PSBank Repossessed Cars.. Don't BUY!!!!

[Dudee]

Don't BUY from them... some units are have issues....

3-4 Weeks ago,my friend bid a picanto and won. After the payment and signing of contract and deed of sale, a photocopy of the cr and or was given to him. The manager told my friend that processing of papers will be done in a week's time, but my friend could take home the unit already, and so he did.

two days after, he brought the picanto to crame for macro-ecthing when surprisingly the unit have some issues... 3 o.r. and 3 c.r. registered to a single picanto.... bulaga talaga...the picanto was CONFISCATED.

So my friend went back to psbank to clarify the matter. PSbank manager told him not to worry, after a week all papers will be presented to TMG for clearance.... the manager guaranteed that IF the bank cannot clear the picanto's name, they are much willing to give a refund or at least give my friend the chance to bid for another unit... reasonable naman, di ba?

A week after then, NO DOCUMENTS CAN BE PRESENTED by the bank. The bank asked my friend if he could, at least, help the bank get the picanto back from CRAME and resolve the matter privately.

Back at TMG, they told my friend that the unit indeed have issues, and it would be best to return the unit to PSBANK. So the nest day, the picanto is now infront of PSBANK...

now here comes the problem.....

the MANAGER now declines in voiding the previous contract, and insist in the validity of the said bid or purchased agreement... wala daw problema ang picanto but yet they cannot face the TMG kasi PROBLEMA NA DAW YUN NG BUYER.... is this how BANKS work? All promises made were denied as if no words came out of their mouth.

Ordinary People like us, would prefer to buy units from banks rather from an agent or kahit na from 2nd owner due rampant papers probleams, di ba? pero pati Bank ngayon, nanloloko ng tao...

well I heard ... my friend and his lawyer are now preparing to file cases against PSBANK. Madami pa daw units dun na may problema sa papeles.

to all people, warning na ito...Don;t buy units from PSBank...

btw, If anyone can help/ share some lights or info to resolve this matter,, pls do leave a msg here... thanks

[shadow]

ok yan, idemanda niya sigurado panalo siya dyan at baka brand new hyundai Sta fe pa ang ibigay sa kanya ng PSbank...

[CoDer]

Yep demanda na yan.

[1D4LV]

kung ako yan, i will get a lawyer. medyo madugong usapan yan.

[x-wind]

from what branch of PSBANK Sir if me I ask

[Altis6453]

Sue the bank. They were supposed to sell you the car free and clear of all encumbrances --- and there's an implied warranty that they own the car which they are selling to you.

[ThePatriarch]

hmmm, kasama sa implied warranties ng seller yan... that the car is free from any liabilites and encumbrances before the sale... clearly negligence yan ng bank who should exercise extra ordinary diligence... laki ng damages na makukuha nung aggrieved party dyan... isama na rin nya yung bugoy na manager na kausap nya! good luck

[jois0319]

Don't BUY from them... some units are have issues....

3-4 Weeks ago,my friend bid a picanto and won. After the payment and signing of contract and deed of sale, a photocopy of the cr and or was given to him. The manager told my friend that processing of papers will be done in a week's time, but my friend could take home the unit already, and so he did.

two days after, he brought the picanto to crame for macro-ecthing when surprisingly the unit have some issues... 3 o.r. and 3 c.r. registered to a single picanto.... bulaga talaga...the picanto was CONFISCATED.

So my friend went back to psbank to clarify the matter. PSbank manager told him not to worry, after a week all papers will be presented to TMG for clearance.... the manager guaranteed that IF the bank cannot clear the picanto's name, they are much willing to give a refund or at least give my friend the chance to bid for another unit... reasonable naman, di ba?

A week after then, NO DOCUMENTS CAN BE PRESENTED by the bank. The bank asked my friend if he could, at least, help the bank get the picanto back from CRAME and resolve the matter privately.

Back at TMG, they told my friend that the unit indeed have issues, and it would be best to return the unit to PSBANK. So the nest day, the picanto is now infront of PSBANK...

now here comes the problem.....

the MANAGER now declines in voiding the previous contract, and insist in the validity of the said bid or purchased agreement... wala daw problema ang picanto but yet they cannot face the TMG kasi PROBLEMA NA DAW YUN NG BUYER.... is this how BANKS work? All promises made were denied as if no words came out of their mouth.

