buying bank repossessed cars

**badkuk** · November 19th, 2005 11:23 AM

your thoughts naman. advise kasi ng officemate ko that it's usually not a good idea, since more than likely na lalaspagin na ng previous owner when he knows that he can't make the payments anymore

usually ba ang bangko e inoover estimate ang price?

**yebo** · November 19th, 2005 11:33 AM

the term to remember is "as-is-where-is basis". that means what you see is what you get. so if you did not see it well then you did not look hard enough.

my advice is to bring a mechanic with you. check the oil from the engine and tranny. open everything that you can open (like air filter, oil filler cap, etc.) if possible start the engine and put it through its gears (they will not let you test drive but you can always shift the tranny with the clutch pressed). and most important of all, make a list of what you see (good and bad). this list will include what model of sound system it has, what tyres are installed. bring a digital camera and take pictures. why? cause some unscrupulous persons (e.g., the guards in the warehouse) might change/steal parts after you have inspected the unit.

expect bad tyres and steel wheels (the previous owner usually gets the mags and good tyres then buys steel wheels and surplus tyres for the car), plus bad battery.

as far as prices go, they're basically lower than market. sample: i bought from union bank in dec 1998 a model 1997 mazda 323 for only 135k.

**JLV** · February 5th, 2019 08:57 PM

Originally Posted by yebo

the term to remember is "as-is-where-is basis". that means what you see is what you get. so if you did not see it well then you did not look hard enough.

my advice is to bring a mechanic with you. check the oil from the engine and tranny. open everything that you can open (like air filter, oil filler cap, etc.) if possible start the engine and put it through its gears (they will not let you test drive but you can always shift the tranny with the clutch pressed). and most important of all, make a list of what you see (good and bad). this list will include what model of sound system it has, what tyres are installed. bring a digital camera and take pictures. why? cause some unscrupulous persons (e.g., the guards in the warehouse) might change/steal parts after you have inspected the unit.

expect bad tyres and steel wheels (the previous owner usually gets the mags and good tyres then buys steel wheels and surplus tyres for the car), plus bad battery.

as far as prices go, they're basically lower than market. sample: i bought from union bank in dec 1998 a model 1997 mazda 323 for only 135k.

What does it mean when a bank repossessed car displays ZERO mileage?

**Egan101** · February 5th, 2019 09:07 PM

Originally Posted by JLV

What does it mean when a bank repossessed car displays ZERO mileage?

That would not be possible. Even when a new car left the dealer, there would be some mileage to it. The previous owner should have driven it and if he was not able to use it and it got repossessed, it will have to be driven to the bank’s repo lot.

If it does show Zero mileage, the odometer must have been tampered.

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**dr. d** · February 5th, 2019 09:16 PM

or the speedometer or even the entire instument cluster, replaced.

**ArjAngel** · March 6th, 2019 05:13 PM

hmmm agreed impossible yun

**chronicle** · March 6th, 2019 05:56 PM

Originally Posted by JLV

What does it mean when a bank repossessed car displays ZERO mileage?

Di na naistart ng bank ang kotse.
Either nalubog or dead na ang batt.

Eitherway, stay away at all cost.

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**Macky** · September 7th, 2019 05:27 AM

Originally Posted by JLV

What does it mean when a bank repossessed car displays ZERO mileage?

Not running condition po yung unit kapag walang mileage na indicated.

**flakez** · November 19th, 2005 03:29 PM

ung kotse namin na remata rin ng bangko. mas mura talaga pag galing sa bangko, considering na dumaan na sa buy n sell ung kotse namin mura pa rin para sa kotse. sariwang-sariwa talaga.

tiyambahan lang talaga. tulad ng pagbibili ka sa iba, kelangan mo talaga check ng maigi condition ng auto.

**Ventoy** · November 19th, 2005 10:00 PM

This is by chance if you can get real good stuff, what if the owner will put something to his car since like grinding compound to his engine and let the Bank take car on their position, anyway wag naman sana, kaya lang usually these vehicle are used by their massenger for delivery until such time the bank will decide to sell them. As we inquire before you must give deposit for the bidding of prices and by next day you will produce the rest of the amount