The assume balance transaction was done without the consent and therefore not binding with the Bank. The Bank can still collect from the original borrower despite the assume balance transaction. If the monthly amortization is not paid, the bank may go after the original borrower.

Solution:

1. Go to Bank to report transaction and expressed wilingness in writing to surrender vehicle. Take ote that Banks are trigger happy in filing cases.

2. Convince possessor to surrender vehicle to the Bank; tell him if vehicle is not surrendered he will be sued together with original owner.

3. Coordinate with Bank and provide information where vehicle can be located.

4. You may be asked to Execute dacion en pago in settlement of obligations (banks have this form available).

5. Follow-up with Bank the repossession of vehicle and request clearance/certification after vehicle is recovered.

6. Again, all your communications should be in writing.

7. As much as possible, continue paying the amortization.

What Bank is involved? How many amortizations has been missed?