Ordinary People like us, would prefer to buy units from banks rather from an agent or kahit na from 2nd owner due rampant papers probleams, di ba? pero pati Bank ngayon, nanloloko ng tao...

well I heard ... my friend and his lawyer are now preparing to file cases against PSBANK. Madami pa daw units dun na may problema sa papeles.

to all people, warning na ito...Don;t buy units from PSBank...

btw, If anyone can help/ share some lights or info to resolve this matter,, pls do leave a msg here... thanks

My suggestion is to write a complaint letter to the president / CEO of PS Bank first. For sure, high official like them understand their customer better than their subordinates..
I had bad experience with a major bank before regarding my Housing loan.. I did write to the CEO, and alas, within 24 hours an officer called me and settled with me my issue with them. Before, I thought, I couldn't be heard, but no, those higher official can understand better. Try it. No harm in doing it.

[puroy]

almost 2 years na yung issue. wala pa rin bang updates?

[likot]

Ano ng balita?

[conzky]

http://tsikot.yehey.com/forums/showp...1&postcount=20

[silver_mags2]

Dapat palang i-timbre mo muna sa Crame yung gusto mong blihing auto bago ka tuluyang mag negotiate with PSBank!

Mahirap mapalagay sa ganyang situation!

Thanks for sharing.

[eee7]

My suggestion is to write a complaint letter to the president / CEO of PS Bank first. For sure, high official like them understand their customer better than their subordinates..
I had bad experience with a major bank before regarding my Housing loan.. I did write to the CEO, and alas, within 24 hours an officer called me and settled with me my issue with them. Before, I thought, I couldn't be heard, but no, those higher official can understand better. Try it. No harm in doing it.

Sometimes lang kasi screened na yung mga e-mails na dumadating sa mga CEO. I've worked for a multinational company and usually, iniis-screen ng secretary yung mga e-mails na ipapabasa sa CEO.

[zdj385]

alam ko pwede ma check ang registration ng car if may issue via text

to check with LTO, send a message like this : LTOspaceVEHICLEspaceABC123
to 2600

e.g. LTO VEHICLE ABC123

ABC123 is your vehicle's PLATE NUMBER
send to 2600 (all network i.e. Smart, Talk N Text, Globe, Sun Cellular)

a sample auto-generated response for my car reads:

"Plate no: XXX888/Make:toyota/Model:vios 1.5g a/t/Year:2006/Color;subtle gold/Registered last 07/21/2006, has no LTO apprehension, has no LTO alarm. P2/text"

[Photoaddict]

alam ko pwede ma check ang registration ng car if may issue via text

to check with LTO, send a message like this : LTOspaceVEHICLEspaceABC123
to 2600

e.g. LTO VEHICLE ABC123

ABC123 is your vehicle's PLATE NUMBER
send to 2600 (all network i.e. Smart, Talk N Text, Globe, Sun Cellular)

a sample auto-generated response for my car reads:

"Plate no: XXX888/Make:toyota/Model:vios 1.5g a/t/Year:2006/Color;subtle gold/Registered last 07/21/2006, has no LTO apprehension, has no LTO alarm. P2/text"

Tried this several times and it didn't work. I asked my friend why the text inquiry isn't working. I was told that before, Stradcom (who used to provide the machine during elections) was the one who are working on this. However, since the company pulled-out from the government, this function was affected. So you cannot use the text inquiry anymore.

Regarding to Stickfan's problem, I think that upon contract signing in executing the deed of sale, there is a provision like this...

"... The task and all expenses relative to the renewal of registration, transfer of ownership and registration of this deed shall be borne solely by the buyer and the seller shall have no liability whatsoever in case of any delay or inability of the buyer for whatever reason to cause registration/transfer in buyer's name. Upon the execution of this deed, the buyer warrants that it/he/she will immediately transfer and register the motor vehicle in its/his/her name."

Tapos meron pa naka lagay na "as-is" basis. kaya i think before you execute the deed of sale, it is the buyer's obligation to have all documents checked with LTO. also, complete naman yun papers natin from the bank, kaya we have to have the registration changed into our name. Upon changing the registration to our name, you will encounter HPG, and when we got the clearance from HPG, it is the time that we feel safe on our transaction.

Just want to share my experience. I saw a thread somewhere here in Tsikot.com about transfer of ownership. It is pretty simple.
Usually, we got all the documents together with the deed of sale from the bank. (kasama na yun mga voluntary surrender ng previous owner and other docs).
1. We first bring it to HPG (highway patrol group) aka PNP clearance that would tell you if its a hot car or not. Damage 400pesos, less than an hour. I went to camp krame for HPG clearance. (stencil boy 50pesos) (3 working days processing time)
2. We bring the documents from HPG together to East Avenue LTO for MVIS (motor vehicle inspection system). Damage 50pesos, 30mins. This is to check the car if its well functioning, and no illegal modification.
3. We bring the documents to the cityhall registry of deeds, for cancellation of mortgage. damage 1032pesos, secretary lang nag lakad nito for approx 3hours. no need to bring your car.
4. bring docs you got from nos. 1, 2, and 3 to LTO where your vehicle is registered. damage 1,300pesos, puwede din secretary dito, but i went there by myself para sure, approx 4hours.
5. you will then be issued with a new OR and CR. that simple!

other docs that i added, aside from the docs i got from the bank.
1. CTPL insurance (insurance agent kasi ako, kaya sa Pioneer ako kumuha hindi sa LTO)
2. Photocopy of your ID 2.
3. wifi at android phone, para hindi ka maiinip sa kakaintay!


