Help: What is the Best thing to do for Repo Car

[eleyn27]

Hi! I just want to ask regarding the best possible options for a car that has been repo by the bank? The thing is I want to settle for the missed payments but they already filed it.. what would be the best thing for this type of situation? Thanks!

[ghosthunter]

Hi! I just want to ask regarding the best possible options for a car that has been repo by the bank? The thing is I want to settle for the missed payments but they already filed it.. what would be the best thing for this type of situation? Thanks!

Best to first talk with the bank to see what your options are with them.

[shadow]

reinstatement...pay your arrears plus penalties and bank will be amenable I think t since repossess car is another dead asset to them

[eleyn27]

that's what I wanted but they want me to pay 180k worth of legal fees?

[1D4LV]

if that is the case, give it up..... since your loan is directly tied up with the car.
next time, buy in cash.....

[eleyn27]

I already talked to them and here are the options they presented:

a. Let the bank repo the car and sign the form saying that I am already cleared with the debt (Is there really such a thing?)
b. Write a letter of request asking for reinstatement/consideration but I have to pay daw worth 180k lawyer fees

I read that if the bank repo'd the car, it will reflect to your bank credibility for at least 10 years...

[shadow]

I already talked to them and here are the options they presented:

a. Let the bank repo the car and sign the form saying that I am already cleared with the debt (Is there really such a thing?)
b. Write a letter of request asking for reinstatement/consideration but I have to pay daw worth 180k lawyer fees

I read that if the bank repo'd the car, it will reflect to your bank credibility for at least 10 years...

180l is BS....sino kausap mo sa bank? sa kanila na yun kotse...

[eleyn27]

Hi yung isang officer dun sa bank yung kausap ko kanina.. is that legal or really the norm in this case?

[Syuryuken]

kung ipipilit yung 180k hayaan mo na

[ghosthunter]

I already talked to them and here are the options they presented:

a. Let the bank repo the car and sign the form saying that I am already cleared with the debt (Is there really such a thing?)
b. Write a letter of request asking for reinstatement/consideration but I have to pay daw worth 180k lawyer fees

I read that if the bank repo'd the car, it will reflect to your bank credibility for at least 10 years...

I think you can still negotiate so you can continue payment on the car without having to pay the lawyer's fees. Trying talking to someone higher up the food chain at the bank than the minions because the minions will just carry out the orders, they have no deciding capacity.


By the way, how many payments is your bank load, how many have you done and how many have you missed?

[eleyn27]

I think you can still negotiate so you can continue payment on the car without having to pay the lawyer's fees. Trying talking to someone higher up the food chain at the bank than the minions because the minions will just carry out the orders, they have no deciding capacity.


By the way, how many payments is your bank load, how many have you done and how many have you missed?

yah sana nga there is a way to talk to a person with a higher post.. is it ok to present payment options that I'm willing to undertake? Like PDCs or opening a bank account there.. 60 months (5 years) yung car loan and I missed 3-4 months of payment

[mark_t]

Forget it. You already surrendered the car.
Get another car when you are ready. Get another bank.
Sobra naman 3 months lang, Na delayed din kami ng 3 months
For a whole year eh 5000 lang a month ang extra interest. Natapos din with bpi.
You were dealing with sharks.

We asked for a relationship manager with the bank who gives us instructions to not mind
Those lawyers and just continue paying. Nakakainis nga lang kasi sobra sobra na bayad.
Pero ganoon talaga eh.

[cpsolt]

naku... ganun palang ka-lupit ang BPI. doon ko pa naman nakuha ang akin BPI Family Savings Bank.

[mark_t]

naku... ganun palang ka-lupit ang BPI. doon ko pa naman nakuha ang akin BPI Family Savings Bank.

Ang solution is pay 1 month ahead extra, 2 months kung kaya. Para kasi chess
yan, pag na delay ang kita mo ng 1 day e check mate ka sa bank.

May style pa sila sa insurance na underinsured ang policy mo para mura,
So mukhang ok nga naman-dual purpose policy ata tawag nila at pag nag agree ka
Dahil mura nga naman, ay kakainin ng insurance yon Monthly amortization mo.
Mabibigla ka ngayon delayed ng 1 month bayad mo, eh diba automatic
5000 charges mo, eh napamahal ka pa tuloy dahil lahok lahok na. Npahamak ka pa tuloy.

Pero neighbor ko 1 year bago kinuha yon van na loan nila, I think
pina rent nila ng 1 year yon van para ma bawi downpayment nila then saka pina sundo
sa bank, pirmahan lang sila sa garahe. Then kuha sila second hand car a week after.
Hindi maganda experience nila sa brand new, Ngayon sa second hand car free gasoline
sila sa office so na swerte naman sa new job.

Tiempo tiempo lang.

