Documents Need to Check When Purchasing A Second-Hand BMW 730Li
Shopping for a second-hand car in good condition from BMW Philippines vehicle can either be a lifesaver or a nightmare. After all, if you are not sure as to the overall stator or condition of the car, how confident are you that what you pay for is proportional to its performance?
Aside from this concern, you need to be wary when it comes to the legalities of the purchase. In this regard, Philkotse.com compiled a list of documents you need to check before driving away with your new BMW for sale.
1. Certificate of Vehicle Registration (CR)
This piece of paper is provided by the Land Transportation Office (LTO) that indicates proper registration of the vehicle. When a private seller or a dealership presents this document to you, it signifies that the car is clean of any pending or unpaid fines or unsettled police obligations.
But be wary, some documents may look original when in fact it can be counterfeited. An original certificate of vehicle registration must show the model and year of the car, specifications, and color.
At the same time, make sure that the chassis number on your about-to-purchase second hand BMW 730Li car is reflected in the paper.
Another thing to watch out for is the word “encumbered” usually plastered on the upper right portion of the document.
When you see this, it is an indication that the owner has not yet paid the obligation to the financial institution or bank that paid for the car.
You can ask the dealership or the private seller of the BMW 730Li for sale if it's already settled, and if it is, ask for the document “Release of Chattel Mortgage.”
2. Receipt of Registration
Upon obtaining the Certificate of Vehicle Registration, the previous owner would need to pay for the transaction. Thus, the receipt of registration is provided. The receipt usually comes in a set with the CR for verification.
The contents of the receipt should match the CR. Also, when there is no receipt presented alongside the certificate, you may be looking at an illegal pair of wheels.
3. Plate Number As Given by LTO
Whether the pre-owned vehicles are sold by its previous owner or through a dealership, the original plate number as given by LTO should be attached to it.
Moreover, for new models released, you can check its registry by looking at the sticker placed on the upper-right corner of the vehicle's windshield.
You can also verify with the LTO by texting: LTO Vehicle (plate number) to 2600. The information that will be sent to you will include apprehensions, latest registration date, color, year, and model.
4. Deed of Sale
Upon checking for the documents and seeing how all of them are good valid and accurate, you can proceed to prepare a notarized deed of sale for the transaction.
If you need legal assistance regarding these documents, you can always visit the nearest LTO branches.
Are you ready to drive home a new car? We have an extensive list of various BMW 730Li 2014 for sale that will definitely suit your needs. Just make sure to demand proper documentation for all the vehicles you think of purchasing.