surrender or repo?

[zombiebride]

Hi, my car just got repossessed and i want to get it back. Tips on how po sana. Already spoke with the bank and was advised to send a request letter for redemption anyone who has previous experience and actually got their car back?

[cast_no_shadow]

First I suggest

Stop flooding every thread related to your concern.

Second draft that request letter and send it to your bank.

Third wait for instructions from your bank.


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[zombiebride]

Sorry about that. I already sent it to them. Im just panicking atm coz i dont know what to do. I dont know what other fees should i expect to get my car back.

[cast_no_shadow]

Sorry about that. I already sent it to them. Im just panicking atm coz i dont know what to do. I dont know what other fees should i expect to get my car back.

No worries.

Ilan months na ba na repo car mo?

Which bank?

No idea about that, one thing for sure you need to pay the lapsed months na hindi mo nabayadan.

Check mo yung loan documents mo may mga provisions dun kung ano pa mga babayadan mo na penalties/fees

Goodluck


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[zombiebride]

Last thursday lang. And i sent the letter kanina. East west bank. Kabado lang kasi they told me na subject for approval pa daw yum redemption request.

[sfiadawn@gmail.]

hi po, in need of your advise. nag loan ako ng car suzuki swift last year, March. 5 months nako hindi nakaka bayad. Bale 125k yung babayaran ko (including the payment this month). I was able to find 60k to pay for the car. I was advised na much better e surrender nlang daw tas he'll help me get a new car daw. Is it even possible? Wat if po bayaran ko directly sa bank w/o informing the agent. Will they still reposess the car? Salamat po

[Lew_Alcindor]

hi po, in need of your advise. nag loan ako ng car suzuki swift last year, March. 5 months nako hindi nakaka bayad. Bale 125k yung babayaran ko (including the payment this month). I was able to find 60k to pay for the car. I was advised na much better e surrender nlang daw tas he'll help me get a new car daw. Is it even possible? Wat if po bayaran ko directly sa bank w/o informing the agent. Will they still reposess the car? Salamat po

Surrender the car and get a new car? How about surrender the car and start using public transpo.
I'll be honest. It looks like you cannot afford a car.
Yung utang mo ay 125K tapos 60K pa lang pambayad mo.
Una baka ma-scam ka ng ahente. Pangala, anung pambabayad mo monthly eh sa ngayon nga eh ndi ka makabayad.
Wag mo nang ilubog pa ng husto sarili mo.

[BratPAQ]

hi po, in need of your advise. nag loan ako ng car suzuki swift last year, March. 5 months nako hindi nakaka bayad. Bale 125k yung babayaran ko (including the payment this month). I was able to find 60k to pay for the car. I was advised na much better e surrender nlang daw tas he'll help me get a new car daw. Is it even possible? Wat if po bayaran ko directly sa bank w/o informing the agent. Will they still reposess the car? Salamat po

mukhang sweet talk lang yan. once na repo yan you can't get another loan on ANY bank for at least 10 years. Either you make your best to settle the loan and keep your credit history clean. Or have it repoed and lose you ability to loan. Which isn't a bad thing if you think about it, you'll be forced to live within your means.

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[dr. d]

hi po, in need of your advise. nag loan ako ng car suzuki swift last year, March. 5 months nako hindi nakaka bayad. Bale 125k yung babayaran ko (including the payment this month). I was able to find 60k to pay for the car. I was advised na much better e surrender nlang daw tas he'll help me get a new car daw. Is it even possible? Wat if po bayaran ko directly sa bank w/o informing the agent. Will they still reposess the car? Salamat po

what does the agent have to do with the loan? sideline him. deal with the bank personally.
sell the car at a loss, po. pay the bank in full. start all over again. but this time, get a used vehicle, yung mura lang ngunit reliable. pay for it in cash. don't get into another loan.
good luck.

[kai s.]

hi po, in need of your advise. nag loan ako ng car suzuki swift last year, March. 5 months nako hindi nakaka bayad. Bale 125k yung babayaran ko (including the payment this month). I was able to find 60k to pay for the car. I was advised na much better e surrender nlang daw tas he'll help me get a new car daw. Is it even possible? Wat if po bayaran ko directly sa bank w/o informing the agent. Will they still reposess the car? Salamat po

I have so many questions.

