Trade-in with bank balance

[monsrick]

If you have a car and its still under bank finance.Can you use it for trading in to buy a new car?

[1D4LV]

If you have a car and its still under bank finance.Can you use it for trading in to buy a new car?

hmmm. mukhang di ata pwede bro. kasi the car that is under bank finance is still under mortgage. its either you have to free it from mortgage before you can do that.

[Altis6453]

AFAIK, the bank will require you to pay off your auto loan first before disposing of the car.

[valskie01]

pwede yan. we acquired our nissan gsx model thru trade-in. yun mga car dealer may mga ahente na hahanapan ka ng buyer. may mga buyer din kasi na naghahanap ng 2nd hand car with assume balance.

[monsrick]

pwede yan. we acquired our nissan gsx model thru trade-in. yun mga car dealer may mga ahente na hahanapan ka ng buyer. may mga buyer din kasi na naghahanap ng 2nd hand car with assume balance.

Hmmm...Good suggestion Sir Valskie,will tell my brother to do that.Hell just need to shop around car dealers to find one.Thanks for the inputs mga bros!

[1D4LV]

pwede yan. we acquired our nissan gsx model thru trade-in. yun mga car dealer may mga ahente na hahanapan ka ng buyer. may mga buyer din kasi na naghahanap ng 2nd hand car with assume balance.

if this is the case, pano yung chattel mortgage na nakapangalan sa original buyer? naililipat ba yan to the new buyer? care to spare details?

[valskie01]

if this is the case, pano yung chattel mortgage na nakapangalan sa original buyer? naililipat ba yan to the new buyer? care to spare details?

yes. after the purchase. we went to the bank telling them na bininta namin yung sasakyan. we signed some documents. we pulled out all the post dated checks that we issued. then yung new buyer nag issue siya ng mga pdc's sa bank. basta alam ng mga car agent yung mga procedure.

[valskie01]

if this is the case, pano yung chattel mortgage na nakapangalan sa original buyer? naililipat ba yan to the new buyer? care to spare details?

yes. after the purchase. we went to the bank telling them na bininta namin yung sasakyan. we signed some documents. we pulled out all the post dated checks that we issued. then yung new buyer nag issue siya ng mga pdc's sa bank. basta inform the bank na bininta mo yung car para yung obligation ay ma transfer na sa new buyer.

[actor21]

[quote=valskie01;969122]yes. after the<p>

yes. after the purchase. we went to the bank telling them na bininta namin yung sasakyan. we signed some documents. we pulled out all the post dated checks that we issued. then yung new buyer nag issue siya ng mga pdc's sa bank. basta inform the bank na bininta mo yung car para yung obligation ay ma transfer na sa new buyer.

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buti naman kase balak ko iswap ang Mazda 3 ko sa yaris, sana me makatulong sakin dito sa thread or sa Jazz, vios