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

[chronicle]

Bakit ka nag bid sa unit na wala locally?

[kishAn]

Bakit ka nag bid sa unit na wala locally?

nope yung unit nasa warehouse na hinatak from davao

[chronicle]

So di kasama sa bid price yung tawid dagat? Did they intentionally misled you?

[dr. d]

So di kasama sa bid price yung tawid dagat? Did they intentionally misled you?

surfing thru ayosdito a week ago, there were a number of repossessed cars being advertised by another bank. there was a disclaimer in the ad, saying to the effect that "in-accurate information should not be misconstrued as intent to mislead.."
now, i am not so sure that there was really no intent to mislead.
but willyfernando (# 141 above) seems to have had a pleasant experience, from that bank..

it would seem, there are other situations in play, that were not properly accounted for..

and the ads.. i can't seem to find them anymore, today.

[willyfernando]

surfing thru ayosdito a week ago, there were a number of repossessed cars being advertised by another bank. there was a disclaimer in the ad, saying to the effect that "in-accurate information should not be misconstrued as intent to mislead.."
now, i am not so sure that there was really no intent to mislead.
but willyfernando (# 141 above) seems to have had a pleasant experience, from that bank..

it would seem, there are other situations in play, that were not properly accounted for..

and the ads.. i can't seem to find them anymore, today.

My experience with BDO was indeed very pleasant. I locked on to the unit i liked, talked with the repo warehouse manager of the price and conditions for submitting a bid. They simply asked for a 5K refundable check deposit. In the event my offer was rejected I get my check back, If approved they deduct the deposit from the agreed price. I called their asset management department and arranged for the bid in w/c I was awarded the unit after 2 days. I arranged beforehand this purchase thru a loan agreement for 24 months in w/c they charged me a little over 4% per annum and they delivered my papers in the form of a WELCOME KIT, a package containing my loan documents, insurance papers and a copy of the original owners OR/CR. They took a stencil of the unit after 10 days in w/c they made arrangements for the transfer of ownership themselves in my favor. Before they awarded the car to me they also took care of the PNP clearance to check the car's history. I could say it was a plus being a BDO account holder but there were other buyers who were non-BDO account holders who testified getting the same professional treatment. I also sent all my PDC payments in a branch that was near my place but didi not actually have an account there. How's that for extra service, I guess i was really lucky then or BDO really knew how to care for their business clients.

[dr. d]

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My experience with BDO was indeed very pleasant. I locked on to the unit i liked, talked with the repo warehouse manager of the price and conditions for submitting a bid. They simply asked for a 5K refundable check deposit. In the event my offer was rejected I get my check back, If approved they deduct the deposit from the agreed price. I called their asset management department and arranged for the bid in w/c I was awarded the unit after 2 days. I arranged beforehand this purchase thru a loan agreement for 24 months in w/c they charged me a little over 4% per annum and they delivered my papers in the form of a WELCOME KIT, a package containing my loan documents, insurance papers and a copy of the original owners OR/CR. They took a stencil of the unit after 10 days in w/c they made arrangements for the transfer of ownership themselves in my favor. Before they awarded the car to me they also took care of the PNP clearance to check the car's history. I could say it was a plus being a BDO account holder but there were other buyers who were non-BDO account holders who testified getting the same professional treatment. I also sent all my PDC payments in a branch that was near my place but didi not actually have an account there. How's that for extra service, I guess i was really lucky then or BDO really knew how to care for their business clients.

it would appear, shoemart knows how to attract and keep its customers.
psb, however...
heh heh.

but i have a colleague. he bought one from psb many years ago.. he was recommending it to me, then..

[willyfernando]

What's important here whether it's an auction or a negotiated bid is the STRAIGHT TALK. If you sense that there is so much detail you have to go through or they purposely withhold some information then you know they are giving you a joy ride with their low price list offer and of course at some point reality will set in and you will end up scraping their crap. Cheers!

