07]

ah gets ko na po. Umutang ang gusto mo sabihin, nasobrahan ka lang po ng "u"

[marsha07]

Thanks. Gladly i recovered my account here. Its been 3 yrs na pala. Anyway, as i remember, hindi ko nasolve yung money problem with my friend and sad to say, that ended na din yung friendship sa itinuring kong parang ate. Umabot ng 4 months yung unpaid amortizations ko that time sa car loan ko but God is good He blessed me kaya after 4 months, hindi lang yung overdue ang binayadan ko, may natitira pang 6 months na amortization i fully paid na Bdo. After that i really learned a huge lesson. I never looked at money and friends the same way again. Medyo nagwonder din ako kase hindi na ako kinausap ng bdo in those months na overdue ang car loan.

Sa posters or lurkers dito with this problem, i pray that you guys were able to overcome as well. Pero ito lang, wag na wag kayo papayag na mahahatakan ng oto. Di bale na malugi kayo sa pagbenta ng oto para may pambayad sa balance na overdue kaysa mahatakan. Dahil once na mangyari yan, hindi ka na pwede mag loan sa kahit saang bank for the rest of your life...unless maging milyonaryo ka for a considerable amount of time. Banks got this system they subscribe to for them to be able to check if a certain person's credit background is tainted like cancelled credit cards, overdue loans..worst ay hatak or Replevin. Name mo pa lang, disapprove ka na.

[shadow]

^hinde naman for life. Alam ko 10 years lang na bad credit.


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