Encumbered CR

**Lyle** · April 23rd, 2014 08:33 PM

I'm selling my car. The problem is encumbered pa yung CR. I already have the cancellation of chattel mortgage. My question is dapat ba ako pa rin mag-ayos ng pagpapatanggal ng encumbered? Alam ko kasi pede yung buyer na yung gagawa nun plus change of owner na rin.

Then I have a potential buyer who's trying to convince me na lakarin ko yung encumbrance since malaki raw gastos dun. How much will cost me if ever? Thanks.

**Battlestar** · April 23rd, 2014 08:54 PM

Hinde naman ganun kalaki babayaran mo pero matrabaho. Dame mo puntahan na opisina at pag mamalasin di mo matapos yan ng 1 araw.

Meron ako naka save na step by step procedure eh hanapin ko lang.

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**Battlestar** · April 23rd, 2014 09:18 PM

Here you go. Dito ko lang din nakuha sa tsikot. Nakalimutan ko na kung sino nag post nito.

1) Go to the Bank Head Office that had financed your auto loan and claim the following
documents ( you will pay a minimal fee of around P300 - P500)
a) Release of Chattel Mortgage and copy of Promissory Note
b) Original LTO Certificate of Registration (CR) and Official Receipt (OR)

You can call them before going to them
RCBC Savings Bank - Tel #s 555-8772 / 555-8770 / 687-5430 loc 4620
Banco De Oro - Tel #s 688-1288 / 68801468 ask to be connected to SFU
[Service Fulfillment Unit]
BPI Family - Hotline - Tel # 89-100 - follow voice prompt for options
PSBank
- Hotline - Tel # 845-8888
Union Bank - Hotline - Tel # 84-186 or 841-8600

2) Go to the Register of Deeds in your area of residence, submit the "Release of Chattel Mortgage with Promissory Note" to have them "CANCEL" the Chattel Mortgage on your vehicle
(there is a minimal fee to paid here)

3) Go to the LTO Agency where your vehicle was first registered. You can find this information in your LTO Certificate of Registration. You need to
bring the unit for inspection and stenciling. (There are corresponding fees for this procedure)

a) Submit your "Release of Chattel Mortgage" that has been duly stamped "cancelled" by Register of Deeds and your OR of payment for the Cancellation
b) Surrender your "ENCUMBERED" Original LTO Certificate of Registration
c) The LTO Agency will release a new LTO Certificate of Registration to you that no longer has the word "ENCUMBERED" on it.

4) Keep your original LTO Certificate of Registration and the latest LTO Official Receipt with your personal documents in a secured place.

**nels76** · April 23rd, 2014 09:25 PM

Originally Posted by Battlestar

Here you go. Dito ko lang din nakuha sa tsikot. Nakalimutan ko na kung sino nag post nito.

Wala bang consequence pag di mo inasikaso agad ung paglipat ng Auto sa name mo after mo mtapos yong Car Loan.
Sept 2012 natapos ung Car Loan namin and nabigay na sa amin ng bangko yong mga documents pero yong next step sa Registry of Deeds and sa LTO, di pa namin nagagawa.

**Battlestar** · April 23rd, 2014 09:30 PM

Originally Posted by nels76

Wala bang consequence pag di mo inasikaso agad ung paglipat ng Auto sa name mo after mo mtapos yong Car Loan.
Sept 2012 natapos ung Car Loan namin and nabigay na sa amin ng bangko yong mga documents pero yong next step sa Registry of Deeds and sa LTO, di pa namin nagagawa.

Wala naman siguro. Hinde rin kase nachecheck ng LTO kung bayad na sa bangko yan o hinde eh. Ang sa kanila lang eh basta marenew. Pero lakarin mo na rin yan sir. Wag mo ipalakad sa iba para next time na mag loan ka ng kotse, alam ko na kung pano ayusin.

**vvti2.0** · April 24th, 2014 07:17 AM

Wala naman problema yan, nung binili namin yung sasakyan namin, release of mortgage lang ang binigay sa akina t deed of sale, ako na naglakad ng cancellation nung encumbrance sa registry of deeds, yun nga lang, kung malayo layo sa lugar mo yung ROD kung saan yan naka entry, eh mapapabiyahe ka.. May bayad rin nasa 1k ata mahigit.. Then kami na rin naglakad nung transfer of ownership...

**Erick Chavez** · April 24th, 2014 10:41 AM

papano po pala pag financing institution yung naka lagay na name sa CR nag finance ng car pero nag close na yung company?

**Lyle** · April 25th, 2014 03:20 PM

Originally Posted by Battlestar

Here you go. Dito ko lang din nakuha sa tsikot. Nakalimutan ko na kung sino nag post nito.

Thank you sa very helpful information. Actually step 3 na po ako. Toyota financing kasi yung kotse namin. Pede ba yung buyer nalang magpatuloy nung step 3 and 4?

**Battlestar** · April 25th, 2014 03:23 PM

Originally Posted by Lyle

Thank you sa very helpful information. Actually step 3 na po ako. Toyota financing kasi yung kotse namin. Pede ba yung buyer nalang magpatuloy nung step 3 and 4?

Not really sure. Pero parang sa mga nababasa ko dito pwede basta meron na sya deed of sale. Good luck sir.

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**Lyle** · April 25th, 2014 03:26 PM

Originally Posted by vvti2.0

Wala naman problema yan, nung binili namin yung sasakyan namin, release of mortgage lang ang binigay sa akina t deed of sale, ako na naglakad ng cancellation nung encumbrance sa registry of deeds, yun nga lang, kung malayo layo sa lugar mo yung ROD kung saan yan naka entry, eh mapapabiyahe ka.. May bayad rin nasa 1k ata mahigit.. Then kami na rin naglakad nung transfer of ownership...

So pede naman pala buyer nalang. Salamat sir. Fully paid naman na yung car namin. Ayaw lang siguro mahassle nung buyer haaay.