What is a Repossessed Vehicle?
Vehicle lenders repossess their vehicles when borrowers fail to pay off their loans. They often sell these vehicles at auctions or through specialized dealerships at lower prices. This makes repossessed vehicles in the Philippines great vehicle options.
How to Buy a Repossessed Vehicle in the Philippines
Do Your Research
Start your research by finding out where they sell repossessed vehicles in your area. These might include auctions organized by banks, credit unions, or specialized dealerships through third-party sellers. Consider checking out AutohousePH, a Philippine seller of bank repossessed & second hand cars with guaranteed good and running condition.
Choose a Car You Like
After you’ve chosen where you’d like to buy your repossessed car from, check their vehicle lists to find the perfect car for you! AutohousePH offers a wide selection of repossessed cars on their vehicle listing page.
Visit the Warehouse for Inspection
Once you’ve found a car you like, you can visit the company’s warehouse to further inspect the car in person. You can check out AutohousePH’s Facebook page to see which specific units are available for bidding in specific warehouse branches.
Bid for Your Car
When you’re certain about the car you’ve chosen, you can now proceed to bid for the unit. Many biddings last for only a few days. At AutohousePH, you can submit the bid amount to any office or agent (but remember that all cars have a starting bid amount). AutohousePH biddings begin on Mondays and end on Wednesdays, and results are released on Fridays.
Pay for the Unit
Once the unit is awarded to you, you can now pay for the car through any bank branch under which the car is owned. For AutohousePH, all EastWest branches nationwide receive payments in cash or through auto financing by the bank or any other financing company.
Wait for Bank Transfer of Ownership
After paying for your unit, wait for a transfer of ownership by the bank. Once you complete this step, the car is now officially yours!
Drive Home Safely
Congratulations! You have successfully bought a repossessed car. Don’t forget to drive safely with your papers.
Why Should You Buy a Repossessed Vehicle in the Philippines?
Lower Prices
Repossessed vehicles are often sold at prices below market value, giving you an opportunity to purchase a car at a reduced cost compared to buying from a dealership or private seller.
Variety of Options
Repossessed vehicles come from various sources, including banks, credit unions, and government agencies. This variety can offer a wide selection of makes, models, and conditions to choose from!
Well-Maintained Vehicles
Some repossessed cars are relatively new and well-maintained because they were repossessed due to financial circumstances rather than mechanical issues. This can mean you’re getting a car that’s still in very good condition.
Potential for Negotiation
Depending on the seller and the auction process, there may be opportunities for you to negotiate on the price of the vehicle, potentially securing a better deal.
Accessibility
Auctions or sales that are open to the public often sell many repossessed vehicles, making them very accessible to a wide range of people who may not have access to traditional car auctions or dealership sales.
More Questions or Concerns?
Contact AutohousePH at (032) 239 7904 or 0906 536 9342.
To contact specific warehouse branches, check out AutohousePH’s website contact page.
If you want more details on buying used and repossessed cars in the Philippines, check out How to Buy a Used Car in the Philippines.