[mark_t]

Forgot to mention, pag na delay ka 1 month, kakainin budget mo for the next monthly
amortization ng charges. So magiging 2 months delay na dahil partial payment does not
mean full payment. 2 na charges na babayaran mo bago pumasok sa principal ang payment.

Kalokohan yon argument na kailangan hatakin on the 3rd month ang sasakyan.
It is a secured loan. If you choose to continue then do so. Bakit pera ba ng bank ang pinangbili?
Lahat yan galing central bank pera, ilan percent ba exposure ng bank sa car loan mo na secured?
Gaano ba kabilis nila ma subasta yan to even discuss depreciation?

The game changes when you surrender the vehicle.
Then you abandon your loan. Ikaw ang nagtapos . I think this is where the racket lies.
Ganito kasi nangyari sa mga problamatic namin na property. Bigla natapos
lahat problem ng nawalan ng tao yon yon leased property, automatic naging abandoned.

Pero tuloy bayad namin sa lawyer dahil kailangan pa raw ng ilan hearing to make it
official.

When I could have just sent a gardener to secure the building.

Now back on that 10 year blacklist ****!
Ang dami banks then bring your business to the other banks.
On car loans so long as you can pay 30% downpayment then the broker
of your loan is guaranteed his 10% share.

Hindi ba niya piprmahan yon? Eh hindi naman siya ang kakayod.
At may capacity to pay naman

[rflores]

please dont lose hope. what you experience seems like a case of bank people being greedy. 3 months hatak na? Stop thinking you did something wrong and you owe the bank a kiss to their asses. You are the customer. You are paying for the car. Ask for a manager, demand for the highest person you can get until you get what you want. You are paying.

[1D4LV]

please dont lose hope. what you experience seems like a case of bank people being greedy. 3 months hatak na? Stop thinking you did something wrong and you owe the bank a kiss to their asses. You are the customer. You are paying for the car. Ask for a manager, demand for the highest person you can get until you get what you want. You are paying.

yan naman ang business ng bank eh.... based on greed.
imagine the interests that they pay you on your savings and time deposit?
imagine the interests that they get for your credit cards?

generally, banks are greedy. the TS did something right by prioritizing the medical need of the parent.
imagine having gone through his scenario..... and if he prioritized paying his car, but lost his mom in the process.

to the TS, always remember.... what God removed, He always replaces and restores.... And he gives something better dun sa nawala sa iyo.

[mark_t]

Very True.

[ajane]

Very True.

Guys help me naman kc I am 3 mos delayed sa payment due to financial prob at tgal release ng incentive sa office. Ngayon I received a call from repo men they can only give daw until 29th of december pra ma provide payment. Nag request kc ako bka pwede ma extend kasi nga by first or 2nd wk pa ng january ma release ung incentive ko after hoildays daw kc..

What to do? Pano ba reinstatement at magkno kya aabutin .. kc ang sbi ng repo men ang bbyaran ko daw pra d mkuha sskyan is 51k. pro monthly payment ko is 14,545.

[dos2]

yan naman ang business ng bank eh.... based on greed.
imagine the interests that they pay you on your savings and time deposit?
imagine the interests that they get for your credit cards?

generally, banks are greedy. the TS did something right by prioritizing the medical need of the parent.
imagine having gone through his scenario..... and if he prioritized paying his car, but lost his mom in the process.

You call an institution lending money at 5-8% a YEAR greedy? Eh pano pa yung mga nagtitinda ng pagkain na 50% ang tubo, mga gumagawa ng produkto in a few minutes or hour with 20-30% profit, anu sila demonyo?

Aside from deposit interest, which is an obvious bank expense, may mga empleyado din silang dapat pasweldohin, sistemang dapat paganahin, at pwestong dapat rentahin. Aside from the fact that these are private institutions, na syempre driven for profit. Sino bang private company ang ayaw ng profit, but I won't call them greedy.

The bank never forces anyone to take a loan from them, it is their client who applies for it. With regards to credit cards, you could last for decades without having to pay any interest if you pay before your due date. Kita ka pa nga kung sinusulit mo yung mga rewards nila like earning points or freebies if you are qualified (e.g. free Jollibee for every 3K purchase or BDO rewards points for maintaining at least 50K).

Kung financially lacking (eto yung mga gastador, ubos ubos biyaya, o wagas kung makagamit ng credit card), yung tao ang nagpabaya dun at alam naman nating lahat na walang libre sa mundo. Dadalihin ka talaga ng mga bankgko sa legal na paraan to protect their company.
Now, kung lumubog ka sa utang due to unforseen circumstance like may nagkasakit or natrahedya, wala tayong magagawa ganun talaga ang buhay. To be sure na protected ka sa mga ganyan, get a loan insurance or in the case of an auto loan, mahahatak talaga. That's life ika nga, parang bato... it's hard.