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UNPAID CAR LOAN AMORTIZATION

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1 UNPAID CAR LOAN AMORTIZATION on Thu Mar 07, 2013 11:36 pm

slcamacho


Arresto Menor
After surrendering a car for not able to continue paying its amortization. Do I still have to pay the unpaid dues with interest?

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2 Re: UNPAID CAR LOAN AMORTIZATION on Thu Mar 07, 2013 11:46 pm

ibonidarna

avatar
Reclusion Perpetua
No. The obligation is already extinguished when they took the car from you.

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3 Re: UNPAID CAR LOAN AMORTIZATION on Fri Mar 08, 2013 12:00 am

slcamacho


Arresto Menor
Thank you for your promt reply. I am so much exhausted right now on thinking ways of how to solve my problem. I'm in financial difficulties right now and worried that I might still needed to pay the bank even after surrendering my car.

Is there a specific law that support this principle that once the mortgagor took the car I am already free from any obligation of paying the unpaid dues?

Thank you very much!

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4 Re: UNPAID CAR LOAN AMORTIZATION on Fri Mar 08, 2013 12:43 am

ibonidarna

avatar
Reclusion Perpetua


ART. 1484. In a contract of sale of personal property the price of which is payable in installments, the vendor may exercise any of the following remedies:

(1) Exact fulfillment of the obligation, should the vendee fail to pay; .

(2) Cancel the sale, should the vendee's failure to pay cover two or more installments;

(3) Foreclose the chattel mortgage on the thing sold, if one has been constituted, should the vendee's failure to pay cover two or more installments. In this case, he shall have no further action against the purchaser to recover any unpaid balance of the price. Any agreement to the contrary shall be void.

You can use this provision from the NCC

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5 Re: UNPAID CAR LOAN AMORTIZATION on Tue Sep 17, 2013 3:18 pm

Mikealbright


Arresto Menor
Car finance has become big business. A huge number of new and used car buyers in the UK are making their vehicle purchase on finance of some sort, and many people choose to arrange it through the dealership. So what do you need to know about financing your car from the dealer?
http://www.insurance4motortrade.co.uk

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6 Re: UNPAID CAR LOAN AMORTIZATION on Mon Feb 27, 2017 6:22 pm

hyundai


Arresto Menor
how about my case? i avail the promo of the car dealer. my 57k down payment will be divided into 10 payments of 5,700php thru pdc.. i already surrender the car to the bank. but there are still 4 pdc's worth 22,800php in total. do i still have to pay it?

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7 Re: UNPAID CAR LOAN AMORTIZATION on Sat Mar 11, 2017 2:58 pm

ador


Reclusion Perpetua
hyundai wrote:how about my case? i avail the promo of the car dealer. my 57k down payment will be divided into 10 payments of 5,700php thru pdc.. i already surrender the car to the bank. but there are still 4 pdc's worth 22,800php in total. do i still have to pay it?

Call the bank, tell them or send them the documents of encumberance, talk to them i would suggest before cancelling the checks. Document what you do.

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8 Complicated Car loan on Sun Apr 02, 2017 2:37 am

Chris1900


Arresto Menor
Hi, Please enlighten me. I have an existing car loan, which is 2 months behind now. I have pawned the car to a loan-shark, because of financial dificulties. To my dismay, I can longer pay the money I borrowed from the loan shark. My questions are:

what happens if I can't pay the car loan and they try to repossess it?

If it's still under the possesion of the loan shark, will the bank take it against me?

And what is going to be the process?

Please help!

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9 Re: UNPAID CAR LOAN AMORTIZATION on Wed Apr 05, 2017 4:43 pm

ador


Reclusion Perpetua
[quote="Chris1900"]Hi, Please enlighten me. I have an existing car loan, which is 2 months behind now. I have pawned the car to a loan-shark, because of financial dificulties. To my dismay, I can longer pay the money I borrowed from the loan shark. My questions are:

what happens if I can't pay the car loan and they try to repossess it?

-they will hold you accountable. and rightly so. wrong move to pawn the car. It is encumbered, you do not own it yet.

If it's still under the possesion of the loan shark, will the bank take it against me?

-yes

And what is going to be the process?

-you will be in debt, asked to pay up, and surrender the vehicle or face charges.

