re: auto loan from bank

[traxid]

ask ko lang po if pag nag loan po ba sa bank ng car eh naka pangalan ito sa bank?( yung OR-CR)
if so, ano kailangan gawin after fully paid ka na sa bank? madami pa bang paper works? and fees? or naka pangalan na syo yung car and they'll release it pag fully paid na yung loan mo? thanks

[INVINZOR927]

Madali lang naman ang dapat gawin pag fully paid ka na sa auto loan mo: Una, Humingi ka ng chattel mortgage contract cancellation mo sa banko at release na notaryado ng lawyer; Pangalawa, pumunta ka ng Register of Deeds kung saan nakarehistro ang mortgage contract mo sa banko at ipa-cancel mo ang chattel mortgage contract in your favor;Pangatlo, kung nakarehistro na ang release ng chattel mortgage contract mo sa Register of Deeds, ipabago mo ang uri ng Certificate of Registration sa LTO (from mortgage to owner). Tapos nun pwede mo ng ibenta ang sasakyan mo kung ayaw mo na.

[traxid]

thanks po sa reply, ang toxic din pala ng process

[INVINZOR927]

thanks po sa reply, ang toxic din pala ng process

Well, thats how they run things here in this native land of ours. Kaya nga dyan pumapasok ang lagayan at padrino system.

[impulzz]

actually ask your bank if they can do it for you. yung sa amin dati naka finance sa BPI family, nung natapos na loan... we called them up and after a week binigay na yung mga release papers, cancelation of chattel mortgage, at certificate na paid na yung oto, all i had to do was got to LTO and had them change the CR with Encumbered marking to the regular CR in our name.

[traxid]

thanks po sa mga replies