I would just think all that money you got screwed out of as tuition towards towards Philippine financial education, and I got to learn it all for free by watching this vid, thanks Tim
Tim, I am a retired Army Officer living in Philippines. Navy Federal Credit Union will finance members car’s in Philippines. There are some RU-vid video’s from American blogger in Luzon. I recently found out this myself. I encourage any veterans to join Navy Fed if they’re living here if they plan on buying a car.
You have to be a family member of an armed forces member and you can still apply for an automobile at US financing interest through Navy Federal with good credit .
Thanks for reporting on this. I think more foreigners need to understand this as the Philippine financial industry completing screws over its people. It happens in the US and other countries as well, but nothing quite like in the Philippines. It can even get messier dealing with Condos and real estate. All the expats we move into the Philippines we have sent to Toyota in Alabang. Not sure if you bought from them or not, but we have an arrangement where they cant screw over our clients, plus our clients can pay in cash if they want.
Many dealerships including some in the USA will not sell you a car or just walk away from you if you say you're paying cash. So it's best not to even mention you are paying for it in cash until you have settled on a final price and then oh by the way I'm paying for it in cash.
In most Asian countries its better to buy a decent second hand car *cash* and let a garage refurbish the car top-down. Import tax and other bank-issues makes new cars seriously over-priced. "As new" is possible due to the very, very low labour costs.
The other scam is how they inflate mandated insurance. Toyota will add like 150,000 to 200,000 just for insurance when a normal policy is 25,000 pesos. Another wide commission source for agents. BDO financing is generally good at 6% with a straight 5 year amortization.
Good thing there is a law now that vendors are required by law to accept cash. All the motorcycles here are on credit. A 65k Honda click will end up at 200k Pesos. That's robbery.
Wow! That is crazy complicated. But you did a great job of explaining the details of your transaction. Thank you for sharing this private transaction with us. Because that truly is a rip off for even a keen shopper. Great public service announcement for the trusting souls in each of us.
We lived in Bohol for 2 yrs,,My opinion financing anything in the Philippines is too costly..We owned our home and owned our bike and Multicab and still ran short every month..Back in the good old USA now and happy..Oh, and having a surprise kid was more expensive than we planned..This was an unexpected blessing..The good thing is that we actually made a profit on the sale of our house which allowed us to put a down payment on our house in Az..so a good ending ..
You're giving us hope, Sir. We hope to sell our two houses that we've had for 37 years here on Biliran island in 4 years, and we're looking forward to retiring in Venice fla for our golden years.. For seniors, the health care facilities are first rate.. better restaurants and much better driving conditions for sure.
@@stephenduling5024 I owned a small house in Naples Park Fla...Sold it before I met my wife of 17 years on line..I sold my house for 150 back in 2002 Now it is valued 800,000.. I hate to admit that..Good luck selling your houses..
Yep! The loan system in the Philippines is totally corrupt. My girlfriend encountered the same thing on the purchase of her motorcycle. She got charged the full interest on the loan even though she paid it off in 6 mo. But she did not receive any credit back. Same thing, only low level employees would speak to her and could not explain how the interest was justified. Only a “sorry ma’am, that’s just how it is” response. Don’t ever finance in the Philippines unless you don’t mind keeping the loan for the full term at the insane interest rate.
@@TheScarfaceKillaa yes that is correct in a sense, but financing does not by any means mean you cannot afford to buy, for those who want to keep their cash invested at higher returns, it many times makes more sense to finance. The risk to reward can be offset by using the banks money if done properly.
Thank you I was considering a brand new car from Toyota and we intended to pay outright in cash. We will be reallocated soon, but thanks to your video I look now at a different car. Hope Toyota will read this. A very big thank you from us.
Hey Tim! Love the FJ Cruiser! When my wife, daughter, and I came back to Ormoc City to live (two years ago) I wanted to buy an FJ too. New ones were above my budget. I had bought my wife a house for 2 million in 2020. I couldn’t find a used one at the time, but I bought a 2010 low mileage Fortuner for 600,000 pesos. (About 12,000 US) it’s been great. I also bought a new Yamaha motorcycle cash. No problem about the cash. They took it no problem. In the US, 2013s, 2014s FJ’s with low mileage are getting more than they cost new. Yup, paperwork is interesting here, huh. Took over a year to get title to the house. Over 3 months to get the Toyota title transferred to our name. ( and a lot of running around).
