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The illogic of Filipino credit terms

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jtmwatchbiz

she gave him a book for Christmas called "skydiving without a parachute"

 

 

that was last year.  this year i got "russian roulette for fun and profit".

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Jawny

So 12 years in the PHL, 11 of them on the Straight 13 Quota Permanent visa, have over 1000 sq mters and a twin home, own my car and make more every month than my neighbors do in 2 years but I cant get an installment loan on a 50K motorcycle in my name.

Ive bought refrigerators, Big screen TVs and a freezer on install at a local appliance store in my name. Always put my car in my name and have an extra lot of 200 sq mtrs in my name officially. Bought a motorcycle in Cebu on install back in 2006.

But local motorcycle dealer in Bayugan doesn’t want to install me a loan because “ I might leave the country at any time”. Ya, and leave my investments and my 4 kids behind….

 

Neighbors can easily get installment, they have NO JOBS, DON’T OWN THEIR LOT and are squatters and every year get a new motorcycle and after 5 months get it repossessed

 

Now the dealer wants me to put the motor in the name of a Filipino..Ok so then when its involved in an accident, it’s the owner who will pay RIGHT?...Hey its not mine..!

 

Head up their ASS.

You've got my sympathy.

 

Sorry I can't offer a good explanation, but this does not surprise me at all. I bought a motorcycle years back, but not on credit. However, even then they were anal about the paperwork. Seemed to a general uneasiness about dealing with foreigners.

 

I ran into a similar situation at a bank. I had applied for an auto loan and had a vehicle ready for purchase. Just needed to get the loan considered and approved. The bank had a policy (and lots of advertising proclaiming this) of quick review and approvals. So, after a week of waiting, I started calling and as well, sending emails to the manager. This only got some stalling and then I learned she had gone on vacation. Fair enough, so I called the head office and got in touch with the staff that does the review of the applications. That didn't get results.....or rather, backfired.

 

When the manager returned from her vacation she said the loan had been disapproved and gave some bullshit explanation that I didn't have enough income. Pretty ridiculous considering I had more than enough money in accounts in their bank to buy the car outright. My income was definitely sufficient. I'm pretty sure what really happened is she got pissed that I had made calls to the head office. You know, the thin skinned variety.

 

I hope you are able to locate a dealer who wants a sale.

Edited by Jawny
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Paul

that was last year.  this year i got "russian roulette for fun and profit".

 

As she handed him a semi-automatic 9mm.

Loaded.

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RogerDuMond

unfortunately when i ask she has zero interest :)

 

 

There is your problem, you asked rather than just borrowing it from her account. That is what I do.

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jtmwatchbiz

As she handed him a semi-automatic 9mm.

Loaded.

 

 

and i still managed to screw up as i'm still posting.

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SkyMan

I had very similar frustrations trying to buy land here.  Went to quite a few banks and got quite a few assorted reasons for denial.  They kept telling me I needed a job or business.  I have a job, I get paid to breath.  As for being a flight risk, well, they undervalue the land at maybe 60%, then only loan as much as 60% on that  If I did take off, I don't think I'd be able to take the land with me so they'd make a killing.  Incredible.  Turned out I was able to barrow the remainder of what I needed from the US which was much better anyway.  When we bought it thee rate was 48 so I was quite happy not to be paying on a peso loan when it dropped to 40.

 

As far as illogic of credit here, it does amaze me but there are a lot of things about business here that simply make no sense at all.  It's as if they really would prefer not to be annoyed by customers.

Edited by SkyMan
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SumDumJoe

If you make so much money, why would you ever even consider paying usury?

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Topper

Yeah, sometimes it helps to just get stuff off your chest. I use that as therapy when I'm driving. It doesn't change the way the idiots drive, but I feel better after I get out my frustrations. My wife asks me why I talk to other drivers when our windows are up and the other drivers can't hear me. Well, that is why. I get to tell them off without getting into a fight or getting arrested for abusing a Filipino.

Careful there Bill. I did that once. Forgot the sun roof was open. They heard every word I said.

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Headshot

Careful there Bill. I did that once. Forgot the sun roof was open. They heard every word I said.

 

No worries... I don't have a sun roof. If I'm driving, the windows are closed and the air conditioner is on.

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smokey

the drama of getting a loan here and to include the interest rates is crazy ... we toyed with putting down 1/3 on a new truck and 3 years to pay and the interest rate was over 22% then i looked at a usa loan and it was only 8% but the drama got the best of us and we went with no loan on the truck if we accepted their payments BDO i would be paying 6,000 peso a month in interest ...

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Jester

No worries... I don't have a sun roof. If I'm driving, the windows are closed and the air conditioner is on.

Beware of lip readers!

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Headshot

Beware of lip readers!

 

Think tinted windows

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darrener

I often chuckle at aquaintances of mine who buy the big pickup or tell me what they're about to buy if the loan comes through, all of them are on ridiculous credit terms...... I have a brand new medium sized sedan paid for in cash..... nothing flash, funny how they all keep talking about their re-payments and how they're being ripped...... I never need to talk about my little car.

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rep1

Neighbors can easily get installment, they have NO JOBS, DON’T OWN THEIR LOT and are squatters and every year get a new motorcycle and after 5 months get it repossessed

But they can't leave. There is no place to run.

 

The bankers probably think it's like a prison here but you got free card to leave, so...

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tonny

Listen me also three cars financed here all in the wife's name,that's just there crazy ways ,here is even a better insight,,,, my next door friend was  the head of all local branches of a big bank here in the Philippines could not fix  me up with a credit card in my name but he could set one up for the wife ,so i said OK do it for a small amount/  A few weeks later Im  in the bank he says here your wife's card , WOW 40,000 peso line of credit, i said i will have the wife sign for it tomorrow just hold on to it till she comes in ,but i can cosign now if you like. HE says no need for you guys to sign . Hell we did not even sign a application or fill one out. Now that card has a 158,000 P line of credit and goes up more each tear !!!!! So figure that out !!!!! YOU NEVER WILL !!!!! .  

Edited by tonny

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