UNPAID CAR LOAN AMORTIZATION
3 Re: UNPAID CAR LOAN AMORTIZATION on Fri Mar 08, 2013 12:00 am
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!
4 Re: UNPAID CAR LOAN AMORTIZATION on Fri Mar 08, 2013 12:43 am
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
5 Re: UNPAID CAR LOAN AMORTIZATION on Tue Sep 17, 2013 3:18 pm
6 Re: UNPAID CAR LOAN AMORTIZATION Today at 8:28 am
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