Motor World Finance provides excellent support to its clients. Pre sales inquiries as well as post sales inquiries are handled professionally and with great importance. After a number of years in the business however, we have compiled a handful of Frequently Asked Questions with their corresponding Answers. It is highly advisable to check out our Knowledge Database below and see if your questions/inquiries would be found here. 


Frequently Asked Questions

1.What is Motor World Finance Corp.?  

We are here to serve your motorcycle financing requirements.  Please see ABOUT US for a general information about the company.

 

2.What are your products and services?

We assist you in your financing  needs for the motorcycle unit you desire.  Please see PRODUCTS AND SERVICES for more information on the motorcycle models and financing services we offer. 

 

3.Where are you located?

Our HEAD OFFICE is located at M.C. Briones St., Highway, Mandaue City, Cebu, Philippines.  We have a network of branches nationwide.  Please see OFFICE LOCATIONS to know where we can best serve you at your utmost convenience.

 

4.How can I contact Motor World Finance Corp?

Please see OFFICE LOCATIONS for the addresses and contact numbers of any of our branches nearest you.

 

5.What are the requirements if I buy a motorcycle on installment?

You only need to follow the following steps in order to acquire on installment the motorcycle of your choice:

a) You will need to fill-up APPLICATION FORM for installment buyers;

b) We will conduct a CREDIT INVESTIGATION (C.I.) within 48 hours after receiving the completed application;

c) We will inform you of the status of your application within the 48 hours period after submission of the completed application;

d) If your application is APPROVED, you will be required to pay the necessary DOWNPAYMENT as well as sign the Promissory Note, Chattel Mortgage and related loan documents;

e) Your motorcycle unit shall be thoroughly checked and the necessary PDI (Pre-Delivery Inspection) undertaken to ensure your utmost satisfaction;

f) You will be briefed of all the things you need to learn about your new motorcycle unit - warranty, FSCU (Free Service Check Up) schedule, payment policies and procedures and everything else you might inquire about;

g) The new motorcycle unit is ready for releasing to YOU - its proud owner.

h) Please pay your MONTHLY AMORTIZATION on time.

 

6.I am an OFW, how can I purchase a motorcycle unit on installment?

For OFWs, we have adopted a policy that the motorcycle unit bought on installment shall be registered in the name of a nominated individual residing in the Philippines.  This is to make sure that any requirement relating to the motorcycle unit can be attended to immediately especially those relating to legal documentation which cannot be possibly undertaken by an OFW residing abroad.  The OFW can then agree on paying for the motorcycle unit purchased by way of direct remittance of payment to Motor World Finance Corp. thereby ensuring that fund remitted for the purpose of paying for the motorcycle unit is applied accordingly instead of being diverted and used for something else.

The OFW can complete the APPLICATION FORM and thereby designate the nominated registered owner of the motorcycle to be purchased.  The rest of the processing shall then proceed following the steps outlined in number 5 above.

An additional documentary requirement for OFWs are as follows:

1) SEAMAN OFW

Crew Contract and Exit Pass from POEA

2) LAND-BASED OFW

a) Contract / Certificate of Employment authenticated by the Philippine Consulate

b) Income Tax Return


7.I am an OFW, is it possible to pay directly to your office from my overseas location?

YES, we encourage an OFW to directly remit the payment to us.  Depending on the foreign country an OFW is located, we will furnish him / her the details of the bank and the account number to which payment can be deposited and the location of the remittance center abroad of our depository bank.  This arrangement will definitely secure an OFW's fund remittance for his/her motorcycle installment payment.

 

8.What happens if I miss a monthly payment?

Section 4 of the Promissory Note which you will sign upon purchase of a motorcycle unit on installment states that: "Time is of the essence hereto and default in the payment of any installment due shall render all the other installments due, demandable and payable together with all the penalties and charges that may have accrued."  However, for humanitarian reason, we do allow a maximum overdue allowance of thirty (30) days after which we proceed with the REPOSSESSION of the unit if no payment is made within that period.

 

9.What is the penalty if my account becomes overdue?

Section 1 of the Promissory Note states that:  "I / We hereby agree to pay a monthly penalty charge at the rate equivalent to four and a half percent (4.5%) on all overdue and unpaid monthly installment from due date until the date when fully paid."   

However, our maximum allowance for overdue accounts is only thirty (30) days after which we proceed with the REPOSSESSION of the unit.

 

10.Is it possible to pay an amount bigger than my regular monthly due so I can fast track the settlement of my account?

YES.  You can pay more than your regular monthly amortization and thereby shorten the number of months you need to settle your account.

 

11.Who takes care of the LTO registration of my purchased motorcycle unit?

We handle the registration of the motorcycle unit upon purchase covering the first  year.   However, the registration renewal for the succeeding years will be the responsibility of the owner.  The original OR and CR-E can be borrowed by the owner from the company after paying a refundable deposit of P500.00.  This refundable deposit is deemed necessary to ensure that the borrowed documents will be returned accordingly.  We will try to extend whatever assistance is necessary to facilitate the renewal of registration at the LTO.

 

12.Who takes care of the motorcycle insurance every year while my account is still outstanding?

Similar to the unit registration, we handle the insurance requirements upon purchase covering the first year while the insurance renewal for succeeding years will be the responsibility of the owner.

 

13.How soon can the unit be released from encumbrance after I settle my account?

You can have the unit released from its encumbrance IMMEDIATELY after the account has been fully paid.  The company will issue the necessary Certificate of Full Payment which can support the request for release of encumbrance and the issuance of a new CR (Certificate of Registration) in lieu of the CRE (Certificate of Registration-Encumbered).

 

If this knowledge base has not answered your question in mind, please go to our contact page or contact us directly through our online support system. 

 
Copyright 2008 Motor World Finance Corporation All Rights Reserved