Trade-in with bank balance

**monsrick** · December 3rd, 2007 09:03 PM

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

**1D4LV** · December 4th, 2007 10:53 AM

Originally Posted by monsrick

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** · December 4th, 2007 11:13 AM

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

**valskie01** · December 4th, 2007 11:32 AM

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** · December 4th, 2007 12:49 PM

Originally Posted by 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.

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** · December 4th, 2007 04:48 PM

Originally Posted by 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.

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** · December 4th, 2007 05:40 PM

Originally Posted by 1D4LV

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** · December 4th, 2007 05:43 PM

Originally Posted by 1D4LV

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** · January 1st, 2009 07:00 PM

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

Originally Posted by valskie01

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.

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

**tidus1203** · January 5th, 2009 11:38 AM

I think pwede. But in general buyers don't like buying cars that still have mortgage on them. First its inconvenient, and second financially speaking its a bad move since the buyer will have to pay the balance of a brand new price for a used car. Normally the seller will have to take a huge hit in the selling price. Personally I was always against buying 2nd hand cars with balances on them.