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unpaid monthly amortization

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1 unpaid monthly amortization on Wed Jun 14, 2017 8:31 pm


Arresto Menor
Good evening!

I purchase a one unit of motor vehicle that was for registration status only on a certain company but after two months from recipient I was caught by LTO and they said I violate a rules which is unregistered OR/CR. So they confiscate my drivers license and after that I argue the said company to help me to return back my drivers license since in the first place they told me that it is free to travel and present the certification issued by the company incase of any default coming from LTO.
And until repetitive arguing and demands, I refuse to pay my monthly amortization in exchange for not doing action of my case and until one time they visit our office and began to get my unit without any acknowlegement.

Is it legal the action that made by the company?

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2 Re: unpaid monthly amortization on Fri Jun 16, 2017 12:43 am


Reclusion Perpetua
Read the chattel mortgage contract again.

Financing companies usually include a clause in their loan agreements that in the event of so and so default they will have the right to repossess the vehicle.

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