assume balance

**kantoboy** · January 22nd, 2007 10:16 PM

Ey, newbie here, need advice:

I'm interested in a 2006 used car that someone is offering on an assumed balance basis. There is 27 months left to pay at 28k per month. However the person is asking for 220k in addition to assuming the balance. I dont think 220k is reasonable considering it now costs more then a brand new one, how much should I ask for?

Also is it possible to renegotiate with the bank the terms?

**tr1ck5h07** · January 22nd, 2007 11:46 PM

what car is this? and what's the normal retail price?

you can request a quotation from the casa for the car and then compute for the depreciation. with this info, you can negotiate with the seller on the price.

**wildthing** · January 23rd, 2007 01:30 AM

talo ka...kasi by the time matapos yun magiging P976,000 na!

Eh di bumili ka na lang ng brandnew...tapos yung P220k na hinihingi e ipang down payment mo.

**2Dmax** · January 23rd, 2007 08:08 AM

Originally Posted by wildthing

talo ka...kasi by the time matapos yun magiging P976,000 na!

Eh di bumili ka na lang ng brandnew...tapos yung P220k na hinihingi e ipang down payment mo.

that's aboslutely correct. bka maya may sira na rin pala ung binebenta sa 'yo. also sa bnew panalo ka talaga dahil sigurado ka sa quality and also kapag benenta mo na mas ok ang resale value dahil original owner ka..

**1D4LV** · January 23rd, 2007 08:33 AM

sobra naman yun...

756000 + 220000 = 976000.

anong oto yun? BMW, an SUV o the new civic?

**Mguy** · January 23rd, 2007 09:13 AM

Remember, in assuming balance, you're also assuming the interest due on the loan.

Compute for a car loan for the same car and the same terms. Whatever the difference, yun lang ang matitipid mo.

**the_wildthing** · January 23rd, 2007 11:53 AM

What car? And how long is the original term? What is the original price of the car?

Usually sa assume-balance, gusto nilang marecover yung part ng down, tapos lahat ng previous payments, considered loss nila. One thing to make sure: if you are assuming the balance, make sure the bank will transfer the loan to you. Check mo rin kung up-to-date yung payments.

**empy** · January 23rd, 2007 12:00 PM

you are getting screwed. was that 220k intended to recoup the downpayment made on the vehicle? if so, ano siya, hilo? you will be paying for the depreciation incurred by the seller while he was enjoying the brand new vehicle....