2014 Toyota Wigo

[dr. d]

Hi,

I just registered so I can't post a new thread yet. I just want honest opinions about my plan. I saw an ad online for a Toyota Wigo which was bought around Sept 2015. Less than 5k pa yung odo nya and the current owner is looking for someone na magtuloy ng loan. RFS nya is buying an upgrade. He's asking for 60k and 5yrs ung loan and monthly is 10k something.

I've tried searching online about the pros and cons of assuming a car loan and it looks like ang hassle is more on the seller's side. Ako yung magiging buyer. How should I go about this? Na-disapproved kasi kami (kulang sa docs/papers, me and my wife are online freelancers) kaya I am considering this option.

What should I look out for and what paperworks are needed para maging legal transaction and wala na habulin si buyer samin lalo na pag natapos namin yung terms? Thanks

i believe that "assuming balance" is sometimes akin to buying a used car, at brand new price.
so unless he's almost giving it away...
and yes... if you were dis-approved then, i wager you'd still be dis-approved to assume balance.
give yourselves some time to see if you can discipline your finances enough, so as to be able to buy a car on cash basis... hey! some used cars are good buys...

[jaren999]

+ 1 assume balance ka eh?

I assume you're not paying it in cash, you need to finance it.

Since declined ka sa application mo, how can you be approved this time?



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The seller and I have been discussing our options. Since nga na nadisapproved na ko, I informed him about it, so it looks like transferring the loan to my name is not an option.


An option is for me to continue the loan, without transferring it to my name. Based on what I've read, this is a bigger risk on the seller's side. My only concern is if matapos ko hulugan yung car, wala na magiging habol si buyer.

Would a Deed of Sale be enough to prove na akin na talaga yung oto?

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Hi there! Ang alam ko, punta ka din sa bank nya para i-transfer syo yung amortization, name, etc. Pero ganun pa din, hahanapan ka ng usual docs in applying for a car loan. Not sure kung sa iba ganun din.

Thanks for your input nimrod5!

[jaren999]

i believe that "assuming balance" is sometimes akin to buying a used car, at brand new price.
so unless he's almost giving it away...
and yes... if you were dis-approved then, i wager you'd still be dis-approved to assume balance.
give yourselves some time to see if you can discipline your finances enough, so as to be able to buy a car on cash basis... hey! some used cars are good buys...

Hi Dr. D, seller is asking for 60k lang and nakapaghulog na siya ng 5mos. So it will look like na nakatipid ako ng 5mos and I think it's a good deal na based sa mga quotes na narecd ko from different SAs.

I wonder what are the legal docs needed when buying a used car?

[cast_no_shadow]

Risky yan. For me mag effort na lang ako ma-approve or like what dr d said look for second hand na muna that fits your budget.

Kahit may deed of sale pa for me walang bearing yan. Since the orig OR/CR is still mortgaged sa bank and still sa pangalan nung orig owner.

What if (huwag naman sana) after 5 years kung kelan tapos mo na yung hulog eh bigla hindi mo mahagilap si orig owner? May saysay ba yung deed of sale? (Better check on this)

On the other hand risky din kay owner yan, since anytime pwede mo hindi ituloy ang bayad. Parang nag rent a car ka na lang. Sira ang pangalan niya sa bank black listed pa siya sa mga future loans niya.


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[dr. d]

Hi Dr. D, seller is asking for 60k lang and nakapaghulog na siya ng 5mos. So it will look like na nakatipid ako ng 5mos and I think it's a good deal na based sa mga quotes na narecd ko from different SAs.

I wonder what are the legal docs needed when buying a used car?

so how much you 'reckon you are saving if you got this assume balance car, compared to if you were to buy a brand new one instead, at the same schedule as that car?

i'm guessin' wildly (heaven forbid that i'm right on) that you do not want to involve the bank in the assume balance deal, because there is a chance the bank won't approve it, based on your income/credit history.
well, you have to! the bank owns that car! your seller mortgaged the car to the bank!
if you really want that car, the best thing to do is to involve the bank in the documentation of the transfer. that way, the bank's, your's, and the seller's rights and interests are protected.
if you keep the sale a secret between seller and you, there are so many possible bad things that can go wrong, and someone has to end up holding the empty bag.
you should visit the other thread on assume balance somewhere here. you can see just how wrong and complicated, things can end up being.
good luck, sir.

[jaren999]

Thanks for your time! I've been discussing with the seller and he will get back to me about what his bank has to say about this.

[ninjababez]

Thanks for your time! I've been discussing with the seller and he will get back to me about what his bank has to say about this.

advice sakin ng bank kung di ka ma approve dun sa ownership transfer is;
1. "deed of sale"
2. get authorization letter from owner that allows you to pickup the OR/CR from the bank as soon as loan as been paid out.

[dr. d]

advice sakin ng bank kung di ka ma approve dun sa ownership transfer is;
1. "deed of sale"
2. get authorization letter from owner that allows you to pickup the OR/CR from the bank as soon as loan as been paid out.

delicado..!
what if buyer drives off with the car and reneges to pay the monthlies? the bank can still run after the seller.
what if seller goes to the bank shortly before completion of monthlies, pays bank in full, and gets the ORCR and holds it for ransom from the buyer?

if i can think about it, so can they.

[mrs. oink]

hi. good morning. bought wigo trd last year May pa. this year napansin ko di na gumagana ang gps ko, sabihin lang nya calculated the route, pls drive safely, tapos wala naman lumalabas, saka nawala na rin pati mga notifications nya like, speed camera detected, railroads etc.. ano po pwede ko gawin? thanks po.

[dr. d]

hi. good morning. bought wigo trd last year May pa. this year napansin ko di na gumagana ang gps ko, sabihin lang nya calculated the route, pls drive safely, tapos wala naman lumalabas, saka nawala na rin pati mga notifications nya like, speed camera detected, railroads etc.. ano po pwede ko gawin? thanks po.

still under warranty, i suppose?
bring it to the casa.