First time buying a car

[sirkosero]

Hello. I am planning to buy a 2nd hand car. First time ko po mag drive so I opted for such and maliit lang kasi budget. If ever matuloy, I'll be the 3rd owner na. The unit was repossessed from BDO by the 2nd owner. Hindi po napatransfer ang ownership pero complete naman docs ni seller. Paano po kaya yun, may dapat po ba ko hingin sa seller for security purposes aside from deed of sale? Hindi po kasi ako maalam sa ganito. Thank you very much po.

You should have the following docs:

Certificate of foreclosure by the bank
Court documents stating foreclosed property.
Affidavit of surrender (kung surrendered unit sa bank)
Notarized deed of sale ng bank and 2nd owner.
Cancellation of chattel mortgage
Hpg clearance
Deed of sale between you and 2nd owner.

Kailangan mo muna i cancel and mortgage sa registry of deeds. Medyo mahaba proceso at hassle. Then pag cancelled na, punta ka sa LTO kung saan mother file para ichange ownership.

My advise, unless sobrang ganda at sobrang mura ng kotse na yan, walk away. Walk away fast and dont look back. Masyado madami excess baggage yan


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[momomoira]

Eh di nakapangalan parin sa first owner.
Walk away. Mahaba pa process nyan.
Kung gusto mo talaga, dumeretso ka na sa banko. Dun ka bumili at mag bid.

Anong kotse ba yan?

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Adventure po sir. Thanks po sa advice. Well noted po.

[momomoira]

You should have the following docs:

Certificate of foreclosure by the bank
Court documents stating foreclosed property.
Affidavit of surrender (kung surrendered unit sa bank)
Notarized deed of sale ng bank and 2nd owner.
Cancellation of chattel mortgage
Hpg clearance
Deed of sale between you and 2nd owner.

Kailangan mo muna i cancel and mortgage sa registry of deeds. Medyo mahaba proceso at hassle. Then pag cancelled na, punta ka sa LTO kung saan mother file para ichange ownership.

My advise, unless sobrang ganda at sobrang mura ng kotse na yan, walk away. Walk away fast and dont look back. Masyado madami excess baggage yan


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Sir iba pa po ba yung chattel mortgage sa mortgage? Haha. Pasensya na po if I sound stupid, wala po talaga kong alam dito. Baka hanap nalang po ko iba na pasok sa budget. Maraming salamat sir.

[ray_noel]

Sir iba pa po ba yung chattel mortgage sa mortgage? Haha. Pasensya na po if I sound stupid, wala po talaga kong alam dito. Baka hanap nalang po ko iba na pasok sa budget. Maraming salamat sir.

Same.


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[12vdc]

Opo. Yun po yung may nakalagay na ENCUMBERED tama po ba? Pinakita po kasi sa akin ni seller. Kahit sila po di masyado maalam sa ganito. Pero dati raw po may nabenta na silang kotse din, di rin natransfer ownership sa kanila as 2nd owner. Binigyan lang daw po sila ng deed of sale nung buyer at pinapirma sila.

Encumbered means that the release papers from the Bank and the mortgage from registry of deeds and transfer tax payments hasn't been released yet. Ipa asikaso mo muna sa 1st owner ang release of encumbrance sa LTO because you are buying cash not assuming the balance. Caveat Emptor! do extra diligence kung wala parehas alam.

[_Qwerty_]

since sa 1st owner pa din nakapangalan yung car, dapat may release of chattel mortgage yan to prove na wala nang utang sa banko..

ngayon yung deed of sale dapat may open deed of sale yung 1st owner na may pirma sya at may mga valid IDs, kung wala, mahihirapan ka.. hindi makakapag issue nang deed of sale yung 2nd owner kasi hindi naman sya nakapangalan don sa registration.

kung gusto mo talaga bilhin pwede pa din naman.. yun nga kailangan may release of chattel, deed of sale nang 1st owner to 2nd owner, copy nang ID nang 1st owner.. pero baka mahirapan ka ilipat yan sa name mo.. tapos mahirapan ka din ibenta in the future..

[Zerlate]

ask ko lang po opinion nyo, first time brand new buyer here kaya nangangapa po. Si eastwest bank may offer na discounted chattel mortgage at free first year insurance pero naka lock-in na sa kanila ung remaining 4 years (eastwest insurance brokerage, inc ung ka tie up nila). C metrobank naman free chattel mortgage tapos lock-in din sa kanila ng 5 yrs ung insurance (charter ping an). ok lang kaya na naka lock -in sa bank ung insurance?

[dr. d]

ask ko lang po opinion nyo, first time brand new buyer here kaya nangangapa po. Si eastwest bank may offer na discounted chattel mortgage at free first year insurance pero naka lock-in na sa kanila ung remaining 4 years (eastwest insurance brokerage, inc ung ka tie up nila). C metrobank naman free chattel mortgage tapos lock-in din sa kanila ng 5 yrs ung insurance (charter ping an). ok lang kaya na naka lock -in sa bank ung insurance?

ask for several quotations, po.
using those quotations, add up all the sums of money you will be paying the bank, for all those five years. include easily forgettable costs like chattel, transfer, etc etc.
make a similar sum, for another schedule that allows you to source your insurance from elsewhere.
decide which one comes to the smaller total sum.

be aware that nothing is free, in the auto industry.
but they are very good at squirreling small sums of money into various nooks and crannies of the payment schedules, such that at first look, their offer would seem the cheaper one.
good luck.

[yubby24]

ask ko lang po opinion nyo, first time brand new buyer here kaya nangangapa po. Si eastwest bank may offer na discounted chattel mortgage at free first year insurance pero naka lock-in na sa kanila ung remaining 4 years (eastwest insurance brokerage, inc ung ka tie up nila). C metrobank naman free chattel mortgage tapos lock-in din sa kanila ng 5 yrs ung insurance (charter ping an). ok lang kaya na naka lock -in sa bank ung insurance?

Usually sir sa bank financing ganyan na ang ginagawa nila. Nakalock ka sa insurance nila until matapos ang loan term mo. Free ang first year pero lalabas na mas malaki ang premium mo. Kung gusto mo naman mag-opt out sa insurance nila, kailangan mo bayaran yung 1st year free insurance mo.

BPI ako kumuha ng car loan ganun din ang bigay nila. free chattel, free 1st year insurance pero lock-in sa kanila until matapos loan term ko.

[Zerlate]

Usually sir sa bank financing ganyan na ang ginagawa nila. Nakalock ka sa insurance nila until matapos ang loan term mo. Free ang first year pero lalabas na mas malaki ang premium mo. Kung gusto mo naman mag-opt out sa insurance nila, kailangan mo bayaran yung 1st year free insurance mo.

BPI ako kumuha ng car loan ganun din ang bigay nila. free chattel, free 1st year insurance pero lock-in sa kanila until matapos loan term ko.

magkano po interest rate sa BPI