Illustration: ask your lender for the current settlement amount before agreeing to sell.

Still paying for your car? You can sell it, but the loan needs a clear exit plan. Start with your lender’s full-settlement figure, agree how it will be paid, then complete the release and ownership paperwork.

1. Ask your lender for the settlement figure

Request a current full-settlement statement. Ask when the quoted amount expires, which charges it includes, how to pay and what documents the lender will release afterward. BPI’s request form distinguishes this calculation from a balance certificate. Use your own lender’s requirements.

2. Work out what you will receive

Compare the buyer’s offer with the settlement amount:

Example	Amount
Buyer’s offer	₱500,000
Loan settlement	₱150,000
Remaining proceeds	₱350,000

This example assumes no other agreed costs. The loan payment comes from the sale proceeds; it is not a Mobee fee. If the settlement is ₱550,000 instead, you would need to cover a ₱50,000 shortfall. Confirm that you can fund it before accepting.

3. Put the payment and handover plan in writing

Agree who pays the lender, the verified payment instructions, any shortfall, your remaining proceeds and when the car, keys and documents change hands. Confirm payment directly with the lender and check your own account for the amount due to you. A screenshot alone is not enough. Release the car only when the agreed payment conditions are met. Do not sign blank sale documents.

4. Finish the document release and transfer

Ask the lender for confirmation of full payment and its release checklist, including the original OR/CR and applicable mortgage-release documents. Paying the loan does not automatically update the vehicle’s registration. Confirm the Registry of Deeds and LTO requirements, who completes each step, the costs and what completion proof you will receive. Car registered under another name? Check the ownership-document guide.

What about pasalo or assume balance?

A buyer’s promise to continue your installments does not automatically remove your loan obligation. Even a notarized Deed of Sale does not replace the borrower without the lender’s consent. Ask your lender whether it permits a formal transfer. BSP has warned about pasalo schemes where the promised payments stop and the car is resold.

Want help selling your financed car?

Mobee can settle your outstanding car loan for you using the final dealer offer. If the offer covers the lender’s settlement amount, you do not need to pay off the loan upfront yourself. The settlement amount is deducted from the offer, and any remaining proceeds go to you.

You also get a free appraisal, dealer-offer collection and guidance with the documents and payment arrangements. Our standard selling service is free for sellers. You decide whether to accept the offer.

Get an initial quotation from Mobee. For the wider process, read our complete car-selling guide.