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Finally, with so many used cars for sale you have looked at and test driven, you have found the unit that matches your needs and budget. You have closed the deal, signed the deed of sale, and is ready to drive it home with you. But wait! Technically, it's already yours; legally, it's still the previous owner's.
Why is that so?
Registering your car with LTO (Land Transportation Office) is compulsory, whether it may be a public utility, business owned, or private vehicle. That is to ensure the safety and security of the owner, as well as the general public. Meaning, when the car is involved in an accident or crime, the government would know where to start.
And, of course, transferring car ownership is important to make sure you won't be accused of carnapping or theft.
How do you go about transferring the registration of the used BMW 850 you've just bought?
As similar to any other registration process, the first thing you need to do is prepare all the documents that you need. For you to transfer the registration of a used private car under your name, you must have the original and duplicate copy of the following at hand:
Once all the requirements are complete for the transfer of registration of your BMW 850, you may now proceed to any district office except PUVRC and PUVREC and follow these steps:
Proceed to the appropriate counter and submit all the documents for evaluation. If all the requirements are complete and good, the amount you need to pay will be computed.
As part of the standard operating procedures and ensure that all data match, your newly-bought 2nd hand BMW car would be inspected, and then, an MVIR would be accomplished.
Proceed to the cashier and submit the documents or get a number. Wait for your name or number to be called before paying the fees. An OR will be issued.
After paying, proceed to the area where the releasing section or window is and wait for your name to be called. Once called, check if the documents are complete. You should receive the following:
Now, all you have to do is put the plates and stickers on where they are supposed to be and keep the OR/CR in your car's glove box.
Transfer the Car's COR (CR) Immediately!
From the procedure of private or personal car COR transfer, Philkotse.com summed up for you, you would notice that it is not much of a hassle as long as the documents are complete and have no problems.
Do note though that you need to spare a day, if docs are complete, for you to accomplish the task smoothly. It is also important that you transfer the registration as soon as possible for you to avoid problems in the future.
Just in case there are no models from BMW Philippines that suit your needs, feel free to use the search tool on the left of the listing page to look for more affordable options of different brands and models.