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Thread: buying bank repossessed cars

  1. #1
    Tsikot Member Rank 5 badkuk's Avatar
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    Default buying bank repossessed cars

    your thoughts naman. advise kasi ng officemate ko that it's usually not a good idea, since more than likely na lalaspagin na ng previous owner when he knows that he can't make the payments anymore

    usually ba ang bangko e inoover estimate ang price?


  2. #2
    Tsikot Member Rank 5 yebo's Avatar
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    Default Re: buying bank repossessed cars

    the term to remember is "as-is-where-is basis". that means what you see is what you get. so if you did not see it well then you did not look hard enough.

    my advice is to bring a mechanic with you. check the oil from the engine and tranny. open everything that you can open (like air filter, oil filler cap, etc.) if possible start the engine and put it through its gears (they will not let you test drive but you can always shift the tranny with the clutch pressed). and most important of all, make a list of what you see (good and bad). this list will include what model of sound system it has, what tyres are installed. bring a digital camera and take pictures. why? cause some unscrupulous persons (e.g., the guards in the warehouse) might change/steal parts after you have inspected the unit.

    expect bad tyres and steel wheels (the previous owner usually gets the mags and good tyres then buys steel wheels and surplus tyres for the car), plus bad battery.

    as far as prices go, they're basically lower than market. sample: i bought from union bank in dec 1998 a model 1997 mazda 323 for only 135k.

  3. #3
    fLaKeZ flakez's Avatar
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    Default Re: buying bank repossessed cars

    ung kotse namin na remata rin ng bangko. mas mura talaga pag galing sa bangko, considering na dumaan na sa buy n sell ung kotse namin mura pa rin para sa kotse. sariwang-sariwa talaga.

    tiyambahan lang talaga. tulad ng pagbibili ka sa iba, kelangan mo talaga check ng maigi condition ng auto.

  4. #4
    Tsikot Member Rank 2 Ventoy's Avatar
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    Default Re: buying bank repossessed cars

    This is by chance if you can get real good stuff, what if the owner will put something to his car since like grinding compound to his engine and let the Bank take car on their position, anyway wag naman sana, kaya lang usually these vehicle are used by their massenger for delivery until such time the bank will decide to sell them. As we inquire before you must give deposit for the bidding of prices and by next day you will produce the rest of the amount

  5. #5
    UST ENT-HNS OTEP's Avatar
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    Default Re: buying bank repossessed cars

    That was the route I planned on taking when looking for the Vitara. Kaso medyo laspag ang mga Vitara ng BPI. Either that or overpriced ang units.

    Though meron ding mga units na makinis and resonably priced.

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  6. #6
    Tsikot.Com Tambay the_wildthing's Avatar
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    Default Re: buying bank repossessed cars

    Depende talaga, minsan swertehan lang. Tama, "as-is-where-is" so check everything.

  7. #7
    Tsikot Member Rank 3
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    Default Re: buying bank repossessed cars

    BTW, this really piqued my interest, saan naman nakikita 'to? and how do you get in? or get invited? and what cars are available? do they have a website or something?

  8. #8
    mmm... tasty... chris_d's Avatar
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    Default Re: buying bank repossessed cars

    AFAIK you can usually visit your local bank and ask for a list of cars they are selling.

  9. #9
    Tsikot Member Rank 5 yebo's Avatar
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    Default Re: buying bank repossessed cars

    Quote Originally Posted by parakitoJDM
    BTW, this really piqued my interest, saan naman nakikita 'to? and how do you get in? or get invited? and what cars are available? do they have a website or something?
    google search philippine banks. the banks that have repo vehicles will be bpi, union bank, equitable, land bank, ibank and metro bank. don't know about the other banks but i have not seen any vehicles in their websites yet (madami repo na house and lot sa pnb). they will have the procedures in their websites, including list of vehicles up for auction. most of the time the website is not updated so better send an email or call the numbers of their asset management office.

    don't be wary of the auction, hindi naman pataasan ng bid. it's more of a first-to-deposit type of auction. so pag may nakursunadahan kang unit be prepared with the 5-10% deposit, pag bayad mo sa bank then that unit is reserved for you. then they will give you from 1 week to 2 weeks to make the full payment. union bank even has an installment plan for their repossesed vehicles, pero 6 months to 1 yr lang yata depende sa price.

    one more reminder, do not expect that the bank will register the unit for you. you will take care of all fees and legal requirements for transferring the vehicle to your name - lto, tmg clearance, etc.

  10. #10
    UST ENT-HNS OTEP's Avatar
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    Default Re: buying bank repossessed cars

    BPI stores their units in Q.C.

    If may kakilala ka sa banko or preferred client ka, papalabasin na lang nilang nanalo ka sa bidding kahit walang bidding na naganap.

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