Chattel Mortgage and Insurance Guides for Brand new cars

[boybi]

In our Insurance, In case of damage we pay the first P3,000 then may participation depending on the age of the vehicle. Seems different from what I read here.

Will somebody explain this . . . please. which is better deal?

If the car insured is less than 4yrs (or was it 3yrs old?), you will only shoulder the first 2K or 0.5% of the amount insured (for passenger cars) or 3K or 1% of the amount insured (for commercial vehicles). If the car is more than 3 or 4yrs, you will pay an additional parts depreciation value for parts that were damaged and needed to be replaced.

FYI: The only part of a car that doesn't have a depreciation as far as insurance is concerned is the windshield.

[speedtrap]

Hi! question po, para saan po yung Chattel Mortgage fee? kapag po ba cash binili ang car, may chattel mortgage fee din? or para lang po ito sa installment basis? let say installment, refundable po ba ang chattel mortgage fee? sa pagkaka-alam ko kasi, yung chattel mortgage fee para yun sa mga installment purchase, nakapangalan pa sa bank or sa dealer yung car then pag fully paid na, eto yung fee para mailipat sa name mo yung or and cr ng car? parang mali ako?

[prince777]

This computation is for the premium only based on the Own-damage/theft or value of the vehicle. You have to add the taxes (local and national) plus the Vat and premium for what insurance companies called Bodily Injury and Property Damage, though minimal only...

The chattel more or less equals the monthly amortization of the loan.

It is best to get your car insurance from your Banks rather than from the dealers or direct from Insurance companies because banks dont get commissions. In this way, they can offer lower insurance premiums.

Better yet, get quotations from banks, dealers and insurance companies, then compare and haggle among them who can offer the lowest rate.. Thats how you can get the lowest rate.

tama sir!..i got my insurance from the bank and just paid 50% of the insurance amount, free chattel na pati...

[_Qwerty_]

basta nag purchase ka nang car via loan.. may chattel mortgage.. yung iba na wa waive nila ito.. pero in reality dinadagdag lang sa monthly ammortization mo..

and yes, pag loan.. nakapangalan sa nagpa loan yung sasakyan hanggang matapos ang payment.. iba pa yung payment para malipat yung CR sa name mo.. kailangan nang certification sa bank na fully paid na.. release of chattel mortgage from the registry of deeds.. tsaka pa lang pupunta sa LTO where it was first registered para malipat ang CR sa name mo..

[speedtrap]

Thanks po guys sa info
kahit pala sa bank mag auto loan, may chattel mortgage fee din. I thought baka wala na kasi di ba cash nila bibilhin sa dealer ang car?
dapat talaga cash na lang kesa installment.
plan ko kasi 60% DP, then 24months to pay (P588k cost ng car), may chattel mortgage fee na around 9k.

[Galactus]

basta nag purchase ka nang car via loan.. may chattel mortgage.. yung iba na wa waive nila ito.. pero in reality dinadagdag lang sa monthly ammortization mo..

and yes, pag loan.. nakapangalan sa nagpa loan yung sasakyan hanggang matapos ang payment.. iba pa yung payment para malipat yung CR sa name mo.. kailangan nang certification sa bank na fully paid na.. release of chattel mortgage from the registry of deeds.. tsaka pa lang pupunta sa LTO where it was first registered para malipat ang CR sa name mo..

This is a common misconception. If the financing insititution registers the car in its name, then there is no need to mortgage the car, thus wala ng chattel mortgage fee. Generally, pag ipinangalan sa banko yung car, chances are, lease financing na yun.

Normally, nakapangalan sa borrower yung Certificate of Registration at pinapa-encumber na lang sa RD (yung sa LTO is for marking purposes only).

The entry fee for chattel mortgages depend on the principal amount loaned. To say na it is more or less equivalent to the monthly amortization is wrong. There is a fee matrix sa Register of Deeds, and may mga iba pang charges na kasama (doc stamps, IT Fees, Legal Research fees, etc), kaya medyo magastos talaga, especially if the loan amount is quite high.

[speedtrap]

ah, bali ang amount to be financed is 235,200.00, payable in 24months.. then thru PS Bank, may chattel mortgage fee na 9,785.

I thought kasi wala ng chattel mortgage fee kasi pagkaka-alam ko bibilhin nila
ng cash sa dealer.

[Galactus]

May chattel mortgage kasi you bought the car through financing.

The chattel mortgage agreement is between you and the bank, and not you and the car dealer.

Pero malaki ang chattel mortgage fee nila. Based on the fee matrix, dapat Php1,836.00 lang ang RD Entry Fee, tapos documentary stamps tax is 480.10; Judicial Form & Entry Fee - 60.00 while Legal Research Fee is 18.36 (1% of the RD Entry Fee). Shouldn't be more than 3k.

Masyadong malaki ang miscellaneous income ng PS Bank, hehehe.

[speedtrap]

hmm medyo malaki nga, nag inquire din kasi ako sa directly sa Hyundai Otis, same terms, same din ang chattel mortgage fee nasa 9k to 10k din...pero mas mababa ang interests ng MA sa ps bank..may rebates din.

san po nakikita yung fee matrix? website po?

May chattel mortgage kasi you bought the car through financing.

The chattel mortgage agreement is between you and the bank, and not you and the car dealer.

Pero malaki ang chattel mortgage fee nila. Based on the fee matrix, dapat Php1,836.00 lang ang RD Entry Fee, tapos documentary stamps tax is 480.10; Judicial Form & Entry Fee - 60.00 while Legal Research Fee is 18.36 (1% of the RD Entry Fee). Shouldn't be more than 3k.

Masyadong malaki ang miscellaneous income ng PS Bank, hehehe.

[Galactus]

We got ours from the Register of Deeds ng QC. Since I handle the credit operations of a financing company, kailangan may copy kami nun for us to compute the appropriate charges.

Puwede naman magpa-photocopy niyan sa different RD offices nationwide.