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50 Sterling Bank repossessed cars for sealed bidding this September 2011

As promised, here’s an updated list of Sterling Bank repossessed cars for sale. This list contains 50 repossessed cars and is updated as of September 1, 2011. The repossessed cars on the list are for sale through sealed bidding and the last day for the submission of bids shall be on Thursday, September 15, 2011, at 3:00 p.m.

Please refer to the complete bidding rules and regulations after the list of repossessed cars below.

Sterling Bank’s list of repossessed properties will be on my next post.

INVITATION TO BID

“as is where is”

as of September 1, 2011

Sterling Bank of Asia is inviting everyone to purchase the following repossessed vehicles:

 

Displayed at Kotse Network, SM North Edsa beside SM Hypermarket:

Make Year Model Color Plate No. Mileage Minimum Bid Price
1 Chevrolet Captiva A/T Diesel 2009 Silver YHZ 722 12,235 1,036,000.00
2 Chevrolet Trailblazer A/T Gas 2005 Black HDK-888 53,150 662,000.00
3 Hyundai Getz M/T Gas 2010 Black PHO-437 17,141 416,000.00
4 Hyundai i10 GLS 1.2L A/T Gas 2010 Black PXQ-588 9,990 515,000.00
5 Hyundai Tucson A/T Gas 2009 Black NVO-908 54,808 746,000.00
6 Isuzu Alterra A/T Diesel 2010 Black NOG-355 17,409 1,128,000.00
7 Isuzu Dmax LS 4×2 M/T Diesel 2010 Black LGR 388 18,941 910,000.00
8 Mazda 3 1.6L A/T Gas 2009 Gray YGP-286 33,552 626,000.00
9 Mazda Tribute 2.3L A/T Gas 2008 Black YGY-199 29,461 812,000.00
10 Mitsubishi Lancer EX GLX M/T Gas 2010 Beige PHO-702 8,077 760,000.00
11 Nissan X-trail A/T Gas 2008 Black ZME-531 70,865 637,000.00
12 Toyota Innova Sport Runner A/T Diesel 2010 Bronze NQG 528 15,310 820,000.00

 

Stored in Bagong Barrio, Caloocan City:

Make Year Model Color Plate No. Mileage Minimum Bid Price
13 Kia Soul A/T Gas 2010 Black YHN-955 7,272 975,000.00
14 Mitsubishi Lancer EX GT M/T Gas 2009 Black NKQ-942 13,310 895,000.00
15 Mitsubishi Lancer EX GLX M/T Gas 2010 White PQQ-954 6,934 777,000.00

 

Stored in Sterling Bank Caloocan Branch:

Make Year Model Color Plate No. Mileage Minimum Bid Price
16 Chevrolet Aveo M/T Gas 2010 Silver FGX 232 5,212 534,000.00
17 Ford Everest A/T Diesel 2007 Black ZLE-751 67,664 774,000.00
18 Ford Focus Hatchback 1.8L A/T Gas 2008 Black ZNP 400 77,688 526,000.00
19 Honda Civic Vti M/T Gas 2004 White GTY-673 95,830 338,000.00
20 Hyundai Getz M/T Gas 2010 Silver PHO-983 2,353 420,000.00
21 Hyundai i10 GLS 1.2L A/T Gas 2010 Gold PGQ-627 14,257 428,000.00
22 Hyundai i10 GLS 1.2L A/T Gas 2009 Silver NTI-433 22,218 400,000.00
23 Hyundai i10 A/T Gas 2009 Gold NQI-675 57,577 377,000.00
24 Kia Carens A/T Diesel 2008 Black YHN 706 15,234 800,000.00
25 Kia Rio A/T Gas 2010 Gray YJG-236 26 560,000.00
26 Kia Rio M/T Gas 2010 White YHS-481 7,006 550,000.00
27 Kia Rio M/T Gas 2010 White FGX 234 35,170 500,000.00
28 Kia Rio M/T Gas 2009 Red ZTT-240 15,960 542,000.00
29 Mazda 3 1.6L A/T Gas 2007 Red ZNJ-468 64,954 455,000.00
30 Mazda 3 1.6L A/T Gas 2006 Red ZGK-628 25,308 380,000.00
31 Mitsubishi Adventure GX M/T Diesel 2009 Red NUI-712 78,164 560,000.00
32 Ssangyong Stavic A/T Diesel 2009 Black ZTT-402 16,582 548,000.00
33 Ssangyong Stavic A/T Diesel 2007 White ZKY-204 67,281 469,000.00
34 Suzuki Celerio M/T Gas 2010 Blue NIP-621 14,819 444,000.00
35 Suzuki Swift M/T Gas 2009 Red YHF 143 25,104 540,000.00
36 Toyota Altis G A/T Gas 2009 Black NII-818 42,094 588,000.00
37 Toyota Avanza J M/T Gas 2009 Black YJA 499  

22,487

470,000.00
38 Toyota Hiace Commuter Van M/T Diesel 2003 Light Green XNC-255 152,056 446,000.00

 

Stored in Cebu Warehouse:

Make Year Model Color Plate No. Mileage Minimum Bid Price
39 Chery A5 Sedan Gas M/T 2008 Black YGH-687 26,845 200,000.00
40 Chery QQ 311 Gas M/T 2009 Green YGH 446 37,325 210,000.00
41 Kia Rio Sedan Gas M/T 2010 White YGH 123 5,242 465,000.00
42 Kia Rio Sedan Gas M/T 2010 White 7LU102    (temp plate) 5,285 465,000.00
43 Kia Rio Sedan Gas M/T 2010 White YHH-694 13,206 465,000.00
44 Kia Rio Sedan Gas M/T 2009 Red YHN-358 10,558 437,000.00
45 Kia Rio Sedan Gas M/T 2009 White YGM-596 19,096 445,000.00
46 Kia Rio Sedan Gas M/T 2009 White For dropping 90,706 437,000.00
47 Kia Picanto Gas A/T 2009 Blue Not Seen YFZ 275 399,000.00
48 Kia Picanto Gas M/T 2009 Silver 20,495 YHH 836 389,000.00
49 Kia Picanto Gas M/T 2008 Orange 37,601 YHD 800 349,000.00
50 Toyota Corolla Altis 1.6E Gas M/T 2010 White 28,421 YJD 631 / GXK 631 580,000.00

