The Bank of the Philippine Islands, commonly known as BPI, is the first ever bank to open in the Philippines and Southeast Asia.
When was BPI founded?
Founded in 1851, BPI was originally named “El Banco Español Filipino de Isabel II” and was the first government bank in the country. It’s modern history that we are familiar with began in the 1970s when the Ayala Corporation increased its shareholdings in the company (a share that they have held since its inception in the Spanish colonial period!) and became the dominant owners as they made it the financial crown jewel of the conglomerate.
Is BPI a trusted bank?
Yes, BPI has thrived for over a century through constant innovation and maintaining a high level of trust with their clients. With its familiar deep red signage present almost anywhere you go, you’ll always have easy access to your banking needs as part of the BPI family. Their current slogan, “Ready today. Ready tomorrow.” is no doubt standing on the confidence stemming from their long and proven history as a premier financial institution.
Is BPI a good bank for car loans?
Yes, due to their size and financial strength and stability, BPI’s car financing program–BPI Family Auto Loan–also happens to be one of the most popular choices for auto loans. Innovative means of assistance like their 60-second Loan Calculator and Self-Assessment tools have convinced many Filipinos to select their loan products when buying a brand new car or even property. With BPI Family Auto Loans, a buyer may quickly finance a new car of their dreams, and even big bikes and trucks.
Should I buy a BPI Repossessed Car?
Yes. While it's unfortunate that buyers fail to keep up their monthly payments for various reasons–causing banks to take back or repossess their vehicles. There are benefits to buying a car this has happened to.
Due to the sudden nature of their acquisition, repossessed cars are often in better shape and have lower mileage compared to traditional used cars. Majority of repossessed cars are also desirable late model units with only a year or two of life on the road. Not all repossessed cars are “forcibly” taken either. It is not uncommon for cars to be voluntarily returned by owners who know they have no choice to default.
Despite their fresh condition, these cars are auctioned off at low prices because depreciation has already taken effect and banks want their money back as soon as possible. In short, repossessed cars are great bargains that banks are eager to sell!
Big savings versus used
Overall, the best way to save money is buying a repossessed car. In fact, many “used” cars found in used car lots or from other private sellers may actually be repossessed cars they are flipping or reselling for a profit. The only difference is they would take the effort to fix minor issues and do an auto detailing job before selling them again–banks do not have the capacity to do this. But there is nothing stopping you from performing the same minor repairs, if needed, on a repossessed car of your own and skipping the middleman–thus coming out further ahead!
The main con of going for a repossessed car is that its actual condition may actually be quite far from what you expect. A pre-purchase inspection is vital for peace of mind, but with the cars all stacked together in some holding lot, it is not always feasible to give every unit an in-depth look–especially with the “unahan” for great finds!
Repossessed cars also aren’t always stored in the best condition and may look very unpresentable. Sometimes the dirt and grime are only signs that a unit desperately needs a good car wash. Other times it may be hiding paint scratches or other cosmetic damage underneath. These are the common risks associated with buying repossessed cars that is obviously not the case when buying a brand new car.
How to Buy Repossessed Cars at Buena Mano
Due to the size and popularity of its Family Auto Loan offering, BPI naturally has a large inventory of repossessed cars that are available for bank auction. Unlike the usual process of simply providing line lists of cars available, BPI repossessed cars are available through the Buena Mano Auto Best Buys program.
What is Buena Mano?
Buena Mano first and foremost is the official platform for BPI’s foreclosed properties. Their About Us states that :
“BUENA MANO is one of the country’s top sellers of foreclosed properties for value-conscious homebuyers, real estate investors and business entities.
We offer a wide range of property choices located in the Greater Metro Manila area and provinces across the country for all types of buyers and investors.”
BPI repossessed cars are offered specifically through Buena Mano Auto Best Buys. They sell pre-owned vehicles of various brands and models nationwide.
“With Buena Mano Auto Best Buys, good buys need not be expensive. It follows a very transparent, clear and fair process from retail sales to lot sale biddings. Buena Mano offers various payment options to clients from cash to car loan financing via BPI Family Savings Bank Auto Loans.”
What cars are available from BMABB?
To buy a repossessed car, the Buena Mano site has a search function that lets you filter results by make, model, year, price, and location. Currently, photos are not available on the website.
Being one of the largest banks in the country, Buena Mano has a wide variety of BPI repossessed cars available–from mainstay brands like Toyota, Mitsubishi, Ford, Isuzu, Nissan, Hyundai, Kia, and Honda, to newer competitors like Volkswagen, Peugeot, Foton and Tata.
Where is Buena Mano located?
BPI is present all over the country, and BMABB lives up to that reputation with stockyards in:
- Metro Manila
Once you’ve chosen a car, you may try your luck by bidding on them during the monthly bank auctions and lot sales. This is done through traditional “offer to buy” forms to be submitted to the bank.
What are the Buena Mano Auto Best Buys Guidelines?
Being an official bank auction process, there are strict guidelines to follow when bidding on a car. Here are the rules from the Buena Mano site for you to review before you sign up. It’s best to review the rules and guidelines before signing up to make sure you don’t miss out on your chosen car because of an avoidable mistake such as missing a cut-off time accidentally.
