assume balance problem

**FedEx** · July 1st, 2007 02:27 PM

sir pwde po paexplain anu un talon finacing? medyo di ko nagetz

**CLAVEL3699** · July 1st, 2007 04:43 PM

Originally Posted by razor

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?

BPI Family Bank, 3months plus comprehensive insurance.

medyo naawa na ako eh, sobra problemado na eh.

By the way mukhang may alam yung kumuha at mukhang makapal ang mukha.

Una daw sabi anak ang gagamit ngayon ginagamit na sa car rental biz nila.

**CLAVEL3699** · July 1st, 2007 04:47 PM

di ba pwede magpatulong sa pulis?

makuha yung car at para masoli sa bank.

mukhang walang balak isoli eh. hindi na daw nakikipagcommunicate sa kanila.

last 2months puro talbog yung check.

yung unang binayad sa kanila close na yung check pero binayaran nang one month cash, yung huling dalawa ngayon talbog yung check.

**hominid** · July 1st, 2007 07:06 PM

Originally Posted by jakedeguzman

hi der! buy and sell po ako ng 2nd hand cars.. may mga experience po kme re: cars with assume balance.. pag medyo loko yund dealer na kausap nyo d nya talaga bayaran ang balance pero bebenta pa din nya yun pero mura, ang tawag dun TALON FINANCING.. dapat pag binenta nyo unit nyo with balance diretso kyo sa bank para pay off balance.. para clear ang name nyo sa bank at walang bad record.. makaka loan ulit kyo..

Ganun lang ba ang pede? Bayaran mo na ng buo? Mahirap un ipapasa mo un loan? D ba possible na safe at legal ipasa?

**praetorian** · July 2nd, 2007 12:20 PM

Originally Posted by hominid

Ganun lang ba ang pede? Bayaran mo na ng buo? Mahirap un ipapasa mo un loan? D ba possible na safe at legal ipasa?

Depende na rin yata yon sa bangko kung papayag sila na iba na magbabayad ng amortization. Keep in mind na the original loan was granted to the original buyer after the credit check was done on the latter. Syempre, the bank would have to do another credit check on the one who wants to assume paying the amortization.

Re: magpatulong sa pulis if ayaw ibalik yung kotse, I would think that the car is still naka-mortgage sa bank so that if the bank decides to foreclose on the mortgage, the original buyer will just have to point the bank to where the new buyer lives. Of course, the buyer does not have to wait for the foreclosure, he could just go to bank, explain everything and let the bank re-posses the car.

Also, since the buyer issued bouncing checks, file BP 22 case against him na. At least, criminal case din naman yon.

**CLAVEL3699** · July 2nd, 2007 05:23 PM

Originally Posted by praetorian

Re: magpatulong sa pulis if ayaw ibalik yung kotse, I would think that the car is still naka-mortgage sa bank so that if the bank decides to foreclose on the mortgage, the original buyer will just have to point the bank to where the new buyer lives. Of course, the buyer does not have to wait for the foreclosure, he could just go to bank, explain everything and let the bank re-posses the car.

Also, since the buyer issued bouncing checks, file BP 22 case against him na. At least, criminal case din naman yon.

di ganun lang talaga sabihin sa bank yung pinagbilhan nang kotse.

ang problema mukha ayaw talaga pabalik hindi daw sinasagot yung mga tawag at pagpinuntahan sa bahay pinagtataguan sila pero nandun pa daw yung car nasa shop nila nakaparada.

dba pwede pa2long sa pulis para makuha yung car at ibalik sa BPI. madami naman kasi sila hawak document.

1. promissory note to assume the balance [ notorized ]
2. wala pa sila execute deed of sale
3. letter from the bank na nagbounce yung mga check.

**Galactus** · July 2nd, 2007 06:11 PM

Matagal na proseso pa yan bago makapag-repossess.

First, BPI Family has to file cases (civil and criminal against the buyer). It has to undergo inquest proceedings wherein the prosecutor will have to weigh kung may prima facie. Tapos bibigyan pa ng pagkakataon na mag-file ng comment yung other party. Occasionally, the opposing counsel will file motions to delay the proceedings or request for several more days to review the case. Minimum siguro of 2 months.

Pag nai-file na, kailangan dumaan pa ng pre-trial. Matagal din ito, kasi may marking of evidence pa. In the meantime, the best step for BPI would be to request for a writ of replevin, para mahatak ang sasakyan. No writ, no repossession.

Solution:

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

I'd like to correct this misimpression. I work for a financing company, and we have a bank as an affiliate. I'm in the C&C Dept. As much as possible, we refrain from filing cases. Why? It's too costly, takes too long to litigate and even if we win, chances are the defendant/accused cannot pay the sum awarded. Kaya, if possible, we resort to extra-judicial means (Dacion en Pago, etc.)

**hyperthread** · July 2nd, 2007 10:28 PM

This leave an impression that it is better to buy a good second hand car and pay in full cash than to buy or get a brand new car na installment..

**hominid** · July 2nd, 2007 10:49 PM

Well, not really. Its just that when getting a car loan, assume that u can't sell the car unless you've paid up already. I remember my SA told me that. Indeed a major disadvantage in getting a car loan.

If you insist, sell ur car at a price high enough so that u can pay ur loan.

Assume balance = looking for trouble

**CLAVEL3699** · July 3rd, 2007 06:13 PM

Originally Posted by Galactus

I'd like to correct this misimpression. I work for a financing company, and we have a bank as an affiliate. I'm in the C&C Dept. As much as possible, we refrain from filing cases. Why? It's too costly, takes too long to litigate and even if we win, chances are the defendant/accused cannot pay the sum awarded. Kaya, if possible, we resort to extra-judicial means (Dacion en Pago, etc.)

ano ngayon ang dapat nila gawin?