Release of Chattel Mortgage Procedures

**1D4LV** · January 3rd, 2008 03:25 PM

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** · January 3rd, 2008 03:38 PM

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** · January 3rd, 2008 03:51 PM

Originally Posted by 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.

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** · January 3rd, 2008 04:04 PM

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** · January 3rd, 2008 04:06 PM

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** · January 3rd, 2008 04:25 PM

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

**kitzmd** · November 20th, 2008 11:16 PM

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** · November 21st, 2008 11:02 AM

Originally Posted by 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!!

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** · December 11th, 2009 03:16 PM

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** · January 25th, 2011 01:19 PM

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