|Step 1||Member-Applicant||Submits the filled-out Vehicle Loan Application Form including the documentary requirements to Loans Unit.|
1. Conducts Background Investigation of the applicant:
- Primary Source (Dividend/Interest Income from CCA/SDA)
- Other Sources (Income from business)
2. Coordinates with Car Dealer
- Price Quotation
- Proof of Payment of Equity (O.R. #)
- Availability of unit
3. Processes loan application and endorses to approving authorities.
4. Executes Chattel Mortgage (notarized)
1. Submits duly signed Deed of Assignment if payment is through CCA; issues Post Dated Checks (PDC) if through checks; Authority To Deduct (ATD) if through Salary/Pension deduction.
2. Secures Comprehensive Insurance (Motor Car Insurance Policy to be submitted to AFPSLAI)
3. Secures OR/CR from Car Dealer
1. Releases Loan Check
2. Undertakes payment of Documentary Stamp, Chattel Mortgage, and encumbered Certificate of Registration for member.
1. Pays the following through AFPSLAI representative:
- Doc Stamp – BIR
- Registration of Chattel Mortgage – Registry of Deeds (RD)
- Encumbrance of Certificate of Registration – LTO