Buying a Repossess Car

[trojanguy]

Hi,

I would like to ask help, im going to buy a 2nd hand car a 2016 xtrail , the owner said (he have business shop) he paid all the balance from the bank and waiting for the release Chattel mortgage. the car is from iloilo and im in cebu. So he doesnt have the documents with him yet.

From my understanding i will need to get the ROD, Chattel and release frmo bank statement right? Do i need to take note anything?

[sirkosero]

That is not even a repossessed car!

Wait for the documents to clear under his name first. Save yourself the hassle of buying blind.

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[dr. d]

i agree.
hintayin mong mapa-sakanya ang mga dokumento, at nasa pangalan na niya ang sasakyan..
hintayin mong nasa pangalan na niya ang certificate of registration.

[trojanguy]

Does it take time to be release? Se are going to eastwest bank . He said to clear my doubts

[Ry_Tower]

Does it take time to be release? Se are going to eastwest bank . He said to clear my doubts

If it is really fully paid then it will not take too much time.

[Egan101]

If it is really fully paid then it will not take too much time.

The bank has to release some documentation to inform the storage facility to release it. I think buyers are given 48 hours to take out the vehicle once cleared.

[jnsk]

How about buying a repossessed car on a bayanseller? Ano need icheck sa documents?


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[ptrk]

How about buying a repossessed car on a bayanseller? Ano need icheck sa documents?


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OR/CR,release of chattel,secretary cert, IDs

[luke745120]

Only if you can get a mechanic to look over it first. A lot of times, repossessed vehicles are damaged prior to being taken back by whoever financed them. And people who aren’t responsible enough to pay typically but necessarily (radiator stop leak) also don’t take the greatest care of the vehicles while it's in their possession. So definitely get a certified mechanic to look over every detail first.

[ice15]

been watching YouTube videos of vloggers posting current prices of repossessed cars...

Ako lang ba or ang tataas ng mileage ng cars ngayon?

Pansin ko, most cars lagpas ng 10k kms/year

[dr. d]

been watching YouTube videos of vloggers posting current prices of repossessed cars...

Ako lang ba or ang tataas ng mileage ng cars ngayon?

Pansin ko, most cars lagpas ng 10k kms/year

my suspicion,
perhaps the cars you get to see have already been skimmed over by favored buyers, so that the ones you see are the left-overs?

[ice15]

my suspicion,
perhaps the cars you get to see have already been skimmed over by favored buyers, so that the ones you see are the left-overs?

hmmm. possible

kaso some cars (shown in vlogs) are 2020 model, tapos 15K tinakbo...

Locked down tayo last year, I guess "pumasada" sila using FB (car pool)

[_Cathy_]

been watching YouTube videos of vloggers posting current prices of repossessed cars...

Ako lang ba or ang tataas ng mileage ng cars ngayon?

Pansin ko, most cars lagpas ng 10k kms/year

Isn't 10k the average?

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[shadow]

Isn't 10k the average?

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20k pa nga expected ng mga manufacturers annually eh based sa PMS


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[Ry_Tower]

Isn't 10k the average?

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Actually 33K kasi warranty is 100K kms or 3 years, whichever comes first.

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[ice15]

Isn't 10k the average?

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yes. I'm considering 10K / year as "acceptable"

***
Kaya lang yung mga napanood ko has more than 10K for a 2020 car.

Considering din na locked down tayo last year.

[shadow]

Baka ma reposesed na then the owner decided he'll just pay the balance para hinde siya lugi and mabenta pa niya. Nakautwng ng pang bayad or something.


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[sirkosero]

Baka ma reposesed na then the owner decided he'll just pay the balance para hinde siya lugi and mabenta pa niya. Nakautwng ng pang bayad or something.


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You mean assune balance?

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[shadow]

You mean assune balance?

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OP said the owner paid the remaining balance from the bank so there's no "assumed balance" it will be a straight sale


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[dr. d]

in that case, someone get it asap.
there's a daily storage fee...