I’ve noticed ForeclosurePhilippines.com has been getting a significant number of visitors looking for bank repossessed cars and website logs indicate that this has been increasing lately. Rather than disappoint these visitors, I have decided to add a new category of free listings of repossessed cars. Please continue reading to learn more about bank repossessed cars and why I have included them here.
Are repossessed cars foreclosed properties?
Repossessed cars which have been foreclosed by banks form part their inventory of foreclosed properties and acquired assets for sale so they definitely fit into this site. I’m just glad that I changed this site’s name from Foreclosed Real Estate Philippines to simply Foreclosure Philippines way back when I migrated to WordPress. Now, I am not restricted to only foreclosed real estate and can cover all sorts of foreclosures.
Investing in bank repossessed cars
Investing in bank repossessed cars is just like investing in foreclosed real estate. The principles are the same. In fact, I know a real estate investor who applies real estate investing techniques to investing in bank repossessed cars. My friend, who goes by the nick KuskosBalungos at the forum section of Entrepreneur Philippines, basically did buying and selling of foreclosed cars using the rent-to-own concept. Check out this thread to know more about him: http://www.entrepreneur.com.ph/board/index.php?topic=20004.msg268013#msg268013
I believe buying second hand or used cars like bank repossessed cars that are in good condition are better than buying brand new cars as it is common knowledge that brand new cars lose a big chunk of their value once they roll off the show rooms. Even if you are looking for a car for your personal use and not for investment, it would still be good to consider bank repossessed cars.
Of course, there are some bank repossessed cars which are not “good buys” so due diligence is essential, same as in foreclosed real estate investing. As long as you do your homework well, you can earn from this. I will share more information on this as I learn more.
In the meantime, I leave you with these two listings:
- BPI-Buena Mano’s “Car Bidding Bonanza”, and
- RCBC Savings Bank’s “Great Deals on Used Wheels” Pre-owned cars sale.
BPI Buena Mano Car Bidding Bonanza
The BPI-Buena Mano Car Bidding Bonanza is a public sealed bidding of repossessed cars. Deadline of submission of bids is on September 1, 2009 at 5:30pm and the opening of bids will be on Wednesday, September 2, 2009 at 9:30am.
The repossessed cars can be inspected at their respective stockyards from August 23 to September 1, 2009. Please refer to the listing for more details and guidelines.
(Source: Manila Bulletin Classifieds, August 23, 2009 issue)
According to the auction announcement, Buena Mano foreclosed properties are also available but I’m sure you already know that and the lists can be found here.
RCBC Savings Bank’s Great Deals on Used Wheels Pre-owned car sale
The RCBC Savings Bank Great Deals on Used Wheels Pre-owned car sale will be held from August 23, 2009 to August 28, 2009 in RCBC’s Pasig and Pampanga Warehouses. Their Pasig City warehouse is located at 8516 A. Sandoval Avenue, Pinagbuhatan, Pasig City, Philippines while their San Fernando Warehouse is located at Barangay San Agustin, San Fernando, Pampanga Philippines.
Financing is available and the required downpayment can be as low as 20%. You mar refer to the list of repossessed
cars for sale for more details that include: model year, brand, make, plate number, price, downpayment, and net monthly amortizations.
I’m not really sure if the sale of the repossessed cars will be held through sealed bidding or a public auction. For inquiries, please refer to the listing for the contact numbers of the designated persons-in-charge.
(Source: Manila Bulletin Classifieds, August 23, 2009 issue, also posted at http://rcbcsavings.com/?p=78)
You may also visit the website of RCBC Savings Bank: http://rcbcsavings.com/?p=78
More updated listings of repossessed cars for sale in the Philippines
To view the latest posts that contain listings of repossessed cars, just click on the following link:
Don’t forget to subscribe to get e-mail alerts when new listings of repossessed cars are published.
To our financial freedom!
Real Estate Investor
Real Estate Broker License # 3194
Text by Jay Castillo.Copyright © 2009 All rights reserved.
P.S. – If you are a new visitor, please start here to learn more about foreclosure investing in the Philippines.