Financial Blog

Buying a repossessed car through online bidding often comes with its own set of challenges. The process can feel tedious—ensuring your bid is competitive enough against others, and the long wait for results can test your patience, especially when you’re set on a specific model. If you’ve ever experienced this frustration, you’re not alone. Fortunately, we’ve got a solution for you. Through Security Bank’s Buy Now Program, you can have the car you want as soon as you meet all the requirements. No more waiting around!

What are repossessed cars?

Repossessed cars are assets either taken back by the bank from those who weren’t able to fulfill their loan repayments or used as collateral. These cars are secondhand, meaning they are used cars that are usually in excellent condition. We have cars available from a variety of top brands, such as Suzuki, Toyota, and Mitsubishi. 

If you want to know more about repossessed cars, read here: What You Need to Know About Bank-Repossessed Cars

Security Bank’s Buy Now Program

All available cars are now under the Buy Now program every Monday and Tuesday. This means that you have the opportunity to skip the bidding process and directly purchase our used cars. 

Another benefit the program has is that you can purchase the vehicle at a lower price than bidding prices. You won’t have to worry about being outbid by other people, so you can play it safer when submitting your offer. You also won’t need to break the bank as we have cars available for less than PHP 300,000. The process is similar to the online bidding system we have, but with shorter timeframes and the certainty that you will get the car once you submit your requirements. You can take the following steps to start buying your car now:

How to Avail

1. Check the website every Monday and Tuesday.
2. Click the “Buy Now” button beside the unit of your choice.
   
3. Fill up the web form and attach the requirements:
• Accomplished and signed Client Information Sheet
• Photocopies of 2 valid government-issued IDs with 3 specimen signatures
• Proof of payment for the 100k earnest money
4. Wait for the award notice – For Buy Now offers, this will take 1 banking day
5. Pay for the car once it is awarded
6. Claim and drive your car all within 2 banking days!

*All offers are subject to further management approval

Security Bank’s Buy Now Program

If you miss the Buy Now Program for the week, no worries! The remaining repossessed vehicles are regularly put up for bidding, which takes a little over a week to complete the purchase. Customers interested in our repossessed units can take the following steps:

1. Select the car that you want 
2. Make an offer or a bid
3. Wait for confirmation – Bidding cut-off is every Sunday, and announced after 3 banking days.
4. Provide payment and documentary requirements, the gate pass and notice of approval will be released within 5-7 banking days.
5. Claim and start driving your car

To learn more about bidding, click here: The Complete Guide in Bidding at a Used Car Auction | Security Bank Philippines

Frequently Asked Questions

• When can I deposit the earnest money?
• Once you’ve decided on your chosen unit, you can immediately deposit the earnest money. This makes it easier when submitting your buy now offer.
• Can I deposit the earnest money ahead of time? 
• We do not advise doing this since the refund of earnest money, if it goes unused, would be 10-15 banking days. We highly suggest depositing earnest money once you have a unit in mind to acquire.
• Does the Buy Now Program apply to foreclosed properties? 
• As of now, it is only applicable to repossessed vehicles.

The Buy Now program can make buying a repossessed car even easier. Preparing in advance can also help you purchase quickly, such as having the requirements on hand and ready for submission. You can check out the updated list of cars for purchase here.