Hi Tim, I have been following you for about 3 years. I enjoy your insights into life in the Philippines. I Moved to Danao City, Cebu in September. Because of your videos, I had little difficulty adjusting to life here. I love watching you as well wife's videos. Keep up the good work. Your channel is entertaining and the work your putting into your videos really is very helpful.
Tim, nice FJ.. a good color for the islands. I have a 2018 F-150 5.0 that averages 18 overall and 19.5 hwy driving. Very similar to your fuel economy experience but it does matter how you drive & brake. Congratulations on your 1 year of ownership.
Owned the same FJ but 4x4.. yellow as well. I loved it but it's not worth anything near what you paid. Was getting between 17-18 miles per gallon...terrible. I miss my FJ but here in the Phillipines I got a Ford Ranger Wildtrack. No comparison.. Love the Wildtrack.
My advice for anyone thinking to finance a vehicle. Pay cash for a used car. Save the payments you would pay for the new vehicle. After a year or 2 and you still want a new car, you can pay cash. No interest. Just because you can finance a new car should not mean you need a new car. I don't see why you want to throw 10k or more out the window.
Tim we appreciate the information...sounds like if you want a new vehicle you are stuck financing...almost the same in the states...no one wants cash anymore. Anyway, is it just me, but I've noticed you seem to be a new man and more happy than I have ever seen you in the past few years that I have been following you? I am sure the COVD BS being over is a great morale boost I am happy for you and wish you and the family continued success. Keep the videos coming!
Great channel, content and lovely family. On the Toyota, my fiancé n I plan to get FJ next year but plan to buy used. I’m a retiring Autotech so buying used for me is not such a big deal. So having a nice new vehicle with new family is not such a bad decision. You pay for safety and comfort. Plus you couldn’t of picked a better vehicle with all the bad roads you will have a vehicle that will last for many years trouble free. God bless you guys
You know what. You asked nicely so i just went back to about 50 videos i missed or forgot to like and liked them all. Took 5 minutes but all the effort you put into making these for us. Im happy to do it.
You are right about dealerships not accepting cash; I tried that and they pushed me to finance it, but a month later I paid it off, my Honda Civic, this was back in 2020! I was not going to argue plus interest rate was very low, and I had a Plan B to pay it with my first payment lol, and there was no early payoff fee penality for doing that
Now that our first-car is fully paid off last year, I could finally afford to buy a Ford Raptor 2020 model sometime this year in 2023. Of course, it's nice to drive a brand new vehicle, if you can afford like you Tim man. But pre-owned car/truck is just as good with still good condition and low mileage. Much of the depreciation costs are taken out already after 3 yrs in the market. I like to buy it directly from the seller, where they have a clear OR/CR title, maintenance records and it's much better deal than any dealers out there. So excited, thinking about going off-roading with it all over Cebu and anywhere in the PH.
When we moved here 3+ years ago, we bought a Toyota Helux from the dealer in Santa Rosa. It was about 28,000 and since we were paying cash, I got them to come down a little bit, and got them to throw in a backup camera, a cover for the truck bed, and some other stuff. We carried a ton of pesos and they had to count it before we got the truck. It was a pretty good deal. The dealer was a really big one and they operate a school for the service techs.
Great vlog. Been living in Davao City 18 months. Bought a new vehicle 3 months ago cash....it's definitely not like the USA and they try to scam you out of money. They have the system set up for financing .... they will take cash but you are definitely not the priority lol
Hey Tim, this is a too common practice here in the Philippines. After investigating the pros and cons, we elected to pay cash. And gentlemen if you think that you can negotiate the price, give it up. In short, if you want to purchase anything here in the Philippines, pay CASH!
1. 4x4 is a hot commodity in PH at the moment. Unit allocation, especially in Toyota dealerships, are gold. As I mentioned in my previous comment in one of your posts: Toyota sells itself unlike other car manufacturers here. 2. In-house finncing always has the biggest interest rates. Best if you could do a cash loan on a bank or credit union so that the interest rate is minimal. 3. The Department of Trade and Industry has issued a memorandum regarding dealerships who are reluctant to sell on cash basis. Reason for dealers not selling cars on straight cash is that they don't earn much on such deals.
