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:
- This invitation is open to the public.
- 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.
- 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.
- The indicated floor prices are the minimum bid prices, thus, any bid below the floor price would automatically be disqualified.
- 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.
- 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.
- The last day for the submission of bids shall be on Thursday, September 15, 2011, 3:00 p.m.
- The indicated prices are only valid until Thursday, September 15, 2011, 3:00 p.m.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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
- Bid form for Sterling Bank repossessed vehicles(click to download)
~~~
To our success and financial freedom!
Jay Castillo
Real Estate Investor
PRC Real Estate Broker Registration No. 3194
Blog: https://www.foreclosurephilippines.com
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Text by Jay Castillo and Cherry Castillo. Copyright © 2011 All rights reserved.
Full disclosure: Nothing to disclose.
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!
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!