Selling a car with assume balance

**yebo** · January 29th, 2016 09:37 AM

Originally Posted by kenn_06

Thanks yebo! looks like a better idea.. clarification lang, are you referring to car dealership (Toyota mismo) or car hubs (the ones that sell used vehicles)? so bale ang buyer si car dealer na?

2nd hand car dealers na.

advertise mo sa olx parang mga bubuyog yan na tatawag sa iyo.

**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!!!!

**kishAn** · March 21st, 2016 05:04 PM

Originally Posted by jaren999

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!!!!

sa bank where im working we do not allow transfer of approval to new owner of the unit talagang purely ikaw lang magtutuloy ng payment. sa mata ng bank si seller pa din ang may ari at if ever hindi mo mabayaran si seller pa din ang hahabulin ng bank

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**kishAn** · March 21st, 2016 05:04 PM

Originally Posted by jaren999

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!!!!

sa bank where im working we do not allow transfer of approval to new owner of the unit talagang purely ikaw lang magtutuloy ng payment. sa mata ng bank si seller pa din ang may ari at if ever hindi mo mabayaran si seller pa din ang hahabulin ng bank. im not sure with other bank

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**jaren999** · March 21st, 2016 09:23 PM

Originally Posted by kishAn

sa bank where im working we do not allow transfer of approval to new owner of the unit talagang purely ikaw lang magtutuloy ng payment. sa mata ng bank si seller pa din ang may ari at if ever hindi mo mabayaran si seller pa din ang hahabulin ng bank. im not sure with other bank

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Thanks for your input kishAn. So sa process ng bank where you work, lugi si seller if ever matuloy kami tapos hindi kami makabayad. May nangyari na kaya na after mabayaran ung kotse ni buyer via assume balance, naghabol si buyer since na sa kanya pa din ung name? Hmmm...

Enough na kaya yung Deed of Sale to prove na hindi na kanya ung kotse even if nakapangalan sa kanya?

**kishAn** · March 21st, 2016 09:31 PM

Originally Posted by jaren999

Thanks for your input kishAn. So sa process ng bank where you work, lugi si seller if ever matuloy kami tapos hindi kami makabayad. May nangyari na kaya na after mabayaran ung kotse ni buyer via assume balance, naghabol si buyer since na sa kanya pa din ung name? Hmmm...

Enough na kaya yung Deed of Sale to prove na hindi na kanya ung kotse even if nakapangalan sa kanya?

i think deed of sale will suffice. pero sa amin we also require authorization letter that the seller allows you to inquire every info about the loan and receive all loan documents once mafully settle such as the orig ORCR, the promisory note and the release of chattel mortgage

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**jaren999** · March 21st, 2016 09:53 PM

Originally Posted by kishAn

i think deed of sale will suffice. pero sa amin we also require authorization letter that the seller allows you to inquire every info about the loan and receive all loan documents once mafully settle such as the orig ORCR, the promisory note and the release of chattel mortgage

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I see. I think it's best to ask him to check with his bank (BPI) kung ano process about this transactions para clear. Thanks for your time.

**sir_jayson** · March 21st, 2016 10:18 PM

Originally Posted by jaren999

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!!!!

Deed of sale with assumption of mortgage, copy of ORCR, PDC's, authorization letter (for PMS with dealership and transfer of ownership after the end of loan with bank) and valid ID's of seller. Liability will still be on the seller since it is still under his name. What's the vehicle? Note that seller used it for 5 months so he / she should not be asking for a certain amount. Or might better to check out a bnew one. There are SA's who can work-out on your approval with the bank as long as your docs / requirements are all legit.

**jaren999** · March 21st, 2016 11:09 PM

Originally Posted by sir_jayson

Deed of sale with assumption of mortgage, copy of ORCR, PDC's, authorization letter (for PMS with dealership and transfer of ownership after the end of loan with bank) and valid ID's of seller. Liability will still be on the seller since it is still under his name. What's the vehicle? Note that seller used it for 5 months so he / she should not be asking for a certain amount. Or might better to check out a bnew one. There are SA's who can work-out on your approval with the bank as long as your docs / requirements are all legit.

Thanks! It's a Toyota Vios and he's asking for 60k tapos 55mos pa yung natitira sa terms. based on the quotes we received last Feb, makakatipid kami ng worth 60k kasi bayad na yung 5 mos.

We asked yung SA from Toyota na pinag-applayan namin and he said ok din yun deal. We just have to make sure yung docs are legit and wala naman daw magiging problema kahit san casa dalin for maintenance

**sir_jayson** · March 21st, 2016 11:23 PM

Originally Posted by jaren999

Thanks! It's a Toyota Vios and he's asking for 60k tapos 55mos pa yung natitira sa terms. based on the quotes we received last Feb, makakatipid kami ng worth 60k kasi bayad na yung 5 mos.

We asked yung SA from Toyota na pinag-applayan namin and he said ok din yun deal. We just have to make sure yung docs are legit and wala naman daw magiging problema kahit san casa dalin for maintenance

How much monthly? If I were in your place, I'd take a bnew one. There are lots of ongoing promos for Vios E, I've seen 12K all in DP for Vios. However consider also the interest rate for these low DP promos. Anyway, goodluck on your ride and don't forget your 5K PMS to retain warranty.