Mercator Finance Corp.

[rr1028]

Hi Fellow Tsikoteers,

Hope you could help me with my problem. My father-in-law bought a car in 1997 and financed the car from Mercator Finance Corp. and has been fully settled ever since. This is according to my wife as my father-in-law already passed away last 2010. We are planning to sell the car already but found out that the Certificate of Registration is missing. I went to LTO where it was registered to request for a duplicate copy but found out again that it is encumbered to Mercator.

We searched the company and found out that it has already ceased operation. Without their chattel mortgage release, we cannot request for the lifting of its encumbrance.

My questions are:

1. Has anyone encountered the same problem before? What did you do?
2. Is there a way to lift the encumbrance?
3. Does anyone know who took over the portfolio of Mercator? Do you have a contact number?

Appreciate all the help. Thanks in advance.

[1D4LV]

best thing to do is to inquire with the registry of deeds kung saan naka encumber yung oto.

[rr1028]

According to my lawyer, who is helping me with the process, we need to get first the SEC certificate that revoked the license of Mercator. Then bring it to RD. Sana maayos na using the SEC certificate.


Sent from my iPhone using Tapatalk

[weisshorn]

Interested din ako dito paano ang gagawin? Please update this thread po how is the process. Thanks.

[rr1028]

Interested din ako dito paano ang gagawin? Please update this thread po how is the process. Thanks.

Hope the others with first hand info can help us with our predicaments.


Sent from my iPhone using Tapatalk

[rr1028]

Hi, any inputs from the gurus?


Sent from my iPhone using Tapatalk

[mark_t]

You can issue a personal warranty bond that you are indeed the absolute owner.
That should be enough to transfer or release the the car. An affidavit should be enough.
No reason for RD to contest.

Sinabi mo na nga na ikaw na absolute owner eh. They should process it with regularity.
Alam nila yan, baka may checklist pa sila kung paano.

[basti08]

That's the problem of my Sentra when I sold it before. I was advised to get a copy of PNCM (Promissory Note of Chattel Mortgage) from the venue where its mother files were kept which in my case was in LTO San Juan, then I forwarded it to the bank which acquired my car's encumbered-to Bank (International Corporate Bank) now Union Bank, which then issued me a certificate of no credit. That certificate may be attached to my original CRE (CR Encumbered) will be filed for request of release of chattel mortgage. (Release of chattel may be issued in about 2 or 3 weeks daw)

The pretty good thing was the buyer of my car, just obliged me to get the certificate of no credit. Cause, he just wanna be assured that the car has no more financial obligations whatsoever. He did the last couple steps for the release of chattel himself. Cause he really wanted to secure my car.

Goodluck. Medyo kakain din yan ng dalawang araw, be sure to track your papers over phone calls first. Say, who took over Mercator etc.

[rr1028]

Thank you sirs for the replies. We're still checking who acquired Mercator but as per our source, the company just seized operation. We also saw on the internet that their SEC registration has been revoked. We're getting already the SEC memo and will forward it to LTO. Lets see where it goes.

Thanks!


Sent from my iPhone using Tapatalk