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  1. Join Date
    Aug 2010
    Posts
    196
    #1
    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.

  2. Join Date
    Oct 2009
    Posts
    780
    #2
    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.


    Posted via Tsikot Mobile App

  3. Join Date
    Oct 2009
    Posts
    780
    #3
    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.

  4. Join Date
    Apr 2007
    Posts
    699
    #4
    Quote Originally Posted by Battlestar View Post
    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.

  5. Join Date
    Oct 2009
    Posts
    780
    #5
    Quote Originally Posted by nels76 View Post
    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.

  6. Join Date
    Oct 2013
    Posts
    1,181
    #6
    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...

  7. Join Date
    Jun 2013
    Posts
    439
    #7
    papano po pala pag financing institution yung naka lagay na name sa CR nag finance ng car pero nag close na yung company?

  8. Join Date
    Aug 2010
    Posts
    196
    #8
    Quote Originally Posted by Battlestar View Post
    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?

  9. Join Date
    Oct 2009
    Posts
    780
    #9
    Quote Originally Posted by Lyle View Post
    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.


    Posted via Tsikot Mobile App

  10. Join Date
    Aug 2010
    Posts
    196
    #10
    Quote Originally Posted by vvti2.0 View Post
    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.

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