Reposession of Crashed Car

**markvilla21** · November 21st, 2017 08:18 PM

UPDATE: Problem solved.

We took the following steps and got the total loss affirmed:

1. Had a lawyer represent us in all dealings with BPI MS. My cousin happens to be the lawyer.
2. We old BPI that unless the case is resolved within 2 weeks, my entire family would pull out all our accounts.
3. Told them we'd report the case to the insurance commission and have this horror story published across the internet. My brother owns a digital PR firm which can do the task.

They sent an inspector within 2 days and declared the total loss on the 3rd day. Looks like BPI can move rapidly when it wants to.

**bishop** · November 21st, 2017 09:55 PM

Originally Posted by markvilla21

Picturan ko pag napadaan ako sa Ford mamaya sir. Personally di ko masyado tinitignan medyo mabigat sa loob.

The feels, sir.

**bishop** · November 21st, 2017 10:02 PM

Originally Posted by markvilla21

UPDATE: Problem solved.

We took the following steps and got the total loss affirmed:

1. Had a lawyer represent us in all dealings with BPI MS. My cousin happens to be the lawyer.
2. We old BPI that unless the case is resolved within 2 weeks, my entire family would pull out all our accounts.
3. Told them we'd report the case to the insurance commission and have this horror story published across the internet. My brother owns a digital PR firm which can do the task.

They sent an inspector within 2 days and declared the total loss on the 3rd day. Looks like BPI can move rapidly when it wants to.

Glad to hear na okay na, sir. Cut losses na lang and still thankful no one was seriously hurt. I got into a similar scenario when I got into an accident 3 weeks ago. Total loss din ang labas. We're still waiting for the insurance's estimate for the fair market value of the car. May I ask sir, how long did your insurance company process the market value of the car as well as the total loss offer? We're also looking to buy another car using the money from the total loss claim. Any input would be appreciated.

**mda** · November 22nd, 2017 01:13 PM

Originally Posted by markvilla21

UPDATE: Problem solved.

We took the following steps and got the total loss affirmed:

1. Had a lawyer represent us in all dealings with BPI MS. My cousin happens to be the lawyer.
2. We old BPI that unless the case is resolved within 2 weeks, my entire family would pull out all our accounts.
3. Told them we'd report the case to the insurance commission and have this horror story published across the internet. My brother owns a digital PR firm which can do the task.

They sent an inspector within 2 days and declared the total loss on the 3rd day. Looks like BPI can move rapidly when it wants to.

At least ok na.

Is another everest in the cards? hehe

**EQAddict** · November 22nd, 2017 03:08 PM

Glad ayos na your problem.

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**markvilla21** · November 22nd, 2017 08:00 PM

Originally Posted by bishop

Glad to hear na okay na, sir. Cut losses na lang and still thankful no one was seriously hurt. I got into a similar scenario when I got into an accident 3 weeks ago. Total loss din ang labas. We're still waiting for the insurance's estimate for the fair market value of the car. May I ask sir, how long did your insurance company process the market value of the car as well as the total loss offer? We're also looking to buy another car using the money from the total loss claim. Any input would be appreciated.

Sorry to hear about the accident sir. Hopefully nobody was hurt. In my case, the vehicle was 5 weeks old and madali ang calculation ng FMV. -20% ng SRP ng sasakyan. Still, it took seven weeks to declare a total loss. Yung actual na pag stop ng payment and reimbursements matatagalan pa. But I'm just relieved na medyo may closure na po.

**markvilla21** · November 22nd, 2017 08:02 PM

Originally Posted by mda

At least ok na.

Is another everest in the cards? hehe

I love the Everest. Great value for money. Di naman sa superstitious ako pero medyo traumatic na sya sa akin. Fortuner na muna. Sa next Everest na lang uli kami hehe.

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Originally Posted by EQAddict

Glad ayos na your problem.

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Thank you sir!

**mda** · November 22nd, 2017 08:15 PM

Originally Posted by markvilla21

Sorry to hear about the accident sir. Hopefully nobody was hurt. In my case, the vehicle was 5 weeks old and madali ang calculation ng FMV. -20% ng SRP ng sasakyan. Still, it took seven weeks to declare a total loss. Yung actual na pag stop ng payment and reimbursements matatagalan pa. But I'm just relieved na medyo may closure na po.

So in this case, how does the math work out?

Example: to make things easier let us assume the price of the vehicle was 1M, and you made a 20% DP of P200,000, and owe the bank a total of 1M (factoring in interest na)

You have paid approx 2 months worth of amortization already...

Ano yung irrefund sa inyo?

**JJB** · November 22nd, 2017 09:42 PM

Have you asked ford why the airbags didnt deploy? Baka may habol ka rin sa ford if ever i guess

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**markvilla21** · November 22nd, 2017 10:37 PM

Originally Posted by mda

So in this case, how does the math work out?

Example: to make things easier let us assume the price of the vehicle was 1M, and you made a 20% DP of P200,000, and owe the bank a total of 1M (factoring in interest na)

You have paid approx 2 months worth of amortization already...

Ano yung irrefund sa inyo?

I'll povide an update when the final numbers are in. But basically, the bank manager explained that the amortizations will be written off. Magkakatao pag binawas sa insured amount yung depreciation and total of all amortizations+interest. Yung sumobra ang rerefund pag meron.