[kishAn]

So di kasama sa bid price yung tawid dagat? Did they intentionally misled you?

i think kasama na yung cost ng pagship ng unit from elsewhere sa selling price. yung other charges is for the lto/rd loan registration and transfer, kailangan lang talaga iscrutinize yung details para clear lahat. yun nga lang ang mahal kaya nilet go ko na lang yung unit para sa ibang may gusto and hanap na lang ng iba na malapit lang nakaregister

[dr. d]

sorry. double.. somewhere..

[jut703]

Ayosdito is still up? It automatically redirects to OLX when i try to access it.

[dr. d]

Ayosdito is still up? It automatically redirects to OLX when i try to access it.

you are correct, sir. my old habit.. hard to break.. my computer automatically....

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Ayosdito is still up? It automatically redirects to OLX when i try to access it.

you are correct, sir. my old habit.. hard to break.. my computer automatically....

[chronicle]

Sorry. I have no experience with buying repo units.

But what is RD and SP? It seems like they are the reasons why the additional charge is high.

[kishAn]

RD is registry of deeds, something to do with the loan. SP is service provider.

[dr. d]

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RD is registry of deeds, something to do with the loan. SP is service provider.

getting-into-mortgate fee, and getting-out-of-mortgage fee!
mahal yun!

kaya pala!

[sirLancelot]

Sa mga nakabili na ba ng repo sa psbank magkano binayaran nyu na fees besides sa down?

[sirkosero]

Ang maganda lang sa psbank, bago nila iturn over aayo ang sasakyan, lilinisan muna nila exterior, engine baya and interior kaya maganda ang pakiramdan sa loob ng sasakyan hehe.

Libre pa nga wax and buffing eh. May free din a few liters of gas

Sent from my ASUS_Z00AD using Tapatalk

[rvcloud0810]

up ko lang tong thread.

Question lang:

Sa mga ng bid ng floor price, ilang days usually inantay nyo bago tumawag si PSBANK? ng bid ako last saturday sa 3 units

2 units 1k above floor price
1 unit selling price

ung bid ko na unit na selling price, Monday palang may text na agad na may nakakuha na.

ung 2 units ko wala padin reply up until now.

Also:
sa experience nyo, 20% minimum ba lagi or may chance na 30% ung hihingiin na down?

May approval na kasi kame for a brand new unit pero nung may ngsuggest na mg 2nd hand nlng kame due to excise tax mas eager ako mg 2nd hand nlng since first car palang naman.

BTW, sa mga tumitingin ng sasakyan dun, ano mga usually ung ichecheck if ever wala ka ksama mechanic?

Last question, mga mgkano kaya abutin ung chatel, transfer fees, insurance let's say Sedan (VIOS E AT)

Thank you guys and more power!

[dr. d]

caveat on the last item.
these banks have more than one way to make a buck.
ask thoroughly po, about these and other fees, that buyer might not be aware of. ask for hidden fees.

re. the second to the last item.
these are used cars, sold on "as-is-where-is" basis. check them very thoroughly, as much as bank would be allowing you to, sir. no-return-no-exchange po ang mga yan. remember that these cars are confiscated cars. i imagine, owner won't be taking too much care of it, knowing that it will be confiscated soon. "if i can think about it, so can the owner."

hihingin as down...? unless mentioned otherwise, assume na 100% po ang bayaran. review the auction rules, po. i believe these are mentioned somewhere in there.

tawagan nyo po ang bangko, to inquire about those other units. baka kasi, hinihintay pang bayaran ng nanalo. kapag hindi na-bayaran, ay baka kayo na ang susunod na pangalan.

good luck, po.

[Trippin]

up ko lang tong thread.

Question lang:

Sa mga ng bid ng floor price, ilang days usually inantay nyo bago tumawag si PSBANK? ng bid ako last saturday sa 3 units

2 units 1k above floor price
1 unit selling price

ung bid ko na unit na selling price, Monday palang may text na agad na may nakakuha na.

ung 2 units ko wala padin reply up until now.

Also:
sa experience nyo, 20% minimum ba lagi or may chance na 30% ung hihingiin na down?

