Car loan from bank repossess cars

[Mentos]

Mga sir, ok lng po ba ang mag abang ng mga car reposses ng bank....ano ang masasabi nyu kung itong mga ito ang iapply ko sa bank for car loan....ano po ba ang pros & cons.....any input regarding the topic is highly appreciated. TIA

[zombiebride]

Hi, my car just got repossessed and i want to get it back. Tips on how po sana. Already spoke with the bank and was advised to send a request letter for redemption anyone who has previous experience and actually got their car back?

[rey752]

A friend of mine na repo ung car nila,pina bayaran ng whole ung mga lapse payment with penalty tapos na balik na ung auto.

[zombiebride]

would you know po if mga ilang percent usually yun penalty? may storage fees po kaya? And how long did it take for them to get it back. Sobrang nagpapanic na po kasi ako. Kasi the bank told me na subject for approval pa daw after sending the request letter.

[Sebastian Bach]

would you know po if mga ilang percent usually yun penalty? may storage fees po kaya? And how long did it take for them to get it back. Sobrang nagpapanic na po kasi ako. Kasi the bank told me na subject for approval pa daw after sending the request letter.

I think the bank should give you weeks/few days to redeem your car and settle your issues with the payments. Mukang tinatakot ka nung officer or trip niya kunin yung na repo sayo. Try talking to someone higher. Fees differ on which bank and contract. Goodluck bro, hope you get it back.

- - - - - - - - - - - - - - - - - - - - - -

would you know po if mga ilang percent usually yun penalty? may storage fees po kaya? And how long did it take for them to get it back. Sobrang nagpapanic na po kasi ako. Kasi the bank told me na subject for approval pa daw after sending the request letter.

I think the bank should give you weeks/few days to redeem your car and settle your issues with the payments. Mukang tinatakot ka nung officer or trip niya kunin yung na repo sayo. Try talking to someone higher. Fees differ on which bank and contract. Goodluck bro, hope you get it back.

[zombiebride]

I think the bank should give you weeks/few days to redeem your car and settle your issues with the payments. Mukang tinatakot ka nung officer or trip niya kunin yung na repo sayo. Try talking to someone higher. Fees differ on which bank and contract. Goodluck bro, hope you get it back.

- - - - - - - - - - - - - - - - - - - - - -



I think the bank should give you weeks/few days to redeem your car and settle your issues with the payments. Mukang tinatakot ka nung officer or trip niya kunin yung na repo sayo. Try talking to someone higher. Fees differ on which bank and contract. Goodluck bro, hope you get it back.

I understand. Pero would there be a chance na hindi ko na sya makuha or denied of my request? Im willing to pay naman all the charges and stuff.

[Sebastian Bach]

I understand. Pero would there be a chance na hindi ko na sya makuha or denied of my request? Im willing to pay naman all the charges and stuff.

Hindi ka nila binigyan ng timeframe para makuha pabalik yung car? They should have disclosed that to you from the time you surrendered your car. May pinirmahan kang voluntary surrender right? It should be there.. You can still get your car sir, basta pasok dun sa timeframe na mabayaran mo lahat. Its advantage for them (bank) to return the car and get ur payments rather than selling it again.

[dr. d]

from what i understand, repossessing is not very good business. just imagine how much they must be losing on their repossessed cars.. puro receivables na naka-tengga lang..
banks still make more money if clients pay in the agree-upon schedule.
talk to the bank, po.
tinatakot lang kayo, IMO.

but let me ask you... can you really afford that car? because if you can not, better you get rid of it, this early..

[Sebastian Bach]

^ Read your contract. Penalty fees are there. Instead of flooding the threads try reading again the contract as most of your questions are there. You may ask your bank officer for the detailed fees you need to pay to get the car back. AFAIK that's usually lapsed months + monthly interest fee + penalty fees.

[Gecko Guy]

*Zombie: Tama si Sebastian....nasa contract mo lahat ng tinatanong mo...lahat computations nandoon, basahin mo na lang and share mo sa thread if you want.

[EQAddict]

Goodluck. Hope you get it back. What kind of car is it?

[kapitan88]

Mga sir, ok lng po ba ang mag abang ng mga car reposses ng bank....ano ang masasabi nyu kung itong mga ito ang iapply ko sa bank for car loan....ano po ba ang pros & cons.....any input regarding the topic is highly appreciated. TIA

My experience with PSBank is ok naman, I got a very good price for my unit, though, sobrang taas as in ridiculously high ng interest rate nila, plus yung mga incidental fees, like compre insurance, cancel/transfer ng mortgage and registration, yung mortgage fee inabot ako ng extra 50K(+/-) para sa mga incidentals, pero, since mura yung acquisition cost ko, pag dating sa dulo, fair deal pa din para sa akin. Dapat lang alam mo lahat ng dapat mong bayaran para di ka mabigla/magulat sa transaction.

- - - - - - - - - - - - - - - - - - - - - -

Mga sir, ok lng po ba ang mag abang ng mga car reposses ng bank....ano ang masasabi nyu kung itong mga ito ang iapply ko sa bank for car loan....ano po ba ang pros & cons.....any input regarding the topic is highly appreciated. TIA

My experience with PSBank is ok naman, I got a very good price for my unit, though, sobrang taas as in ridiculously high ng interest rate nila, plus yung mga incidental fees, like compre insurance, cancel/transfer ng mortgage and registration, yung mortgage fee inabot ako ng extra 50K(+/-) para sa mga incidentals, pero, since mura yung acquisition cost ko, pag dating sa dulo, fair deal pa din para sa akin. Dapat lang alam mo lahat ng dapat mong bayaran para di ka mabigla/magulat sa transaction.

