Unable to transfer ownership of the car i bought

[donald22]

hi po actually i posted na dati sa ibang thread but i couldn't find it na kaya ng start na po uli me.

eto po situation may nabili kami car kumpleto naman sa lahat ng documents. bale pinalakad namin sa isa naming friend na nagwowork sa hyundai. naikuha na rin ng tmg clearance. kaso hindi maitransfer kasi sa CR ay may nakalagay na c/o Equitable Banking Corp. after nung owners name. humingi daw ang lto ng certification or cancellation. by the way the seller was not the original owner it came with an open dos. so pinuntahan ng friend namin sa bdo head office at dun sa loan at leasing office nila pero wala naman makitang record. at hindi rin nila masabi kung bakit may c/o equitable siya. clean naman ang CR wala namang note o tatak na encumbered. unfortunately we are unable to contact na yung original owner as well as yung binilihan namin. so hindi talaga pumayag daw talaga lto. sabi ng friend ko na naglalakad 8 years na siya na nagtatransfer dahil nag bubuy and sell din siya pero wala pa siya naeexperience na ganyan.
talaga...
baka may nakaexperience na sa inyo ng ganito or advise naman what to do.

[ans_lim168]

If the CR indicates that c/o Equitable banking corp. then the car is acquired through financing...so Lto would require you to secure the cancellation of the chattel mortgage...You have to get in touch with the person who sold you the unit to contact the original owner to get the records...you should have verified if the mortage was cancelled before you purchased the unit...hopefuly you'll be able to trace the owner (the one indicated in the CR) to get the papers transferred to you name.

[donald22]

hindi na po matrace kasi wala na sila sa dating address hindi rin sila kilala kasi parang nirentahan lang nila yun. kung thru financing eh why naman po walang record ang bank?

[v6dreamer]

hindi na po matrace kasi wala na sila sa dating address hindi rin sila kilala kasi parang nirentahan lang nila yun. kung thru financing eh why naman po walang record ang bank?

Then get a certification from the bank that this car doesnt have a record from BDO then show that to LTO. Somehow that car probably finance by BDO before and they forgot to release thier name to the ownership after the 1st buyer paid all the loan to the bank. I believe BDO main office keeps all the previous transaction records

[ans_lim168]

hindi na po matrace kasi wala na sila sa dating address hindi rin sila kilala kasi parang nirentahan lang nila yun. kung thru financing eh why naman po walang record ang bank?

Yup v6 is right then try to get a certification from the bank that there is no records of an outstanding loan then present this to the LTO...hopefully this will solve the problem...good luck.

[ericp]

Yup v6 is right then try to get a certification from the bank that there is no records of an outstanding loan then present this to the LTO...hopefully this will solve the problem...good luck.

SOund advise. I Agree

[donald22]

maybe ill try it. ako na lang maglakad.