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In Dec 2008, my company (with which I am also a small stockholder)located in San Fernando Pampanga acquired a brand new Kia Rio for assignment to me. They informed me it that it should be under my name because the Bank would not approve the company for having procured several vehicles already.
And so I agreed to sign the chattel mortgage, issued 12 PDCs as required while the company issued me 12 PDCs, as well. They asked me to sign a Deed of Sale informing me that it just means the company owns the car.
From then on, they were the ones paying for it in the bank. Yet even then, I would receive demand letters from the bank due to late payments. The car was mainly used for my official business until 18 August 2010 when I had to go abroad. I promptly returned the vehicle to the company.
Went back home in June 2011 and got employed by a new local company until this February 2012.
I returned to the company as per their invitation to rejoin despite my being employed by another local company. I resigned from the new company and rejoined them but I didn't even get to see my car. They said another car will be assigned to me but nothing happened.
That time, I would still receive these demand letters from the bank. I kept on reminding our office regarding the payments and all they would say was "tell the bank we will settle on (date)", "inform them that it's with the office", "don't sign the surrender form", etc.
Company operations suddenly went bad and we were not receiving our salaries since April 15. Salesmen were resigning already. ANd we, the managers, were left with no direction. And I stopped coming to the office.
Until the bank sent me messages that they would file a case against me if I fail to settle the full balance or if I fail to surrender the unit. I informed our office by emailing them the copies of the demand letters but they were silent on it. Until the bank collector went to our house and had me sign the voluntary surrender form.
In short, to have a peace of mind from the harassing messages and demand letters, and besides the company was going silent on it, I signed the surrender form.
Last week, Friday, the bank collector updated me: our GM asked for a copy of the signed surrender form and told the collector to come back on MOnday as the car was being used by an employee in Pangasinan.
On Tuesday, the following week, (19 June 2012),as the bank collector went all the way to our Pampanga office, our GM was not present. But he texted the bank collector and told him that the company lawyer wants a copy of the court order addressed to me and that they would also file a case against me because I signed a deed of sale. And that the "incorporators" (I checked with the incorporators, they know nothing) want the money paid on my behalf be returned to them.
Our GM further texted that he is willing to return the unit but the "incorporators" are not because of the deed of sale. I assume it is just our GM deciding for himself, though.
Hence, a looming lawsuit from the company with whom I have a "deed of sale" and another from the bank fro not returning the unit.
I am now in the dark as to what to do. Please advise. HELP!
And so I agreed to sign the chattel mortgage, issued 12 PDCs as required while the company issued me 12 PDCs, as well. They asked me to sign a Deed of Sale informing me that it just means the company owns the car.
From then on, they were the ones paying for it in the bank. Yet even then, I would receive demand letters from the bank due to late payments. The car was mainly used for my official business until 18 August 2010 when I had to go abroad. I promptly returned the vehicle to the company.
Went back home in June 2011 and got employed by a new local company until this February 2012.
I returned to the company as per their invitation to rejoin despite my being employed by another local company. I resigned from the new company and rejoined them but I didn't even get to see my car. They said another car will be assigned to me but nothing happened.
That time, I would still receive these demand letters from the bank. I kept on reminding our office regarding the payments and all they would say was "tell the bank we will settle on (date)", "inform them that it's with the office", "don't sign the surrender form", etc.
Company operations suddenly went bad and we were not receiving our salaries since April 15. Salesmen were resigning already. ANd we, the managers, were left with no direction. And I stopped coming to the office.
Until the bank sent me messages that they would file a case against me if I fail to settle the full balance or if I fail to surrender the unit. I informed our office by emailing them the copies of the demand letters but they were silent on it. Until the bank collector went to our house and had me sign the voluntary surrender form.
In short, to have a peace of mind from the harassing messages and demand letters, and besides the company was going silent on it, I signed the surrender form.
Last week, Friday, the bank collector updated me: our GM asked for a copy of the signed surrender form and told the collector to come back on MOnday as the car was being used by an employee in Pangasinan.
On Tuesday, the following week, (19 June 2012),as the bank collector went all the way to our Pampanga office, our GM was not present. But he texted the bank collector and told him that the company lawyer wants a copy of the court order addressed to me and that they would also file a case against me because I signed a deed of sale. And that the "incorporators" (I checked with the incorporators, they know nothing) want the money paid on my behalf be returned to them.
Our GM further texted that he is willing to return the unit but the "incorporators" are not because of the deed of sale. I assume it is just our GM deciding for himself, though.
Hence, a looming lawsuit from the company with whom I have a "deed of sale" and another from the bank fro not returning the unit.
I am now in the dark as to what to do. Please advise. HELP!