1) Magkano nga ba monthly amortization nyo? If 5 months yung 125k, 25k ang monthly mo? Or kung 6 months nasa 20.8k. For a Swift? Sobrang laki ata. Hula ko isa to sa low DP? Or may late payment interest na yan na per day ang patong kaya lumaki ng ganyan.

2) Bakit nga ba hindi kayo nakabayad in the first place? Matagal-tagal ang 5 o 6 month period na naglalapse lang mga due nyo.

3) After ba nyang 60k eh meron ka nang reliable na pagkukuhanan ng monthly? This goes for either keeping your Swift or getting another car ( which I am very much against)

4) Why do you need a car so badly? I have to agree with the others here that you might not be ready to own another brand new car just yet. You have to prepare for all the ownership costs eh. Hindi lang naman yan monthly amort. Insurance, maintenance, gas, toll, parking, etc. Kung kaya ng uber/grab at commute baka pwede ganoon muna.

mukhang sweet talk lang yan. once na repo yan you can't get another loan on ANY bank for at least 10 years. Either you make your best to settle the loan and keep your credit history clean. Or have it repoed and lose you ability to loan. Which isn't a bad thing if you think about it, you'll be forced to live within your means.

May mga magic yung ibang SA sa pagpapa-approve ng car loans. Kahit haloas walang supporting documents at outstanding loan eh minsan nagagawan nila ng paraan

[jut703]

Kaya nagkakasubprime lending dahil sa mga taong pinipilit magkakotse kahit walang pangbayad. Pag hindi kaya, wag ipilit.

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[lowslowbenz]

The china bank repo-lot along Jupiter here in Makati is filled to the brim with repo-ed small cars.

My take, surrender your car to the bank, and be done with it. Hindi mo kaya. Not that I'm bursting your bubble, but yes, it is still not your time.

What to do with the 60K?

Here's a nice Kia for you: KIA Pride 1997 GTX | *******

[Ry_Tower]

The china bank repo-lot along Jupiter here in Makati is filled to the brim with repo-ed small cars.

My take, surrender your car to the bank, and be done with it. Hindi mo kaya. Not that I'm bursting your bubble, but yes, it is still not your time.

What to do with the 60K?

Here's a nice Kia for you: KIA Pride 1997 GTX | *******

Nice reco, ang dali pa i-maintain niyang Kia Pride dahil madami piyesa at simple i-repair.

[EQAddict]

Goodbye credit rating. You wont be able to get a car loan/housing loan for the next 10 yrs. That sucks big time

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[crazy_boy]

Goodbye credit rating. You wont be able to get a car loan/housing loan for the next 10 yrs. That sucks big time

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Pati credit card hindi na din maka apply for the next 10 years. Kawawa.

Agree with the others. Sell your car at a loss. Pay off the bank and start over again. This way, you only lose money, but long term, makaka loan ka pa sa bank again


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[EQAddict]

Trust me.....when you are finally ready to buy your house/condo and have a stable and good job Yet cannot get a loan from the bank......that will be devastating. Dont think these banks give concessions....they dont. They wont. Your credit rating is supremely.important.

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[CVT]

hi po, in need of your advise. nag loan ako ng car suzuki swift last year, March. 5 months nako hindi nakaka bayad. Bale 125k yung babayaran ko (including the payment this month). I was able to find 60k to pay for the car. I was advised na much better e surrender nlang daw tas he'll help me get a new car daw. Is it even possible? Wat if po bayaran ko directly sa bank w/o informing the agent. Will they still reposess the car? Salamat po

Lintik talaga ang mga iyan, - ibabaon ka nila ng buhay.....☠

[Wh1stl3r]

Tsk. Dapat talaga required sa college ang financial literacy courses.

These banks/dealers are getting too greedy. How do these loans get approved?

[kaiserguian]

I´ve read in a local tech blog that Globe is joining the credit check that the banks are using this year. Everyone should join in para you won´t be able to escape from your bills. Yari if bad credit rating ka at globe lang ang malakas signal/mabilis net sa area nyo at need mo magpakabit ng line skanila.

[BratPAQ]

Tsk. Dapat talaga required sa college ang financial literacy courses.

These banks/dealers are getting too greedy. How do these loans get approved?

magic ng ahente. I forgot where I've read it. Pero sabi ng ahente sa isang hindi qualified sa loan, "ako bahala sir, gagawan natin ng paraan yan"

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