Pre-terminated car loan. When can you sell?

**ntlogin** · October 30th, 2017 07:54 PM

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** · October 30th, 2017 08:19 PM

Originally Posted by 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?

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

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**yebo** · October 30th, 2017 09:29 PM

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** · October 30th, 2017 09:43 PM

Originally Posted by 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.

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** · October 30th, 2017 11:41 PM

Originally Posted by 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?

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** · October 31st, 2017 12:36 AM

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).

Originally Posted by dr. d

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** · October 31st, 2017 09:55 AM

Originally Posted by 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?

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

**dr. d** · October 31st, 2017 10:01 AM

Originally Posted by 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).

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** · October 31st, 2017 04:23 PM

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** · November 2nd, 2017 10:19 PM

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.

Originally Posted by dr. d

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?