The Complete Guide in Bidding at a Used Car Auction

Buying a repossessed car can be a great way to save money. Unfortunately, we often miss this opportunity because our eyes are stuck on purchasing a new one. Even some are not aware of the existence of used cars and what they can benefit from it.

To help first-time bidders and newbies in auctions, we compiled everything you need to know on how to buy a used car. In addition, this guide will open your eyes to how repossessed cars and auctions work, so you’ll not miss any money-saving opportunities.

What are repossessed cars?

Repossessed cars came from the Bank’s auto loan borrowers who failed to fulfill their loan obligations. Others called it preloved cars or used cars. From the name itself, this means that these vehicles are only a few years old and often come with low mileage on the clock.

These cars are usually in good condition, but some may vary depending on how the previous owner takes care of them. To ensure good shape, you can visit their car showrooms for personal inspection.

Read more: What You Need to Know About Bank-Repossessed Cars

How to purchase a repossessed car?

Participating in an online auction is easier than you think. After a few simple steps, you might already be driving your new car. Here’s how to bid in used car auctions.

1. Choose your car

Auction sites have a list of used cars that you can view either physically in their showrooms or online. You can check the color, mileage, plate number, fuel, warehouse location, and unit’s initial price in the list. You can also download the car list, so you don’t need to check it one by one.

2. Make an offer or bid

Once you’ve finally chosen the car you wanted within your budget, you can start making your bid online. But, again, make sure that you bid above the minimum bid price to have a chance to win the unit. Ideally, we encourage customers to bid at least 20% higher than the minimum bid price to have a higher chance of winning.

If you want to bid for the same unit, you need to fill out the bid form again with a different offer amount. Understand that bidders’ offers with up to the first degree of consanguinity, including common-law spouses, shall be considered one offer. Accordingly, the Bank will capture only the highest offer. This is why we shouldn’t forget to read the purchasing mechanics to avoid any conflict in the future.

Read more: Tips in Increasing Your Chances to Win in Used Car Auctions

3. Wait for confirmation

Expect a confirmation email about your bid, including the bid and car details. Next, check out the cut-offs and announcement of bidding results. Know that whatever the bidding result is, you’ll receive a notification about it.

But don’t lose a chance if they reject you once. In some cases, the car will be awarded to the next highest bidder if the winner doesn’t accept the repossessed car upon inspection after few days.

4. Provide payment

Let’s say you won the bid. Remember when filling out the bid form, your payment option is a requirement, and you can either choose the cash or auto loan option. If the repossessed car was awarded to you through cash payment, you must pay the full payment within 2 banking days from the award notice.

For auto loan payments, you must submit requirements and pay the reservation deposit of ₱10,000 within 2 banking days from the award notice. Then, if there are no issues, you have another 10 banking days to submit a LOG to complete the transaction.

Note that all cars are sold on an “as is where is” basis, so you need to make your customer diligence checkup to the awarded car within 2 days before making full payment.

Should I buy a repossessed car?

We know we have many choices in getting a car, so why buy a repossessed car from an auction? Buying a car in auctions might not be for everyone, but it might be the perfect option for you if you’re looking into getting a great deal.

Choosing a repossessed car can give you up to 40% off from the brand new price. Don’t worry about its condition. Many repossessed cars are still in excellent shape. You’re also dealing with reputable institutions making sure that the cars are well taken care of after being repossessed.

As I’ve mentioned, most of the auction houses have a sold-as-is where is rules. So don’t think that they’re trying to cheat you; they only wanted to sell it as they got it as well. The best way is to have a mechanic person who can go with you during your inspection.



AllHome - Agro
AllHome - Antipolo
AllHome - Bacolod
AllHome - Bataan
AllHome - Butuan
AllHome - Cabanatuan
AllHome - Cauayan
AllHome - CDO
AllHome - Cebu
AllHome - Dasmariñas
AllHome - Evia
AllHome - Gapan
AllHome - General Santos
AllHome - General Trias
AllHome - Global South
AllHome - Iloilo
AllHome - Imus
AllHome - Kawit
AllHome - Koronadal
AllHome - Las Piñas
AllHome - Libis
AllHome - Malolos
AllHome - Mintal
AllHome - Naga
AllHome - North Molino
AllHome - Pampanga
AllHome - QC
AllHome - QuickFix Camella East
AllHome - QuickFix Farm
AllHome - QuickFix M1 Annex
AllHome - QuickFix Masibay
AllHome - QuickFix Springville
AllHome - QuickFix Symphony
AllHome - QuickFix Venezia
AllHome - Salawag
AllHome - San Ildefonso
AllHome - Santiago
AllHome - Shaw
AllHome - Silang
AllHome - SJDM
AllHome - South Molino
AllHome - Sta. Maria
AllHome - Sta. Rosa
AllHome - Sto. Tomas
AllHome - Taguig
AllHome - Tanza
AllHome - WCC
AllHome - QuickFix Citta Italia

  • Aerophone - Ayala Center Cebu
  • Aerophone - Cybertech Quezon City
  • Aerophone - SM Cebu
  • Aerophone - SM Manila
  • Aerophone - SM San Lazaro