Welcome to the Philippines buddy! Just so much fun working with “paperwork people” there eh? Haha. You are at their mercy. There is no way to get people to service you properly by answering your questions. Yes. They are pleasant and smile a lot. Yes I love the Philippines but there’s a huge lack of help in simple things we take for granted in the US.
Over here in Long Beach CA, I finally bought my first new/used car. Though I paid 32,000 but when I got home and looked through all the paperwork it went up to $40,000… so basically I spent the money for a new car when I got a used one with 19,000 miles… with all this stress they screwed me over and eventually I’ll trade it in for a brand new car.
I was encouraged to use 15% of my annual income to vehicle needs. I was able to get a 2010 honda Civic for $6k. I only needed to replace the front bearings for $1k.
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I’m planning on buy an older used vehicle that is still in good condition.. my budget is 3k US dollars… I’ve already seen a few good prospects.. I would never do what you’ve done ( even if I had the money.. which I don’t 😊)
The Philippines is cheap but one thing that is not is a car. You'll end up paying two to three times for American/EU wheels. A friend of mine bought a Mustang GT back in 2021 and it cost him 3.5 mil PHP or 70K USD with 50 to 1 conversion. The same car only runs for 45K in the US. So if you're the kind of guy who likes your Ford, Chevy, or BMW, be ready to shell out some serious dough.
Bought a new Mitsubishi Xpander Cross in Davao City in June 2022, no issues paying cash. Fantastic vehicle, cost about 22k. I had sold my 2018 Nissan Frontier Pro4x in April to Carmax Tampa, due to the chip shortage at the time I was able to get 28.8K, which is about the same price I paid new for it in 2018.
FJ cruisers have been unbelievably high in the states the past few years. I’m in auto financing in North Carolina, interest rates are high everywhere right now. I’ve told people that just have to buy a car right now to be ready to refinance when the rates settle, who knows when that will be though. Don’t know much about how they do things in the Philippines but here in the states there typically aren’t early payoff fees which makes refinancing a viable option
Hey Tim! Man, I am literally getting ready to buy a car for my fiancé in Puerto Princesa. I think you just saved the backsides of many of your viewers, including myself. So, as much as I know you'll despise the distinction, you're kind of like "the martyr" of new vehicle purchases now!😄 You win some, you lose some huh?! Great way to end the video on a very positive note nonetheless! That's very Filipino of you!!😊👍👏👏 Another awesome video. All the best to you and the family!
Hey Jim, tell me how it works out with your purchase in Puerto Princessa and if you've researched how the various dealerships operate. Business transactions can be a little confusing at times because the slight language barrier and the somewhat unusual way business is done there (at least, different from what i'm familiar with). I'm married to a woman in San Vincente. when I'm in country; we often commute down to Puerto. It's nice to be prepared..
I'm in Puerto and spent the last 2 weeks pricing new cars. The bank rate for 5 years on new cars is........30.1% !! Yep. 30 %. The Toyota dealership is more! I sold Toyotas in Canada, and NO ONE would pay more than 6% for a car loan. Never. It's a scam of incredible proportions here in the Philippines.
Try researching cars returned as the finance could not be paid. I got a Toyota hi lux twin cab at 20000k approx. It was presented in New condition. Now in 45000k Still good. It has been a good deal.
I have a 2010 FJ Cruiser Trail Teams Ed. I bought it new in 2010. I have 119,000 on the odometer. Been a fantastic vehicle. Passing it on to my 16 year old son. Throughout ownership, Highway driving here in the US, I averaged 21 mpg hwy and 18 mpg in town. Oh, and I have a 3” suspension lift with 285 BFG A/T tires.
I really appreciate the heads up Tim. I wonder if there’s any way to get them to secure a car for you thinking you’ll finance it without signing anything, and then when you go to pick up the car just pay cash and screw them at their own game.
