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  1. Join Date
    Sep 2010
    Posts
    174
    #1
    Hi!

    Has anyone encounter this 1st Touch Policy (I think this is dealer to dealer policy) during your hunt for the best offer from different car dealers?

    Because I was first approved for a car loan by BPI Family Savings for a Honda City, dealer is Honda Shaw. Then I was talking to another agent of PSBank (dealer is at Honda West Ave) since she gave me a better offer for the same car unit. My PSBank agent told me that he cannot process my application for PSBank car loan since I have already been approved at Honda Shaw under BPI. My agent advised me to send a letter of cancellation to Honda Shaw.

    Is this the normal case when you bargain hunt for best deals?

    I searching for this issue in this forum but I cannot find any. Hope anyone can give light this.

    Thanks!

    Igan

  2. Join Date
    Jan 2005
    Posts
    1,419
    #2
    sa kwento mo , naapproved na ang bpi with honda shaw, and since sabi ng psbank na di pwede kasi , at malamang naka forward na sa honda at nakita nila sa record ng honda, baka dalawang unit ang marelease sa iyo niyan. kung naghahanap ka ng better deal bakit ka nag apply kaagad ng loan, then nagtatanong ka pa rin sa iba? siguro dapat tanong tanong lang muna for better deal, since approved na ito ibigsabihin nagbigay ka na ng mga requiremnt and papers, baka pagbayarin ka pa nila ng cancellation nito, hope not.

  3. Join Date
    Sep 2010
    Posts
    174
    #3
    Quote Originally Posted by raine View Post
    sa kwento mo , naapproved na ang bpi with honda shaw, and since sabi ng psbank na di pwede kasi , at malamang naka forward na sa honda at nakita nila sa record ng honda, baka dalawang unit ang marelease sa iyo niyan. kung naghahanap ka ng better deal bakit ka nag apply kaagad ng loan, then nagtatanong ka pa rin sa iba? siguro dapat tanong tanong lang muna for better deal, since approved na ito ibigsabihin nagbigay ka na ng mga requiremnt and papers, baka pagbayarin ka pa nila ng cancellation nito, hope not.
    I have not submitted any requirements or papers whatsoever. Ganito kse yon. May nakita akong Honda booth with an agent sa SM Megamall last week. Nag-inquire lang ako tska nagpa-interview. Tpos sabi nung agent, try ko lang daw magpa-approve sa Honda Shaw. The agent gave me a BDO loan application form. I filled it out. Tpos nagulat na lang ako kse tumawag ang BPI not BDO kanina lng. They asked me some questions - details about myself. Then after 5 mins, I got a text message na approved na daw ang car loan application ko. I just need to go to Honda Shaw.

    For now, ang objective ko lng nman tlga is to bargain hunt for the best deal. I asked quotes from different banks. Then here comes PSBank giving me a very good deal (so I think). Same process, I gave my details via phone, tpos I got a text message from PSBank na they are currently processing my loan app. Tpos biglang ngtext ung agent sabi may "1st touch policy" daw. She said she cant assist me, what I have to do is make a cancellation letter to Honda Shaw.

    I probably did something wrong along the way. I just don't know what. Nangangapa pa din kse ko. Paki-enlighten na lng ako. Thanks for your feedback raine!

  4. Join Date
    Sep 2010
    Posts
    135
    #4
    ikaw ang dapat magdecide kung anong bank ang pipiliin mo hindi ang dealer.
    ang aantayin lng ng dealer ay ung PO sa bank na napili mo. since wala ka pang pinipirmahan at simpelng apply/approve pa lang ang nangyayari, ikaw dapat magdictate sa dealer na psbank gusto mo

  5. Join Date
    Jan 2004
    Posts
    497
    #5
    My comment is not about 1st touch policy but about the way you are doing your application. 1st of all, you can simply just ask for a quotation and computation without making an application for a car loan. since you actually went through the process of filing a car loan without going through with it, how can the other dealer take your application seriously?

  6. Join Date
    Sep 2010
    Posts
    174
    #6
    thanks petevensen and bender for taking time to give your inputs! I'll be careful next time.

    The policy briefly explained to me by my agent, that it was a sign of courtesy among dealers and banks, that they cannot "touch" or process any previously approved loan application managed by a different agent or dealer. In layman's term, "bawal mang-agaw ng di iyo". Hehe.

    Nakikita pla kse nila yon sa system nila kung approved ka na for a car loan, at what bank and at what dealer.

  7. Join Date
    Apr 2009
    Posts
    1,339
    #7
    hhmm gulo ah...

    bago ka pwedeng makipag bargain ng saktong rate o special rate at ng D.I. sa mga bank dapat approved ka na.. last na car loan namin 3 banks ang nag-approved.

    walang paki ang dealer kung approved ka na sa ibat ibang bank, basta ang sa kanila antay lang kung kanino manggagaling ang P.O.

  8. Join Date
    Sep 2009
    Posts
    283
    #8
    And I'd also avoid buying from any dealer along Shaw as they all give craptastic after sales service.

  9. Join Date
    May 2009
    Posts
    126
    #9
    sir, dont worry about the cancelation letter. it will not bring you any harm if you will do it or not. what happen to your application is not unusual scenario. you said that youve talked to an agent and signed an appli form then your agent submitted it to several banks where in BPI gave you the fastest approval and it just happen that your agent or bpi has a tie up with honda shaw. bpi already sent an credit advise to honda shaw indicating your prefered unit and the name of your agent that's why psbank cant give honda shaw another credit advise that bears another agent. if u really like the psbank promo just give a letter of cancellation to your psbank's agent and let him do his work or you can ask your agent to get it from another dealer. another piece of advise, you will get a better rate if you ask bank directly for your car loan rather having it applied with agents.

  10. Join Date
    Sep 2010
    Posts
    174
    #10
    Appreciated the inputs guys!

    *tanatej - Yup, I've heard about the crap after sales service of Shaw. I have no plans of getting from them actually.

    *lukscudkil - "..agent or bpi has a tie up with honda shaw.." - same thing on my mind. I already sent the cancellation letter to PSbank agent (PSbank West Ave branch which is tied up with Honda QAve, which btw, I already got the approval.)

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1st Touch Policy of Dealers