Brand New, Repossessed or 2nd Hand?

[dr. d]

Repo cars were cars taken back by the bank due to missed payments of the buyers so parang 2nd hand car na din siya. Kagandahan lang sa mga repo medyo bago siya kasi max of 5 years lang naman pwede ito loan sa bank so meaning if ever nahatak within that period lang sya nagamit. Thats why kailangan mo e check ng mabuti yung kotse, kasi baka flooded ito, lemon or wala na talaga pambayad kaya hinayaan na lang mahatak ng bank. Meron ako alam na ng loan sa bank tapos pinasok sa Uber then pinagkakitaan ng ilang buwan tapos hindi naman hinulugan sa bank at hinayaan na lang mahatak ng bank after kaya minsan la makakita sa list of repos nila na wala pang 1 year yung kotse e nasa 30k+ na ang mileage. Kaya swerte kung matino yung huling owner

caveats on repo cars.
1. why should owner take good care of the car, if he knew it would be re-possessed soon? there are people like that. so, check very well the car first.
2. ask about the getting-out-of-mortgage fees. it's not a small sum.
3. ask the bank, exactly what other fees buyer will be paying. ask also re. destination fees or shipping fees. for some reason, some buyers are not aware that the car they just bought, will have to be shipped or driven from... elsewhere. talk about buying, sight unseen.
4. inquire if the car is being held as collateral for an even-remotely-related issue. there is this thread re. someone buying a car from the owner who still had to complete the installments. the buyer completed the payments. but the bank refused to release the car ownership to him. it seems, the spouse of the owner had an unpaid debt (credit card yata) to the bank, and the car was being held as collateral. and the owner and spouse were not on friendly terms.

[Walter]

Buy a one year old Mazda when looking for repossessed vehicles ... free 3 year maintenance so very little reason for it not to be maintained at dealer ...

[veyron_27]

Hello All,

Good Day! Hope all well. Sorry if my thread na regarding this pero wala akong mahanap na related sa query ko. This website is indeed very informative. Dami kong natutunan dito. My unit got wrecked (total loss) last December 2016 and insurance already sent the cheque to the bank to pay for the remaining bank balance since mortgage sya. We were told that it takes 15 working days para macredit ang anumang refund na pwedeng mapunta sa amin. Prior to that, we were considering the Mirage G4 GLX CVT and we've contacted our previous agent then made the reservation of php5,000 since Mitsu is moving its plant dito sa pinas from Thailand, for sure magkakaroon ng shortage sa units ng mirage in a while (a month or 2). I asked several agents kung may available pa ba na units ng Mirage G4 pero sabi wala na daw. Now, I've spoken to my agent and tinatanong daw sya kung tuloy yung pagkuha sa unit na naka-stock sa plant nila sa Cavite. Cut long story short, I have a colleague na kumuha ng Suzuki MPV ba yun, not sure sa model pero suzuki sya ng van na repossessed thru PSBank, mas mura compared sa brand new units. Also, may mga 2nd hand din na mirage like 2014 and 2015 around 400-450k. Ano kaya ang pinakamagandang options? thanks!

Sir matanong ko lang, how much yung nakuha nyo na refund? Pano na compute po yung refund?

[dr. d]

Sir matanong ko lang, how much yung nakuha nyo na refund? Pano na compute po yung refund?

clarification lang.
it was an insurance settlement for a totaled vehicle, po, not a refund.

carry on...

[dr. d]

Buy a one year old Mazda when looking for repossessed vehicles ... free 3 year maintenance so very little reason for it not to be maintained at dealer ...

a question, because i do not know.
do all remaining casa warranties automatically transfer to the buyer of the slightly-used vehicle?

[Walter]

Warranties and Yojin 3 are transferable ... they are tied to the vehicle and not the owner ...

[dr. d]

Warranties and Yojin 3 are transferable ... they are tied to the vehicle and not the owner ...

thank you po.

[Walter]

Um ... are you still dr. d? ... or did your account get hacked ... have noticed lately that some old accounts are behaving differently ...

[arvs18]

Um ... are you still dr. d? ... or did your account get hacked ... have noticed lately that some old accounts are behaving differently ...

Akala ko ako lang nakapansin.

[Walter]

boybi is also acting weird ...