May approval na kasi kame for a brand new unit pero nung may ngsuggest na mg 2nd hand nlng kame due to excise tax mas eager ako mg 2nd hand nlng since first car palang naman.

BTW, sa mga tumitingin ng sasakyan dun, ano mga usually ung ichecheck if ever wala ka ksama mechanic?

Last question, mga mgkano kaya abutin ung chatel, transfer fees, insurance let's say Sedan (VIOS E AT)

Thank you guys and more power!

We did try to buy from there, won a bid but eventually backed out.

PSBank will contact yung mga bidders sa actual selling price first, that's why you received a call regarding that unit.

As regards don sa units that are bid below SP, the bank contacts the highest bidder, waits for the bidder's move to go to the bank and settle the requirements and payments. That alone takes days to a week. Only if winning bidder backs out then they will contact the second highest, and so forth. So if you only bid 1k above the floor price and assuming you bid for a hot unit (i.e., bang for the buck), then mahirap umasa.

Competitive ang bidding don for the hot units because there are people who do it for a living and have the cash to acquire such ASAP. You'd notice that don sa unit na you were willing to get at SP, di na sya available.

We did try to get a 2016 Santa Fe for an SP of 1.2M 10k odo the next day it was posted online, pero pang apat na kami sa willing kumuha ng unit at the SELLING price.

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Minimum nila ang 20% na DP pero tingin ko depende pa din yata sa credit rating ni buyer kung magrerequire si bank ng higher.

Also, higit na mataas ang interes sa second hand kesa sa brand new, 18% kumpara sa 10%ish. Say, paying for a 900k loan sa second hand will have a similar monthly amortization sa 1.2M na brand new (if you include all the related finance costs), not exact but you get the idea.

Plus, all the chattel, transfer, insurance, processing, LTO fees will be borne by you.

So you will not actually save if hindi ka magbayad ng cash, and you won't have a peace of mind with the car you'd be driving. I would suggest bili ka lang ng 2nd hand kapag kaya mo sya i-cash or really close to it, or else mag brand new ka na lang because of said higher interest rates.

[rvcloud0810]

We did try to buy from there, won a bid but eventually backed out.

PSBank will contact yung mga bidders sa actual selling price first, that's why you received a call regarding that unit.

As regards don sa units that are bid below SP, the bank contacts the highest bidder, waits for the bidder's move to go to the bank and settle the requirements and payments. That alone takes days to a week. Only if winning bidder backs out then they will contact the second highest, and so forth. So if you only bid 1k above the floor price and assuming you bid for a hot unit (i.e., bang for the buck), then mahirap umasa.

Competitive ang bidding don for the hot units because there are people who do it for a living and have the cash to acquire such ASAP. You'd notice that don sa unit na you were willing to get at SP, di na sya available.

We did try to get a 2016 Santa Fe for an SP of 1.2M 10k odo the next day it was posted online, pero pang apat na kami sa willing kumuha ng unit at the SELLING price.

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

Minimum nila ang 20% na DP pero tingin ko depende pa din yata sa credit rating ni buyer kung magrerequire si bank ng higher.

Also, higit na mataas ang interes sa second hand kesa sa brand new, 18% kumpara sa 10%ish. Say, paying for a 900k loan sa second hand will have a similar monthly amortization sa 1.2M na brand new (if you include all the related finance costs), not exact but you get the idea.

Plus, all the chattel, transfer, insurance, processing, LTO fees will be borne by you.

So you will not actually save if hindi ka magbayad ng cash, and you won't have a peace of mind with the car you'd be driving. I would suggest bili ka lang ng 2nd hand kapag kaya mo sya i-cash or really close to it, or else mag brand new ka na lang because of said higher interest rates.

thank you sa feedback sir. 18% in 4 years? damn, that was too big. prang mas okay nga if mag brand new ako if thru financing.

Pero let's say the unit is 2017 model but the price went down already by around 280k, good buy padin ba if 20% downpayment then 4years thru financing?

Was eyeing for a suzuki Ciaz 2017 GL AT na 502,000 lang ung floor price.