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: entrepreneur.com_thread_about_investing_in_repossessed_cars
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.
Happy hunting!
—–
To our financial freedom!
Jay Castillo
Real Estate Investor
Real Estate Broker License # 3194
Blog: https://www.foreclosurephilippines.com
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.
hi this is pearl from car finder magazine and we would like to invite you to place an ads call6280888loc1014 or call09235746518 look for pearl
hi jay,im into by and sell mula pa nung magresign ako as medical rep last 09 kaya lang nag stop ako ng pagbili ng mga sasakyan kc mas malaki pa ang kin ikita ng mga ahente kesa financer,kumikita sila sa buyer and sa seller kaya sa ngayon personal car ko na lang ang gamit ko and nag agent na rin lang ako,ask ko lang po ,sa bank po ba me agent din and me comission din po ba sila? tnx
Pingback: Bank repossessed cars round-up as of August 18, 2010
Hello webmaster, thank for this and my back link 🙂
Pingback: Eastwest bank repossessed cars for sale updated as of December 14, 2009
pag nagpunta ba po sa gnun we can ask for discount pa or no na?
Hello Ronne, sa pagkakaalam ko basta auction, yung minimum bid price na ang lowest na tatanggapin nila.
Maybe next year i will try to work it out with the plan. I hope it will work for us. Pano ba ang processing if foreclosed cars Jay?should be paid full incash or just pay first the downpayment then after mo masell yong car u will pay the balance sa bank..Hindi ba hassle ung ganun?hihi,..newbie plng ako..need alot of advice..cheers and thanks..
Good luck Myke! It should work just like in foreclosed properties where once you acquire the property through bank financing, you can already sell it. Yes it would be a little more complicated but this happens quite often, even with cars sold by owners, as not everyone can buy in cash right?! =)
I’ll get more details and post them here.
Hi Jay, I checked the original website of RCBC and there are some changes/corrections to the JPG file you posted. Please see the updated file here:
http://www.rcbcsavings.com/www/SiteFiles/09(FINAL).jpg
By the way, thank you very much for all the posts. Like most of your recipients, I am looking forward to receiving emails from you. Have a nice day.
Hi Onnie, thanks for catching that! I already replaced the scanned file with the file from RCBC Savings Bank’s website. You’re welcome and thanks! Have a great day as well!
Hi Idol Jay, thanks for sharing this listings of repossessed cars. Im planning to venture in this kind of business kc my brother in law is a mechanic he knows very will in cars so hndi na ako mhihirapan in doing my due diligence. Kindly update us on the latest you have..thanks
Hi Myke! Wow, you’re lucky to have a brother-in-law that’s good with cars, looks like you have a blockbuster team! Okay, will compile more info on buying repo cars and share them all here.
Sakto lang ung pangalan na Foreclosure Philippines! It could be anything so kahit cars pwede. Nice!
I’ll make a link in my site to this also.
Investment Opportunities for Pinoys
http://www.investingpinoy.blogspot.com
Hi Bryan, thanks! By the way, I already added your site to my blogroll, check it out at the right sidebar. 🙂
Thanks Muchos Jay! That really helps. I should do the same thing since I haven’t done this to my blogs.
Bryan
Investment Opportunities for Pinoys
http://www.investingpinoy.blogspot.com
Hi Jay, How about those who are selling their cars with assume balance? How does this work? Will the bank allow transfer of rights for the vehicle when buyer assumes balance? what are the documents one has to accomplish to ensure that the vehicle’s CR will be transferred/turned over to the buyer once the mortgage has been fully paid with the bank(let’s say after 3 years amortization).
Thanks.
Hi Theresa, as far as I know, the one who is going to assume the balance will have to pass the credit investigation and meet the other requirements of the bank then the process becomes very similar to buying a car through bank financing and transfer and registration can proceed.
I’m not entirely sure of all the documents but I would assume that there should at least be a deed of assumption of mortgage, deed-of-sale, etc. Again these are just assumptions, I’m also new to this. =)
Will share more info as I learn more. Thanks for visiting!
hello Jay,
Just want you to know that I appreciate very much itong site mo. Everyday I look forward sa email updates from your site at iyon ang una kong binubuksan. For now patingin tingin pa lang ako dhil nagbabayad pa ko ng mga ‘utangs’ na naiwan ko sa pinas! Pero nagsusubi n ko ng paonti-onti para balang araw makabili rin ako! Hay ansarap mangarap! Pag may pambili n ko ng pangarap kong kapirasong lupang pagttaniman ko sa aking retirement e ikaw ang unang makakaalam at papadalan pa kita ng picture!:-) More power kabayan!
Hi Liza! Thanks and I’m really glad and really appreciate your taking time to read my posts, thank you! Slowly but surely is the way to go, hintayin ko yung good news pati na yung mga picture ng properties mo that will help you retire young and rich. Yes, kayang kaya yan! Kudos to you and other OFW’s, real life heroes. Saan ka ba based right now?
Salamat naman at ang ineexpect mo pla sakin e pictures ng propertIES! Plural! Wish ko tlaga ang magretire na young and rich at syempre debt-free! Andito ako sa Kuwait.
Siyempre Liza plural! Most of the time after makabili ng first investment property, sunod-sunod na. Pakamusta na lang sa lahat sa inyo diyan sa Kuwait and I wish you all the best!
Thanks for posting this info here.
I really love cars. But it is very frustrating in a way, because I can’t own one right now, because my passive income is not that big yet. And I am still on rat race. 🙁
No doodads for me yet. 🙁
Tingin tingin na lang muna ako. 😀
Hello Gio! Looks like you are practicing delayed gratification, nice! Tama yan, tingin tingin muna then when the time is right and the need is really there, go for it. As Rich Dad would probably say, focus on your assets first and let the excess cashflow from your assets buy your doodads. Thanks for the comment!
I am in the same position…got to get out of the rat race.
Ya, me too! I am starting to learn more and more. Thanks to guys like Kiyosaki, Bo Sanchez and our buddy here, Jay Castillo. Thanks Bro!
Investment Opportunities for Pinoys
http://www.investingpinoy.blogspot.com
Pingback: The Ultimate List Of Philippine Bank Websites With Online Listings Of Foreclosures For Sale
Thanks for sharing this.I have a friend who is also into buy and sell of used cars and he may find the rent to own scheme interesting.
Hi Dinah, interesting right?! Idol ko talaga si Kuskos Balungos. I just wonder if the repossessed cars that are relatively new(less than 2 years old) are still covered by the car manufacturers’ original warranty. My car right now which is a Hyundai Getz is covered by a 5-year warranty and is transferable but I’m not sure this also applies to repossessed cars. Imagine if the warranty is still valid, then it would help ensure that the buyer gets value for money as any problems with the car that is covered by warranty can still be fixed at no cost. 🙂
Anyway, will research more on this. I believe this is a good compliment to real estate foreclosure investing right?!