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Car loan finance Issues But not my fault.....

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enerlevel


Arresto Menor
hi all,
   My wife is a filipino but we live in UK. around 3.5 years ago, we financed a car in Philippines. my wife gave 24 cheques to Toyota and we got the car sorted.  after 20 months, my wife visited Philippines and gave the showroom another 24 cheques. since then we have been paying to our local bank branch assuming that the bank which financed us would be debiting our account as normal.
only until last month my wife enquired about her balance in the acc and was shocked to see that we had over 300,000 peso. after doing an online chat with the bank, we got to know that they don't have the cheques. so I assume that Toyota lost the cheques or didn't forward it to the bank.
since then I have been trying to email the bank (remedial) and Toyota itself but no one is replying back to me..
being frustrated, my wife told one of the aunty in Philippines to go and update the situation. the bank said they will not talk to her as she is not the authorised person but they said to her that the account is now defaulter and no negotiation can be made. only thing is they can take the car away or pay the full remaining balance with interest..  
somethings to note

1) my wife told the guy in Toyota to make photocopies of the cheques. therefore she has a photocopy of those cheques.....

2) the bank said they have sent several reminders, emails etc to our agent in Toyota but we got no reminders from him

3) our bank is fully updated with the balance of the auto loan. therefore our bank statements can show that every month we have been putting money regularly.

4) we have been emailing both Toyota and the bank. its been 1 months already and no one has actually sent us a reply.

5) no one has come to repossess the car during this past 1 year of non payment....

please advise what can be done...... thanks

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xtianjames


Reclusion Perpetua
issue a SPA to your wife's aunt in the Philippines in order for her to have the authority to sort this out on your behalf.

sadly, on Toyota's side, you are considered defaulters even if it is not your fault. your issue will be with the bank.

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enerlevel


Arresto Menor
However, by virtue of our existing Bank policies, we regret to inform you that we cannot grant your request for a partial payment for the months that are unsettled.
Please be informed that partial payment is no longer acceptable once the account is being handled by our Legal Department.
Please take note that your accoutn started to turn delinquent on May 5, 2016. Several collection efforts were exerted on the account to revert back in current status but to no avail that resulted to the filing of replevin case Xxxxxxx docketed under case No. Xxxxxxxx
As of today you need to settle PHP1,423,661.00 exclusive of unpaid insurance if there is any. You have also an option to surrender the unit temporarily subject to 15 days redemption provided that the Foreclosure Balance including actual legal expenses like attorney's, filing, bond and storage fees as stipulated under the chattel mortgage agreement is settled in full.

This is the reply the bank has sent me today ... please advice what should I do ? Toyota is still not saying anything

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xtianjames


Reclusion Perpetua
better have someone contact Toyota to find out what happened to the cheques you previously issued to them. unfortunately, if no one will be held accountable for the mistake, you will have no choice but to comply with the bank's demands.

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enerlevel


Arresto Menor
I got a reply from the Toyota reprentative today saying that please be patient my boss is dealing with the case.

Can I not file a case? I have the photocopy of all the cheques I gave to them which clearly mentions addressed to the bank. Plus I always had the funds available for their auto loan and I can prove it with the bank statements. Plus I can request them the cctv footage which will show my wife handing him all the cheques.. moreover the bank can prove that it's not because of Mis payments that the funds didn't clear , it's because there was no cheque to present.. don't I have a case here ?

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enerlevel


Arresto Menor
Hi all,
I just got a reply from Toyota saying that they are sorry for the inconvenience caused.. they said they didn't get any reminder or letter from the bank regarding the failure of auto loan payment. Moreover, Toyota is saying to send them the bank statement showing that I have money to pay the monthly every month.
I called the bank branch in uk and they say they can't give the bank statement from here (UK). But my wife has all the remittance slips for that account. Do you think that is enough? Or will my wife have to spend £600 to fly to philippines to hand them just the bank statement ... so upset

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xtianjames


Reclusion Perpetua
Usually they will require a authenticated bank statement so electronic confirmation will most likely be not accepted but there is no harm in checking with them.

as I've said previously, you can issue a special power of attorney to a relative on the Philippines in order for that person to handle the case on your behalf. no need for your wife to fly to the Philippines. However, if you don't trust anyone to handle this for you then having your wife go back to the Philippines will be your only option.

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Patok


Reclusion Perpetua
If you are paying the monthly payments, then the money is already there in the bank, then you can already settle the amount in full..

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enerlevel


Arresto Menor
Hi,
Yes we have all the money in the bank acc. For the missing months which is 24 months but now the bank is saying to pay the money in full which is 48 months plus interest.
I mean to be honest the money is in the bank, we already have the cheque to Toyota , it is their problem as to why they not withdrawing the money.. I am fulfilling all my duties

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enerlevel


Arresto Menor
Hi all,
It's been almost a week chasing up Toyota and the bank.
The latest is that Toyota says they gave the cheque to the bank but on may 2016 the cheque format changed and the bank sent many letters and people to chase us but couldn't find us therefore they can't help us.

1) Toyota don't have any receiving or proof that they gave our cheque to the bank.

2) because we live abroad, there was no one to receive the letters
But they had my wife's phone number and email address but no one called or emailed us.


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enerlevel


Arresto Menor
Hi all,
We finally put an end to this. Toyota refused to have recieved any cheque and nor did the bank help us. The outstanding amount was 850,000 and we offered the bank 950,000 cash for final settlement but they refused. They wanted 1.4 million or hand over the car. We obviously took the second option and bought a similar car from the market for 900,000.

Please please learn a lesson from this Post. Don't trust any of the car dealers or showroom. We almost lost 600,000 just because Toyota did not handover the cheques to the bank.

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12 Car loan payment on Mon Jul 24, 2017 8:41 pm

elanov08


Arresto Menor
Hi goodpm. Help po sana. My car loan ksi kmi. Tapos ndelay kmi ng 1month and a half. Then, we advise the law office to settle it by the end of this month. Tapos ayaw nila pumayag, ksi we need to settle until september 2017 payment dw para ma update otherwise kukunin nila ssakyan and file ng case. Pede po ba yun? They kept on calling everyday kasi. Help naman po. What to do? We need to surrender po ba yung sasakyan? Thanks

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