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Car Loan Release Letter

Car Loan Release Letter Template for Philippines

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Key Requirements PROMPT example:

Car Loan Release Letter

"I need a Car Loan Release Letter for a Toyota Camry that will be fully paid off on March 15, 2025, including confirmation that the chattel mortgage will be cancelled and all original vehicle documents will be released to the borrower."

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Document background
The Car Loan Release Letter is a crucial document in Philippine vehicle financing that marks the successful completion of a car loan agreement. It is issued when a borrower has fully satisfied their loan obligations, including all principal payments, interest, and any associated fees. The document serves multiple purposes: it confirms the termination of the loan agreement, releases the financial institution's security interest in the vehicle, and provides the borrower with the necessary authorization to remove the lender's lien from the vehicle's registration documents. This letter must comply with Philippine banking regulations and consumer protection laws, including the Financing Company Act and BSP guidelines. It contains specific details about the loan, the vehicle, and the formal release declarations required for legal purposes.
Suggested Sections

1. Letter Header: Bank/finance company's letterhead, date, reference number, and addressee details

2. Loan Reference Details: Original loan agreement details, loan account number, and vehicle identification information (make, model, year, chassis number, engine number)

3. Payment Confirmation: Statement confirming full satisfaction of the loan, including the final payment date and total amount paid

4. Release Declaration: Formal declaration releasing all claims, liens, and encumbrances on the vehicle

5. Vehicle Documents Release: Confirmation of the release of original vehicle documents and certificates

6. Next Steps: Instructions for vehicle registration transfer and removal of encumbrance from official records

7. Authorization: Signature block with name and designation of authorized bank/finance company representative

Optional Sections

1. Early Payment Statement: Additional section when loan was settled before the original term, confirming no prepayment penalties

2. Third Party Authorization: Required when someone other than the borrower is authorized to collect documents or process the release

3. Insurance Policy Release: Statement regarding the status of associated insurance policies, if any were required by the loan agreement

4. Outstanding Charges Clearance: Confirmation that any additional fees or charges have been settled, if applicable

Suggested Schedules

1. Final Payment Receipt: Copy of the receipt confirming the final loan payment

2. Original Loan Summary: Summary of the original loan terms and payment history

3. Vehicle Registration Documents: Copies of relevant vehicle registration documents showing existing encumbrance

4. Chattel Mortgage Cancellation: Official document cancelling the chattel mortgage on the vehicle

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






















Clauses













Relevant Industries

Banking

Financial Services

Automotive

Insurance

Legal Services

Transportation

Consumer Finance

Vehicle Leasing

Relevant Teams

Legal

Compliance

Credit Administration

Customer Service

Collections

Documentation

Operations

Risk Management

Account Management

Vehicle Finance

Relevant Roles

Loan Officer

Credit Manager

Bank Branch Manager

Legal Counsel

Compliance Officer

Customer Service Representative

Collections Manager

Documentation Specialist

Account Manager

Vehicle Finance Officer

Risk Manager

Operations Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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