PSBank Repossessed Cars.. Don't BUY!!!!

[Langabe]

hi
i think all you have to do is to settle your debts to avoid being treated like that

+1

Madami na din ako nakuha na unit sa Psbank mga around 7 units na accent wala naman kami problema sa papers yun iba pa nga sa iloilo & laog yun papers. Baka kasi yun previous owner yun nag report na nacarnap yun kotse pero ang totoo na repo ng bank.

[999]

this, malaking pera makukuha mo dyan sa bank, sabihan mo na yung bank manager na magumpisa nang maghanap ng trabaho.

hahaha, maybe just buy brand new units, at least you are assured that you are the real and first owner.

[999]

Josko kagagaling ko lng sa whse nila to bid a pick up . But kung ganito ang feedback sa psbank i have to think again.

you can check first the papers given to you before you commit to any legalities.

[999]

Tried this several times and it didn't work. I asked my friend why the text inquiry isn't working. I was told that before, Stradcom (who used to provide the machine during elections) was the one who are working on this. However, since the company pulled-out from the government, this function was affected. So you cannot use the text inquiry anymore.

Regarding to Stickfan's problem, I think that upon contract signing in executing the deed of sale, there is a provision like this...

"... The task and all expenses relative to the renewal of registration, transfer of ownership and registration of this deed shall be borne solely by the buyer and the seller shall have no liability whatsoever in case of any delay or inability of the buyer for whatever reason to cause registration/transfer in buyer's name. Upon the execution of this deed, the buyer warrants that it/he/she will immediately transfer and register the motor vehicle in its/his/her name."

Tapos meron pa naka lagay na "as-is" basis. kaya i think before you execute the deed of sale, it is the buyer's obligation to have all documents checked with LTO. also, complete naman yun papers natin from the bank, kaya we have to have the registration changed into our name. Upon changing the registration to our name, you will encounter HPG, and when we got the clearance from HPG, it is the time that we feel safe on our transaction.

Just want to share my experience. I saw a thread somewhere here in Tsikot.com about transfer of ownership. It is pretty simple.
Usually, we got all the documents together with the deed of sale from the bank. (kasama na yun mga voluntary surrender ng previous owner and other docs).
1. We first bring it to HPG (highway patrol group) aka PNP clearance that would tell you if its a hot car or not. Damage 400pesos, less than an hour. I went to camp krame for HPG clearance. (stencil boy 50pesos) (3 working days processing time)
2. We bring the documents from HPG together to East Avenue LTO for MVIS (motor vehicle inspection system). Damage 50pesos, 30mins. This is to check the car if its well functioning, and no illegal modification.
3. We bring the documents to the cityhall registry of deeds, for cancellation of mortgage. damage 1032pesos, secretary lang nag lakad nito for approx 3hours. no need to bring your car.
4. bring docs you got from nos. 1, 2, and 3 to LTO where your vehicle is registered. damage 1,300pesos, puwede din secretary dito, but i went there by myself para sure, approx 4hours.
5. you will then be issued with a new OR and CR. that simple!

other docs that i added, aside from the docs i got from the bank.
1. CTPL insurance (insurance agent kasi ako, kaya sa Pioneer ako kumuha hindi sa LTO)
2. Photocopy of your ID 2.
3. wifi at android phone, para hindi ka maiinip sa kakaintay!


BTW, meron ako kasabayan na bibili sana ng unit sa bank. He asked the bank for a copy of the OR and CR. Then he match it with the engine number and chassis number. Magkaiba! then, he went to LTO to have it verified... tampered sya! kaya mag ingat ingat bago bayaran. Pinarefund nya na lang yun reservation fee.

thank you for sharing.

[KERSMcRae]

since 2008 pa ang naging problem ng TS with PSBank repo cars, maayos na kaya ang sistema nila ngayon?

Im also monitoring their website, at laging updated (2-3 times a week) ang list nila.Dati iisang list lang, ngayon may category na , from "new arrivals", regular price, sale (reduced price) at affected by flood (damaged).

[crazy_boy]

Nakakuha kami ng delivery van last year sa psbank. Wala naman naging problem sa papers so far.

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[MonteroGLSV]

Guys up ko lang po etong thread, okey pa po ba bumili 2nd hand sa PSBank at pano po proseso matagal po ba or kaya nila release unit within a week or less than a week, Please advise po, i'm planing po kasi bumili ng 2nd hand car and advisable po ba na bumili sa reposst ng unit ng PSBank or sa mga individual or Dealer na lang
Thanks in advance.

since 2008 pa ang naging problem ng TS with PSBank repo cars, maayos na kaya ang sistema nila ngayon?

Im also monitoring their website, at laging updated (2-3 times a week) ang list nila.Dati iisang list lang, ngayon may category na , from "new arrivals", regular price, sale (reduced price) at affected by flood (damaged).

[ano727]

Guys up ko lang po etong thread, okey pa po ba bumili 2nd hand sa PSBank at pano po proseso matagal po ba or kaya nila release unit within a week or less than a week, Please advise po, i'm planing po kasi bumili ng 2nd hand car and advisable po ba na bumili sa reposst ng unit ng PSBank or sa mga individual or Dealer na lang
Thanks in advance.

Same question, how's the procedure after winning a bid? Would be good if someone can share, especially recent ones with PSBank repo cars. Thanks.

[rafmac]

Not sure about the frequency, but bids are opened at least 1x or2x a week. Once your bid is accepted you are given x # of days to settle your bid then your unit is released in a couple of days

Problem with repo cars is that this is as is where is basis and you cant bring it out for a test drive and for psbank since nasa warehouse sya its dark and mahihirapan ang mechanic mo to inspect the car thouroughly

With any repo car its a gamble
Some owners would abuse the cars before returning it


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[sirkosero]

sa PS na warehouse, idedeclare naman nla kung may problem sa papeles ang unit.

problema nga lang, bawal test drive. start lang ng engine

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