Bank PO = Discount from Dealer

[daimengrui]

Do you have to pay the DP first before the bank issue the PO the dealer?
What are the requirements?

Pwede mauna ang PO then kaliwaan kayo ng Dealer on or before delivery of the unit either Cash DP or Manager's check.

[daimengrui]

Hmm judging on the comments, I think everybody have a point.

Dealers need Banks because 70% of all car purchases are through financing. Loans, just like credit cards increase the chances of unit sales. Dealers are more concerned on total unit sales than how much profit it can squeeze out of a single transaction. Just like credit cards in stores the effect is increase in sales volume because you have that option to loan the item.

Banks need Dealers to gain a steady stream of demand for their loan products. For normal transactions, if the buyer doesn't have a bank loan application yet, they will field it to a certain list of preferred banks. It's still up to the buyer which bank to choose. He/She can even haggle depending on his credit standing.

Do dealers give banks discounts? Well it depends. But normally these discounts goes to the buyer (if he is aware that there is a discount).

The course of action is always ask the dealer if there is a discount on the unit. Those who go through financing scheme almost never get a cash discount (except when the dealer is having an inventory sale for old model units for example a Mazda 3). If you have a confirmed discount then the next step is ask for a paper quotation that is valid until you can get a bank PO. Once you secured that you will only pay the bank the unit at the discounted price.

When I was doing my car shopping last year, I approached both a bank and a dealer directly to compare how they differ.

The dealer quoted me for 48 month term that is almost 2.5k higher than the bank's offer. Dealer has a discount of about 30k for the unit if I opt for their in-house plan.

The bank had free insurance while the Dealer had nil. Although there are a lot of freebies loaded like alarm, backing sensors, mud guards... the extra 2.5k I will pay for 4 years would have paid for the freebies anyway. So banks are still the best people to talk to IMO.

[kishAn]

Do you have to pay the DP first before the bank issue the PO the dealer?
What are the requirements?

it depends with the bank. as per experience not necessarily. you can pay the DP afterwards as soon as your 100% decided. Down Payment, payment for Chattel Mortgage, signed Promissory Note, IDs, Application Form, ITR (if employed) or FS (if engaged in business) are the usual requirement for the bank to issue an ATD-autority to deliver in which needed by the dealer to release the unit.

[jom's]

Pwede mauna ang PO then kaliwaan kayo ng Dealer on or before delivery of the unit either Cash DP or Manager's check.

it depends with the bank. as per experience not necessarily. you can pay the DP afterwards as soon as your 100% decided. Down Payment, payment for Chattel Mortgage, signed Promissory Note, IDs, Application Form, ITR (if employed) or FS (if engaged in business) are the usual requirement for the bank to issue an ATD-autority to deliver in which needed by the dealer to release the unit.

mga bro tsikoters so puwedeng sa bank na lahat yung buong transaction na initial cash out (d/p; cm; insurance; lto)?

mga tol pa add lang sa research ko, is it good ba na mag one stop shop na lang? go to your bank then sila na makipagusap sa dealer? pag nag inquire kasi yung wife ko sa bank namin, sila na nag contact sa SA and nag quote na rin sila ng ma freebies and the like, hindi lang ako sure sa discount...

"Bank PO = Discount from Dealer/Cash Discount"

sa thread topic naman mga bro ano anong dealers (brands) yung may standard cash discounts? at diba treated nila as cash and bank po so entitled ka sa cash discount?

thanks in advance mga tol!

[kishAn]

^^most of our clients ganyan na ginagawa, they just tell us kung anong preffered unit (brand/model/color/other specs) and we do all the talking and walking especially kung in-demand yung unit na gusto so tawag tawag lang sa kung sinong ahente.

[jom's]

*bro kishAn, thanks for the reply, tingin ka namin okey sya at bukod sa less hassle para sa buyer, tingin ko mas mapapabilis yung transaction lalo na kung limited time lang nung buyer, big possibility na ganito yung gagawin namin ng wife ko, sa 3 banks (EWB, BPI, BDO) na nakapag general quote samin, wala pang approval application BPI yung pinakamamababa ang rate pero pinaka less hassle samin yung sa bank na namin mismo which is BDO...

pero maganda rin sana mag sarili, kapag mahaba yung time ng pag shopping ng car at car financing, sa ngayon have to read a lot from the forums para maraming input makuha at lalong magulo ang isip he he

[kishAn]

*bro kishAn, thanks for the reply, tingin ka namin okey sya at bukod sa less hassle para sa buyer, tingin ko mas mapapabilis yung transaction lalo na kung limited time lang nung buyer, big possibility na ganito yung gagawin namin ng wife ko, sa 3 banks (EWB, BPI, BDO) na nakapag general quote samin, wala pang approval application BPI yung pinakamamababa ang rate pero pinaka less hassle samin yung sa bank na namin mismo which is BDO...

