What to buy for a 1st timer like me?

[saltysalty28]

Hi I am new here I dont also mean to hi jack the thread but I can't start a new topic.

Im planning on buying a repo car, as my 1st.
But i need your insights:

If won a bid then upon inspection and I don't think it is worth it. What will happen to the bid deposit?


Below is a sample bid mechanics of east west bank, as per item 2 bullet 4
They say that the deposit will be forfeited upon cancelation of sale. What does that mean? I cannot get it back? Or the my bid is forfeited. I'm sorry I'm really new.


"
Sale shall be on an “as-is, where-is” basis. Inadvertent and excusable errors in the vehicle condition and description shall not be deemed as
misrepresentation on the part of the bank.
2. A Php10,000.00 bid deposit per vehicle should be enclosed in the bid form.
• Bid deposits MUST be in the form of Manager’s Check or personal check, payable to EastWest Bank.
• Bid without deposit will be considered invalid.
• Bid deposit of the winning bidder can be applied as partial payment to the awarded vehicle.
• Bid deposits will be forfeited if sale of the unit awarded has been cancelled.
3. Interested buyers should accomplish attached bid form.
4. Fully accomplished bid forms must be in sealed envelopes and dropped inside the Auction Box at #
2264 Pasong Tamo Extension, Makati City.
• Unsealed envelopes, and bids via email or fax shall not be accepted.
• No bids below the minimum bid price shall be accepted.
5. For Cash buyers, winning bidders are given two (2) working days to pay for the motor vehicle. Cash buyers
will handle cancellation of mortgage and transfer of ownership.
6. Php600.00 shall be charged from the winning bidders as notarial fee. For those under Auto Loan, an
additional Php500.00 shall be charged for stencils.
7. Renewal of registration shall be shouldered by the buyer.
8. Names indicated on bid offers are NON-TRANSFERRABLE."

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[dr. d]

i think that means, the bid deposit is forfeit (non-refundable), should you-the-winner change your mind and not get the car. i believe this is standard policy in many auctions.
for the losing bidders, they simply are handed back their un-used checks.

lookit # 5, 6, and 7. these entail additional expenses for the winning bidder.

[saltysalty28]

Holy cow. I am really tight on the budget here. So 10k goes to drain if I change my mind.

So sir how can I be sure that the vehicle is in good condition prior to submission of bid. Do they allow viewing of units before deadline?

Or that's the catch of "as is, where is"?

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[sparc179]

Doc is correct, you "forfeit" your deposit if you choose not to get the vehicle you won in your bid.

That's SOP in almost any auction requiring bids.

Honestly speaking, unless you know the actual condition of the car you are trying to get from an auction like that, it's a big gamble. Banks do not maintain the cars that have been repossessed, they just get them from the former owners and leave them in a big parking lot, under the sun and the rain, sometimes in unkempt vacant lots even, so you cannot be certain if the unit is worth it anymore. Unless you know somebody from the bank who will let you and your trusted mechanic, check the car and start it to see if there are any major issues with the unit.

Good luck either way.

[dr. d]

Holy cow. I am really tight on the budget here. So 10k goes to drain if I change my mind.

So sir how can I be sure that the vehicle is in good condition prior to submission of bid. Do they allow viewing of units before deadline?

Or that's the catch of "as is, where is"?

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the non-refundable deposit is "the penalty for your inconveniencing us, for loss of potential income".

the inspection rules vary.
potential bidders are given a chance to scrutinize the items before bidding. but the level of scrutiny varies. external inspection is available. internal inspection...?? in some instances, one may not start the car, because the battery is dead. winning bidder has to bring along his own battery, if he wants to drive the car home.
befriend the stockmen or mechanics in the area. they may know a thing or two about the car, as in, "minaneho po namin yan nung dinala dito. ok naman po siya noon. nguni at nakaka-isang taon na po yang kotseng yan, naka-tengga dito.."

as-is-where-is. no warranty whatsoever.
if a part breaks in two after you get the car home, "you get to own both pieces".

but to those seasoned enough, bidding on cars is one way of filling up their cars-for-sale business.

[sparc179]

It would really help if you know the manager or personnel in charge of handling the repossessed vehicles because they can even give you the history of the vehicle from the date it was purchased to when it was taken by the bank, just to give you an idea how long the vehicle was used.

Big time resellers of cars have contacts in the banks that can provide them that info.

Most banks will only allow visual inspection of the unit both outside and inside. Some banks don't allow inspection of the engine bay until you win the auction.

[chronicle]

You can inspect the car first on their lots.
Then bid.

Be aware.
The process of changing ownership (paperworks and your own legwork will take month/s).
Don't bid on a car that you havent seen.

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[saltysalty28]

Doc is correct, you "forfeit" your deposit if you choose not to get the vehicle you won in your bid.

That's SOP in almost any auction requiring bids.