 

BIDDING RULES AND GUIDELINES:

  1. This invitation is open to the public.
  2. The vehicles are offered on an “as is, where is” basis, thus, prospective buyers are advised to personally visit, inspect and verify them and their pertaining document/s of ownership to ascertain their actual condition and status.
  3. Pictures of the vehicles, visits to the vehicles’ storage areas and photocopies of the ownership documents can be coordinated with the personnel of Acquired Assets, specifically Junie (0917-878-6540) or Monching (0917-594-4910 or 0949-619-1643 or 0922-840-2785) or Resnel (0917-534-2697 or 0932-691-1608). They may also be reached through acquired.assets@sterlingbankasia.com.
  4. The indicated floor prices are the minimum bid prices, thus, any bid below the floor price would automatically be disqualified.
  5. All interested parties may submit their bids in sealed envelopes to the Office of the Audit Group Head, 2nd Flr. Sterling Bank of Asia Corporate Center, Ortigas Ave., Greenhills, San Juan.
  6. All bids must be submitted in the prescribed bid form and must be accompanied by a deposit in the form of a check payable to Sterling Bank of Asia amounting to 10% of the bid price.  It would form part of the purchase price in case the bidder wins.  In the case of a losing bid, it would be returned to the bidder.
  7. The last day for the submission of bids shall be on Thursday, September 15, 2011, 3:00 p.m.
  8. The indicated prices are only valid until Thursday, September 15, 2011, 3:00 p.m.
  9. The bids would be opened and evaluated by the Office of the Internal Audit Head together with a representative from Acquired Assets on the next banking day following the last day of submission. The properties shall be awarded to the highest bidder.  In the event of a tie, the same shall be settled by the drawing of lots.
  10. Sterling Bank reserves the right to reject any or all bids, to waive any formality therein and to accept the bid most advantageous to the Bank.  The decision of Sterling Bank would also be final and binding.
  11. Winning bidders would be notified by Acquired Assets after the results of the bidding are approved by the Bank’s management. Notified winners would have five (5) working days from receipt of notice to complete the purchase price either in cash or through an approval for an auto loan facility from Sterling Bank.  Failure to fully settle the bid price within the prescribed 5 working day period shall revoke the winning bidder’s right to purchase the subject vehicle and forfeit his/her bid deposit in favor of the Bank.
  12. Losing bidding participants would also be notified of the results the following day after the Bank’s approval of the bidding results.  Bid deposit checks of the losing bidders can be claimed upon receipt of notice at Acquired Assets Department 26th floor Wynsum Corporate Plaza, F. Ortigas Jr. Ave. (formerly Emerald Ave.), Ortigas Center, Pasig City.
  13. Upon full settlement of the winning bid price or purchase price, the Bank would execute a Deed of Sale in favor of the winning bidder and release all pertinent documents of the property within five (5) working days subject to the documentary requirements of the Bank.
  14. The winning bidder must pull out the vehicle/s from the Bank’s premises within two (2) working days from date of full payment, otherwise, ONE THOUSAND PESOS (PhP 1,000.00) per day shall be charged as storage fee.
  15. For further inquiries, you may call Junie (0917-878-6540) or Monching (0917-594-4910 or 0949-619-1643 or 0922-840-2785) or Resnel (0917-534-2697 or 0932-691-1608). They may also be reached through acquired.assets@sterlingbankasia.com.

Official bid form for repossessed vehicles

~~~

To our success and financial freedom!

Jay Castillo

Real Estate Investor
PRC Real Estate Broker Registration No. 3194
Blog: https://www.foreclosurephilippines.com
Follow me in Twitter: http://twitter.com/jay_castillo
Find us in Facebook: Foreclosure Investing Philippines Facebook Page

Text by Jay Castillo and Cherry Castillo. Copyright © 2011 All rights reserved.

Full disclosure: Nothing to disclose.

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About Jay Castillo
People encounter problems and make mistakes when buying foreclosed properties, and Jay wants to help people avoid those problems/ mistakes. Jay encountered a lot of those, which is why he started this blog in 2008 to serve as a guide where he shares lessons learned, and how to overcome challenges you may encounter when investing foreclosed properties in the Philippines … [Read more]
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Leave a Comment

2 thoughts on “50 Sterling Bank repossessed cars for sealed bidding this September 2011”

  1. Hi Pinayvixen,

    For repossessed cars, I can only assume they price it similarly to the way they price foreclosed properties, where some banks would base it on the book value or the loan amount they need to recover plus incidental expenses, while others would base the price on the most recent appraised value.

    The above are just my assumptions though. I hope someone who works with a bank’s asset management department can also share info about this.

    Wow, thanks for following my blog, really appreciate it! Kudos to you too and all our OFW friends out there!

    Cheers!

    Reply
  2. hi Jay,
    can you shed light on how this banks come up with their pricing on repossessed vehicles.I thought their pricing is way too steep on some cars considering some of it had accumulated a lot of milage already.thanks a lot for your time!btw,i follow ur postings everyday.being an OFW,i get a lot of helpful tips from u re: investing!way to go KABAYAN!

    Reply

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