Chattel mortgage

[CrosswindxT]

Ask ko lang kung problema yung di ko naayos na chattel mortgage ng unit ko? Pero fully paid na sya sa bangko mga 2 years na. Nasa akin na nga ang OR/CR.

Advise naman sa nakakaalam nito.

Just in case ano ang magiging problema ko dito pag di ko pa rin inayos?

[1D4LV]

actually wala naman magiging problem kung nasa iyo ang oto.
pero pag nag decide ka na ibenta yan, you need to remove it out of the chattel mortgage bago mo ibenta para clean paper.

[vinj]

Better to have it processed to avoid any future inconveniences.

[CrosswindxT]

thanks mga bro. medyo nawalan ako ng alalahanin. Well siguro pag nakapagbakasyon ako aayusin ko na para totally problem free.


Thanks....

[Mguy]

Patanong lang. May tips ba dyan to reduce the amount to be paid sa chattel mortgage. Yes, i know by paying cash or lowering the terms will either eliminate or reduce the amount to be paid. Any other suggestion?

How would I know kung tama ba yun amount na kailangan bayaran?

[Mguy]

Up lang up lang

[kishAn]

Patanong lang. May tips ba dyan to reduce the amount to be paid sa chattel mortgage. Yes, i know by paying cash or lowering the terms will either eliminate or reduce the amount to be paid. Any other suggestion?

How would I know kung tama ba yun amount na kailangan bayaran?

usually sir may table yan eh. the higher the amount to be finance, the higher the chattel fee. pano mapapababa? 1.pwedeng paaprubhan o abonohan ng branch manager kung desperado na syang makabook 2.sa dealer mostly free chattel pero if you compute yung total investment mo talo ka 3. kung sa province ang residency mo and you apply sa metro manila bank normally mataas ang CM Fee kasi per region din ang computation so ang magandang gawin bili ng bahay sa metro manila para bumaba ang CM Fee.

Pano malaman kung tama? yung quote ng branch personnel pwedeng magkamali pero yung sa Promissory note na pipirmahan mo hindi. kaya minsan may mga cases na nagaabono yung ng branch personnel na nagquote.

http://www.carcamp.com.ph/global/index.php sir eto link para sample computation.HTH

[phezthie]

Ask ko lang kung problema yung di ko naayos na chattel mortgage ng unit ko? Pero fully paid na sya sa bangko mga 2 years na. Nasa akin na nga ang OR/CR.

Advise naman sa nakakaalam nito.

Just in case ano ang magiging problema ko dito pag di ko pa rin inayos?

itago mo lang yung release of chattel from the bank, you needed it to remove the annotation sa CR.

[myace77]

I recently bought a van. naka finance for five years. want to convert it to some sort of tourist or for hire vehicle. i checked the chattel mortgage agreement bawal daw. kasi nga nakamortgage pa yung van. has there been a case na nadefault ang mortgagee sa agreement because the vehicle was converted for public use without the bank's knowledge? How bad can this be?

[phezthie]

question, when you bought the van, did you seek the approval of the bank first or the sale took place just between you and original owner (the mortgagor)?

btw the bank is the mortgagee... under such premise, i will presume that you were referring to the bank and the answer to your query is in the negative... the bank will not be in default in case of conversion of actual use of the vehicle.

if you were referring to the mortgagor (owner of the vehicle), the answer will defend on the provisions of the mortgage (chattel) contract itself. check if its one of the proscription and if it is, then the mortgagor will be in default and his the total obligations will become due and demandable. if the sale between you and the original owner of the vehicle was approved or consented by the bank (mortgagee) by way of "assume balance" and thereafter it was you who converted its use despite the prohibition, the result will be the same. the bank may demand the immediate payment of your outstanding obligation because you simply subrogated to the obligations of the original mortgagor.

if the sale was without the bank's consent, that's the worse scenario. the original owner is liable under our penal law aside from the right of the bank to foreclose the van and take its possession by way of replevin...HTH