Honestly speaking, unless you know the actual condition of the car you are trying to get from an auction like that, it's a big gamble. Banks do not maintain the cars that have been repossessed, they just get them from the former owners and leave them in a big parking lot, under the sun and the rain, sometimes in unkempt vacant lots even, so you cannot be certain if the unit is worth it anymore. Unless you know somebody from the bank who will let you and your trusted mechanic, check the car and start it to see if there are any major issues with the unit.

Good luck either way.

Thanks for the clarification sir. I'll be more cautious since it will be my first time

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[saltysalty28]

the non-refundable deposit is "the penalty for your inconveniencing us, for loss of potential income".

the inspection rules vary.
potential bidders are given a chance to scrutinize the items before bidding. but the level of scrutiny varies. external inspection is available. internal inspection...?? in some instances, one may not start the car, because the battery is dead. winning bidder has to bring along his own battery, if he wants to drive the car home.
befriend the stockmen or mechanics in the area. they may know a thing or two about the car, as in, "minaneho po namin yan nung dinala dito. ok naman po siya noon. nguni at nakaka-isang taon na po yang kotseng yan, naka-tengga dito.."

as-is-where-is. no warranty whatsoever.
if a part breaks in two after you get the car home, "you get to own both pieces".

but to those seasoned enough, bidding on cars is one way of filling up their cars-for-sale business.

Thank you very much sir for taking the time to answer. I take it is very risky for a newbie like me. With what you said regarding inspection I probably have to bring my erpat to help with inspection although I am a young professional trying to be independent and wants to start with my own car.

I wonder if there is any platform wherin repo or used vehicles are already verified condition wise before being in auction or for sale.

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[saltysalty28]

You can inspect the car first on their lots.
Then bid.

Be aware.
The process of changing ownership (paperworks and your own legwork will take month/s).
Don't bid on a car that you havent seen.

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Thanks for the heads-up sir.

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[dr. d]

Thank you very much sir for taking the time to answer. I take it is very risky for a newbie like me. With what you said regarding inspection I probably have to bring my erpat to help with inspection although I am a young professional trying to be independent and wants to start with my own car.

I wonder if there is any platform wherin repo or used vehicles are already verified condition wise before being in auction or for sale.

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some casas offer their "pre-used cars" program.
slightly used (daw!) cars are sold, with limited warranty.
some folks, however, argue that these casas' asking price for what is essentially a used car, is too steep.

[jnsk]

Nung nagcheck ako ng repossesed car ng isang dealer, nakwento nya sakin na most of the car na binibid is mga hindi na okay. Silang mga dealer ang nauuna sa warehouse to check those unit at piliin yung mga in condition na unit talaga. I dont know if its true.


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[dr. d]

Nung nagcheck ako ng repossesed car ng isang dealer, nakwento nya sakin na most of the car na binibid is mga hindi na okay. Silang mga dealer ang nauuna sa warehouse to check those unit at piliin yung mga in condition na unit talaga. I dont know if its true.


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my colleague says,
his friend in the bank invited him to peruse the cars up for bidding, before it was opened to the public.
he got the pick of the litter. after many years of use, ok pa yung car. siya, hindi na ok. "old", him.
someone also mentioned, that the bank employees sometimes get first dibbs, before opening to the public.

some bayan sellers even advertise, that they source their cars from the banks' re-possessed stable. may usapan daw sila ng bangko.

but if i may,
if i had a car that was about to be re-possessed, would i take good care of it in the interim?
same argument for grey-import cars, from countries that practice early-car-retirement.

[jnsk]

Ganyan din kwento nung bayanseller sakin, sila sila daw unang pumipili ng sasakyan para ibenta, yung mga tira or “latak”, yun daw yung mga for bidding.


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[chronicle]

I got mine in excellent condition from a bank.
Less 10Tkm on it. Amoy bago maalikabok lang.
I tracked the owner down and found out ilang months lang nya nagamit.
Everything else was complete except seat cover. May free carwash at swirlmarks nung kinuha ko. [emoji3]
Engine oil was not changed for more than 8 months na. So first order of business yon.
Diff oil, transmission oil are still good.

You really need to know what you are doing before pulling the trigger on any used car. Di pwede blind faith.

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[dr. d]

I got mine in excellent condition from a bank.
Less 10Tkm on it. Amoy bago maalikabok lang.
I tracked the owner down and found out ilang months lang nya nagamit.
Everything else was complete except seat cover. May free carwash at swirlmarks nung kinuha ko. [emoji3]
Engine oil was not changed for more than 8 months na. So first order of business yon.
Diff oil, transmission oil are still good.

You really need to know what you are doing before pulling the trigger on any used car. Di pwede blind faith.

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did he say, why he gave up the car?

[chronicle]

did he say, why he gave up the car?

Wala pambayad the usual.

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[dr. d]

Wala pambayad the usual.

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might i inquire, "what car" ?

[chronicle]

might i inquire, "what car" ?

Jimny doc.

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[dr. d]

Jimny doc.

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"meron pa ba?"
...if the price is right..
heh heh.