If you are looking for your first vehicle, or perhaps a vehicle to use for your business, you might want to consider visiting your bank. Banks, like CBS, are often overlooked as an option when it comes to car purchases. But at each bank, there are great deals to be had. All you need to do is ask.
Banks routinely sell repossessed cars, SUVs, pickups, and vans through bidding and negotiated sales, often at prices significantly below comparable market listings.
Acquired Assets Division Head Jun L. de Guzman says partnering with a bank is the most logical thing to do when it comes to making large purchases. “You already look to banks to buy brand new cars or real estate. Partnering with banks to buy repossessed vehicles is just as intuitive. You are assured the transaction will be above board as banks go the extra mile to ensure documentation is done correctly.”
Here are a few more reasons to buy bank-repossessed vehicles
1. You can buy below market value
The biggest advantage of repo vehicles is the price.
Banks are not car dealers. Their goal is to recover outstanding loan balances and dispose of non-performing assets as quickly as possible. As a result, many repossessed vehicles are offered at substantial discounts compared to equivalent used-car listings. Numerous bank auctions feature relatively recent-model vehicles with bid prices well below their original purchase prices.
2. Many units are surprisingly new
A common misconception is that all repossessed vehicles are old or heavily used.
In reality, bank inventories frequently include cars that are only one to three years old, with relatively low mileage. Listings can even include 2026 model-year vehicles.
3. Banks offer transparent buying processes
Most banks sell vehicles through public bidding, online auctions, or negotiated sales with documented procedures and complete ownership records. Buyers can typically inspect units before bidding and review vehicle details, mileage, and condition disclosures.
For budget-conscious buyers, bank-repossessed vehicles can be one of the smartest ways to acquire a car. But be wary, this isn’t exactly a secret, and competition for those vehicles can be steep. Many secondhand vehicle dealers go to banks and buy in bulk regularly. If you want those steep discounts, you will have to be ready to outbid other parties. You will need to check if the vehicle you want is available. Banks do not hold on to repossessed vehicles for very long.
Learn more about CBS China Bank Savings’ repossessed vehicle inventory and its bidding process at www.cbs.com.ph.