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Car Loan Approval Sold to a Stranger

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1 Car Loan Approval Sold to a Stranger on Wed Dec 07, 2016 2:26 pm


Arresto Menor
Note before you proceed: I FULLY UNDERSTAND my fault and involvement here. I just need someone to help me, not criticize me again. Thank you for understanding

Good afternoon everyone! I hope someone could help me with my problem.

This is what happened: Around June this year, an agent of Hyundai Quezon Ave sent to me a text advertisement of their promotions like the one that caught me off: Hyundai Eon for a downpayment of 10,000 in Philippine peso. I responded to inquire until the he convinced me to apply for a loan approval. I already expressed that may the loan be approved or not, I'll still think if I will avail or not.

And yes! 3 days at most and my loan application in PSBank is already approved.

However, I decided not to pursue because I'm starting with my schooling and I need more money to sustain my tuition fee. Maybe, the Hyundai agent wanted the commission badly (I mean, who's not?), he persuaded me to just sell my loan approval for 20,000. At first, I refused because I know the risks especially that I don't personally know the person who's gonna buy my approval. But after assuring that I'm not going to have any problem and THAT THEIR CLIENT IS THEIR FRIEND AND TRUSTWORTHY ONE, I finally decided to just sell my approval but having a sworn contract which is the Deed of Sale with Assumption of Chattel Mortgage, I felt like I have nothing to worry about so I proceeded.

They required me to submit the following for the loan as required by PS Bank:

  • Certificate of Employment

  • 2 Valid ID's (Driver's License and Company ID)

  • ITR 2015

and required my presence in their showroom and my signatures in bulk contracts and forms.

On 3rd week of June 2016, I went with my friend to Hyundai Q Ave to personally appear and sign the forms. However, the BUYER didn't show up, I was only able to talk and transact with his nephew and the worst part is, they were not able to fullfill the Deed of Sale with Assumption of Chattel Mortgage. Out of consideration, I agreed to their petition to submit the papers the next day.

NOBODY FROM THEIR CAMP RETURNED THE NEXT DAY. According to the buyer, he's quite busy and always on an out of town activity. I am a very considerate person, everyone who knows me well, knows that.

August 31, 2016. I still remember the first the a collecting agent called me on our office directline. He kept on calling the following day because this buyer promised to pay the following day. Until I no one is calling again. When I enrolled my car loan balances on PSBank online, I found out that he was able to pay only a week after he said he already paid the monthly amortization. I fully realized that he is just telling me to shut me up.

November 8, 2016, I received a FINAL DEMAND LETTER from PSBank stating the unpaid months and the corresponding penalties only to find out that HE HASN'T PAID SINCE SEPTEMBER 2016. Tell me, sino bang matutuwa sa ginagawa nya? I required him to pay the balance but he said he will only pay the minimum amount (he said on november 9 that he already paid the minimum amount but I required him to send the validation slip on viber. One week after, the collection agent called me again stating that the M.As isn't yet paid. The same shows no payment history on my online PSBank Account. He didn't pay indeed!!!)

The agent STOPPED ANSWERING CALLS AND MESSAGES. I don't even know where he is now!!! He left this pile of problem to his father, whom I am talking to right now. BUT I DON"T SEE ANY ACTIONS ON THEIR PART. I am so fed up!!

December 3, 2016, we set this date a week before to have a meeting and to have our signatures on the Deed of Sale w/ Assumption of Chattel Mortgage. I also required him to pay off the balances so that by the time we sign the contract, we will only include the date of the effectivity until the amount is wholly paid (5 years). However, he didn't respond if he already paid (no he didn't because the bank called me on friday - December 2, 2016. HE ALSO DIDN'T SHOW UP ON OUR SUPPOSED MEETING LAST SATURDAY. Now, I texted him yesterday and reasoned out that he was on an urgent out of town (Davao) last saturday. So isn't he irresponsible enough to ditch our meeting. I don't actually accept his apology because I know for real he isn't telling the truth. Now, the collection agent is calling (up to now) asking when am I going to pay the balances. I told the buyer about how harassed I am whenever the collection agent calls and arrogantly talks to me. The funny thing is, he even told me to give his number to those collectors. AS IF HE IS GOING TO ANSWER THEM. The calls will just return to me so it is no use.

This is the exact message he sent to me yesterday:

Buyer: Mam nag usap na tayo inexplain ko na sayo pag delay payment malaki penalty mas matutuwa pa ang bank sa ganun kasi mas malaki kita nila hindi taga bank natawag sayo collecting agent (Sent last Dec 5; 12:50pm)
Me: Sir sige po ipapasa ko sa inyo yung tawag kapag tumawag yung agent ng paulit ulit ha? Ok po ba? (Sent last Dec 5; 12:55pm)
Buyer: Sige mam pakibigay number ko please (Sent last Dec 5; 12:57pm)

Masyadong pilosopo eh. I know I've done something wrong here. What should I do? I don't want my parents to get involved here. As far as I can resolve this on my level, I will not let them get involved in here.

I want to get back the car and surrender to the bank, but can anybody help me on how I can repossess the car? Kung nagkataong may Deed of Sale with Assumption of Chattel Mortgage na kami mas kawawa sya kasi irresponsible borrower na, nagbbreach pa.

Thank you for the help in advance. Hoping that someone can help me here. Smile God bless you!

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