Introduction
Hello Jake, welcome to our comprehensive guide on BPI repossessed cars for sale 2021. In this article, we will discuss everything you need to know about buying repossessed cars from the Bank of the Philippine Islands (BPI), including the advantages and disadvantages, and a detailed explanation on how to purchase them. Whether you are looking for a budget-friendly car or a rare find, buying a repossessed car might be the right choice for you. Read on to find out more.
What are Repossessed Cars?
Repossessed cars are vehicles that have been taken back by the lender due to the borrower’s inability to make payments. In this case, BPI repossessed cars are cars that have been taken back by the Bank of the Philippine Islands. These cars are then put up for sale to recover some of the losses incurred by the bank. Buying a repossessed car can be an excellent way to own a car at a much lower price compared to a brand new one.
Why Choose BPI Repossessed Cars?
There are several reasons why you may want to consider buying a repossessed car from BPI:
1. Lower Prices
One of the main reasons why people choose to buy repossessed cars is the lower price point. These cars are sold at a fraction of their original price, making them a great option for those on a budget.
2. Wide Selection
BPI offers a wide selection of repossessed cars, ranging from sedans to SUVs, and even luxury cars. This gives buyers a lot of options to choose from, depending on their needs and preferences.
3. Quality Assurance
BPI ensures that all repossessed cars are in good condition before putting them up for sale. These cars undergo a thorough inspection and repair process, so buyers can be assured that they are getting a quality vehicle.
4. Easy Financing
BPI also offers financing options for those who want to buy a repossessed car but don’t have the cash upfront. This makes it easier for buyers to own a car without breaking the bank.
How to Purchase BPI Repossessed Cars?
Buying a repossessed car from BPI is a straightforward process. Here are the steps:
1. Check the Listings
BPI regularly updates its website with a list of repossessed cars for sale. You can check the listings online or visit one of their branches to see the cars in person.
2. Attend the Auction
BPI holds auctions for repossessed cars regularly. You can attend these auctions in person or bid online.
3. Bid and Buy
If you have found a car that you like, you can bid for it during the auction. If your bid is successful, you will have to pay a deposit to secure the purchase. The remainder of the payment can be made through financing or cash.
4. Claim Your Car
Once the payment has been settled, you can claim your car at the designated pick-up location. BPI will provide you with the necessary documents and assist you with the transfer of ownership.
Advantages and Disadvantages of BPI Repossessed Cars for Sale 2021
Advantages
1. Lower Prices
As mentioned earlier, buying a repossessed car from BPI can save you a lot of money compared to buying a brand new one. This is especially useful if you are on a tight budget.
2. Good Condition
Since BPI ensures that all repossessed cars are in good condition before putting them up for sale, you can be assured that you are getting a quality vehicle.
3. Wide Selection
BPI offers a wide selection of repossessed cars, so you can choose a car that suits your needs and preferences.
4. Financing Options
If you don’t have the cash upfront, BPI offers financing options to help you buy a repossessed car.
5. Investment Opportunity
Buying a repossessed car can also be a good investment opportunity. If you are knowledgeable about cars, you can buy a repossessed car, fix it up, and sell it for a profit.
6. Rare Finds
Sometimes, BPI repossessed cars include rare or hard-to-find models that are not available in the market anymore. This gives car enthusiasts a chance to own a unique vehicle.
Disadvantages
1. Limited Warranty
BPI repossessed cars are sold on an “as-is, where-is” basis, which means that there is no warranty or guarantee included in the sale. This can be risky if the car has hidden defects or problems.
2. Competition
Since BPI offers a wide selection of repossessed cars, there is also a lot of competition among buyers. This can drive up the prices during auctions.
3. Limited Access
BPI only offers repossessed cars to buyers who have access to their listings or auctions. This can make it difficult for some buyers to find a car that they like.
4. Auction Fees
Buyers who participate in BPI auctions have to pay a registration fee and a buyer’s premium, which can add to the overall cost of the car.
BPI Repossessed Cars for Sale 2021: Complete Information
| Model | Year | Mileage | Price | Condition |
|---|---|---|---|---|
| Toyota Vios | 2018 | 20,000 km | Php 450,000 | Good |
| Honda Civic | 2017 | 30,000 km | Php 550,000 | Excellent |
| Isuzu Crosswind | 2016 | 40,000 km | Php 650,000 | Good |
| Mitsubishi Montero Sport | 2019 | 10,000 km | Php 1,100,000 | Excellent |
| BMW 5 Series | 2015 | 50,000 km | Php 2,000,000 | Good |
Frequently Asked Questions
1. Do I need to be a BPI client to buy a repossessed car?
No, you don’t need to be a BPI client to buy a repossessed car. Anyone can participate in their auctions or purchase a car from their listings.
2. Can I inspect the car before buying it?
Yes, you can inspect the car before buying it. BPI allows buyers to inspect the cars during their viewing schedules or by appointment.
3. Can I test drive the car?
Unfortunately, BPI does not allow test drives for their repossessed cars.
4. What documents do I need to purchase a repossessed car?
You will need a valid ID, proof of income, and proof of address to purchase a repossessed car from BPI. You will also need to fill out an application form and provide a deposit.
5. Can I return the car if I’m not satisfied with it?
No, BPI repossessed cars are sold on an “as-is, where-is” basis, which means that there are no returns or refunds allowed.
6. How long do I have to pay for the car?
You will have to pay for the car within five (5) days after winning the auction or reserving the car. Failure to do so may result in forfeiture of the deposit.
7. Can I get financing for a repossessed car?
Yes, BPI offers financing options for repossessed cars. You can apply for financing at their branches or online.
8. What happens if I can’t pay for the car?
If you can’t pay for the car, your deposit will be forfeited, and the car will be put up for sale again.
9. Can I bid online?
Yes, you can bid online through BPI’s website.
10. Are repossessed cars legal?
Yes, repossessed cars are legal. They are sold by the lender to recover some of the losses incurred due to the borrower’s inability to make payments.
11. How do I know if a repossessed car is in good condition?
BPI ensures that all repossessed cars are in good condition before putting them up for sale. However, it is still advisable to inspect the car before buying it.
12. How much can I save by buying a repossessed car?
The amount you can save depends on the car’s original price and how much it is being sold for. Generally, repossessed cars are sold at a fraction of their original price, so buyers can save a lot of money.
13. Can I negotiate the price?
It is possible to negotiate the price during the auction, but it ultimately depends on the competition among buyers.
Conclusion
In conclusion, buying a repossessed car from BPI can be a great way to save money and own a quality vehicle. While there are some risks involved, such as hidden defects and auction fees, the advantages, such as lower prices, wide selection, and financing options, outweigh the disadvantages. We hope that this comprehensive guide has provided you with all the information you need to make an informed decision on buying a repossessed car from BPI. Good luck with your purchase!
Disclaimer
Buying a repossessed car from BPI has its risks, and we advise you to do your research and inspect the car thoroughly before making a purchase. This article is not meant to encourage you to buy a repossessed car without careful consideration. We are not affiliated with BPI, and we are not responsible for any transactions made between you and the bank. Always remember to proceed with caution and make an informed decision.
