May kulang na dokumento sa nabiling 2nd hand na kotse

[Juan Martinez]

May similar case din po ako. May way po bang makagawa ng ORCR under my name ang mga used car dealers
kung ang ORCR ay nakapangalan pa po sa first owner. At wala din pong deed of sale from first owner to dealer.

Ang sabi po kasi sa akin, to follow po yung OR CR under my name. Ang makukuha ko lang daw po upon payment
ay yung acknowledgement receipt ng company nila at notarized deed of sale pero ang nakapangalan po as seller ay
iba dun sa pangalan sa OR CR. Sila daw po magpprocess ng lahat.

Ano pong value ng resibo sa mga used car dealers? Enough proof po ba yun of the transaction? Pero wala pong
legal documents na nagsasabing kanila nga yung unit.

Thank you mga boss.

Kaso po kasi nakapaglabas na po ako ng 5k para mareserve yung unit eh. Naisip ko po kasi may resibo naman at pwesto talaga sila.

Ano po ba normally ang dapat na documents from a used car dealer. Nagcheck po ako sa LTO via text, malinis naman po at tama
yung details. Reliable po ba yung sa text lang?

Sa HPD po ata kailangan ng original OR CR para macheck? Kaso po di po available sa akin.

Actually ang sabi po ay under Toyota financing na yung kotse. May kakilala lang po yung dealer sa loob or something. Di ko po actually maintindihan masyado.

Ano pong document ang dapat na tingnan ko?

Thanks boss.

Isang issue din po kasi ay company ko po ang magfifinance nung kotse at sa office po bale ako magbabayad at special rate so yung mga documents po talaga dapat nakaayos lahat.

According po sa CR, leased car po yung kotse. Tama po ba ang intindi ko na after ng lease, babalik po sa dealer ang kotse? At yun po ata ang nakuha nitong Used car dealer na kausap ko ngayon.

Thank you.

usually used car dealers are selling cars using an "open deed of sale." it loosely called "open deed of sale" because the name of the buyer is in blank (almost always the buyer is actually the used car dealer who bought it from the original owner). they purposely put it blank because if there is an interested person who wanted to buy the car from them, the used car dealer will just insert the name of that interest person if the sale will materialize.

this practice of "open deed of sale" is NOT illegal because sale is unilateral contract, meaning, it is not necessary that vendee or buyer will affix his signature in the deed of sale. it is enough that deed of sale is signed by vendor/seller.

now, in your case, because you bought the car thru financing (or in installment basis), and granting that the sale will push through, the used car dealer has to come with that open deed of sale inserting your name therein (or that of your company), but because it is under financing, the used car dealer will in turn make you sign a chattel mortgage over the car as security that it be paid of the purchase price.

[raycsreyes]

usually used car dealers are selling cars using an "open deed of sale." it loosely called "open deed of sale" because the name of the buyer is in blank (almost always the buyer is actually the used car dealer who bought it from the original owner). they purposely put it blank because if there is an interested person who wanted to buy the car from them, the used car dealer will just insert the name of that interest person if the sale will materialize.

this practice of "open deed of sale" is NOT illegal because sale is unilateral contract, meaning, it is not necessary that vendee or buyer will affix his signature in the deed of sale. it is enough that deed of sale is signed by vendor/seller.

now, in your case, because you bought the car thru financing (or in installment basis), and granting that the sale will push through, the used car dealer has to come with that open deed of sale inserting your name therein (or that of your company), but because it is under financing, the used car dealer will in turn make you sign a chattel mortgage over the car as security that it be paid of the purchase price.

actually sir hindi naman po financing ang kalalabasan sa akin. I'll be paying the dealer in cash . Yung usapan po sa office, parang internal na lang po.

Sorry medyo magulo po story ko. Bkit po ako ang pipirma ng chattel sir?

[Juan Martinez]

actually sir hindi naman po financing ang kalalabasan sa akin. I'll be paying the dealer in cash . Yung usapan po sa office, parang internal na lang po.

Sorry medyo magulo po story ko. Bkit po ako ang pipirma ng chattel sir?

in your previous post, you've mentioned to the effect that it was the company that would finance for the acquisition of the car and in turn you'd pay the company. so, i was under the impression that the company would acquire it thru financing scheme. if it's thru financing, by all means there should be a chattel mortgage.

now, you're saying that you'd get the car in cash, CM is out of the question then.

as part of your due diligence, you need to clarify from the dealer by what right they are selling the car, whether as owner or only as a consignee. if they are selling as owner, then the deed of sale should be signed by authorized representative of the dealer. if they are selling merely as a consignee, it would be the real owner who should sign the deed of sale.

[raycsreyes]

Marami pong salamat sa pagsagot. sorry nahijack ko po yung thread.

[Mark Macatiag]

Hypothethetical question: what if the 1st owner of the car has already gone on to the great beyond?

when you look into the abyss, the abyss looks into you

Nakoo wag naman sana kasi masakit sa ulo yan .

Anu na bang status ng 1st owner? nakita na ba?

[dr. d]

Nakoo wag naman sana kasi masakit sa ulo yan .

Anu na bang status ng 1st owner? nakita na ba?

if the first owner has passed away, one can ask the heirs to sign the deed of sale.

[jhayrp]

Thanks boss.

Isang issue din po kasi ay company ko po ang magfifinance nung kotse at sa office po bale ako magbabayad at special rate so yung mga documents po talaga dapat nakaayos lahat.

