Pre-terminated car loan. When can you sell?

[ntlogin]

I've just settled the remaining balance of my car loan. Banks says it will take 15 working days before it can release documents and mortgage.

The question is, can you sell your car while waiting for the release of mortgage from the bank, registry of deeds and LTO?

[dreamur]

I've just settled the remaining balance of my car loan. Banks says it will take 15 working days before it can release documents and mortgage.

The question is, can you sell your car while waiting for the release of mortgage from the bank, registry of deeds and LTO?

You can but it would be easier if you already have the encumbrance cleared.

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[yebo]

yes. like right now. bahala na kumuha ng release of chattel mortgage at original or/cr yung buyer. they only need a deed of sale to get those.

[yapoy86]

yes. like right now. bahala na kumuha ng release of chattel mortgage at original or/cr yung buyer. they only need a deed of sale to get those.

Add to that an authorization to the new buyer to get the documents from the bank.. include your spouse in the authorization if she is also included in the loan contract. Plus a photocopy of your latest ID with signature. some LTO branch are very strict on the owner ID

[dr. d]

I've just settled the remaining balance of my car loan. Banks says it will take 15 working days before it can release documents and mortgage.

The question is, can you sell your car while waiting for the release of mortgage from the bank, registry of deeds and LTO?

of course you can!
you just have to find that someone, who will buy a car that you have no ownership documentation to, yet.

so why the rush? can't you wait 15 days?

[ntlogin]

Yeah. I'm jittery because of the looming excise tax comes January.

Actually, this is not my first rodeo regarding pre-terminating a car loan. Not sure why my current bank will take that long to process the release of documents. Maybe, I think they are just padding their lead time. I guess I have to follow up every 5 days. I'm no buying their 15 day crap.

After getting the documents from them. I still have to go to the Registry of Deeds and this will add at least a week based on experience. Next is LTO to remove encumbrance from my CR which will only take a day but I have to schedule carefully. After that, if I'm lucky, I already have a buyer waiting.

Given this, It may be the last week of December before i can buy my new car. By then, stocks have dried up because the models I'm shooting for are newly released (crv,xv,cx5).

of course you can!
you just have to find that someone, who will buy a car that you have no ownership documentation to, yet.

so why the rush? can't you wait 15 days?

[SidCoronel]

I've just settled the remaining balance of my car loan. Banks says it will take 15 working days before it can release documents and mortgage.

The question is, can you sell your car while waiting for the release of mortgage from the bank, registry of deeds and LTO?

Can you sell it? YES
Will someone buy it? MAYBE
Will I buy it? NOT YET

[dr. d]

Yeah. I'm jittery because of the looming excise tax comes January.

Actually, this is not my first rodeo regarding pre-terminating a car loan. Not sure why my current bank will take that long to process the release of documents. Maybe, I think they are just padding their lead time. I guess I have to follow up every 5 days. I'm no buying their 15 day crap.

After getting the documents from them. I still have to go to the Registry of Deeds and this will add at least a week based on experience. Next is LTO to remove encumbrance from my CR which will only take a day but I have to schedule carefully. After that, if I'm lucky, I already have a buyer waiting.

Given this, It may be the last week of December before i can buy my new car. By then, stocks have dried up because the models I'm shooting for are newly released (crv,xv,cx5).

if the looming excise tax is your problem, go buy that new car already and save yourself the trouble of price increase.
the old car that you are going to sell... who knows... your selling price might get even better, if potential car buyers get turned off by the increased price of new cars.

unless... you need the purchase money from the old car, for your initial payment for the new car...?
in that case... good luck, po.


errr... might i inquire, what is that old car of yours, sir?

[yebo]

tama si dr.d.
buy that new car now.
sell the old car AFTER the price increase. chances are prices of 2nd hand cars will increase also.

[ntlogin]

Unfortunately, I need the money from the old car to cover down payment. I'm targeting a certain monthly figure and it requires me to make a 50% DP to arrived at the target figure.

Car is ecosport.

Recently, a relative is pledging to buy the car at my price. The only catch is they want it in January. They told me if I can secure a bank PO now, excise tax will not impact the selling price. Not sure if it holds water.

if the looming excise tax is your problem, go buy that new car already and save yourself the trouble of price increase.
the old car that you are going to sell... who knows... your selling price might get even better, if potential car buyers get turned off by the increased price of new cars.

unless... you need the purchase money from the old car, for your initial payment for the new car...?
in that case... good luck, po.


errr... might i inquire, what is that old car of yours, sir?

[yebo]

...
if I can secure a bank PO now, excise tax will not impact the selling price. Not sure if it holds water.

my bet is not even 1 drop. the government will get their tax when it wants, your pre-dated p.o. is of no consequence.

[Bravoexo]

Unfortunately, I need the money from the old car to cover down payment. I'm targeting a certain monthly figure and it requires me to make a 50% DP to arrived at the target figure.

Maybe you can restructure the car loan payments in 2018, when you've sold the old car and put that sale to paying ahead of schedule.

[ntlogin]

Maybe you can restructure the car loan payments in 2018, when you've sold the old car and put that sale to paying ahead of schedule.

current loan was already paid in full.

[ntlogin]

my bet is not even 1 drop. the government will get their tax when it wants, your pre-dated p.o. is of no consequence.

I'm thinking, if the car is already in the inventory before January, then it should be excise tax free.

There are two things that needs to work.

-there is still a 2017 stock
-dealer will honor the reservation and make the price as is.

[yebo]

I'm thinking, if the car is already in the inventory before January, then it should be excise tax free.

There are two things that needs to work.

-there is still a 2017 stock
-dealer will honor the reservation and make the price as is.

no. only 1 thing. THE GOVERNMENT has to count it as a sale made before January 1, 2018. your deal with the dealer has absolutely no bearing on the matter. old stock, new stock, deposit, etc. etc. is of no consequence.

[StockEngine]

I'm thinking, if the car is already in the inventory before January, then it should be excise tax free.

There are two things that needs to work.

-there is still a 2017 stock
-dealer will honor the reservation and make the price as is.

youre thinking of perfect conditions for the buyer..

any sales department always say: price is subject to change without prior notice...

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[Bravoexo]

current loan was already paid in full.

No, I mean the loan you're getting for the new car. Find a bank that will allow you to restructure to the new mo amortization you want once you sell the old one later next year.

[ntlogin]

no. only 1 thing. THE GOVERNMENT has to count it as a sale made before January 1, 2018. your deal with the dealer has absolutely no bearing on the matter. old stock, new stock, deposit, etc. etc. is of no consequence.

I see. Thanks for the clarification. Just wondering if this excise tax law will take effect on jan 1.

[Kirojett]

I see. Thanks for the clarification. Just wondering if this excise tax law will take effect on jan 1.

Hi There!
ask ko lang po what to do, I bought assumed balance na car then in a few months matatapoz na po ito sa bank, since this is not legal with the bank kasi di naman transferred sa amin, we only have deed of sale with the owner in which 3rd owner na kame. anu po bng dapat naming gawin? sasamahan po ba naming yung original owner to get docs sa banks and pay pa ung other processing fees o wait na lang kame? thanks sa sasagot