[rsiochi]

My experience with PSBank is ok naman, I got a very good price for my unit, though, sobrang taas as in ridiculously high ng interest rate nila, plus yung mga incidental fees, like compre insurance, cancel/transfer ng mortgage and registration, yung mortgage fee inabot ako ng extra 50K(+/-) para sa mga incidentals, pero, since mura yung acquisition cost ko, pag dating sa dulo, fair deal pa din para sa akin. Dapat lang alam mo lahat ng dapat mong bayaran para di ka mabigla/magulat sa transaction.

- - - - - - - - - - - - - - - - - - - - - -



My experience with PSBank is ok naman, I got a very good price for my unit, though, sobrang taas as in ridiculously high ng interest rate nila, plus yung mga incidental fees, like compre insurance, cancel/transfer ng mortgage and registration, yung mortgage fee inabot ako ng extra 50K(+/-) para sa mga incidentals, pero, since mura yung acquisition cost ko, pag dating sa dulo, fair deal pa din para sa akin. Dapat lang alam mo lahat ng dapat mong bayaran para di ka mabigla/magulat sa transaction.

Sir how much are those fees including mortgage fee? Also i'd like to ask what's your interest rate in PS Bank?

[kapitan88]

Sir how much are those fees including mortgage fee? Also i'd like to ask what's your interest rate in PS Bank?

almost 40K-50K additional fees (Kasama na comprehensive insurance at transfer ng papers at mortgage). Their interest is ridiculously high at 40% - 48% for 4yrs (simple interest); if not for a really enticing unit price, i would've not proceeded with the deal. (got a 3yr old dsl innova e a/t with barely 12K Km on its odo for only 612K).

So instead of disposing off my 5yo vios to pay off for this loan, we decided to keep both.

[rsiochi]

almost 40K-50K additional fees (Kasama na comprehensive insurance at transfer ng papers at mortgage). Their interest is ridiculously high at 40% - 48% for 4yrs (simple interest); if not for a really enticing unit price, i would've not proceeded with the deal. (got a 3yr old dsl innova e a/t with barely 12K Km on its odo for only 612K).

So instead of disposing off my 5yo vios to pay off for this loan, we decided to keep both.

Ahh i see, i was thinking na it would cost you around P40-50k just for the cancellation of mortgage. I think the additional fees (with the inclusion of comprehensive ins.) is quite reasonable, its just that their interest rates are ridiculously high. Is the comprehensive insurance compulsory even if you pay in cash? And do they allow buyers to apply for financing from other banks? Thank you sir

[zombiebride]

Sorry to flood this thread. But i surrendered my car nun thurs and sent the letter yesterday and i havent heard from the bank people yet.


Would it be best kaya if i go to their office tom? i tried sending emails and calling them but they dont reply eh.


Thanks.

[KenGarcia]

Sorry to flood this thread. But i surrendered my car nun thurs and sent the letter yesterday and i havent heard from the bank people yet.


Would it be best kaya if i go to their office tom? i tried sending emails and calling them but they dont reply eh.


Thanks.

Going to their office is the best option you have sir.

[dr. d]

Sorry to flood this thread. But i surrendered my car nun thurs and sent the letter yesterday and i havent heard from the bank people yet.


Would it be best kaya if i go to their office tom? i tried sending emails and calling them but they dont reply eh.


Thanks.

go personally. i have yet to see bank who answers emails and/or phones, promptly.

- - - - - - - - - - - - - - - - - - - - - -

Sorry to flood this thread. But i surrendered my car nun thurs and sent the letter yesterday and i havent heard from the bank people yet.


Would it be best kaya if i go to their office tom? i tried sending emails and calling them but they dont reply eh.


Thanks.

go personally. i have yet to see bank who answers emails and/or phones, promptly.

[zombiebride]

Update lang po.


They're asking me to pay off instead of just updating my account ;(


I have been paying naman monthly kaso im behind one month kaya di nazezero out yun balance nung account. Sobrang nakakasama ng loob

[Sebastian Bach]

Update lang po.


They're asking me to pay off instead of just updating my account ;(


I have been paying naman monthly kaso im behind one month kaya di nazezero out yun balance nung account. Sobrang nakakasama ng loob

Dude you really have to set your payments in line to current billing. Same question as dr. d, can you really afford that car? Coz if ure still one month behind, that thinking alone, there will still be a big chance na mahila ulit yan in the future (wag naman sana). Set a fund cache for at least 3-6 mos worth of monthly amortization.

- - - - - - - - - - - - - - - - - - - - - -

Update lang po.


They're asking me to pay off instead of just updating my account ;(


I have been paying naman monthly kaso im behind one month kaya di nazezero out yun balance nung account. Sobrang nakakasama ng loob

Dude you really have to set your payments in line to current billing. Same question as dr. d, can you really afford that car? Coz if ure still one month behind, that thinking alone, there will still be a big chance na mahila ulit yan in the future (wag naman sana). Set a fund cache for at least 3-6 mos worth of monthly amortization.