Car Sales Data (2023)

[dr. d]

I hate that there are too many cars on the road. I miss the 80s!

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in the mid-80s, there were only half as many filipinos here, as there are now.

[carxynogen]

What will happen kaya kung tanggalin low down, minimum 50% down na. Yung neighbor ng driver namin bumili vios 20% down, P18k per month.

I hate that there are too many cars on the road. I miss the 80s!

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Dadami pa to, BPI is now offering 7 year auto loan term.

[uls]

loans are big business

anything that can be sold on installment basis = loan creation opportunity

house/condos, cars, motorcycles, appliances, phones/gadgets

pansin niyo mas prefer ng casa ipa-finance ang kotse kesa cash

[Miles_on]

Stop sales on installment basis?

Why would they, when the dealers, repo. men/foreclosure people and the insurance folks* are all making HUGE amounts of money from it?

Dadami pa to, BPI is now offering 7 year auto loan term.

I'm not surprised they'd come up with such a product. That would be 7 years more of (usurious ) interest payments for the bank.


*Yes, even the insurance folks are in on it. Naka c. mortgage eh, natural, eh di need din ng comprehensive insurance for the entire term of the loan to protect the mortgagee.

[_Cathy_]

Cringe worthy yung mga rice mods... Tapos hindi mabayarang amortization...

Nung last nagpunta ako sa repo cars ng banks, ang dami vios, wigo, mirage and eon na naka rice mods... Yung iba may bakas pa ng pagkakakatay...

Kaya dapat higpitan uli ang loan criteria ng mga banks eh.

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you said what was on my mind. Add the ricey pickups and suvs pa.

Dadami pa to, BPI is now offering 7 year auto loan term.

what a nightmare

[hardwang]

If one is irritated with the thought of too many cars in the city, maybe try moving to other locations in the Philippines. Parang hindi naman traffic sa ibang lugar dito.

[Miles_on]

Kaya dapat higpitan uli ang loan criteria ng mga banks eh.

Banks are more concerned with past due loans that they cannot collect on, rather than defaulting secured loans para maghigpit sila ng loan criteria...

Of course, ma-penalize sila ng CB if lumaki yung amount ng non-perfoming assets nila (kasama diyan yung foreclosed securities) but its not too great of a concern (I'm not saying it isn't, but secondary concern lang).

[ice15]

Stop sales on installment basis?

Why would they, when the dealers, repo. men/foreclosure people and the insurance folks* are all making HUGE amounts of money from it?

I can't find my source, pero there was one article years ago that mentioned na kung lahat ng tao bibili ng cars in cash, malulugi dealership.

parang nasa 3% lang kikitahin nila per car tapos hihingi pa ng freebies si buyer.
then may sweldo pa mga staff nila, rent, taxes + utilities

[tigerdoods]

If one is irritated with the thought of too many cars in the city, maybe try moving to other locations in the Philippines. Parang hindi naman traffic sa ibang lugar dito.

Yeah moving out of metro.

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[dr. d]

I can't find my source, pero there was one article years ago that mentioned na kung lahat ng tao bibili ng cars in cash, malulugi dealership.

parang nasa 3% lang kikitahin nila per car tapos hihingi pa ng freebies si buyer.
then may sweldo pa mga staff nila, rent, taxes + utilities

someone made a breakdown before... that dealerships do not make big earnings on the sale of cars.
the someone further revealed, that casas made their monies on the arftersales and not on the sale of cars.
but i suppose, "every little bit helps".

when the loan defaults, "the bank stands to lose, big time". they can not possibly sell that remated car, to cover the programmed income at the start of the deal.
for a remated car to sell, bank has to offer attractive pricing. who wants fo buy a used car at brand new price?

it has happened before, i.e., loosening loan screening policies, and the resulting flood of defaulters thereafter.