1. Buyers must signify their intent to buy by submitting a completely and correctly-filled out signed Offer to Buy (OTB) Form to firstname.lastname@example.org. We will only accept OTBs sent directly to this official email address.
2. First-come first-served sale will be applied to OTBs that are at least equal to the BMABB's asking price.
3. Only OTB will be the required document for submission to email@example.com . All other documents will be requested by Sales Officer during the processing of the sales, following existing SAMS and Bank policies.
4. The time registered in the firstname.lastname@example.org email will be considered as the official time and date of receipt of the OTB.
5. Buyers must start sending OTBs at exactly 9:00:00 AM on June 01, 2020. Emails sent prior to that time will not be considered valid.
6. Head-Office Customer Care (HO CCD) will validate the OTBs and will render disposition whether the OTB was completely and correctly filled out. All those with deficiencies will be returned back to the sender. Note that the official date and time of receipt of the OTB will be the date and time we receive via official email the revised/completed form.
7. Should there be offers received at exactly the same time up to the seconds (00:00:00) and provided that they are already the ones being processed on the first-come first-serve queue, there will be a bidding between the tied buyers to be set the following day. They shall submit via email to email@example.com a new OTB with the new Offered Price. Highest bidder wins.
8. The first-come first-served BMABB Auto Sale will end at exactly 4:00:00 PM, June 15, 2020. All OTBs received after the said cut-off will no longer be accepted.
How do I contact Buena Mano?
For your convenience, here are the contact details for Buena Mano.
Customer Care Hotline: +63 (2) 8580-3158
Customer Care Mobile: +63 (927) 133-6086
Customer Care Fax: +63 (2) 8580-3126
They also have sales representatives per major area in the country. For your reference, here are their contact details:
Nheil Javier (0927)133-6308 (02)8580-3138
Dagupan Carlo Evangelista (0927)133-6269 (075)523-6642
Lipa Von Temple (0927)133-6280 (043)757-0469
Naga Ted Soliman (0927)133-1330 (02)8580-3147
San Fernando Charlie Santiago (0927)133-6274 (045961-4288
Bacolod Mike Fieldad (0927)133-6174 (034)433-3481
Cebu Nino Muga (0927)133-6166 (032)415-7627
Iloilo Gino Fanega (0927)133-6190 (033)336-6527
Cagayan de Oro Kring Basco (0927)133-6156 (088)272-9469
Davao Che Gutierrez (0927)133-6136 (082)235-3130
Automart.Ph Can Help You Buy
The idea of joining a live bidding may be intimidating for some, especially first-time buyers. Deciding on a car without pictures or a pre-purchase inspection can also be scary, even more so because bank auction cars are sold with “as is, where is” disclaimers.
Wide Variety Available
At Automart.Ph, we have a wide variety of high quality repossessed cars that we sell for our partner banks. You can easily buy a car of your choice from the comfort of home through our fully online bidding, or even purchase it immediately with the “buy it now” feature. You can browse our inventory of thousands of cars with all sorts of filters available–you can sort by year model, odometer reading, price, plate ending, and even color.
Get help choosing your dream car
Our vehicles are all listed with photos and can be viewed at one of our many locations all over the Philippines. Automart.Ph is present in Metro Manila, Davao, and Cebu. We have advisers to assist you 1 on 1 when you visit and expert mechanics are also available (for a small fee) to do pre-purchase inspections. Our advisers are there to help you choose the car of your dreams, not to simply sell you any car. We want you to have confidence in the car you choose.
Low prices guaranteed
Worried about higher prices? Automart.Ph does not add any markup or premium to a bank’s prices and we sell all our cars “walang patong” guaranteed. It is possible to give buyers amazingly low prices because we partnered directly with banks to sell their repossessed cars. With Automart.Ph, you can shop with the peace of mind that the price you’re looking at will not suddenly shoot up after all is said and done due to hidden premiums and seller’s fees.
Head over to https://automart.ph/ or you may also contact us at 0927-887-6400 for more information or to set up an appointment.
Where Can You Buy from Automart.Ph
Wherever you are, Automart.Ph has a location near you that is waiting, filled with a selection of high quality used and repossessed cars available at low prices. Here are just some of our locations.
Automart.Ph Used Car Lot Merville
Address: Robinsons Supermarket Merville, Paranaque, Metro Manila
Contact Person: Orlan Binauhan
Contact Phone: 0905-372-6261
Automart.Ph Libis, Quezon City Car Lot
Address: C5 cor. Mercury Avenue Bagumbayan Quezon City, Metro Manila
Contact Person: Samuel Sumagaysay
Contact Phone: 0905-426-1652
Automart.Ph Used Car Lot Mandaue
Address: Jayme St. Pakna-an Mandaue, Cebu City
Contact Person: Janjan Tabar
Contact Phone: 0995-088-9001
Learn More About Buying Used and Repossessed Cars Here
Our Partner Banks
Automart.Ph has partnered with many banks in the country to bring to our customers Used and Repossessed Cars. We make cars cheap and more accessible to customers like you. Together, Automart’s friendly and highly trained agents are trained to show customers the thousands of cars we have at our inventory.