Thank you for the video. Very good info relating to one of the possible pitfalls that you can experience when living in a different country. Personally the most surprising part was that its possible they wont even sell you one unless you finance. The cruiser is sweet but screw that if that is how they do business. I'll find a vehicle without the added premium if I have cash, which I will.
Car loans and home loans all work the same. The first years of payments go almost entirely to interest with a small percentage to principal. This is standard practice in the US as well. The interest amount is higher at the beginning of a loan because the principal amount is higher. As you pay off principal, the ratio of interest will decrease until, near the end of the loan, you a paying mostly principal.
If you double your principal payment in the beginning ( if you can) you’ll reduce your payments by 1/3 the duration and say thousands! Where Tim got screwed was the 5% loan breakage that was in the fine print! That’s why you need to read contract’s carefully for any purchase especially credit card’s interest rates
There are different types of loans. Looks like they got him with an add-on loan where the interest portion is the same in all payments, so paying off early doesn't work. A lot of guys fall for this because the math is easier than simple interest loans.
Its good to buy second hand cars in the Phil. Cars thats 2 yrs old is as good as brand new and you have a good bargain with your money. If you buy brand new you throw away the 20 percent value of your car on the 1st year plus the devaluations. If you buy a good 2 yr old car you can get it for at least 40 percent or more less of its brand new price.
Bro. You should get Xiaomanyc to come to the Phillis and try to learn Visaya and Warai. He knows just about every language other than the Philippine languages, I think.
tim ya to me if you are going to buy any car there in philippines is to make sure you get a lawyer that is on your side to come with you to the dealership to buy a car to make sure everything you want is in writing so that the dealership can not rip you off then with the bs interest like thye did with you.
2:00 Yeah but no one really use km/L here, we use Liters/100km which is far more convenient as a consumption measurement. In that case it's about 12L/100km....
That sucks to get the runaround like that. If I thought I was going to get that front end credit back if I paid off early, I would have done the same thing you did. It's sad to think that when you bought the vehicle last year and all those people were helping and being nice....they all knew the language in the contract would ensure you got screwed. At least you managed to get some back.
My thoughts as well. I think everyone was pandemic starved. Here people were not flush with cash like usa. Luckily I was saved by the exchange rate to some extent. Imagine if it had gone the other way.
No need to buy a vehicle in the PI. All about status. Vehicle drivers are the worst drivers here too. Entitled…. Even in the province, just get a cheap motorcycle (pay cash) and take public transport for anything else.
Yeah we got a used car. Because they don't respect your vehicle here. But we gotta crv which is like brand new. We got a home as well with the garage. House was remodeled and located in Bacoor, Cavite. But we got both for less than that and I still think I paid too much 😅
Interesting. The FJ Cruiser is actually one of the vehicles I consider purchasing when I retire next year in the Philippines. I was really contemplating of buying used vs new. I would probably buy a low mileage used one instead. It makes more sense to me buying one used. All the models actually look the same wether its the early ones or the latest. I figure its the Philippines at the end of one year its gonna be full of dents and scratches anyway. Now that you mention that you have to pay the interest up front. I'm buying cash. Always wanted a FJ cruiser but it didn't suit my needs at the time. I end up with an Escalade instead. Thanks for the heads up.
Yeah i read about Loans in the Philippines and the interest rate is scandalous and a deal breaker for me. I sold all my cars back in 2015 before i left Okinawa Japan and saved money for the last 7 years and bought a 2022 Ford Ranger Raptor for only $33,000 or P1.880M CASH. It was a secondhand only 10 months new bought this last month in 2023. Think this is another reason you see so many second hand cars for sale before balance is paid off, i see lots of advertisement reading take over loan. People dont realize or understand the bad deal most get when finaning until you get a calculator and crunch the numbers. Its really ashame that these greedy banks get away with the high interest rates. Sad but true. Paid off all my debt back in 2012 and learned my lesson. I have not paid interest since then. If i had no choice the only way i would get a loan to buy a car would be through Navy Federal Credit Union. I heard from other Americans here in the Philippines going trhough Navy Federal and getting approved. Of course if you have good credit and history! Life is definelty about Lesson learned the hard way sometimes. Good video Tim and thanks for sharing your experiences always. Wish everyone a safe and wonderful year.
