What to do after you have fully paid your AUTO LOAN

[Miriam Villadelgado Barredo]

Here are the steps to do after your have fully paid your "AUTO LOAN"

1) Go to the head office of the bank 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
b) Original LTO Certificate of Registration (CR) and Official Receipt (OR)

2) Go to the Register of Deeds in your area of residence, submit the "Release of Chattel Mortgage" 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. (There are fees to be paid here)
You can find this information in your LTO Certificate of Registration.
a) Submit your "Release of Chattel Mortgage" that has been duly stamped "cancelled"
by the 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.