Selling a car with assume balance

**sirLancelot** · January 25th, 2016 09:51 PM

Do you guys think worth it bumili ng cars under assume balance?

**_Cathy_** · January 25th, 2016 10:15 PM

Originally Posted by sirLancelot

Do you guys think worth it bumili ng cars under assume balance?

NO. Too much hassle.

**ninjababez** · January 25th, 2016 10:30 PM

Originally Posted by sirLancelot

Do you guys think worth it bumili ng cars under assume balance?

Depende bro, marami nagsabi sakin swerte daw kukuha nun auto ko kasi wala akong money na inexpect sa transaction namin ng buyer. Yun iba kasi akala mo brand new yung benta eh
Kumbaga ayaw palugi lol

Originally Posted by 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?

Typical assume balance transaction lang siguro bro. Pdc from buyer, and deed of sale/transaction from seller.

**kenn_06** · January 25th, 2016 11:00 PM

Originally Posted by ninjababez

Depende bro, marami nagsabi sakin swerte daw kukuha nun auto ko kasi wala akong money na inexpect sa transaction namin ng buyer. Yun iba kasi akala mo brand new yung benta eh
Kumbaga ayaw palugi lol

Typical assume balance transaction lang siguro bro. Pdc from buyer, and deed of sale/transaction from seller.

What if magkaproblem financially yung buyer then hindi na makabayad later on? What if hindi na nya maretrieve yung car?Iniisip namin na yung seller or friend ko pa din hahabulin ng bank since sa kanya pa din nakapangalan ung autoloan. Or would the deed of sale suffice? Advice ko nga na magseek muna kami ng legal advice or iretain na lang nya para wala ng problem. Wala ding in need sa family nya na lesser risk siguro compared sa total stranger. Yun nga lang 4 years pa syang mghihintay and magbabayad..😂 buti pa sa bank mo na pwede..

**L1quid** · January 26th, 2016 08:31 AM

Originally Posted by kenn_06

What if magkaproblem financially yung buyer then hindi na makabayad later on? What if hindi na nya maretrieve yung car?Iniisip namin na yung seller or friend ko pa din hahabulin ng bank since sa kanya pa din nakapangalan ung autoloan. Or would the deed of sale suffice? Advice ko nga na magseek muna kami ng legal advice or iretain na lang nya para wala ng problem. Wala ding in need sa family nya na lesser risk siguro compared sa total stranger. Yun nga lang 4 years pa syang mghihintay and magbabayad..😂 buti pa sa bank mo na pwede..

pede rin dyan siguro iparecompute nya sa bank kung magkano lahat if he's going to end the term early, afterwards benta nya oto ng full instead of assume balance then use the money sa sale to fund the bank payment, sigurado kapos yung funds sa sale vs what he'd need kaya magready lang sya to add some more.

**yebo** · January 26th, 2016 08:46 AM

Yung bt50 ko sa eastwest bank and i ended the loan term early to sell the car.

Pa-compute mo outstanding balance with intent to terminate the loan. Then sell the car to 2nd hand car dealer. Babayaran ka nila ng cash, dun kayo sa loob ng banko magbabayaran. Then babayaran mo ng full yung bank, sign the deed of sale, then turn the car over to the buyer. End of story. Don't expect na babalik pa sa iyo ang down payment at nahulog mo. Swerte ka na kung may 20% ang mabawi mo sa pera na nagastos mo na. Usually halos wala.

**ninjababez** · January 29th, 2016 07:14 AM

Originally Posted by kenn_06

What if magkaproblem financially yung buyer then hindi na makabayad later on? What if hindi na nya maretrieve yung car?Iniisip namin na yung seller or friend ko pa din hahabulin ng bank since sa kanya pa din nakapangalan ung autoloan. Or would the deed of sale suffice? Advice ko nga na magseek muna kami ng legal advice or iretain na lang nya para wala ng problem. Wala ding in need sa family nya na lesser risk siguro compared sa total stranger. Yun nga lang 4 years pa syang mghihintay and magbabayad..😂 buti pa sa bank mo na pwede..

di lang dapat kilala bro pagbentahan, dapat alam mong capable magbayad. transfer dapat lahat ng papers/ownership sa buyer. medyo malaki ilalabas mong pera nga lang, mine is almost 20k for fees and chattel for a small car pa lang.

**kishAn** · January 26th, 2016 08:42 PM

Originally Posted by sirLancelot

Do you guys think worth it bumili ng cars under assume balance?

yes if the price is right, and also yung sa mga buyer na hindi maaprubahan sa bank due to bad records pwede sa kanila yan. risk nga lang ni seller/loan borrower kung hindi na mabayaran siya pa din hahabulin ng bank at name nya masisira in case hindi allowed ni bank ang loan transfer

**dishcom** · January 25th, 2016 10:31 PM

On my own opinion. Ok lang basta walang cash out at walang major na sira ang auto. Ikaw na lang mag tutuloy ng hulog. Nililigtas mo lang siya sa legal problem.

**jaren999** · March 21st, 2016 04:57 PM

Hello,

In my case ako yung buyer. We're considering this option kasi hindi kami na-approved. Kulang sa docs siguro (my work is online freelancing and hindi yata stable ang tingin ng banks dito kaya nagkaganun).

I found this car na 5 mos pa lang, and ang asking price ng seller is 60k tapos kami na magtutuloy ng hulog (5 yrs ung terms and less than 5k pa lang ung odo)

I've tried searching online about the pros and cons of assuming a car loan and it looks like ang hassle is more on the seller's side. Ako yung magiging buyer. How should I go about this? If we are to transfer the loan to my name, ang worry ko is ma-disapprove lang din.

As far as I know, ang option lang is not to transfer the loan to my name, tapos deed of sale na lang. Sabi ni seller pwede namin ayusin sa munisipyo ung docs proving na ako na magtutuloy ng bayad and siguro wala na siya magiging habol sa kotse lalo na pag nakatapos na kami ng hulog.

What should I look out for and what paperworks are needed para maging legal transaction and wala na habulin si buyer?

Thanks in advance!!!!