Guest lustfortravel Posted May 15, 2008 Share Posted May 15, 2008 Another question... Can I sell my car in full then pay the remaining amortizations (one shot)... then transfer the ownership to the buyer's name? if your buyer will agree to pay you without getting the papers first ( since you need to fully pay your loan and have the cr transferred to your buyer's name), yes you can sell your car. Quote Link to comment
Guest lustfortravel Posted May 15, 2008 Share Posted May 15, 2008 ^^ you're welcome. don't forget to get your existing comprehensive car insurance transferred to your new vehicle ( in case you already paid for a full year) or to have it transferred in the buyer's name. a problem might arise if the vehicle will be involved in an accident and they will use the existing policy , which will still be under your name. Quote Link to comment
bagito Posted May 16, 2008 Author Share Posted May 16, 2008 Oh LFT... you never cease to amaze me! Thanks!!! Quote Link to comment
ESCALADEBOY Posted October 10, 2009 Share Posted October 10, 2009 Tips for Buying a Used Car........................ I'm thinking buying used car in manila can somebody help me of the legal aspects...step by step if possible. Friendly Canadian,AE Quote Link to comment
Dr_PepPeR Posted October 10, 2009 Share Posted October 10, 2009 Tips for Buying a Used Car........................ I'm thinking buying used car in manila can somebody help me of the legal aspects...step by step if possible. Friendly Canadian,AE You will need the following from the seller: Deed of Sale, Certificate of Registration, Official Receipt for payment of current registration fees, police clearance. If the seller is a corporation, a Secretary's Certificate authorizing the sale and naming the signatories. Quote Link to comment
kadjo Posted October 30, 2009 Share Posted October 30, 2009 what is car loan without taking your car? Quote Link to comment
Dr_PepPeR Posted October 30, 2009 Share Posted October 30, 2009 what is car loan without taking your car? If you could elaborate further? Quote Link to comment
NightWingX Posted November 18, 2009 Share Posted November 18, 2009 You can apply your loan at a bank first(look for the lowest interest). After approval then go to the car dealer and ask for discount for the car. You can get lower interest rate than in house financing plus big discount. Quote Link to comment
ichigo51280 Posted January 19, 2010 Share Posted January 19, 2010 panu po ba ung mga car loans regarding banks that offer them.. how's the transaction all about? Quote Link to comment
Dr_PepPeR Posted January 19, 2010 Share Posted January 19, 2010 panu po ba ung mga car loans regarding banks that offer them.. how's the transaction all about? It's all about a loan sir. If you want to buy a car and you want to pay it in installment, a bank will give you a loan so that the dealer is fully paid and you pay your amortizations to the bank. Meanwhile your vehicle is mortgaged to the bank which means if you don't pay the bank people will get back the vehicle from you and sell it to repay the loan. You can use the car in the meantime until your loan is fully paid wherein the bank will turn over to you the documents representing ownership of the car. Quote Link to comment
pentax^27 Posted July 23, 2010 Share Posted July 23, 2010 It's all about a loan sir. If you want to buy a car and you want to pay it in installment, a bank will give you a loan so that the dealer is fully paid and you pay your amortizations to the bank. Meanwhile your vehicle is mortgaged to the bank which means if you don't pay the bank people will get back the vehicle from you and sell it to repay the loan. You can use the car in the meantime until your loan is fully paid wherein the bank will turn over to you the documents representing ownership of the car.if the bank repossessed your car. does this mean you already have a bad credit line? Quote Link to comment
Dr_PepPeR Posted July 23, 2010 Share Posted July 23, 2010 if the bank repossessed your car. does this mean you already have a bad credit line? If the bank has repossessed your car, you will have no outstanding unpaid loan, so it won't appear in the credit bureau. Quote Link to comment
tma683 Posted July 23, 2010 Share Posted July 23, 2010 (edited) Another question... Can I sell my car in full then pay the remaining amortizations (one shot)... then transfer the ownership to the buyer's name? yes you can if your buyer agrees. ganyan ginawa ko dun sa isa kong car. may natitira pa akong 9 months to pay, but i dont need the car anymore kaya binenta ko na. we did all the transactions in one day lang. nagtiwala naman yung buyer na after 15 days i'll give him the original OR/CR and other docs from the bank. Edited July 23, 2010 by tma683 Quote Link to comment
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