surrender or repo?

[delacrlv]

Hello.

For personal reasons, ayoko ng ituloy iyung monthly amortization nung car na kinuha ko.
Ano ba magandang gawin? hayaan ko na lang ma-repossess or ako na mismo ang magsurrender nung car sa bank?

thanks in advance.

[jresperanza]

Hello.

For personal reasons, ayoko ng ituloy iyung monthly amortization nung car na kinuha ko.
Ano ba magandang gawin? hayaan ko na lang ma-repossess or ako na mismo ang magsurrender nung car sa bank?

thanks in advance.

hmmm my idea is

Repo = black listed ka + penalties ???
surrender = quits na kayo???

[ghosthunter]

Hello.

For personal reasons, ayoko ng ituloy iyung monthly amortization nung car na kinuha ko.
Ano ba magandang gawin? hayaan ko na lang ma-repossess or ako na mismo ang magsurrender nung car sa bank?

thanks in advance.

Given your bank a call and hand over the keys.

[Mikemike07]

If you have any sort of decency, surrender your car. Its good to know that you at least have a dilemma about it.

[MonteroGLSV]

yes sir that will be better surrender na lang po,
anyway sir what is your unit?and how long na po sa inyo? baka pwede mo pasalo sa iba mapakinabangan pa nila kesa bank na ang makinabang hehe.
kasi po pag bingay mo na sa bank wla kang makukuha if not mistaken.

pwede din natin pagusapan yan sir hehe.

[Balikpinoy]

What's the car model and year? Which bank? What's the monthly amortization?

[yebo]

the best thing to do is sell it at "assume balance" deal. this way you at least get some of your money back and you also keep your credit record clean.

btw, surrendering the car will also give your credit record a black mark.

[smarxist]

the best thing to do is sell it at "assume balance" deal. this way you at least get some of your money back and you also keep your credit record clean.

btw, surrendering the car will also give your credit record a black mark.

^ This po.

[leodawesome]

interesting :D

[brainmafia_310]

the best thing to do is sell it at "assume balance" deal. this way you at least get some of your money back and you also keep your credit record clean.

btw, surrendering the car will also give your credit record a black mark.

IMHO mas better if you will just let the buyer assume the monthly amort para mabilis, same din naman kasi kung surrender o hatak wala ka makukuha, black listed ka pa sa lahat ng banko.

[yebo]

please post the car model, year, specs (engine, trim, mods if any, type of head unit, tint, and any additional info) and mileage. if you can post a picture (quarter turn so we can see if there is any damage to the body).

post also the monthly amortization, how many months delinquent (or in arrears), and how many months remaining. post also the last insurance premium amount. is the PM service schedule still being followed (important to see if the car is still covered by warranty or not).

malay mo may magkagusto dito and take your problem away from you.

[chrismarte]

halimbawa may sumalo, kanino na mapapangalan yung name?

alam nang bank / dealer yung transaction?

[stickers]

halimbawa may sumalo, kanino na mapapangalan yung name?

alam nang bank / dealer yung transaction?

same question... hmmm...


How bout kung natotal wreck with compre insurance.. zero-out yun di ba? wala bang negative bank records maiiwan sa pangalan ng owner?

[Balikpinoy]

halimbawa may sumalo, kanino na mapapangalan yung name?

alam nang bank / dealer yung transaction?

At a minimum there should be a Deed of Sale. Maybe the transfer of ownership can happen at the end of the payment term. The seller should require the buyer to issue post-dated checks for the remaining # of months to at least ensure that monthly payments will be made on time.

Some banks allow assume balance transfers but it will probably require that the buyer pass their credit investigation.

[leodawesome]

halimbawa may sumalo, kanino na mapapangalan yung name?

alam nang bank / dealer yung transaction?

oo nga, saka usually yung seller may mga submitted post dated checks din xa sa bank diba. si bank naba magpprocess ng transfer of everything?

[stickers]

At a minimum there should be a Deed of Sale. Maybe the transfer of ownership can happen at the end of the payment term. The seller should require the buyer to issue post-dated checks for the remaining # of months to at least ensure that monthly payments will be made on time.

Some banks allow assume balance transfers but it will probably require that the buyer pass their credit investigation.

I dont know if it works the same way as sa real estate where before you submit a Deed of Sale between you and yung mag-assume ng balance, the company has to check first kung qualified and hindi black listed yung mag-assume (submit din ng documents). Once approved, execute ng DAS yung 2 parties, submit a copy sa bank/company then pay a processing fee para sa changing of the records and submit PDCs to cover the monthly amorts.

[yebo]

Sa alam ko the bank will have to approve the buyer, then require a new chattel mortgage, plus processing fee. The OR and CR will also be replaced to reflect the buyer's name and address. But some people just do a short cut, just pay the remaining balance then they just process the transfer after release of mortgage. Less cost this way.

[brainmafia_310]

Pagkakaalam ko, may certain transfer of mortgage lang na parang deed of sale ang gagawin. since this is an agreement of two parties mababypass nito ang CI ng banko.

[mark_t]

Better to find buyer to assume the loan. If you can.
Accept the loss due to wear and tear. Make your offer PANALO!

Try to avoid issuing checks when you can opt for check free transactions.
Or accepting post dated checks for this kinds of transactions.
For the buyer require them to have ADA arrangement with your bank.

Require them to open an account with your bank so you can easily
Transfer your obligations.

Or have them get approval from their bank to acquire a second hand unit.
This way everything is black and white and you are sure to be completely
free from further obligations. The insurance coverage also needs to be endorsed
to the new owner which you can pass off as savings to the new owner.

[delacrlv]

Thank you sa lahat ng nagreply. I really appreciate it.
At least now, alam ko na kung ano ang mga options ko.
I still have a month to think about this
Thanks again.