Procedure of Change of Ownership

**step22** · May 31st, 2008 10:01 AM

hello my cousin plans to buy a car pero ung cr at or ay may nakagay na c/o equitable banking corporation after the originals owners name. what does it min hindi sa kanya yung car? sa bank ba? at saka the bank doesnt excist na ah hindi kaya magkaproblema?

**1D4LV** · June 3rd, 2008 10:57 AM

Originally Posted by step22

hello my cousin plans to buy a car pero ung cr at or ay may nakagay na c/o equitable banking corporation after the originals owners name. what does it min hindi sa kanya yung car? sa bank ba? at saka the bank doesnt excist na ah hindi kaya magkaproblema?

it was acquired under car loan.
afaik, equitable was acquired by BDO, so existing pa sya. BDO guys may be able to help you release the mortgage. madali lang yan bro.

just get a certificate of mortgage release from equitable/bdo, and release it from the local registry of deeds, tapos LTO for change of name.

**step22** · June 4th, 2008 08:56 PM

Originally Posted by 1D4LV

it was acquired under car loan.
afaik, equitable was acquired by BDO, so existing pa sya. BDO guys may be able to help you release the mortgage. madali lang yan bro.

just get a certificate of mortgage release from equitable/bdo, and release it from the local registry of deeds, tapos LTO for change of name.

eh paid na kaya sa bank yun? di ba delikado bilhin? sure ka ba na car loan ibig sabihin? kasi sabi seller previous owner was executive daw ng bank kaya ganun. btw the seller is not the one on the cr/ or. naka open deed. any tips po suggestions?

**Syuryuken** · June 6th, 2008 07:37 AM

Potek taga ang change of ownership dito andaming sinisingil iba pa yung SOP sa "hepe" ng LTO na 500 pesos

may isa pa kong nadiskubre yung mga ahente kaya nilang gawing 2nd owner yung bibili kahit ilang tao na ang nagpapasa-pasahan sa oto

, pang 7th owner na dapat pero naging 2nd owner lang (nissan sentra model 1989)

kaya ingat-ingat sa mga ahente kilatisin mabuti ang bibilhin.

**1D4LV** · June 6th, 2008 01:15 PM

Originally Posted by step22

eh paid na kaya sa bank yun? di ba delikado bilhin? sure ka ba na car loan ibig sabihin? kasi sabi seller previous owner was executive daw ng bank kaya ganun. btw the seller is not the one on the cr/ or. naka open deed. any tips po suggestions?

normally banks pay the car in cash. tapos binenta nya siguro yan sa dealer, who asked for an open deed of sale para second hand pa din ang representation.

if you are in doubt, why not check the status of the vehicle with TMG before you get it?

**1D4LV** · June 6th, 2008 01:18 PM

Originally Posted by Syuryuken

Potek taga ang change of ownership dito andaming sinisingil iba pa yung SOP sa "hepe" ng LTO na 500 pesos

may isa pa kong nadiskubre yung mga ahente kaya nilang gawing 2nd owner yung bibili kahit ilang tao na ang nagpapasa-pasahan sa oto

, pang 7th owner na dapat pero naging 2nd owner lang (nissan sentra model 1989)

kaya ingat-ingat sa mga ahente kilatisin mabuti ang bibilhin.

- its because you are in the Philippine bro.... hehehehe. iba iba ang SOP....
- madaming ganyan bro. ang masakit neto kasi, may mga kasabwat sila sa loob ng LTO...

kaya kung bibili na lang din ng oto, sa direct owner na. hwag ng dumaan sa ahente.

**step22** · June 9th, 2008 02:41 PM

ka engot naman ng cousin ko binili na agad. ayun tanong ng tanong sa akin. ang layo pa naman ng nabilihan.

**redshift** · August 3rd, 2008 06:54 AM

I was wondering if the only advantage of going to a used and reputable car dealer is that you dont have to go through the hassle of going to the LTO and TMG...kasama naman ata sa price nila yung registration and transfer costs

**1D4LV** · August 5th, 2008 03:30 PM

^^ imho, di pa ata kasama, but imho, pwede mo iarrange for a certain fee. i think 5k ang fee nila dun.

**tedboydboy** · September 3rd, 2008 01:09 PM

hello mga bossing...

konting help lang po..clear naman po sa akin ung procedure ng change of ownership, the problem is parang pinapaikot ikot ako ng 2 lto branches eh. my cr right now is at mabalacat pampanga, i am from pasig so i need to have it transferred under my name and at pasig. so i called lto mabalacat and told me that i need not go there and i just need to ask lto pasig to request a confirmation from mabalacat and that's it, go on with the process. then i called lto pasig, they do not do that daw and i really need to go to mabalacat. eh, may kalayuan ung mabalacat and ang mahal ng gas and toll fee... hingi lang ako ng advice from you guys.. thanks!