consequences when surrendering a 5-month old mazda 3 to the bank

**Hanren** · October 2nd, 2009 09:46 PM

Nakakalungkot na yung scenes na may mga nalubog na kotse. How much more from first hand accounts like this?

To the TS: Don't be disheartened..isipin mo di lang malamang sa iyo nangyari yan. I emphatize with you. Sana makabangon ka na rin...

**p_borj** · October 6th, 2009 04:52 PM

Originally Posted by redorange

I don't understand the sell it for a loss suggestions. Wouldn't he still owe the remaining balance with the bank if he sold it for a loss? If he sells it under the assume balance, wouldn't the bank need to approve a loan for the new owner? Also would a bank be willing to refinance a car that has been damaged and has essentially depreciated in value more than the average model because of the damage. If he just takes over the loan under the name of the TS he can just stop payment and the TS would be the one in trouble with the bank and if he pays off the loan the title would be under the TS name when it is paid off.

The best suggestion is sell the van after it is replaced, if the loan balance is lower than the selling price, and use the money to repair the car, Then sell the car after it has been repaired to pay off the loan and then maybe buy another van to use for your business. But first talk to your bank and see what they will be willing to do to help you out, it doesn't hurt to ask you might be surprised with what they are willing to do considering all the damaged cars from the flood.

First paragraph mo bro, no need to explain na ito pero para sa iyo explain ko na rin. Kaya nga may deed of sale na naka-notaryo with the power of an attorney para sa mga ganitong sitwasyon. Demanda aabutin nung buyer dito since pipirma din siya dito sa kasunduan na ito period.

Second paragraph, sang-ayon ako sa iyo.

Dapat nang ibenta ang van. Hopefully nasa 200k up ang halaga ng van plus assume balance pa kasi yan. Repair the M3 muna. Ako TS personally kaya kong saluhin yang M3 mo, problem is BINAHA ito. Hindi ito sasaluhin basta-basta kahit ibigay mo pa sa akin ng 20k yan. Come on, binabayaran mo habang pinapagawa (50-50 ang chance na super ok ito pagtapos), that is completely insane.

TS, benta mo muna van mo pampagawa ng M3 plus expenses mo. Losing a car kahit pang-business pa ito, wala na yan eh, iisipin mo kung ano ang priority sa ngayon eh. Paraan din ito para hindi ma-black-list.

Tandaan mo, hindi tatanggapin ng bank ngayon yang sasakyan mo lalo na kung alam nilang binaha. Mahirap din maghanap ng buyer na kakagat para saluhin yan. Option mo nalang is ipagawa yang M3. You don't have any money so kailangan mo nang ipasalo sa iba yung van mo. My 2 cents.

**actor21** · October 10th, 2009 08:55 AM

Originally Posted by EQAddict

Question: diba may 99k all-in downpayment yung Mazda ngayon for the Mazda 3 ? If that is the case, why would anyone buy a flood damaged Mazda 3 and assume the balance for the next 5 years when he/she can get a brand new Mazda 3 for 99k downpayment and roughly the same terms. This is assuming the kind of buyer you are looking for is the one who wants a low-downpayment scheme.

Assuming you get to sell the car for 50k + assume balance, that is just P49k less initial cash outlay than a brand new unit. Also, the buyer of the flood damaged car will have to pay anywhere from 75-125k to restore the vehichle to good running condition and even this will will not be guaranteed. Not to mention since most Mazda dealers are full with repairs now, it will probably take 4 - 6 months before the buyer of the flood damaged unit can get the car back. In the meantime, he would have been paying a monthly ammortization for a car he cannot use. This will not make sense sadly to most buyers.

Your only options really are to sell the van or make a deal with your bank.

hope this helps.

nakaka lunkgot isipin na 99k na sya, kase last year september nakuha ko ang mazda 3 ko 65k all in downpayment with 16k monthly amort for 5yrs

**luuuuu** · November 16th, 2009 11:02 AM

My suggestion is talk to the bank first. Ask them how much penalty mo if you surrender the car. Decide from there. Who knows they have a better solution for your problem instead of thinking to sell other properties ng hindi pa natin alam how much penalty. Hope everythings works well.. Lilipas rin itong problem na to. God Bless bro he's always here to help.

**redorange** · November 16th, 2009 12:41 PM

Originally Posted by p_borj

First paragraph mo bro, no need to explain na ito pero para sa iyo explain ko na rin. Kaya nga may deed of sale na naka-notaryo with the power of an attorney para sa mga ganitong sitwasyon. Demanda aabutin nung buyer dito since pipirma din siya dito sa kasunduan na ito period.

So you're saying if the buyer takes over his loan all he needs to do is sign a deed of sale to take over the loan? Isn't the original loan between the TS and the bank and not the buyer and the bank? Trying to understand your explanation because in the US if someone wanted to take over a car loan they would have to apply with the bank themselves for a loan and be approved by the bank. You can't just sell the property and tell the bank you have a deed of sale and the buyer is now responsible for the loan. The deed of sale won't matter if the buyer decides not to pay the loan because the loan contract is between original owner and the bank. The deed of sale is a contract between you and the buyer and the bank won't care about that when they sue because their contract is with you. At the end of the day the bank sue's the original owner.

**p_borj** · November 16th, 2009 01:37 PM

Originally Posted by redorange

So you're saying if the buyer takes over his loan all he needs to do is sign a deed of sale to take over the loan? Isn't the original loan between the TS and the bank and not the buyer and the bank? Trying to understand your explanation because in the US if someone wanted to take over a car loan they would have to apply with the bank themselves for a loan and be approved by the bank. You can't just sell the property and tell the bank you have a deed of sale and the buyer is now responsible for the loan. The deed of sale won't matter if the buyer decides not to pay the loan because the loan contract is between original owner and the bank. The deed of sale is a contract between you and the buyer and the bank won't care about that when they sue because their contract is with you. At the end of the day the bank sue's the original owner.

Yup yung seller ang hahabulin ng bank. pero buyer naman ang hahabulin ng seller because may usapan kayo about payment terms. Yung ride ko sinalo ko lang din ito, 7 months old ito nung kinuha ko just this May 2009. I agreed na kung hindi ko man mabayaran ang loan, I will surrender the car back to the original owner or else talagang makakasuhan ako.

But like you said, wala nang pakialam ang bangko, ikaw ang didiskarte sa usapan niyo ng buyer.