BTW, meron ako kasabayan na bibili sana ng unit sa bank. He asked the bank for a copy of the OR and CR. Then he match it with the engine number and chassis number. Magkaiba! then, he went to LTO to have it verified... tampered sya! kaya mag ingat ingat bago bayaran. Pinarefund nya na lang yun reservation fee.

[IMm29]

Just want to share my experience. I saw a thread somewhere here in Tsikot.com about transfer of ownership. It is pretty simple.

Usually, we got all the documents together with the deed of sale from the bank. (kasama na yun mga voluntary surrender ng previous owner and other docs).
1. We first bring it to HPG (highway patrol group) aka PNP clearance that would tell you if its a hot car or not. Damage 400pesos, less than an hour. I went to camp krame for HPG clearance. (stencil boy 50pesos) (3 working days processing time)
2. We bring the documents from HPG together to East Avenue LTO for MVIS (motor vehicle inspection system). Damage 50pesos, 30mins. This is to check the car if its well functioning, and no illegal modification.
3. We bring the documents to the cityhall registry of deeds, for cancellation of mortgage. damage 1032pesos, secretary lang nag lakad nito for approx 3hours. no need to bring your car.
4. bring docs you got from nos. 1, 2, and 3 to LTO where your vehicle is registered. damage 1,300pesos, puwede din secretary dito, but i went there by myself para sure, approx 4hours.
5. you will then be issued with a new OR and CR. that simple!

other docs that i added, aside from the docs i got from the bank.
1. CTPL insurance (insurance agent kasi ako, kaya sa Pioneer ako kumuha hindi sa LTO)
2. Photocopy of your ID 2.
3. wifi at android phone, para hindi ka maiinip sa kakaintay!


BTW, meron ako kasabayan na bibili sana ng unit sa bank. He asked the bank for a copy of the OR and CR. Then he match it with the engine number and chassis number. Magkaiba! then, he went to LTO to have it verified... tampered sya! kaya mag ingat ingat bago bayaran. Pinarefund nya na lang yun reservation fee.

Photoaddict's checklist seems like a good one to follow. To add to that, while inspecting the car before bidding for it, bring a mechanic to check on the car's condition and whether or not it's worth buying.

[999]

Tried this several times and it didn't work. I asked my friend why the text inquiry isn't working. I was told that before, Stradcom (who used to provide the machine during elections) was the one who are working on this. However, since the company pulled-out from the government, this function was affected. So you cannot use the text inquiry anymore.

Regarding to Stickfan's problem, I think that upon contract signing in executing the deed of sale, there is a provision like this...

"... The task and all expenses relative to the renewal of registration, transfer of ownership and registration of this deed shall be borne solely by the buyer and the seller shall have no liability whatsoever in case of any delay or inability of the buyer for whatever reason to cause registration/transfer in buyer's name. Upon the execution of this deed, the buyer warrants that it/he/she will immediately transfer and register the motor vehicle in its/his/her name."

Tapos meron pa naka lagay na "as-is" basis. kaya i think before you execute the deed of sale, it is the buyer's obligation to have all documents checked with LTO. also, complete naman yun papers natin from the bank, kaya we have to have the registration changed into our name. Upon changing the registration to our name, you will encounter HPG, and when we got the clearance from HPG, it is the time that we feel safe on our transaction.

Just want to share my experience. I saw a thread somewhere here in Tsikot.com about transfer of ownership. It is pretty simple.
Usually, we got all the documents together with the deed of sale from the bank. (kasama na yun mga voluntary surrender ng previous owner and other docs).
1. We first bring it to HPG (highway patrol group) aka PNP clearance that would tell you if its a hot car or not. Damage 400pesos, less than an hour. I went to camp krame for HPG clearance. (stencil boy 50pesos) (3 working days processing time)
2. We bring the documents from HPG together to East Avenue LTO for MVIS (motor vehicle inspection system). Damage 50pesos, 30mins. This is to check the car if its well functioning, and no illegal modification.
3. We bring the documents to the cityhall registry of deeds, for cancellation of mortgage. damage 1032pesos, secretary lang nag lakad nito for approx 3hours. no need to bring your car.
4. bring docs you got from nos. 1, 2, and 3 to LTO where your vehicle is registered. damage 1,300pesos, puwede din secretary dito, but i went there by myself para sure, approx 4hours.
5. you will then be issued with a new OR and CR. that simple!

other docs that i added, aside from the docs i got from the bank.
1. CTPL insurance (insurance agent kasi ako, kaya sa Pioneer ako kumuha hindi sa LTO)
2. Photocopy of your ID 2.
3. wifi at android phone, para hindi ka maiinip sa kakaintay!


