CAR ASSUME BALANCE

Hi. I badly need help as our car is already on the verge of repossession.

We bought the car as assume balance basis February of this year. We were assured by the owner of the car that hindi na kelangan ng bank approval during the sale. We didnt know before na kelangan pa pala dumaan sa bank approval before we can buy or have the mortgage transferred to us for the said vehicle. Sinabi lang ng seller na the account will just be under her name muna since hindi pa naman na fufully pay yung balance sa bank. Bale nagbabayad lang kami monthly sa bank under her account. We also have notarized deed of sale and other necessary documents for the transfer of mortgage, but this is just between the seller and i.

Now we were three months late sa payment and the seller contacted us na pumunta daw yung legal officer sa bahay nila to inform them of the missed payments and demanding them na ibalik nlang yung sasakyan or pay the full amount of the loan. Prior to that, we tried contacting the bank to settle the amount due and tried requesting for restructuring but we cannot do so because hindi naman sa amin nakapangalan ang account so we were not authorized to do any transaction sa bank. We also felt bad that the owner did not inform us beforehand that the bank and legal officer sent her messages asking her to settle the late payments. Nag inform nlang sya sa amin nung pumunta na ang legal officer sa bahay nila.

We tried to request for her to tell the bank na we will pay the whole three months na amount due, excluding lang sana yung legal fees and penalties na dinedemand nila as we will just pay those next month but it seems that she is not doing anything.

Now my question is, can we file a case against the seller of the car if ever the car gets repossessed? Because when she sold the car to us sinabi nya na hindi na kelangan ng bank approval. Now hindi kami mka transact and maka settle sa bank kasi sa kanya pa nkapangalan

No, since it was you who first broke the loan term when you defaulted. even if the said loan was under your name, it is still up to the bank if they will accept loan restructuring or they will repossess the car. its out of the hands of the seller.

Valid naman kasi ang agreement between you and the owner of the car. No need to inform the bank kasi pag-ininform nyo ang bank, baka di kayo qualified, di magagrant. Ang pag-iinform ng bank is only to give you personality before them. Kung di nainform ang bank, hindi binding ang agreement nyo with the bank, so di ka makakarequest ng kahit nko. Di nyo rin pwede kasohan ang owner ng sasakyaan kasi in the very first place, alam niyo ng obligasyon niyo at alam niyo na marerepossess ang car kapg di kayo nagbayad. Di naman sinabi ng owner na bayad na ang car di ba? Di naman kayo niloko. Di rin niya obligasyon na sabihin sa inyo na may demand na kasi alam niyong magdedemand talaga ang bangko pag di kayo nagbayad.