How To Buy Repossessed Cars, Where and Why
Updated on February 25 2024
Bank repossessed cars and bank vehicle lots are a great source of good quality used/ second-hand/ pre-loved/ pre-owned vehicles - cars, motorcycles and trucks alike. In fact, a lot of these bank lots in the Philippines are such a treasure-trove that many used car dealers get their supply from the banks. They'd fix the car's issues, bring them to more accessible, high-traffic lots and then sell them for a good profit.
If you're looking for a bargain car in the Philippines, then read on to know how to successfully buy used bank repossessed cars!
Automart.PH has thousands of good quality repossessed cars that are being sold cheaply, so do check them out at https://automart.ph.
How Do You Buy a Repossessed Car?
Luckily for us, we now have the internet which can make repossessed car buying very easy, if you know where to go. Here's how you buy a Repossessed Car in the Philippines right now:
1. Go to Automart.PH
Here, the company has partnered with six (and counting) banks so that they can display thousands and thousands of cars on their online store. You can now virtually browse the units and see if any catch your fancy, all from your cellphone! Best of all, Automart.PH will never add any amount, not even a single centavo on top of the purchase price! Instead, it will only take a small commission from the seller for units sold.
2. Inquire or Call Us
If you have any questions, you can call the hotline at 0927-887-6400 or email firstname.lastname@example.org. There's also an online chat program directly on the page, kindly press the chat now button.
3. Schedule Inspection
When you find a car you'd like, you can schedule to inspect the car in-person here: https://automart.ph. Inspection is always free. Optionally and for a small fee of P700/ hour, you can have an expert mechanic inspect with you, up to 3 per hour.
4. Bid or Buy Now
When you find the car you like, you can bid or buy the unit, completely online - this means no going to the bank headquarters anymore to submit your bid via sealed envelope. You must have a P10,000 refundable deposit before being able to buy or bid, which can also be deposited online.
5. Pay for the Unit
Once the unit is awarded to you (normally takes 1-3 days), you can pay for the car through any bank branch of the selling bank, sign the deed of sale, get issued a gate pass (some banks allow fully online document processing), and then...
6. Drive home your new car!
It really is that easy to buy a repossessed car now with Automart.PH, unlike before when there were so many offline steps you had to take. So hurry and buy now!
How did you Buy Repossessed Cars?
In the olden days, here is the process for buying bank repossessed cars:
Step 1: Find bank repossessed car price lists
Normally in PDF or Excel format and with incomplete information, or delayed updates
Step Two: Go to the car lot to see the units
You might be disappointed since you didn't see the condition beforehand
Step Three: If you do find a car, go to the bank head office
You have to physically drop your sealed envelope bid in their drop box
Step Four: Wait a few days for them to call
If they don't call you, someone else probably won.
Step Five: If you do win, go to the bank to pay
You also have to go back to the head office again to get your deed of sale and gatepass, and finally...
Step Six: Drive home your car
Is it OK to Buy Repossessed Cars in the Philippines?
Yes! Most definitely. With websites like Automart.PH, the process is much easier and a lot less risky. Why is it not risky? Well first, you can fully inspect the unit. You can shorlist and look at the units online before an onsite inspection. Second, You can even hire an expert mechanic to help you inspect the unit - we can connect you with one. Third, you will only be dealing with reputable banks and professional car advisers by going through the online process. Note: NEVER go with anyone pretending to be an agent of the bank, unless you're able to verify their identity through the website.
Should I Buy A Repo Car?
We know you have a lot of choices in getting a car, so why buy a repossessed car from a bank? There's a lot of reasons, but here are the top ones:
Many Cars are Still in Excellent Condition
Contrary to popular belief, 80% of cars that get repossessed are actually voluntarily returned and not abused. Some owners just had a reversal of fortune and so they must give up the units. If you're lucky, you can even get units with 2000km on the odometer and still pristine, but at low prices vs brand new.
You're Dealing with Reputable and Upstanding Institutions
When you buy repossessed cars, you deal with banks with long histories, and Automart.PH which has a long track record of helping many people buy their cars. Keep in mind though, that repossessed cars are sold as-is, where-is even though you're dealing with banks. They're not trying to cheat you, but that's just the way the cars are sold - no warranties, since they're selling it as they got it as well. That's why it's best to have a mechanic go with you to inspect the unit.
Up to 40% off the Brand New Price
Some units - if you're really lucky - can sell at 40% off, with less than 10K on the odometer. They're nearly brand-new, for all intents and purposes, at a fraction of the brand new cost! If that's not yet enough of a reason, I don't know what is.
How Do You Repossess a Car in the Philippines? Where do Repossessed Cars Come From?
Repossessed cars mostly come from owners who took out loans from banks or financing institutions to purchase the cars. For one reason or another, they're unable or unwilling to pay their amortization and so they must return their cars to the banks - thus the banks put them in their repossessed cars inventory. Through a Philippines court order, banks are then legally able to sell the repossessed cars or used cars to another buyer.
How do I find a Repossessed Car For Sale? Where are the Repossessed 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 Studio7 Quezon City, The Signature Quezon City, Pasay, Muntinlupa, Cebu and Davao. Follow the link to get exact addresses and maps.
Their main locations are in Pasay, Quezon City, Cavite, Batangas, Davao and Cagayan de Oro. Follow the link to get exact addresses and maps.
Their main locations is in Las Pinas. Follow the link to get exact addresses and maps.
What is a Car Floor Price, and a Buy Now or Selling Price?
Some banks have two prices on their website or price list. The Floor Price is the Lowest Bid Price you are able to buy the car for, but it is still a bidding process until the auction period ends, so the highest bidder wins. A Buy Now or Selling Price ends the bidding immediately in favor of the person clicking the Buy Now Price. Of course, Buy Now or Selling prices are normally 3-7% higher than the Floor Price, but ensures that you can buy the unit. Note, not all cars have a Floor Price and/ or a Buy Now Price.
Can You Haggle or Negotiate Prices for Used, Second-Hand and Certified Pre-Owned Vehicles?
Most car dealers have this annoying and tiresome habit of starting prices high and then forcing the buyer to haggle for prices lower, in the hopes that they can maximize their profits. It works for them, but is excruciating and takes up too much time for both parties. It's also a way for some of them to practice high-pressure selling. For us, we always practice "honest pricing" and "lowest prices displayed". This means, no need to haggle because our prices are already low and fair.
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!
to check out other used vehicles in automart.ph, click here
for new vehicles that automart.ph offers, click here
if you want to trade-in or sell you car to automart.ph, click here
to find the best vehicle for your budget. click here
Learn More About Buying Used and Repossessed Cars Here