Release of Chattel Mortgage Procedures

[1D4LV]

tanong ko lang...

yung oto ko kasi, fully paid up na sya from my previous company (under the company's officers car loan program). when i resigned from my previous employer, they gave me a release letter (in legal form, duly notarized) that i am already free from the mortgage. they also gave me a certification letter than i am free from this mortgage.

i had fully paid up my CL last June and somehow, i forgot to do further actions para malipat sa akin yung CR nya.

what are the procedures that i need to do? i am planning to have it done together with my car registration this January. and how much will i have to pay for this process?

thanks.

[mazingerZ]

Release of chattel mortgage fees are usually dependent on the amount of existing chattel mortgage (meron silang taripa - ang basis is 25% of the chattel amount). Prepare ka na lang mga P2,000 for the entire process. Also prepare the following documents:

1. Release of chattel mortgage - duly notarized;
2. Stencils of engine number and chassis number in LTO form;
3. Original OR/CR;

Punta ka muna ng Registry of Deeds have it entered in their daybook, pay the fees. Then proceed to LTO na.

[1D4LV]

Release of chattel mortgage fees are usually dependent on the amount of existing chattel mortgage (meron silang taripa - ang basis is 25% of the chattel amount). Prepare ka na lang mga P2,000 for the entire process. Also prepare the following documents:

1. Release of chattel mortgage - duly notarized;
2. Stencils of engine number and chassis number in LTO form;
3. Original OR/CR;

Punta ka muna ng Registry of Deeds have it entered in their daybook, pay the fees. Then proceed to LTO na.

thanks bro... additional questions:

a) the 2k ba is the max amount that i have to shell out? i got the car for 680k, the actual CL is 400k (with the 280k coming from my pocket), and the actual paid loan is 200k (dahil yung benefit ko dun is 50-50, wherein the company shoulders 50%, and i shouldered the 50%). so overall, i paid 480k (280k from my pocket and the 200k was deducted from my salary for five years).

b) saang registry of deeds? sa las pinas ba where the car is registered and i live?

thanks again.

[Galactus]

Sagutin ko na for mazingerZ

b) saang registry of deeds? sa las pinas ba where the car is registered and i live?

Ask your previous employer where they normally annotate yung mga chattel mortgages nila. Normally, its where they hold principal office. Kung Makati City ang head office nila, most probably sa Makati City RD.

In our case kasi, (I work for a financing company), sa LTO Manila East naka-register yung kotse, pero sa QC RD pina-annotate yung mortgage, kasi QC ang head office namin.

Also, some LTO offices pala masyadong strikto. Sa Manila East, ni-require pa yung liaison namin ng Secretary's Certificate authorizing our company president to sign cancellation of chattel mortgages. Yung ibang LTO offices kasi hindi na.

[mazingerZ]

Kasya na yang P2k bro. Pinacompute ko total Registry of Deeds fee mo is around P400 petot lang, hindi pala 25% kundi 5% lang. LTO is around P500 petot. Amount na basis ko was the P400k car loan mo. This is not including mga lagay ha. Kaya better bring the P2k. Check mo ang chattel mortgage, merong stamp na entered yan before, malamang nga sa las pinas din, coz this where the car was originally registered, but to be sure check the chm na lang.

[1D4LV]

Thanks Maz and Galactus!
Appreciate your help....

[kitzmd]

Good day! ask ko lang. i bought a second hand car and ang napa finance ko lang was 70k. They presented me with a chattel mortgage form and is asking me for CM fees of almost ten thousand.. how do we compute for the CM fee? tnx!!

[1D4LV]

Good day! ask ko lang. i bought a second hand car and ang napa finance ko lang was 70k. They presented me with a chattel mortgage form and is asking me for CM fees of almost ten thousand.. how do we compute for the CM fee? tnx!!

imho, the CM fees would vary depending on the location of where it will be booked.

yung sa akin before, 10k (las pinas) din pero yung mga kasabayan ko mga nasa 12k (pasig, qc and makati)

[kirs10qt]

my mom is in another country. can i request the release of a chattel mortgage of her car on her behalf para pag dating niya wala na siyang hassel? ano procedure?

[abbylim]

hi,

i got an auto loan from bdo under my sister name... so ung chattel mortgage naka pangalan sa kanya.. ngayon fully paid na ung car...

question.. ano kailangan ko gawin para malipat sa pangalan ko ung kotse?

abbylim

[_Qwerty_]

di malilipat sa name mo hanggang walang deed of sale...

[kerf]

Hi there, may tanong sana ako about sa registry of deeds.. mabilis lang ba yung release of chattel mortgage sa registry of deeds? kaya ba yun within 1-2 hours? thanks in advance

[_Qwerty_]

sa makati.. 1 week bago makuha.

Hi there, may tanong sana ako about sa registry of deeds.. mabilis lang ba yung release of chattel mortgage sa registry of deeds? kaya ba yun within 1-2 hours? thanks in advance

[samcoy]

Guys up ko lang tong thread na to ulit.

May release of chattel mortgage na ako last year pa. Di ko natapos so ngayon ko lang ulet asikasuhin sa LTO. Question, yung stencil doon na yun sa LTO ginagawa noh? O may downloadable form yun para sa bahay ko na gawin and kahit di ko na dalhin sasakyan? Di ko kasi kabisado papunta LTO paranaque.

By the way, is it still true na kung saan originally na register yung sasakyan doon din kelangan i-process yung release of chattel?

Thanks

[_Qwerty_]

yes, kung san originally registered.. don tatanggalin yung 'encumbered'
stencil will be done at LTO done by LTO representative

Guys up ko lang tong thread na to ulit.

May release of chattel mortgage na ako last year pa. Di ko natapos so ngayon ko lang ulet asikasuhin sa LTO. Question, yung stencil doon na yun sa LTO ginagawa noh? O may downloadable form yun para sa bahay ko na gawin and kahit di ko na dalhin sasakyan? Di ko kasi kabisado papunta LTO paranaque.

By the way, is it still true na kung saan originally na register yung sasakyan doon din kelangan i-process yung release of chattel?

Thanks

[samcoy]

Thanks qwerty for quick response.

[chewycandy]

I am planning to buy a car so I want to know if:

1) Are chattel mortgage refundable?
2) Will the bank give me the receipt from the Registry of Deeds for the chattel mortgage?


Thanks in advance

[b16sir_stock]

Release of chattel mortgage fees are usually dependent on the amount of existing chattel mortgage (meron silang taripa - ang basis is 25% of the chattel amount). Prepare ka na lang mga P2,000 for the entire process. Also prepare the following documents:

1. Release of chattel mortgage - duly notarized;
2. Stencils of engine number and chassis number in LTO form;
3. Original OR/CR;

Punta ka muna ng Registry of Deeds have it entered in their daybook, pay the fees. Then proceed to LTO na.

sa guiguinto 2 weeks daw and for the certification sa registry of deeds.. ang tagal naman pala sa kanila..

[b16sir_stock]

for your reference mga sirs. refer below site to check if ok na for release and charter mortgage na applied as LRA.
http://125.22.35.139:8080/TransactionStatus/

[james00112233]

for your reference mga sirs. refer below site to check if ok na for release and charter mortgage na applied as LRA.
http://125.22.35.139:8080/TransactionStatus/

thanks for the link.
sana nga laging updated yung site nila....