Used Car Buying Transaction

[Gigitata]

Good day to everyone.
I'm ready to buy this used car from a seller who I just met a few days ago. The car still has a remaining balance and I agreed on going to the bank with the owner to pay the remaining balance.

Is this process safe to close the deal and transfer the ownership under my name?
-Go to the bank with owner, pay the remaining balance and receive a Certificate of Full Payment.
-Proceed to a Notary public then hand the remaining cash to the owner. Complete the open deed of sale and have it notarized.
-Go the the LTO office where the unit is registered. Any tips on how to speed up the process for change of ownership?

Marami pong salamat

[Walter]

Would avoid this type of transaction ... find a vehicle that has no liens or encumbrances ...

[dr. d]

Good day to everyone.
I'm ready to buy this used car from a seller who I just met a few days ago. The car still has a remaining balance and I agreed on going to the bank with the owner to pay the remaining balance.

Is this process safe to close the deal and transfer the ownership under my name?
-Go to the bank with owner, pay the remaining balance and receive a Certificate of Full Payment.
-Proceed to a Notary public then hand the remaining cash to the owner. Complete the open deed of sale and have it notarized.
-Go the the LTO office where the unit is registered. Any tips on how to speed up the process for change of ownership?

Marami pong salamat

technically, the bank owns the car, and the seller you are talking to is making the payments.
if you complete the payment, the bank sees it as the seller having completed the payments, and will then give him (not you!) the car ownership papers.
then you and the seller will have to make more papers...

kinda complicated..

you can go to the bank with the seller, and ask questions, on how to make it un-complicated, if it is possible.

i'd walk away if i were me. i'd approach the seller, after he has transfered ownership of the car, to his name.

ang dami diyang kotseng walang prublema sa ownership.
what makes this particular car, desireable?

[Walter]

Found the thread ... read and learn ...

Fully paid car but bank wouldn't release documents

[dr. d]

Found the thread ... read and learn ...

Fully paid car but bank wouldn't release documents

hah!
i remember this!
na-ipit sa "LQ" yung sasakyan.

ano na kaya nangyari...?