Unformatted text preview: P.D. No. 1454 and P.D.
No. 1793, as "corporations or partnerships, except those regulated by the Central Bank of the Philippines,
the Insurance Commission and the Cooperatives Administration Office, which are primarily organized for the
purpose of extending credit facilities to consumers and to industrial, commercial, or agricultural enterprises,
either by discounting or factoring commercial papers or accounts receivables, or by buying and selling
contracts, leases, chattel mortgages, or other evidence of indebtedness, or by leasing of motor vehicles,
heavy equipment and industrial machinery, business and office machines and equipment, appliances and
other movable property."
Accordingly, in a sale on installment basis which is financed by a financing company, three parties are thus
involved: the buyer who executes a note or notes for the unpaid balance of the price of the thing purchased
on installment, the seller who assigns the notes or discounts them with a financing company, and the
financing company which is subrogated in the place of the seller, as the creditor of the installment buyer.
Since B.A. Finance did not approve Sosa's application, there was then no meeting of minds on the sale on
We are inclined to believe Toyota's version that B.A. Finance disapproved Sosa's application for which
reason it suggested to Sosa that he pay the full purchase price. When the latter refused, Toyota cancelled
the VSP and returned to him his P100,000.00. Sosa's version that the VSP was cancelled because,
according to Bernardo, the vehicle was delivered to another who was "mas malakas" does not inspire belief
and was obviously a delayed afterthought. It is claimed that Bernardo said, "Pasensiya kayo, nasulot ang
unit ng ibang malakas," while the Sosas had already been waiting for an hour for the delivery of the vehicle
in the afternoon of 17 June 1989. However, in paragraph 7 of his complaint, Sosa solemnly states:
On June 17, 1989 at around 9:30 o'clock i...
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- Fall '14
- gutierrez hermanos, B.A. Finance Corporation