According po sa CR, leased car po yung kotse. Tama po ba ang intindi ko na after ng lease, babalik po sa dealer ang kotse? At yun po ata ang nakuha nitong Used car dealer na kausap ko ngayon.

Thank you.

Siguro naman this time, okay na kayo sir pero sasagutin ko pa rin to for information purposes.

1. Leased car = parang capital lease siguro ang car na to. Equivalent to Loan pero Rent to Own ang style. At the end of the term of lease, mapupunta at malilipat ang ownership ng car sa lessee (BUYER) - yan kung completo ang payment ng monthly lease. Kung di completo ang payment ng lessee (buyer), kukunin ni BANK or Lessor ang car na parang pinaparentahan lang. Kung wala sa dealer na kausap nyo ang original CR, malamang di pa fully paid yan!

2. Buying a non-fully paid car = Nangyari sa akin to. napagandang pagkakamali. Napabili ako ng Honda Civic na hindi pa fully paid sa banko. Nung una, tuwang-tuwa ako sa seller na pumayag na hulugan ko ng 10k per month for 12 months ang kulang ko na P120k. Syempre, di nya binigay sa akin ang orig CR. At the end of 12 months at binigay na sa akin ang CR, I found out na "encumbered" pala ito sa Unionbank. Pinilit ko si Seller na ibigay sa akin ang "Cancellation of Chattel Mortgage" na binigay naman nya. Natuklasan ko that while I was paying for my monthly installment, the seller is also paying the same amount to the bank. Patas lang! at ako ang nakinabang although nilihim sa akin ang real situation. Medyo niloko ako pero okay lang. Mabait na panloloko. hehehe

[in2yourjeans]

Siguro naman this time, okay na kayo sir pero sasagutin ko pa rin to for information purposes.

1. Leased car = parang capital lease siguro ang car na to. Equivalent to Loan pero Rent to Own ang style. At the end of the term of lease, mapupunta at malilipat ang ownership ng car sa lessee (BUYER) - yan kung completo ang payment ng monthly lease. Kung di completo ang payment ng lessee (buyer), kukunin ni BANK or Lessor ang car na parang pinaparentahan lang. Kung wala sa dealer na kausap nyo ang original CR, malamang di pa fully paid yan!

2. Buying a non-fully paid car = Nangyari sa akin to. napagandang pagkakamali. Napabili ako ng Honda Civic na hindi pa fully paid sa banko. Nung una, tuwang-tuwa ako sa seller na pumayag na hulugan ko ng 10k per month for 12 months ang kulang ko na P120k. Syempre, di nya binigay sa akin ang orig CR. At the end of 12 months at binigay na sa akin ang CR, I found out na "encumbered" pala ito sa Unionbank. Pinilit ko si Seller na ibigay sa akin ang "Cancellation of Chattel Mortgage" na binigay naman nya. Natuklasan ko that while I was paying for my monthly installment, the seller is also paying the same amount to the bank. Patas lang! at ako ang nakinabang although nilihim sa akin ang real situation. Medyo niloko ako pero okay lang. Mabait na panloloko. hehehe

Sir i have kind of a similar scenario dito baka matulungan nyo ko.

*Ako ay mag abroad na to work for 3 years. May 2nd hand sasakyan ako under financing. 1 year paid na 3 more years to go. Naka pangalan na sa akin yung CR and OR although copy lang ang nasa akin. Inalok ko sa kaibigan ko since i needed the cash na din sa pag alis ko at plano nya bilhin sa akin ng cash yung sasakyan. Ang question ko is ok lang ba yun kahit na hindi ko na ipaalam sa financing company kasi ako pa din naman ang mag tutuloy ng bayad need ko lang talaga ng cash ngayon kaya ko inalok sa kanya. Na inquire na namin to sa financing company kaso ang hinihingan naman nila ng requirements yung kaibigan ko which ayaw ng kaibigan ko kasi ang labas sa kanila ay kaibigan ko mag tutuloy. Ayaw ko din naman ng typical pa assume at baka mag ka problema ako pa ang babalikan ng financing company. Need you help and opinion dito po salamat.

[dr. d]

Sir i have kind of a similar scenario dito baka matulungan nyo ko.

*Ako ay mag abroad na to work for 3 years. May 2nd hand sasakyan ako under financing. 1 year paid na 3 more years to go. Naka pangalan na sa akin yung CR and OR although copy lang ang nasa akin. Inalok ko sa kaibigan ko since i needed the cash na din sa pag alis ko at plano nya bilhin sa akin ng cash yung sasakyan. Ang question ko is ok lang ba yun kahit na hindi ko na ipaalam sa financing company kasi ako pa din naman ang mag tutuloy ng bayad need ko lang talaga ng cash ngayon kaya ko inalok sa kanya. Na inquire na namin to sa financing company kaso ang hinihingan naman nila ng requirements yung kaibigan ko which ayaw ng kaibigan ko kasi ang labas sa kanila ay kaibigan ko mag tutuloy. Ayaw ko din naman ng typical pa assume at baka mag ka problema ako pa ang babalikan ng financing company. Need you help and opinion dito po salamat.

unless the bank approves in writing, of "ownership" transfering to your kaibigan, you will still be the legal "owner".
kahit anong mangyari sa kotse, ay kayo pa rin po ang hahabulin ng bangko.

remember that you have an agreement with the bank.
the bank has no agreement with your kaibigan.

[Jamdim07]

Kunsolta mo po sa barangay ano ma itutulong nila para ma resolve. Kung di kaya sa Lawyer po.