Hi everyone. First time ko po magtanong. be gentle.

I purchased an Everest Trend last September and 5 weeks later my driver crashed it into a dump truck. Nobody was hurt but the damage was pretty serious. Airbags did not deploy, but the front, the bumper, the hood, wiring, sensors, wheel alignment, windshield, door, side mirrprs and chassis were all compromised.

Ford estimated repairs to be 890k. They aren't sure if the engine and transmission will also need to be replaced as they said the vehicle needs to be restored first, then road tested so they can find out. If those are damaged, that's at least 500k more.

The loan is with BPI for 4 yrs. It's insured by BPI MS - comprehensive with acts of nature. Despite Ford's recommendation to declare the vehicle as a total loss, BU insisted the vehicle be dismantled to check the engine and transmission. According to them, repair estimates need to be 75% of the vhicle value or higher. This has been going on for 3 weeks now.

I'm concerned cause Ford says that if the vehicle is not declared a total loss, it may take around a year to repair the vehicle. I think it's absurd that I should pay for the car for abyear and not be able to use it. I also don't feel secure about the car anymore. It looks like it's been autopsied and it's hard to imagine it being back to normal ever again.

I'm considering letting them reposess it if they don't want to declare it a TL. I'm being charged via auto dbit on my savings account. If I pull out all my money and tell them I voluntarily surrender the vehicle, what will happen? I'm sure I'll have a bad record but will there be legal implications?

Thanks in advance for your advice.