Selling Your Company Car Hassle-Free: A Step-by-Step Guide with Required Documents
Manila, Philippines | 29 March 2024 - Company cars can be a great benefit, but eventually they need to be sold. Unlike selling your own car, there are a few extra steps involved. This guide will walk you through the process, from getting permission to gathering paperwork, and even explore a hassle-free option.
Before You Start: Permissions and Paperwork
Authorization is Key: Don't just put a "For Sale" sign on the car! Get written permission from a company higher-up authorized to sell assets. This document should specify your selling authority and any limitations (like a minimum price).
Know the Title Situation: Is the car fully owned by the company, or is there any outstanding financing? This will affect the paperwork you need.
Gather Vehicle Records: Maintenance records and service history build trust with potential buyers and help you determine a fair selling price.
Sell Your Company Car Hassle-Free
Consider using a service like CARSOME to streamline the selling process. Here's how it works:
Get a Competitive Offer Upfront: No waiting for inspections! Just provide basic details about the car and receive an initial offer based on market value, condition, and other factors. This offer might be adjusted slightly after a full inspection.
Inspection and Agreement: If you like the initial offer, schedule a convenient inspection at your location or choose an on-site inspection. They'll assess the vehicle's condition and discuss any adjustments to the offer.
Secure Payment Through Bank Transfer: All payments are made securely through bank transfer for your peace of mind.
Documents You'll Need
The documents you need will depend on whether the car loan is settled or not. Here's a breakdown:
Company Car Documents (Always Required):
Original Certificate of Registration
Original Official Receipt of Registration
Original Secretary's Certificate (verifies authorized signatory)
Two Photocopies of Valid IDs (authorized representative and corporate secretary, if applicable)
Car Loan Documents:
Settled Car Loan:
Original ORCR (Official Receipt and Certificate of Registration)
Original Promissory Note with Chattel Mortgage (proof of ownership transfer)
Original Release of Chattel Mortgage (issued by the lender, signifying the loan is paid off)
Unsettled Car Loan:
Photocopy of ORCR
Original Special Power of Attorney (authorizing CARSOME to handle the transaction)
Original Latest Statement of Account (verifying the outstanding loan balance)
Don't Worry About the Paperwork
CARSOME will ensure a smooth transition for everyone involved, handling the necessary documents specific to your situation.
Ready to Sell?
Selling your company car with CARSOME is fast, convenient, and transparent. Simply contact us at 09551232031 with details about your car and get a competitive offer upfront. We handle the paperwork and ensure a secure and easy transaction.