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10 Re: UNPAID CAR LOAN AMORTIZATION on Mon Apr 17, 2017 4:40 pm

Angel777


Arresto Menor
Hi I would like to ask for your assistance with regards to my car in which I pawned it to another person and that person were no longer in contact with me anymore in short I don't have any idea where exactly the person is right now. Last week the bank finance/legal department of the bank came to our house and was able to talked to my in law since I was not around during the time of their visit, From there they left calling card to be contacted.According to them they could sue me of carnapping. In addition to that I was not able to received any of the letter since November last year (1st moth that I did not pay my monthly amortization sue to my unemployment)
I really wanted to settle this matter and badly needed your response.

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11 Re: UNPAID CAR LOAN AMORTIZATION on Mon Apr 17, 2017 8:04 pm

xtianjames


Reclusion Perpetua
better discuss this with the bank as you are liable in this scenario. since your car is still encumbered, technically its the property of the bank and you should not have pawned it.

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12 Re: UNPAID CAR LOAN AMORTIZATION on Sat May 06, 2017 7:53 am

t1g3rl1l1


Arresto Menor
http://www.pinoylawyer.org/t36530-unpaid-car-loan-amortization

I have my question here.. please help. thank yiu.

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13 Re: UNPAID CAR LOAN AMORTIZATION on Mon Jan 29, 2018 2:37 pm

ROCHEP98


Arresto Menor
Hello po Atty. need clarification and help.
Problem vehicle motor always bogs down and is not running.
I got the unit Sir in October 27, 2017 last year and two weeks after that the vehicle started to mal function. it is a second hand unit.
I had it repaired and up until December of 2017 I spent almost 15k for repairs.
The sales person whom I have contact with knew about the problem.
As my company also got bankrupt I have decided po to return the unit but it does not run on top I can not pay its monthly anymore than its repair.
Starting December when I told the dealer to retrieve it from my possession I did not pay the monthly anymore.
Unfortunately the vehicle is in Mindanao and I got it from Negross, I wanted to return it myself unfortunately it does not run. so I ask the dealer to bring a mechanic and get it from here on my expense which is okay I just want it back to them. But they insist to bring it to their nearest shop which is 389km from my area to have it taken by a truck, again on my expense. Unfortunately as much as I wanted the vehicle out of my hands I have no means anymore to pay the truck as I already spent almost 25k to date trying to repair the vehicle but to no avail.
I again attempt to get them to retrieve it from me but all they say is Mam dalhin niyo na lang po sa dipolog at isakay sa truck.
What can I do Sir? Now even if we are communicating through phone and sms messages they have harassed my co-makers. They know where I am. What should I do next Atty.?



Last edited by ROCHEP98 on Mon Jan 29, 2018 2:42 pm; edited 1 time in total (Reason for editing : added additional info)

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14 Re: UNPAID CAR LOAN AMORTIZATION on Mon Jan 29, 2018 10:12 pm

attyLLL


moderator
normally, lenders will go after the car but if they feel that the car has no more value, they can file a case to collect against you and comakers.

not a legal advise, but most cars can be fixed even if the engine has to be replaced.


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15 What should I do then? on Wed Jan 31, 2018 12:39 pm

ROCHEP98


Arresto Menor
attyLLL wrote:normally, lenders will go after the car but if they feel that the car has no more value, they can file a case to collect against you and comakers.

not a legal advise, but most cars can be fixed even if the engine has to be replaced.

Meaning Atty. they will just resume collecting and not even bother with getting the unit? How can I do it legally as I can not pay nor even finance the maintenance anymore.

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16 Re: UNPAID CAR LOAN AMORTIZATION on Sat Feb 10, 2018 6:36 pm

Ixian


Arresto Menor
Hello po atty. 3years na po yung car saken. Then nadelayed po ako ng payment 3months. Di pa ako nkkabigay ng issued cheque. Kinukuha na po ng legal department yung car unit. Ask ko lang po kung mgkanu po ba usually penalty sa auto loan kapag di po nkabayad ng 3months sa banko.? Monthly ko po is nasa 10,000. Sa 3months po dapat 30,000 lang . Expected ko po maliit lng yung penalty nila pero parang malaki po ung penalty na dapat ko bayaran. . 23k .Sinisingil po sken is 53,000. Pls Advise naman po kung tama po ba ung penalty charge nila saken.salamat po. Godbless

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17 Re: UNPAID CAR LOAN AMORTIZATION on Sun Feb 11, 2018 7:39 pm

xtianjames


Reclusion Perpetua
check your contract

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18 Re: UNPAID CAR LOAN AMORTIZATION on Wed Feb 14, 2018 9:19 pm

arnoldventura


Reclusion Temporal
Let me share a link to a related topic. I hope the readers here find it useful. https://www.alburovillanueva.com/repossession-automobiles

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