Car Loan ending, what to do next...

[Pacis]

After 4 years of paying up, my car loan will be paid in full this Jan 09.

What do I need to do after this? Do I need to go to the LTO for anything? Should I expect anything from the bank like any correspondence?

Thanks guys.

[willvill]

contact your bank for the release of the chattel mortgage and with your OR and CR you can now renew the registration.

[DBanker]

contact your bank for the release of the chattel mortgage and with your OR and CR you can now renew the registration.

*sir willvill,
1) can he just renew his CR on the time/month of its renewal date? say, his plate ends in "0", pwede bang sa October na lang sya mag-renew ng CR?... and if ngayon naman sya mag-renew, what will happen sa "registration fees" that he paid for 3-yrs (assumption)? will he get a refund?
2) assuming also that 2011 pa po ang renewal, cant he just wait till that period to renew?
thanks

[Galactus]

Contact the bank for the relevant documents (Cancellation of Chattel Mortgage and Certificate of Registration). Depending on the bank, may fees na babayaran (sa Unionbank kasi, P300 ang cancellation).

Tapos, you have to go to the Register of Deeds (check mo kung saang city or municipality pina-annotate ng bangko yung Chattel Mortgage), to have the encumbrance erased from their records and pay the corresponding fees. Tapos, go to the LTO to get a new copy of the CR para wala ng nakalagay na "ENCUMBERED"

[Pacis]

Thanks for the reply guys. Mga magkano kaya gagastusin ko all in all? Sa RCBC ako nakaloan.

Dun sa Cancellation ng Chattel Mortgage, ang weird naman na sa simula may bayad na yung chattel mortgage tapos may fee pa sa cancellation afterwards

Unfortunately, 1 ang ending ng plate ko so tapos na maparegister. Pag kumuha ako ng copy ng CR na walang encumbered na nakalagay, panibagong bayad pa ba yun?

Paano rin pala mag ty sa post, yung reputation lang ba yun? :D

[Galactus]

Thanks for the reply guys. Mga magkano kaya gagastusin ko all in all? Sa RCBC ako nakaloan.

Dun sa Cancellation ng Chattel Mortgage, ang weird naman na sa simula may bayad na yung chattel mortgage tapos may fee pa sa cancellation afterwards

Unfortunately, 1 ang ending ng plate ko so tapos na maparegister. Pag kumuha ako ng copy ng CR na walang encumbered na nakalagay, panibagong bayad pa ba yun?

Paano rin pala mag ty sa post, yung reputation lang ba yun? :D

Re Cancellation fees, mura lang yun. To be sure, call ka na lang sa Auto Loans Dept. ng RCBC, pero malamang wala pang P500 yun.

Sa Register of Deeds naman, siguro wala pang 1k ang removal of encumbrance. Di ko kasi kabisado yung table of fees nila. In QC, kahit wala ng pampadulas, efficient naman ang staff dun. Yung 2000 Expedition na naka-loan sa amin before, less than 900 lang binayaran ng liaison staff namin.

Re: TY, may button dun sa box ng poster whom you want to thank. Just click it.

[willvill]

*sir willvill,
1) can he just renew his CR on the time/month of its renewal date? say, his plate ends in "0", pwede bang sa October na lang sya mag-renew ng CR?... and if ngayon naman sya mag-renew, what will happen sa "registration fees" that he paid for 3-yrs (assumption)? will he get a refund?
2) assuming also that 2011 pa po ang renewal, cant he just wait till that period to renew?
thanks

Lets ask the other tsikoteers, Sir DBanker. Yung reply ko kasi based on my experience only. Anyway, IMHO, I presume that when your auto loan ends, it usually falls on the time of registration. My City which I got on the month of Feb ends in 2. So no complexity.

I suppose, that you renew registration based on your ending plate number. So if 0, should be October. If renewal is 2011, why renew now? Why the hurry? IMHO lang po.

I forgot to mention that you still have to go to the Register of Deeds for another cancellation aside from the bank.