BTW, meron ako kasabayan na bibili sana ng unit sa bank. He asked the bank for a copy of the OR and CR. Then he match it with the engine number and chassis number. Magkaiba! then, he went to LTO to have it verified... tampered sya! kaya mag ingat ingat bago bayaran. Pinarefund nya na lang yun reservation fee.

thank you for sharing.

[stickfan]

I purchased a 2010 Chevrolet Captiva from PSB bank

On registering the car at the LTO I was approached by pulis officers whom took my keys and original documents stating that it was registered as wanted/stolen.

I rang the bank on the way to the pulis station and notified the bank of the situation. They promised they would send somone that afternoon to the pulis station.

However, after being detained at the pulis station as a carnapper, no PS Bank representative arrived. I was detained for 11.5 hours.

The next day (25th January 2012) PS Bank represenatives arrived to speak with the pulis to get the car stolen records cleared. I visited head office with an attorney to demand a courstesy car to continue with my daily duties until this matter was resolved. I have been refused and was told to use taxis. However, its not easy calling a cab if its peak time and there are areas in Manila where taxis do not frequent often e.g. industrial parks etc. ). My work duties have been seriously delayed and the expense of attorneys, travelling etc. has been considerable.

It was fortunate I was not shot as a carnapper during the 4 months of ownership. PS Bank were both negligent and criminally liable for selling me a stolen car. I hope this matter is resolved by the bank under your departments watchful eye as I feel they are handling this case with low priority.

I have notified the central bank and will be sueing. Please PM if you have had a similar experience.

[nakabahag]

I purchased a 2010 Chevrolet Captiva from PSB bank

On registering the car at the LTO I was approached by pulis officers whom took my keys and original documents stating that it was registered as wanted/stolen.

I rang the bank on the way to the pulis station and notified the bank of the situation. They promised they would send somone that afternoon to the pulis station.

However, after being detained at the pulis station as a carnapper, no PS Bank representative arrived. I was detained for 11.5 hours.

The next day (25th January 2012) PS Bank represenatives arrived to speak with the pulis to get the car stolen records cleared. I visited head office with an attorney to demand a courstesy car to continue with my daily duties until this matter was resolved. I have been refused and was told to use taxis. However, its not easy calling a cab if its peak time and there are areas in Manila where taxis do not frequent often e.g. industrial parks etc. ). My work duties have been seriously delayed and the expense of attorneys, travelling etc. has been considerable.

It was fortunate I was not shot as a carnapper during the 4 months of ownership. PS Bank were both negligent and criminally liable for selling me a stolen car. I hope this matter is resolved by the bank under your departments watchful eye as I feel they are handling this case with low priority.

I have notified the central bank and will be sueing. Please PM if you have had a similar experience.

yes....obviously there is a criminal act committed somewhere..
kindly pls have this exposed sa media....so otheres will learn from ur experience

[stickfan]

I purchased a 1 year old Chevrolet Captiva from PSB bank

On registering the car at the LTO I was approached by pulis officers whom took my keys and original documents stating that it was registered as wanted/stolen.

I rang the bank on the way to the pulis station and notified the bank of the situation. They promised they would send somone that afternoon to the pulis station.

However, after being detained at the pulis station as a carnapper, no PS Bank representative arrived. I was detained for 11.5 hours.

The next day PS Bank represenatives arrived to speak with the pulis to get the car stolen records cleared. I visited head office with an attorney to demand a courstesy car to continue with my daily duties until this matter was resolved. I have been refused and was told to use taxis. However, its not easy calling a cab if its peak time and there are areas in Manila where taxis do not frequent often e.g. industrial parks etc. ). My work duties have been seriously delayed and the expense of attorneys, travelling etc. has been considerable.

It was fortunate I was not shot as a carnapper during the 4 months of ownership. PS Bank were both negligent and criminally liable for selling me a stolen car. I hope this matter is resolved by the bank under your departments watchful eye as I feel they are handling this case with low priority.

I have notified the central bank and will be sueing. Please PM if you have had a similar experience.