What to do next after full payment of car loan (inhouse financing)

[reiman13]

What to next after you've fully paid the car loan thru inhouse financing? Same lang ba to Bank PO? Get the original documents from the bank and have the mortgage and encumbrance cancelled?

[dreamur]

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[SpinCycle]

What to next after you've fully paid the car loan thru inhouse financing? Same lang ba to Bank PO? Get the original documents from the bank and have the mortgage and encumbrance cancelled?

Your bank will give you the next steps once your car loan is completed.

They will hand over the original OR and CR. Plus the cancellation of chattel mortgage. You will then need to submit this to the Register of Deeds to remove the encumbrance on your CR.


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[reiman13]

Your bank will give you the next steps once your car loan is completed.

They will hand over the original OR and CR. Plus the cancellation of chattel mortgage. You will then need to submit this to the Register of Deeds to remove the encumbrance on your CR.


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So there's no need to liaise with the dealer sir? Wala na ko kelangan iprocess sa kanila? Yung plaka na lang kasi wala pa rin till now.

[SpinCycle]

So there's no need to liaise with the dealer sir? Wala na ko kelangan iprocess sa kanila? Yung plaka na lang kasi wala pa rin till now.

Yes wala na sa dealer.


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[reiman13]

Yes wala na sa dealer.


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Alright, thanks sir.


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[tolitsaso]

Your bank will give you the next steps once your car loan is completed.

They will hand over the original OR and CR. Plus the cancellation of chattel mortgage. You will then need to submit this to the Register of Deeds to remove the encumbrance on your CR.


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Mga sir question. Got the car fully paid na and received the Original CR and Cancellation of Mortgage from BPI.
My car will then be sold may buyer na actually.

Yung paglalakad ba sa Registry of Deeds QC and removal of encumberance sa LTO, si buyer ba gagawa nun kasabay ng change of ownership? Or si seller/owner ung maglalakad sa Registry of Deeds?

[_Qwerty_]

usually yung first owner ang nagpapatanggal nung encumberance.. palipat mo sa name mo sa LTO.. bago mo ibenta..

Mga sir question. Got the car fully paid na and received the Original CR and Cancellation of Mortgage from BPI.
My car will then be sold may buyer na actually.

Yung paglalakad ba sa Registry of Deeds QC and removal of encumberance sa LTO, si buyer ba gagawa nun kasabay ng change of ownership? Or si seller/owner ung maglalakad sa Registry of Deeds?

[tolitsaso]

usually yung first owner ang nagpapatanggal nung encumberance.. palipat mo sa name mo sa LTO.. bago mo ibenta..

Thanks sir. Ako sir ung owner and nasa name ko na talaga. Pwede na isabay un ni buyer pag palit nya ng ownership sa kanya?

[shadow]

Thanks sir. Ako sir ung owner and nasa name ko na talaga. Pwede na isabay un ni buyer pag palit nya ng ownership sa kanya?

Pinagawa mo na lang sana sa bank. Meron lang minimal service fee.


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