Unlike buying from a dealer, there's perhaps a bit more effort involved in buying a repossessed vehicle here in the Philippines - but the rewards can be worth it. Here's a few steps:
Set the appropriate expectations
Unlike car dealerships, many bank car lots have repossessed cars or used cars that are a bit... dusty. That's because they've been waiting until the banks can legally sell the car. There's a redemption period for the original owner after all. Despite being caked in dust, perhaps without air in the tires or not having charged batteries, some can be diamonds in the rough. A serious interior and exterior detailing, and you could be getting your dream car for half the price!
Bring a mechanic
if you don't know how to evaluate a car, bring a mechanic to inspect a car. For a few thousand pesos, he can save you tens of thousands worth of headaches and costs in the long run. It'll pay off.
Plan out your day
Some of these used or repossessed car lots owned by banks can be quite far from the center of the city - some can be as far as Batangas or San Pedro Laguna. If you're from Metro Manila, it's best to group together visiting the different lots since most are grouped in adjoining provinces (where land is cheaper, so they can have bigger lots).
Have a shortlist
Download the available list of repossessed cars and other assets from the net (they also have foreclosed houses and lots if interested) - most banks have them and are fairly updated. Know what you're looking for and take note of the lot numbers. The people in the car lot will be friendly and helpful, but chances are, they won't go out of their way to volunteer other cars you might like. It's best to know what you're looking for. This in itself is an art already.We have a more comprehensive guide here, if you think you need more info: Buying a Used Car - A Simple Guide
Make sure all the papers are in order
if there's one thing you take away from this short article, it's probably this: make sure all the papers are in order before buying. Many banks will not sell a car until the papers are clear, but some will - just be sure you know what the documents situation is. You'll need to ask for the Original Receipt, Certificate of Registration, a court order that the bank can now legally re-sell the car to you, and a deed of sale from the bank to you.
Plan for financing early
When you win a car at an auction, you'll normally only have 1-3 days to buy the car, so if you're planning on financing it, get your financing done as early as possible. See comprehensive guide on getting a used car auto loan here.
Is there an easier, cheaper way? Yes, and it's Automart.Ph
OK, so we showed you the difficult, DIY way of buying a car from a repossessed car or used car bank lot.
Automart.Ph has a better, simpler way: use our website! We are the Philippines' used and repossessed car website, where people can shop and buy used cars and repossessed cars without needing to go to the individual car lots. We provide both car auction and buy me now prices.
We promise A MUCH EASIER and TRUSTED BUYING EXPERIENCE at NO EXTRA COST.
Automart.Ph has partnered with BDO, and soon many other banks in the Philippines, so you can easily view and buy a wide assortment of used cars and repossessed cars from your phone or computer. We'll help and guide you through the entire process at absolutely no extra cost since we take commission from the sellers only.
Check out our inventory and buy your used car below:
Where are the Reposssessed Car Lists?
To make life easier for you in buying repossessed cars, Automart.Ph has compiled the repo car lists of different banks and institutions. Keep in mind that Automart will never add anything to the price - walang patong. No Buyer's Premium.
These are always updated weekly so you're sure they're always the most current and best available information.
Their locations are in Libis, Quezon City, Paranaque, Cebu and Davao. Follow the link to get exact addresses and maps.
Their locations are in Novaliches, Quezon City. Follow the link to get exact addresses and maps.
Their main locations are in Quezon City. Makati, Cebu, Bacolod, Davao and Cagayan de Oro. Follow the link to get exact addresses and maps.
Their main locations are in Las Pinas and Paranaque. Follow the link to get exact addresses and maps.
As a bonus, here's the list from a car rental company so they're not exactly repossessed cars
Contact us at 0927-887-6400 or chat with us using the chat function of the website, located at the lower-right-hand portion of the screen.
We hope to help you get your dream car soon!