UCPB will buy my car PLS HELP!

[shadow]

salamat po sa laaht ng nagreply ayun nga bibigyan nya ako ng bank guarantee. dapat nga nakapangalan na sa knya bago pa bayaran ng bank mahirap pala ito. kakilala ko naman po siya at malapit ang bangko nila sa amin manager ng UCPB
salamat po ulit

Hinde mahirap yan, as long as Hawak mo na yun letter...


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#retzing

[makwin]

So kung brand new pala ang bibilhin ng manager, need nya maglabas ng sariling pera muna.

Not necessarily. The typical procedure is:
1.) The Bank Officer will inform his employer (the Bank) that he wants to avail of his car plan benefit and he has chosen a brand new unit. e.g. a Mitsubishi Pajero from Diamond Motrors.

2.) The Bank will evaluate the officer’s entitlement and determine the current market value/appraised value of the subject vehicle. Subsquently, they will contact and discuss the price, terms, conditions, warranty clause, etc. with the automotive dealership. Once these requirements are satisfied – done deal , the Bank will now issue a Letter of Guarantee to the automotive dealership.

3.) Upon receipt of the Letter of Guarantee Diamond Motors will have the vehicle registered/transferred under the name of the BANK. (It will be under the name of the Bank until its Employee has fully served the car plan agreement)

4.) Upon submission of the original OR/CR already under the name of the Bank by the automotive dealership, the latter will be paid via Managers Check and the vehicle will be turned over to the Bank/Employee

AFAIK Cash Out of the officer will only take-place if he intends to purchase a vehicle which is higher than his car plan benefit entitlement. (e.g. car plan limit for a Manager is 800K pero yung bibilhin nya is worth 1M, this is called Equity or the difference of his ceiling vs. his acquisition )


Hi po sa mga experts,

bibili kasi ng kotse ko ay manager ng UCPB car load nya ito.

hinihingan na nya kasi ako ng deed of sale na may pirma ko na at isusubmit nya daw sa main office then saka pa lang aasikasuhin yung cheke na iissue sa akin.

ang tanong po ay ayos lang ba ito at ganito ba talaga ang proseso pag bank ang bibili ng kotse ?

salamat po in advance


I'm not an expert but i think that’s perfectly safe, you can prepare a deed of sale para ma process nila (UCPB) yung car plan approval nung officer and in turn bibigyan ka ng letter. A Letter of Guaranty becomes the Liability of the Bank once issued. It is an assurance on your part that you will get paid. Did the buyer ask you to register/transfer the vehicle under the Bank’s name? Depende kase sa usapan nyo yan kung seller (ikaw) ang magpapa transfer or yung buyer (Manager) and kung sino gagastos. Basta as long as you were issued a Letter of guaranty duly signed by the Banks’ authorized signatory, you’re secured.

[nickmar]

Not necessarily. The typical procedure is:
1.) The Bank Officer will inform his employer (the Bank) that he wants to avail of his car plan benefit and he has chosen a brand new unit. e.g. a Mitsubishi Pajero from Diamond Motrors.

2.) The Bank will evaluate the officer’s entitlement and determine the current market value/appraised value of the subject vehicle. Subsquently, they will contact and discuss the price, terms, conditions, warranty clause, etc. with the automotive dealership. Once these requirements are satisfied – done deal , the Bank will now issue a Letter of Guarantee to the automotive dealership.

3.) Upon receipt of the Letter of Guarantee Diamond Motors will have the vehicle registered/transferred under the name of the BANK. (It will be under the name of the Bank until its Employee has fully served the car plan agreement)

4.) Upon submission of the original OR/CR already under the name of the Bank by the automotive dealership, the latter will be paid via Managers Check and the vehicle will be turned over to the Bank/Employee

AFAIK Cash Out of the officer will only take-place if he intends to purchase a vehicle which is higher than his car plan benefit entitlement. (e.g. car plan limit for a Manager is 800K pero yung bibilhin nya is worth 1M, this is called Equity or the difference of his ceiling vs. his acquisition )


Hi po sa mga experts,

bibili kasi ng kotse ko ay manager ng UCPB car load nya ito.

hinihingan na nya kasi ako ng deed of sale na may pirma ko na at isusubmit nya daw sa main office then saka pa lang aasikasuhin yung cheke na iissue sa akin.

ang tanong po ay ayos lang ba ito at ganito ba talaga ang proseso pag bank ang bibili ng kotse ?

salamat po in advance


I'm not an expert but i think that’s perfectly safe, you can prepare a deed of sale para ma process nila (UCPB) yung car plan approval nung officer and in turn bibigyan ka ng letter. A Letter of Guaranty becomes the Liability of the Bank once issued. It is an assurance on your part that you will get paid. Did the buyer ask you to register/transfer the vehicle under the Bank’s name? Depende kase sa usapan nyo yan kung seller (ikaw) ang magpapa transfer or yung buyer (Manager) and kung sino gagastos. Basta as long as you were issued a Letter of guaranty duly signed by the Banks’ authorized signatory, you’re secured.

ito po ang saktong sakto na process na ginagawa namin. maraming salamat po