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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


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


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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