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TOPIC: Voluntary surrender

Voluntary surrender 1 year 7 months ago #17730

  • Marc Simon
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Good day po. Just want to know on the process with regard to mortgaged vehicles and also what should be done in the event that we voluntary surrender the unit? Currently we are 4 mos overdue. Both me and the dealer have agreed to pay by the month end and now they are asking me to voluntary surrender the unit up until we make the payment otherwise they will take legal actions despite our agreement that we will pay by month end.hoping for your reply. Thank you
Last Edit: 1 year 7 months ago by Marc Simon.
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Voluntary surrender 1 year 7 months ago #17743

  • Atty. Libayan
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Because it is a mortgaged unit, it must be foreclosed so the proceeds of the sale in the foreclosure proceedings will be applied to your obligation. It is a more tedious process that voluntarily surrendering the unit where you are asked to sell or assign the vehicle to the bank.
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