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

[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.

[Lutheran]

Josko kagagaling ko lng sa whse nila to bid a pick up . But kung ganito ang feedback sa psbank i have to think again.

[nakabahag]

yeah..pls.. paki media...so more pipol would know.
PSBask is so notorious even in their collection system...sasakalin ka talga...
It's about time they learn they own lessons. If it's not the bank policy, then that manager don't have any right
staying a single day there..!!!!

[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

[999]

yeah..pls.. paki media...so more pipol would know.
PSBask is so notorious even in their collection system...sasakalin ka talga...
It's about time they learn they own lessons. If it's not the bank policy, then that manager don't have any right
staying a single day there..!!!!

hi
i think all you have to do is to settle your debts to avoid being treated like that

[BratPAQ]

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

this, malaking pera makukuha mo dyan sa bank, sabihan mo na yung bank manager na magumpisa nang maghanap ng trabaho.

[wifi21]

All banks who sells repossessed cars are selling it on an as-is, where-is basis. Nandun rin yun sabid forms nila. Ihavetried bidding several times narin and yes may matino and may pangit na car. There are cases kasi na yung previous owner, winawalang hiya nalang yungcar because they know that it will be pulled out soon. I mean pinautang na nga sila ng bank, gaganunin pa yung sasakyan. Pulling out the cars is the only way for banks to at least earn again kahit palugi.

You may talk to the personnel naman dun and they will be honest to tell you if may problem yung car or wala.

[step-in]

Bought a 2010 zuk apv 2 yrs ago. 3k kms pa lang noon, bargain price. Flawless. Almost bnew. Almost paid na ngayon. No problems naman. Casa honors warranty also. Case to case. As is where is. You just have to be extra vigilant . That is the price for the bargain price.

[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.

[Langabe]

hi
i think all you have to do is to settle your debts to avoid being treated like that

+1

Madami na din ako nakuha na unit sa Psbank mga around 7 units na accent wala naman kami problema sa papers yun iba pa nga sa iloilo & laog yun papers. Baka kasi yun previous owner yun nag report na nacarnap yun kotse pero ang totoo na repo ng bank.

[999]

this, malaking pera makukuha mo dyan sa bank, sabihan mo na yung bank manager na magumpisa nang maghanap ng trabaho.

hahaha, maybe just buy brand new units, at least you are assured that you are the real and first owner.

[999]

Josko kagagaling ko lng sa whse nila to bid a pick up . But kung ganito ang feedback sa psbank i have to think again.

you can check first the papers given to you before you commit to any legalities.

[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.

[KERSMcRae]

since 2008 pa ang naging problem ng TS with PSBank repo cars, maayos na kaya ang sistema nila ngayon?

Im also monitoring their website, at laging updated (2-3 times a week) ang list nila.Dati iisang list lang, ngayon may category na , from "new arrivals", regular price, sale (reduced price) at affected by flood (damaged).

[crazy_boy]

Nakakuha kami ng delivery van last year sa psbank. Wala naman naging problem sa papers so far.

Sent from my Nexus 7 using Tapatalk 2

[MonteroGLSV]

Guys up ko lang po etong thread, okey pa po ba bumili 2nd hand sa PSBank at pano po proseso matagal po ba or kaya nila release unit within a week or less than a week, Please advise po, i'm planing po kasi bumili ng 2nd hand car and advisable po ba na bumili sa reposst ng unit ng PSBank or sa mga individual or Dealer na lang
Thanks in advance.

since 2008 pa ang naging problem ng TS with PSBank repo cars, maayos na kaya ang sistema nila ngayon?

Im also monitoring their website, at laging updated (2-3 times a week) ang list nila.Dati iisang list lang, ngayon may category na , from "new arrivals", regular price, sale (reduced price) at affected by flood (damaged).

[ano727]

Guys up ko lang po etong thread, okey pa po ba bumili 2nd hand sa PSBank at pano po proseso matagal po ba or kaya nila release unit within a week or less than a week, Please advise po, i'm planing po kasi bumili ng 2nd hand car and advisable po ba na bumili sa reposst ng unit ng PSBank or sa mga individual or Dealer na lang
Thanks in advance.

Same question, how's the procedure after winning a bid? Would be good if someone can share, especially recent ones with PSBank repo cars. Thanks.

[rafmac]

Not sure about the frequency, but bids are opened at least 1x or2x a week. Once your bid is accepted you are given x # of days to settle your bid then your unit is released in a couple of days

Problem with repo cars is that this is as is where is basis and you cant bring it out for a test drive and for psbank since nasa warehouse sya its dark and mahihirapan ang mechanic mo to inspect the car thouroughly

With any repo car its a gamble
Some owners would abuse the cars before returning it


Posted via Tsikot Mobile App

[sirkosero]

sa PS na warehouse, idedeclare naman nla kung may problem sa papeles ang unit.

problema nga lang, bawal test drive. start lang ng engine

Sent from my Thrill 430x using Tapatalk 2

[SW21]

Same question, how's the procedure after winning a bid? Would be good if someone can share, especially recent ones with PSBank repo cars. Thanks.

Kakabili ko lang ng repo car sa PSBank nitong June. Tumingin kami sa Libis warehouse nila. Nag bid ako ng mataas lang ng konti sa floor price nung sasakyan na gusto ko. Bale nagdagdag lang ako ng 100 pesos sa floor price nung nag bid ako. After a week tumawag sakin yung PSBank para inform ako na nanalo ako sa bid at pwede ko nang makuha yung sasakyan nung araw din na yun kung babayaran ko agad. Since mura lang naman yung presyo ng sasakyan, binayaran ko ng buo sa PSBank branch na malapit samin. Pinakita ko yung OR sa Libis warehouse at ni release sakin yung sasakyan pagkatapos ko mag fill up ng mga documents. After 7 working days, nakuha ko na yung original OR at CR, deed of sale at iba pang mga docs sa PSBank.