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Process for selling a car for assume balance

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1 Process for selling a car for assume balance on Mon Feb 02, 2015 2:24 pm


Arresto Menor
Hi everyone.

I bought my Toyota Vios (2014) last year in May at Toyota Cubao and I'm selling it now sa Davao kasi andun na ang car.

I've searched online and I honestly can't find any relevant answers sa inquiry ko. I've also asked my cousin who is also a lawyer (non-practicing though) and he's strongly against the idea of the buyer paying the monthly than paying in full. I guess I'm putting good faith in the potential buyer and my cousin (lawyer) says it's not good enough. So since he's already shut down my idea (which I understand kasi marami na ring modus everywhere), I was hoping to get some more insight on this matter from other experts as well.

The potential buyer is ready to get the car (pay the cashout and monthly) and have mentioned that by the end of the month, they can pay the remaining balance in full.

I understand it's supposed to be an internal agreement between me and the buyer, what documents do I need to make sure that I can legally go after the buyer or take the car back if na-default ang payment nila for X number of months?

I would really appreciate your help on this. Question

Last edited by slowlybutsurely on Mon Feb 02, 2015 2:25 pm; edited 1 time in total (Reason for editing : inserted emoticon)

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