Buying a Repossess Car

**trojanguy** · June 3rd, 2019 08:19 AM

Hi,

I would like to ask help, im going to buy a 2nd hand car a 2016 xtrail , the owner said (he have business shop) he paid all the balance from the bank and waiting for the release Chattel mortgage. the car is from iloilo and im in cebu. So he doesnt have the documents with him yet.

From my understanding i will need to get the ROD, Chattel and release frmo bank statement right? Do i need to take note anything?

**sirkosero** · June 3rd, 2019 08:37 AM

That is not even a repossessed car!

Wait for the documents to clear under his name first. Save yourself the hassle of buying blind.

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**dr. d** · June 3rd, 2019 09:15 AM

i agree.
hintayin mong mapa-sakanya ang mga dokumento, at nasa pangalan na niya ang sasakyan..
hintayin mong nasa pangalan na niya ang certificate of registration.

**trojanguy** · June 3rd, 2019 05:40 PM

Does it take time to be release? Se are going to eastwest bank . He said to clear my doubts

**Ry_Tower** · June 3rd, 2019 05:49 PM

Originally Posted by trojanguy

Does it take time to be release? Se are going to eastwest bank . He said to clear my doubts

If it is really fully paid then it will not take too much time.

**Egan101** · June 3rd, 2019 06:18 PM

Originally Posted by Ry_Tower

If it is really fully paid then it will not take too much time.

The bank has to release some documentation to inform the storage facility to release it. I think buyers are given 48 hours to take out the vehicle once cleared.

**jnsk** · June 21st, 2019 05:47 PM

How about buying a repossessed car on a bayanseller? Ano need icheck sa documents?

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**ptrk** · June 22nd, 2019 10:41 PM

Originally Posted by jnsk

How about buying a repossessed car on a bayanseller? Ano need icheck sa documents?

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OR/CR,release of chattel,secretary cert, IDs

**luke745120** · October 7th, 2019 06:57 AM

Only if you can get a mechanic to look over it first. A lot of times, repossessed vehicles are damaged prior to being taken back by whoever financed them. And people who arenÂ’t responsible enough to pay typically but necessarily (radiator stop leak) also donÂ’t take the greatest care of the vehicles while it's in their possession. So definitely get a certified mechanic to look over every detail first.

**ice15** · March 29th, 2021 03:10 PM

been watching YouTube videos of vloggers posting current prices of repossessed cars...

Ako lang ba or ang tataas ng mileage ng cars ngayon?

Pansin ko, most cars lagpas ng 10k kms/year