Sunday, February 09, 2014

Cross that out (Part Deux)

Read the first part so you'll be able to understand the whole process. Part One is here

6. Providing Bank with necessary documents. Now you need to bring to the bank the documents obtained after the transfer of ownership.They advised us that a car history check will happen, this will take about 3 days and finally advised we pay the down payment to sellers, as they will release the cheque in 3 to 7 working days.

7. Paying down-payment. BDO only allows to pay 70% of the total cost, so the 30% less the earnest money, we provided the seller -- in cash as we don't have a chequing account.

8. Getting a Comprehensive Insurance. After three days, the bank loan officer asked us about insurance. This is where it got a little confusing. The sellers bought TPL insurance in LTO, but what the bank needs is a Comprehensive Insurance with Acts of Nature included. They advised us to get one as the TPL cannot be used at this point.

Being the busy office people that we are, the first thing we did was go to the internet to search for an Insurance. I contacted MAFPRE and followed Standard Insurance's online car insurance auto-calculator for a quotation. Standard Insurance provided lower rates (lower by PhP 5,000), so it was the obvious choice.

For a less than 2-year old car with 3K km on it's mileage, Standard Insurance priced the insurance at Php 11,000. We settled payment online through credit card and the insurance policy was sent through email. They, however, needed to create another version of the policy which has the mortgagee's name (BDO). They asked us for the mortgagee's name and address to include in the insurance policy and asked as well if we want to send the policy to the bank by ourselves or alternately, they can send it. So we let them send it to the bank, one off our plate.

Another 5 working days passed since we sent the bank the Transfer of Ownership documents. Total days, 28 days.

As of 2:33 pm today, this is how far we've gone. I'll post on the final steps again maybe next week. Part 3 is here.

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