Stress-Free Car Selling in the Philippines: Essential Docs & Why CARSOME Wins
Manila, Philippines | 16 April 2024 - Selling a car in the Philippines requires proper documentation to ensure a smooth transaction and protect both the seller and buyer. CARSOME Philippines simplifies the process, but understanding the documents involved empowers you as a seller. Here's a breakdown of what you'll need and why they're important:
Non-Encumbered Unit:
Original Certificate of Registration (OR): This is the official proof of car ownership issued by the Land Transportation Office (LTO). It verifies you have the legal right to sell the vehicle.
Certificate of Registration (CR): This document contains details about the car, such as its make, model, engine number, and plate number. It helps ensure the car being sold matches the official record.
2 Valid IDs of the Seller: This verifies your identity and ensures you're the authorized person selling the car.
Why It Matters: These documents establish a clear chain of ownership and prevent fraudulent car sales.
Additional Documents for Encumbered Unit:
Settled Car Loan:
ORCR (Official Receipt and Certificate of Registration): This combined document proves you've paid off the car loan and the LTO record reflects your full ownership.
Promissory Note with Chattel Mortgage: This document is the loan agreement with the bank. The canceled promissory note shows you fulfilled the loan terms, and the chattel mortgage served as security for the loan. The release below proves the car is no longer tied to the loan.
Release of Chattel Mortgage: Issued by the financing institution, this document officially states the car is free from any lien associated with the loan. Without this, the buyer wouldn't get a clean title.
Unsettled Car Loan:
Photocopy of ORCR: While not the original, it provides details about the car and loan.
Special Power of Attorney: If you're not selling the car yourself, this document authorizes someone else to handle the transaction on your behalf.
Latest Statement of Account: This shows the outstanding loan balance. The buyer will likely need to settle the loan before completing the purchase.
Why It Matters: If you have a car loan, these documents prove the car's ownership status and any remaining financial obligations. It ensures a smooth transfer of ownership and prevents issues with the loan after the sale.
Company Car:
Certificate of Registration (CR): Similar to the individual seller's CR, this document verifies the company's ownership of the vehicle.
Official Receipt (OR): This proves the car's registration is up-to-date.
Secretary's Certificate: This document issued by the company secretary proves the authorized person has the legal authority to sell the company car on behalf of the business.
2 Valid IDs of Authorized Person and Corporate Secretary: This verifies the identities of the people representing the company in the car sale.
Why It Matters: Company cars require additional documentation to establish proper authorization for the sale and ensure the company car is being sold by the right people.
Remember:
Ensure all documents are original and valid.
Have photocopies ready if Carsome needs them.
When unsure, contact Carsome's customer service for clarification.
Why Sell Your Car Through CARSOME Philippines?
Beyond simplifying the documentation process, CARSOME Philippines offers a multitude of benefits for sellers:
Faster and Easier Transactions: CARSOME streamlines the car selling journey. They handle inspections, paperwork, and even potential loan applications, saving you time and effort.
Fair and Competitive Offers: CARSOME leverages market data and professional inspections to ensure you receive a fair price for your car.
Hassle-Free Experience: Say goodbye to haggling and endless meetups with potential buyers. Carsome takes care of the entire sales process, allowing you to relax and focus on other things.
Ready to get a great offer on your Car?
Visit the CARSOME Philippines website https://www.carsome.ph/ to schedule your free inspection at your convenience. You can also reach us by phone at 09551232031.
