Assume balance..Is this OK?

[willvill]

Due to some economic downturns some car owners with still some balance in the bank for their car loan are advertising to sell their car for anyone interested to assume the balance.

Looking at the ads I notice that they seem to ask for a high downpayment. Maybe they are trying to recoup their previous downpayment.

Have you experienced assuming a car loan? Please share if its ok or not. TIA.

[ghosthunter]

I would rather not inherit someone else's financial problems...

[n1kn0k]

if they're asking for a higher DP then why but it from them? mas mataas DPng hinihingi tapos ikaw pa magbabayad ng MA, e di bumili ka na lang ng sarili mong brand new. kapal naman nila!

[shadow]

walang kwenta yan, parang nagbabayad ka ng brand new car pero second hand naman.

better to apply for a car loan yourself.

[j_avonni]

For a buyer with limited budget, this is okay! But the total of the down payment and the remaining balance should be a little bit higher than the fair market value.

For a seller, I think it's hassle especially if the ownership of the car has not been transferred to the buyer. If this is so, the seller has still liability on the car.


:yawn: [SIZE="1"]4061[/SIZE]

[Rsun]

I sold my car before with the same setup. I had the buyer assume the balance of my car.

The price of the car should definitely be lower than the market price (taking into consideration the depreciation as well). The car that I sold was a Mazda 3 1.6 which I got for about 750-800k. I sold the car (which I used after 1.5 years) with the price of 550k and with the assume balance setup.

I only asked for about 150k DP (as I have paid almost 400k amortization already). I sort of charged the buyer less than half of my DP.

I agree with what the comments of others that the DP should not be unreasonable and in fact should be low since the seller used it already.

Hope this helps

[ninjababez]

pa ride sa thread bros!!
question:

information ng buyer ang ilalagay, after Loan Account #?
Thanks!



also, what does STI1, STI3 and photocopy of signature card mean?

kwento ko lang:
gave the car to my boss, i will shoulder the transfer/chattel fees and insurance for year 2016 (total of 40k).
Car is suzuki swift 1.2L, 1 year old. had a major accident last october 2015 (rear ended by a 6 wheeler), and was unused for 2 1/2 months due to delay in repairs.



exterior job is OK, but the interior job is just so so for me. according to friends and relatives maselan lang daw ako, and 1.5k lang daw maayos na yung interior *like new* (as per my friend who owns a reputable shop), but i dont feel like continue paying for a "wrecked" car.

i included 2 sets of spare banana type wipers (bought on SALE), leatherette seatcover (worth 6.5k), spare air filter (for 20k pms *currently at 17.5k), newly installed vkool OEM 5 (2 weeks old), and huper optik c30 for windshield (di ko naman na malilipat ito); plus the freebie seatcover, tools and matting from casa.

in-return my boss will sell his vios J 2006 for 190k (plus ill add around around 40k for the fees and insurance of my swift)
so ill shell out 40k initially and 10k every month for his vios for 12 months then 70k lump sum after (total of 230k).
coding car nya ito since 2013, but was his primary car since 2006 and ran 100k plus sa odo.

[anonemus]

pa ride sa thread bros!!
question:

information ng buyer ang ilalagay, after Loan Account #?

Bank account info ng BPI FSB Makati account holder/owner

[anonemus]

^ I'm a bit confused, bossing.

Auto debit arrangement form ng BPI kasi ito so parang BPI is the "seller" and the account owner is the "buyer". Walang 3rd party involved dito sa form. The two signatures below are for co-depositors, I think

Sorry, I'm not familiar re ST forms

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[ninjababez]

^ I'm a bit confused, bossing.

Auto debit arrangement form ng BPI kasi ito so parang BPI is the "seller" and the account owner is the "buyer". Walang 3rd party involved dito sa form. The two signatures below are for co-depositors, I think

Sorry, I'm not familiar re ST forms

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pagkaintindi ko kasi bro;

Loan Account Number is MY Car loan account number sa BPI. Then yun next 2 lines, account number and branch na kung san debit ang monthly and insurance (Account info ng buyer, my boss).
tapos yung after ng "very truly yours" is his personal (buyer) info.

tama ba pagkaintindi ko?

[anonemus]

pagkaintindi ko kasi bro;

Loan Account Number is MY Car loan account number sa BPI. Then yun next 2 lines, account number and branch na kung san debit ang monthly and insurance (Account info ng buyer, my boss).
tapos yung after ng "very truly yours" is his personal (buyer) info.

tama ba pagkaintindi ko?

I have a similar form but with my BDO accounts as arrangement for my monthly car amortization. In my form, I'm authorizing BDO to automatically deduct from my savings account and transfer to my loan account.

Kaya may co-signatory is if it's a joint account.

I'm not sure if others use this form when there is a third party involved, in your case your boss....

Hope this helps...

[L1quid]

^yep, sya ang nagbibigay authorization sa bpi to automatically make deductions from his account eh.


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[ninjababez]

^yep, sya ang nagbibigay authorization sa bpi to automatically make deductions from his account eh.


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Thanks jun, yun sti1 and sti3 bro may idea ka?

[L1quid]

Sorry alaws. Ask mo bpi baka code yan ng iba nilang forms.


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[ninjababez]

Sorry alaws. Ask mo bpi baka code yan ng iba nilang forms.


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sige, tagal kasi sumagot bpi sa call
nauuna pa dito eh

[L1quid]

sige, tagal kasi sumagot bpi sa call
nauuna pa dito eh

I-tweet mo sila! Hahaha! Or tawag ka sa isang branch wag yung parang call center nila.


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[ninjababez]

sige, tagal kasi sumagot bpi sa call
nauuna pa dito eh

done calling..thanks sa mga sumagot

[Lew_Alcindor]

Can you tell us how much would you have paid in all after finishing all this assumed amortization?

[ninjababez]

Can you tell us how much would you have paid in all after finishing all this assumed amortization?

Bro nalito ako, did you mean me or the buyer?

Basta bpi said i can pay lump sum of 446,393 php (to end contract) or have someone assume the balance of 12,874 php x 48 months (1st payment due on feb 8 ).

[anonemus]

done calling..thanks sa mga sumagot

Ano daw sabi ng BPI about the form? Ikaw at ang buyer to sign? Or buyer and BPI?