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Auto loan disaster

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1 Auto loan disaster on Tue Nov 01, 2016 6:32 pm

Troubled_Citizen


Arresto Menor
Hi I need legal advise regarding my auto loan. I purchase a vios last april 2014. I was able to pay my loan until aug of 2015. Due a family member's bad decisions I was forced to single handedly shoulder all expenses and family loans thus making it hard for me to settle my auto loan. To this date I still have my car with me (1 yr and 3mons, and counting) but I'm worried that my car would be tag as carnapped or something. I'm also worried of the circumstances it my bring for having it with me for this long.

What would be the best remedy for my delma?

I hope someone could help me.

Thank you.

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2 Re: Auto loan disaster on Wed Nov 02, 2016 3:41 am

Ramskie1987


Arresto Menor
Troubled_Citizen wrote:Hi I need legal advise regarding my auto loan. I purchase a vios last april 2014. I was able to pay my loan until aug of 2015. Due a family member's bad decisions I was forced to single handedly shoulder all expenses and family loans thus making it hard for me to settle my auto loan. To this date I still have my car with me (1 yr and 3mons, and counting) but I'm worried that my car would be tag as carnapped or something. I'm also worried of the circumstances it my bring for having it with me for this long.

What would be the best remedy for my delma?

I hope someone could help me.

Thank you.


Hi, I will not give you legal advice because I'm not good at it. This is just a suggestion that you can do or not. It's up to you. Why don't you try to become an UBER or GRAB driver? This way, you can boost your earnings so you can pay your auto loan. I have a friend already doing this and the result is awesome. Treat it as a business car.

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3 Re: Auto loan disaster on Wed Nov 02, 2016 5:21 am

Lunkan


Reclusion Perpetua
Why would it be carnapped?? When the car is collateral for a loan, then it can be foreclosed.

I don't know what's best for you. It depend of your situation and what you believe about the future.
What's the interest and remaining dept?
How much use do you have of the car ? = How much do you NEED it?
Do you expect your problem to pay will go on long time, or do you expect it will change to the better soon?

If you want to get out of the dept, you can try to SELL the car including the buyer asume the loan. But the lender need to agree to transfer the loan.
I have seen some car sell finance offers are CRAZY expensive. If you have such, I would try to get out of it.

If you want to keep the car and expect your situation will improve soon. you can try to talk with the lender to be allowed to delay the payments.

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4 Re: Auto loan disaster on Wed Nov 02, 2016 8:58 am

ador


Reclusion Perpetua
If you decide to "sell" the car to another person, BE SURE TO GO TO THE FINANCING INSTITUTION WITH THE PERSON for the proper turn-over. A deed of sale will not do (even notarized) and you will find yourself in a bad situation.

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