Form 03 for an Automotive Pledge: Data, What it is and MORE

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Are you interested in processing the Form 03 for the Pledge of an Automotive? Do not stop reading the information that we provide you through this article, this in order to make the process simple and without delay.

Details are given below on: The usefulness of the Form, how the Car Pledge process is carried out, what the Form is, and other data of interest for the management to be successful.

What is Form 03 for a Pledge of an Automotive Good for?

The utility of Form 03 for an Automotive Pledge, is to guarantee the relevant payment of an amount of money. Ensuring the creditor the respective benefits determined on the pledged asset. This can be done by any citizen, whether a legal or natural person, whether in the country or abroad.

Within the stipulated rules it is foreseen that, two (2) garments cannot be registered on the same car.

The pledge is valid for five (5) years, which are taken into account from the date of registration. Likewise, the registration can be made prior to the expiration date of the pledge.

The Pledge Alienation

The person who owns the car that has been correctly pledged, has the opportunity to carry out the procedure of transfer and disposal of the pledge.

This while the person who acquires, choose to take responsibility for the corresponding debt. In this situation, the garment may be subject to the same conditions.

Pledge Re-registration

This procedure can only be carried out by court order, consigning two (2) copies and the original. In this management, the re-registration of the respective contract is sent, this is signed by the judge or the clerk.

How is the Pledge of an Automotive Made?

To know how to make a car garment, the first step is to know what a garment is. This is the true right that you have over a real estate. Whether it is as collateral for a loan or in money by price amount.

The garment is very important in the automotive business, especially in financial and banking institutions. This is because such a condition allows access to a large number of people. In order to obtain a property by granting credit for its acquisition. The law can be variant or stable.

To carry out a pledge contract, it is necessary to comply with some requirements. These requirements can be divided in formal and essential.

Formal Requirements for Garment

For this procedure you need the Forms issued by the Ministry of Justice. One is to consign the copy on carbonic paper and in original, also in photography. Said forms must be filled out by computer or by hand, preventing stains on the page and erasures.

The Essential Requirements for the Garment

It is also required to meet the essential requirements to make the garment. These are mentioned below:

  • Have all the personal information at hand: Names and surnames, age, marital status. Likewise, the address of the room, the profession, the type of identity document with the corresponding number (of the debtor and also of the creditor).
  • Amount of credit granted and interest rate.
  • Respective identity of the car to be seized.
  • The documentation that certifies the insurance that covers the collateral.
  • In the case of applying, the spousal consent.
  • The signatures of the parties pertinent to the management and the certificate.
  • Information the site and date of management.
  • A surety, guarantor or guarantor can be attached.

Garment Registration

The registration of the garment requires the payment of the respective taxes, make the relevant contribution to the stamp duty.

Also certify compliance with the stipulated regulations on: The legality of the Funds, if applicable, and a politically exposed person. In addition, present at the ST the Unique Tax Identification Code of the creditor.

Modification of the Pledge Contract

There are situations where the pledge can be changed to recapitalize the pledge. Therefore, the following aspects should be taken into account:

  • I know set a new way of payment, where the date and place of the change are stated.
  • Close the fields in blanks.
  • On the sheet they have to reflect the signatures of both the debtor and the creditor, also their endorsements and additionally, signatures are credited.
  • In the case of changing the respective contract amount and the amount of the new contract, this must be greater than the original documentation.
  • Changes in the field are recorded Declarations Modification of the Pledge Contract.

Important Facts about the Form 03 Process for an Automotive Pledge

Taking into consideration that this management is very important, in addition to the recognition of the Form 03 for an Automotive Pledge in this procedure. The most outstanding information about this is detailed:

  • When registering the pledge by means of a loan, the Form 03 for the Pledge of an Automotive. In the same way, the Pledge Contract with three (3) copies.
  • If it is done due to the cancellation of the price amount, Form 03, the Pledge Contract with three (3) copies, must be consigned. Additionally, Forms 01, 08, 02 to influence.
  • When the vehicle is under ownership, it is required that the condominiums be shown in their entirety, as debtors in the Pledge Contract.
  • The validity period is five (5) years, and you have the possibility to request re-registration before it expires.
  • The alienation procedures are carried out only if the person who acquires, chooses the alternative of taking responsibility for the respective debt.
  • The garment has nature of circulatory title, that is to say, that it can transit under endorsement.
  • Form 03 for the Pledge of an Automotive is essential to carry out this procedure.
  • The garment is quite important in the automotive business.

NOTE: Remember that you have to be up to date with all responsibilities. Obtain the true right of the pledge and make the respective re-registration prior to the expiration date.

What is Form 03 for the Pledge of an Automotive?

The Form 03 for an Automotive Pledge, refers to the registration documentation used for the registration of an automotive-type pledge.

Said Form must be managed, during the acquisition of a garment, through a loan or by price balance. In conclusion, it is a fundamental document for the acquisition and registration of a garment.

How to cancel a Pledge in the Automotive Registry?

As established in the Chapter XIII of the Pledge Contracts on Motor Vehicles, states the following:

  1. It will be allowed in all Argentina, the deposits that are made in order to obey the regime stipulated in the Law No. 12,962. As dictated by its Article 25 subsection c) and made in cash or check from the same institution.
  2. The obligations must be carried out in the office where the Registry works, or in that case, in the one closest to it.
  3. The corresponding deposits will be returned to the person making the deposit (pledge debtor). They can also be canceled to the pledgee, where the order has been made the deposit. As determined by the corresponding registry in compliance with the respective Law, in its Art. 25 subsection c) states:
    1. The owner of the pledged asset may request the Registry to cancel the registered guarantee. Attaching the receipt of having paid the amount of the debt. This through the official bank closest to the site where the property is located, available to the creditor. The person responsible for the Registry inform the creditor about the presentation. All for means of an accredited communication and directed to the address of domicile created in the contract. If the informed person agrees or does not express observations. All within ten (10) days, counted from the communication. The person in charge will effect the cancellation. If the deposit is opposed, the person in charge will notify the debtor and the bank to make the deposited amount available to the depositor. Where it can promote a consignment trial.
  4. The deposit will be made to the order of the pledgee. Being the responsibility of the depositor – pledge debtor incorporate the respective deposit receipt, with the creditor’s identification information.
  5. The deposit established by the aforementioned regulations is the exclusive decision and obligation of the relevant individual. Where the amount established by the depositor, who will not have the responsibility of certifying his situation as a pledge debtor in front of the bank. However, if you enter your identification on the deposit slip (names and surnames, document, residence, etc.), not requiring prior participation of the corresponding registry.
  6. It will be extended to the certified depositor correctly filed with the corresponding cash stamp. Which must be consigned by this in front of the Registry, as proof of having made the deposit.

Process the Form 03 for the Pledge of an Automotive, It is of great importance since it is the true certification that is had on an acquired good.

Therefore, follow all the corresponding steps and comply with all the requirements to carry out this process successfully. We hope we have helped you with this process.

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