Selling a car with assume balance

[kenn_06]

Hi Guys! I have an friend who's going to sell his Toyota Vios that was acquired February last year. It's a 5 year term, in-house financing and was approved by Eastwest Bank. His reason for selling is to upgrade to a new SUV.

He does have a potential buyer right now and they both agreed at a certain price. The buyer agreed to continue the monthly payment. We do not know the correct process / steps in selling a car with a remaining balance. Kindly let us know what documentation and necessary steps should we take. I'm only familiar if the car is fully paid which only needs the Original ORCR plus Deed of Sale.

Thanks in advance!

[ninjababez]

Hi Guys! I have an friend who's going to sell his Toyota Vios that was acquired February last year. It's a 5 year term, in-house financing and was approved by Eastwest Bank. His reason for selling is to upgrade to a new SUV.

He does have a potential buyer right now and they both agreed at a certain price. The buyer agreed to continue the monthly payment. We do not know the correct process / steps in selling a car with a remaining balance. Kindly let us know what documentation and necessary steps should we take. I'm only familiar if the car is fully paid which only needs the Original ORCR plus Deed of Sale.

Thanks in advance!

bro sa BPI ito instructions sakin, medyo nalilito nga ako eh
1. letter of request
2. auto loan application (fillup by buyer)
3. auto debit arrangement

sa office naman namin, ang gawain pala nila dito PDC ng buyer sa seller at kasulatan na pag nag skip ng 2 or 3 months yata hahatakin ng original owner sa buyer pag di nakapag bayad.

[TholitzReloaded]

bro sa BPI ito instructions sakin, medyo nalilito nga ako eh
1. letter of request
2. auto loan application (fillup by buyer)
3. auto debit arrangement

sa office naman namin, ang gawain pala nila dito PDC ng buyer sa seller at kasulatan na pag nag skip ng 2 or 3 months yata hahatakin ng original owner sa buyer pag di nakapag bayad.

Why take the risk? it's easy to loan a new car and the dp are insanely low..

[kenn_06]

bro sa BPI ito instructions sakin, medyo nalilito nga ako eh
1. letter of request
2. auto loan application (fillup by buyer)
3. auto debit arrangement

sa office naman namin, ang gawain pala nila dito PDC ng buyer sa seller at kasulatan na pag nag skip ng 2 or 3 months yata hahatakin ng original owner sa buyer pag di nakapag bayad.

Thanks sa response bro. Siguro will advise him na lang muna to check with Eastwest Bank mga requirements.

Medyo risky yung sa office niyo kasi under the name pa din ng seller. Many things might happen na iniiwasan din ng friend ko. And he might not be approved sa new car loan niya because of the existing one.

[dr. d]

Hi Guys! I have an friend who's going to sell his Toyota Vios that was acquired February last year. It's a 5 year term, in-house financing and was approved by Eastwest Bank. His reason for selling is to upgrade to a new SUV.

He does have a potential buyer right now and they both agreed at a certain price. The buyer agreed to continue the monthly payment. We do not know the correct process / steps in selling a car with a remaining balance. Kindly let us know what documentation and necessary steps should we take. I'm only familiar if the car is fully paid which only needs the Original ORCR plus Deed of Sale.

Thanks in advance!

i have no experience with this.
but i gather, the best authority to ask, would be the institution the car is mortgaged to.
they probably have forms ready to fill up.

but to me... "assume balance" is somewhat like, buying a used car at new car prices... the seller must have given the potential buyer a lot of incentive.

[kenn_06]

i have no experience with this.
but i gather, the best authority to ask, would be the institution the car is mortgaged to.
they probably have forms ready to fill up.

but to me... "assume balance" is somewhat like, buying a used car at new car prices... the seller must have given the potential buyer a lot of incentive.

Yes, a huge discount / incentive just to dispose the car. Almost 80K na din matitipid ng buyer and 4years na lang of installment.

[ninjababez]

Thanks sa response bro. Siguro will advise him na lang muna to check with Eastwest Bank mga requirements.

Medyo risky yung sa office niyo kasi under the name pa din ng seller. Many things might happen na iniiwasan din ng friend ko. And he might not be approved sa new car loan niya because of the existing one.

Yung sakin pala bro share ko lang, i will shoulder the transfer fees and chattel worth around 20k according to bpi. Plus the 2016 insurance which is about 19k according to bpi. lost around 12.8k x 12, 70k (dp) nd 40k in fees in the process, binigay ko narin seatcover worth 6.5k and other stuff. Ok lang, importante wala nako utang sa bank after this; and i can loan anytime after the transfer (altis? Sylphy?swift?) Ill prolly get a new car in 2017 pag nagsawa at bayad nako sa vios j 2006 na binili ko sa boss ko *190k .😊

[rey752]

Sir ninjababez,ikaw ung may Swift 1.2L na black diba? You disposed the Swift na?

[ninjababez]

Sir ninjababez,ikaw ung may Swift 1.2L na black diba? You disposed the Swift na?

In the process palang bro. Basta pag january 30 na at hindi pa nalipat sa name nung kukuha, dun ko papasa sa next in line 😄

[kenn_06]

Unfortunately hindi pwede yung transfer of mortgage sa eastwest bank. So under pa din sa name ng friend ko.. Need munang isettle yung full amount.. meron pa kayang other option to dispose yung car?