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Greetings,
Sorry for the title. I didn't know what to name my topic. Last February, a friend offered me to buy his BMW for Php650,000. I told him I can't afford that but he insisted that I can take the vehicle with Php100,000 or Php80,000 downpayment and that I can trade-in the camry i was using. I told him that I'll give him a proposal and did so in a day or two. I proposed to give him Php270,000 in cash and I pegged the value of my car at Php180,000. All in all that would be Php450,000 and the remaining balance of Php200,000 will be payable in 10 months or in increments of Php20,000 per month from March 20, 2012 up to December 20, 2012. I told him I didn't want to pay for interest because I can't afford it. I told him that whatever decision he makes is fine by me. A few days later, he agreed to my proposal but wanted a discount on my car so I gave him Php10,000 off. That raised my monthly to Php21,000 a month until December 20, 2012. He said he needed the money to buy furniture for his new condo in QC. So we pushed thru with the deal and we swapped vehicles. After about 3 weeks, my camry's engine broke down while he was on his way to Pampanga. A day prior to it being damaged, his wife was even all praises for the camry and even said that his husband uses it regularly. So when he told me the engine got broke I was shocked. Because prior to my turnover of the vehicle to him, I had a mechanic check the engine, underchassis etc. etc. I wanted to tell him that it's not my problem anymore. But out of delicadeza and to remove doubt that I sold him a broken down vehicle I decided to give my share for the repair of the vehicle. Problem was, he didn't want to give any share for the repair and he said that I should shoulder the cost because it was my car. I ended up giving him a total of Php25,000 and basically all that I had left. I was still short of Php12,000 because the repairs according to him would amount to Php37,000. I asked him to help me with the repairs but he wouldn't budge and to speed up the process I just asked him to shoulder the deficit and that I would just pay him in the future. Even that wouldn't do for him. And that's when the problems started. That's when I found out that he was paying around Php27,000 a month for the BMW and that it has 21 months left before we get the papers from the financing company. I told him that he should've told me about that because I wouldn't have pushed thru with the deal had I known that he was shelling out his own money. To which he said he was sorry and only wanted to help. But I didn't buy that. I asked him for a copy of the papers from the financing company but he wasn't able to provide any of it. He said that we should just restructure a new loan this time under my name but the difference from the original deal was so far off I had to turn it down. In spite of that, I asked for a copy of the proposed restructured loan but again he wasn't able to provide any of it. I told him to just cancel our original deal but he said that he already spent the Php270,000 I paid him and that he won't be able to return the money anymore. So we decided to just sell both cars and twice he asked for an appointment from a "sure buyer" of the BMW for Php700,000 but I wasn't able to bring the car because of previous engagements. A sure buyer without seeing the car? C'mon! As it turns out we are in a standstill. I'm paying the car monthly for Php21,000 but I have no idea what happens after December after I've paid off my dues. And the camry is still in the shop because he wouldn't have it repaired. We got into a heated argument last July 9, 2012 because he said that if we can't sell the BMW by month's end, he'll just have to surrender the car to the financing company. Why would I surrender the car when I pay regularly? The problem is, we didn't have the original deal on paper. But I have receipts of the money I paid him. I need real legal advice. Any form of help will do.
Thanks and God bless us all!
Sorry for the title. I didn't know what to name my topic. Last February, a friend offered me to buy his BMW for Php650,000. I told him I can't afford that but he insisted that I can take the vehicle with Php100,000 or Php80,000 downpayment and that I can trade-in the camry i was using. I told him that I'll give him a proposal and did so in a day or two. I proposed to give him Php270,000 in cash and I pegged the value of my car at Php180,000. All in all that would be Php450,000 and the remaining balance of Php200,000 will be payable in 10 months or in increments of Php20,000 per month from March 20, 2012 up to December 20, 2012. I told him I didn't want to pay for interest because I can't afford it. I told him that whatever decision he makes is fine by me. A few days later, he agreed to my proposal but wanted a discount on my car so I gave him Php10,000 off. That raised my monthly to Php21,000 a month until December 20, 2012. He said he needed the money to buy furniture for his new condo in QC. So we pushed thru with the deal and we swapped vehicles. After about 3 weeks, my camry's engine broke down while he was on his way to Pampanga. A day prior to it being damaged, his wife was even all praises for the camry and even said that his husband uses it regularly. So when he told me the engine got broke I was shocked. Because prior to my turnover of the vehicle to him, I had a mechanic check the engine, underchassis etc. etc. I wanted to tell him that it's not my problem anymore. But out of delicadeza and to remove doubt that I sold him a broken down vehicle I decided to give my share for the repair of the vehicle. Problem was, he didn't want to give any share for the repair and he said that I should shoulder the cost because it was my car. I ended up giving him a total of Php25,000 and basically all that I had left. I was still short of Php12,000 because the repairs according to him would amount to Php37,000. I asked him to help me with the repairs but he wouldn't budge and to speed up the process I just asked him to shoulder the deficit and that I would just pay him in the future. Even that wouldn't do for him. And that's when the problems started. That's when I found out that he was paying around Php27,000 a month for the BMW and that it has 21 months left before we get the papers from the financing company. I told him that he should've told me about that because I wouldn't have pushed thru with the deal had I known that he was shelling out his own money. To which he said he was sorry and only wanted to help. But I didn't buy that. I asked him for a copy of the papers from the financing company but he wasn't able to provide any of it. He said that we should just restructure a new loan this time under my name but the difference from the original deal was so far off I had to turn it down. In spite of that, I asked for a copy of the proposed restructured loan but again he wasn't able to provide any of it. I told him to just cancel our original deal but he said that he already spent the Php270,000 I paid him and that he won't be able to return the money anymore. So we decided to just sell both cars and twice he asked for an appointment from a "sure buyer" of the BMW for Php700,000 but I wasn't able to bring the car because of previous engagements. A sure buyer without seeing the car? C'mon! As it turns out we are in a standstill. I'm paying the car monthly for Php21,000 but I have no idea what happens after December after I've paid off my dues. And the camry is still in the shop because he wouldn't have it repaired. We got into a heated argument last July 9, 2012 because he said that if we can't sell the BMW by month's end, he'll just have to surrender the car to the financing company. Why would I surrender the car when I pay regularly? The problem is, we didn't have the original deal on paper. But I have receipts of the money I paid him. I need real legal advice. Any form of help will do.
Thanks and God bless us all!
