I plan to have my car repossessed due to rising oil prices and get an EV car instead.
Asking for advice po.
So I acquired an SUV (Ford Everest) back in December 2025. Due to the unforeseen rise in oil prices, I'm reconsidering whether I should keep it pa. Don't get me wrong kaya ko naman bayaran yung car even if yung price ng diesel went up to 300/L + monthly amort. But I feel like it's such a waste kasi if this continues, and ang new normal na ng diesel will be 100/L (probably even higher). I feel like I could save more if I let go of the car and replace it with a new EV under a new installment plan. I know if I repossess my car, potentially mahihirapan ako makakuha ulit ng car loan.
Question: If I cut my losses na din and have it repo'd, am I liable to pay some kind of amount for it?
I feel like eto mga options ko...
Option 1: Just continue with the car and just buy a VinFast VF3 as 2nd car (EV)
Option 2: Save up for a year and pay it off agad.
Option 3: Have it repo'd and cut my losses, habang early pa, and get an EV car (byd atto 3 is what I'm eyeing)
Main worry ko lang here is if I need to pay an early termination fee or something, I can't find my contract with the dealership, hence why I wanted to ask here din + get some ideas on how to approach this.
If you're in my situation, what would you do?