pero maganda rin sana mag sarili, kapag mahaba yung time ng pag shopping ng car at car financing, sa ngayon have to read a lot from the forums para maraming input makuha at lalong magulo ang isip he he

sir pwede mo naman idemand sa bdo na tapatan nila yung rate ng bpi eh. sa car shopping nman pwede rin naman thru phone lang o kaya if ever may contact na ahente yung branch manager kunin mo rin yung number tapos kulitin mo sa discount. just make sure sir na win win situation ka lage and most important happy ka sa car purchase mo.. good luck sir

[jom's]

*kishAn thanks a lot sa advice, we will keep that in mind, wala pa naman kaming hawak na approved loan, quotation pa lang nila kung maaproban kami, saka mas confident kami ma-aaprove sa BDO kasi dito yung bank namin, pero kung maaprove din sa bpi we will try na patatapatan sa BDO....

August pa naman bakasyon ko, for sure marami pa kong matutunan dito sa
fellow tsikoters like yourself!

thanks again bro!

[kishAn]

^THT just keep us posted in any development

[leodawesome]

entitled po ba sa cash discount if ever meron kapag bank PO? :D

[_Qwerty_]

ang bank PO is usually treated as cash purchase by the dealer.. so kung may discount sa cash purchase.. dapat may discount din pag bank PO.

[W2W]

Tanong lang po, kung direct po ako sa bank saan po ibabawas yung cash discount, sa downpayment po ba o sa loan amount?

[Sebastian Bach]

Tanong lang po, kung direct po ako sa bank saan po ibabawas yung cash discount, sa downpayment po ba o sa loan amount?

Sa SRP bro. Tska nila cocompute ang DP at loan amount after

[Bin Diesel]

Tanong lang po, kung direct po ako sa bank saan po ibabawas yung cash discount, sa downpayment po ba o sa loan amount?

Depende kung saan mo gusto. If you want a lower DP ipabawas mo sa DP, kung lower monthly amortization naman sa loan amount mo ipabawas. At least this was based on my experience.

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Tanong lang po, kung direct po ako sa bank saan po ibabawas yung cash discount, sa downpayment po ba o sa loan amount?

Depende kung saan mo gusto. If you want a lower DP ipabawas mo sa DP, kung lower monthly amortization naman sa loan amount mo ipabawas. At least this was based on my experience.

[kishAn]

Tanong lang po, kung direct po ako sa bank saan po ibabawas yung cash discount, sa downpayment po ba o sa loan amount?

its up to you! bawas sa unit price to lower monthly amortization or ibawas sa downpayment to lower your cash out

[RandMcnally]

When i bought my car, nagshopping ako ng dealer at bank. Naka 100k tuloy ako na discount at lowest interest rate. It helps na may kaibigan ka na may kilalang bank manager o dealer. Naka limang dealer ako tapos lahat ng bank na malapit sa opisina namin, dinayo ko.


Wag mahiya sa pagkuripot.

Pero, wag kayo kakagat sa low DP in house, sigurado ako lugi kayo

[RF02]

kaso sir sa experience ko po.. 3x ako kumuha sa bank.. everytime na ilalabas na yun unit rereklamo yun ahente na wala na daw sya kita etc... last tym montero 5k lang daw kinita nya..


parang nahiya pa tuloy ako na sa bank ako kumuha. pero inisip ko nalang kapalan ng muka ehh mas mura sa bank eh! hahaha

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kaso sir sa experience ko po.. 3x ako kumuha sa bank.. everytime na ilalabas na yun unit rereklamo yun ahente na wala na daw sya kita etc... last tym montero 5k lang daw kinita nya..


parang nahiya pa tuloy ako na sa bank ako kumuha. pero inisip ko nalang kapalan ng muka ehh mas mura sa bank eh! hahaha

[RandMcnally]

ganon talaga negosyo eh. syempre mas gusto mo rin makamura. At least may kita pa, yung iba talagang wala na para lang maka-quota.

[kishAn]

thats true kahit sobrang minimal na yung kikitain ng bank basta lang magkabooking

[Dende]

Kakaaprove ko pa lang ng loan with the bank. Bale may quotation na ako from my dealer, tapos may quote na rin ako from my bank.

Base sa quote ko sa bank, total cashout ko ay 168k which includes 20%dp na 153k at saka 15k na chattel mortgage. Free ang insurance.

Ngayon nagpadala ng PO ang bank sa dealer ko. Naguluhan ako kasi yung net proceeds eh 600k lang. Ang unit price ay 768k. Kapag pinag add mo yung dp at net proceeds 753k lang. Ayon sa quote ng dealer ko free na lto bale ctpl na lang babayaran. So kulang ng 15k.

May nakalagay sa PO na dp 153k + others na 15k.

Bat 600k na lang ang ibabayad ng bank sa dealer? Saka ano yung 15k na others? Di naman siguro chattel mortgage yun dahil sa bangko yun ibibigay tama?

Note: yung bank under ayala group pero yung dealer hindi...

Salamat sa makakasagot. Bukas na kasi loan signing ko at di ako mapakali.