This will close in 0 seconds

  • CYA Industries Inc - Bacolod
  • CYA Industries Inc - CDO
  • CYA Industries Inc - Cebu
  • CYA Industries Inc Showroom - Shangrila
  • My Homedepot - Baliuag Tangos
  • My Homedepot - Alabang Zapote
  • My Homedepot - Angono
  • My Homedepot - Barrera
  • My Homedepot - Batangas
  • My Homedepot - Cabanatuan
  • My Homedepot - Calapan
  • My Homedepot - Caloocan
  • My Homedepot - Candelaria
  • My Homedepot - Candon
  • My Homedepot - Daet
  • My Homedepot - Dasma
  • My Homedepot - Fairview
  • My Homedepot - Guagua
  • My Homedepot - Gumaca
  • My Homedepot - Iba
  • My Homedepot - Imus
  • My Homedepot - Los Banos
  • My Homedepot - Malasiqui
  • My Homedepot - Marikina
  • My Homedepot - Mayapyap
  • My Homedepot - Nayon Nova
  • My Homedepot - Niog 3
  • My Homedepot - Novaliches
  • My Homedepot - Pasong Putik
  • My Homedepot - Olongapo
  • My Homedepot - Palanginan
  • My Homedepot - Pilar
  • My Homedepot - Paranaque
  • My Homedepot - Pulilan
  • My Homedepot - Roxas
  • My Homedepot - San Jose
  • My Homedepot - San Marcelino
  • My Homedepot - San Rafael
  • My Homedepot - Santiago
  • My Homedepot - Silang
  • My Homedepot - Sorsogon
  • My Homedepot - Sta Cruz
  • My Homedepot - Tarlac
  • My Homedepot - Taytay
  • My Homedepot - Urdaneta

This will close in 0 seconds

  • Petbuddy Antipolo
  • Petbuddy Bataan
  • Petbuddy Dasmariñas
  • Petbuddy Evia
  • Petbuddy Malolos
  • Petbuddy North Molino
  • Petbuddy South Molino
  • Petbuddy Springville
  • Petbuddy Sta. Rosa
  • Petbuddy Taguig

This will close in 3 seconds

  • Allbikes Evia
  • Allbikes Sta Rosa

This will close in 0 seconds

  • Allsports Bataan
  • Allsports Evia
  • Allsports Malolos
  • Allsports Nomo
  • Allsports Sjdm
  • Allsports Taguig
  • Alltoys Bataan
  • Alltoys Evia
  • Alltoys Malolos
  • Alltoys Nomo
  • Alltoys Sta. Rosa
  • Alltoys Taguig

This will close in 1 seconds

  • Finds - Bataan
  • Finds - Dasmarinas
  • Finds - General Trias
  • Finds - Iloilo
  • Finds - Las Pinas
  • Finds - Malolos
  • Finds - Naga
  • Finds - NOMO
  • Finds - Shaw Blvd.
  • Finds - SJDM
  • Finds - Sta.Rosa
  • Finds - Taguig

This will close in 0 seconds

  • Market Liberty - Evia

This will close in 0 seconds

  • No Name - Bataan
  • No Name - Dasmarinas
  • No Name - Pampanga
  • No Name - Sta. Rosa

This will close in 0 seconds

  • The Athlete'S Foot - Bataan
  • The Athlete'S Foot - Evia
  • The Athlete'S Foot - Sta Rosa

This will close in 0 seconds

  • Pull And Bear - Cebu
  • Pull And Bear - SM Megamall
  • Pull And Bear - Trinoma

This will close in 0 seconds

  • Zara - Cebu
  • Zara - Glorietta
  • Zara - Greenbelt
  • Zara - SM Megamall
  • Zara - SM Mall of Asia
  • Zara - ONE BHS, BGC
  • Zara - Rockwell
  • Zara - Shangrila
  • Zara - Trinoma

This will close in 0 seconds

  • Massimo Dutti - Greenbelt 5
  • Massimo Dutti - Rockwell

This will close in 0 seconds

  • Bershka - Cebu
  • Bershka - Glorietta
  • Bershka - Megamall
  • Bershka - Mall of Asia
  • Bershka - Shangrila

This will close in 0 seconds

  • Stradivarius - SM Aura
  • Stradivarius - Glorietta
  • Stradivarius - Megamall
  • Stradivarius - Shangrila

This will close in 0 seconds

  • Mandaue Foam - Butuan
  • Mandaue Foam - Cebu
  • Mandaue Foam - Banilad
  • Mandaue Foam - Bohol
  • Mandaue Foam - Cebu
  • Mandaue Foam - Quimpo
  • Mandaue Foam - Shaw Blvd.
  • Mandaue Foam - (Philfoam) Cainta, Rizal
  • Mandaue Foam - (Philfoam) Las Pinas
  • Mandaue Foam - (Philfoam) Lipa, Batangas
  • Mandaue Foam - (Philfoam) Quezon Avenue

This will close in 0 seconds

  • Our Builders Warehouse - Bocaue
  • Our Builders Warehouse - Guiguinto
  • Our Builders Warehouse - Mabalacat
  • Our Builders Warehouse - Malolos
  • Our Builders Warehouse - Tagaytay
  • Our Builders Warehouse - Dasmarinas

This will close in 0 seconds

  • 158 Designers Blvd - Pasay

This will close in 0 seconds

  • Anne Klein - Rockwell

This will close in 0 seconds

  • Armani Exchange - Rockwell

This will close in 0 seconds

  • Bobbi Brown - SM Mall of Asia

This will close in 0 seconds

  • Charriol - Rockwell
  • Charriol - Pasay

This will close in 0 seconds