Cash is definitely King. That said, dealers in PH always encourage you to finance and rates are loco. My future brother in law was able to pay cash for his Kia SUV in Cebu but it was a challenge. I bought our scooters cash which was kind of frowned upon but then I found out registration process was ridiculous. Even fast tracking (paying extra) it took months. We haven’t bought a car yet and don’t plan to. I think after watching your video it will be easier ask brother in law for ride or hire a driver those 5-6 times a year we want it. Also the depreciation on that model car is like 20 percent in first year. I had a green FJ in the US and was a rough handling small and cramped suv. Bought a F150 Super-crew which was much better. Thanks for sharing your experience.
Why wouldn't Toyota let you speak to the manager or accountant? Also why can't Toyota just send the documents to Leyte by postage or courier? It seems so difficult doing business there.
Dude! I worked with the dealerships in the USA for five years. What I'd learned here was all dealerships all over the world all they same, they are all crooks and predators. I advised all my families and friends that do your homework before buying a cars or houses or anything expensive. Always negotiate and don't full in-love to the items you want to buy. I am retiring in next 8 months and ready to buy my 1st transportation in the Philippines. I couldn't wait to make an offer and haggle with the car salesman or their manages to make them all really mad 🤣. I'll keep you posted Dude!
Nice Car. Wow.. expensive. but nice. You can get 4 NEW Suzuki Spresso's for that. I paid 10K usd for my new car. But well its much smaller.. and manual Transmission!
Just been watching your blogs & videos . I really appreciate your time by explaining different aspects of your life etc in detail . Keep up the good work Tim k and regards to all your friends & family. Len from the UK
Yeah, I always also make sure I can pay off my loans early without penalty. You usually need to get a loan from a credit union as banks and finance agencies will always try to screw you.
Tim... I plan to buy a new Toyota, small economy car, reason safety, when I move to PH in cash. This video made me AWARE of the bull they can pull on a person. I will 5 x check ever sentence of the contract. Thanks for informing all of us. I am sure they would have taken advantage of me too.
Great video time. It was fun and very informative. Overiously you must be doing well. Would love to hear how much you are making as a RU-vid family now, with your and Christys channel.
Paying Cash, they Still would find a way to Screw you also... Side Story, I bought Two Used Vehicles from Different Dealers. Both sold for $10,000... While doing the Paperwork, I told them I had a Trade In. One gave me $1,200 for One Trade In and since I only paid for it that one year before, I got back what I paid for it... BUT even after giving me the $1,200 Back/Trade In Value, Somehow I still Ended up paying the $10,000 Because He Raised the Selling Price on the paper work to $11,200.... The Other Dealership did the Same thing but got $2,500 for my Trade In at the time and Again, they Raised the Selling Price to $12,500 and then Gave me the Trade In Value and Sold me the Truck for $10,000... The First Example I am Still Driving to this day and Still Worth it. A 2005 Sierra 4WD and with only 140,000 on it now. They sold it to me Back in 09' For Cost because they were "My Friends". It Would have sold for over $25,000 Back then.
My advice is to buy a cheap car like a 2005 CRV for 4 to 5k usd from the owner directly. Then you won't be worried about a scratch or taking it down some of the horrible roads here. Plus you have honda reliability and you can find them with low mileage here. Repairs and parts are cheap.
Just for context mark ups in the US is outrageous the last couple of years. I know because we just bought my son a car and Toyota dealerships in particular are very ballsy in marking $4-6k over msrp regardless of your Credit Score, a system that is not used in the PH. And their cars are still selling out. We visited lots, all are in order and will take months but still with the same mark ups.
You will love your new FJ! I've had my 2007 FJ for the past three years. I was fortunate to buy it for just $12,999. It had 160,000 miles on it when I got it. It now has 245,00 miles on it. I've replaced the alternator and changed the oil regularly. It's so reliable. What's crazy to me is that my old 2007 looks identical to yours inside and out. Except mine is Voodoo Blue. I am dreaming of retiring in the Philippines. I wish I could take my FJ with me. I wonder what it would cost to ship it over?? I'm currently in Northern California. Cheers!
Do yourself a favor and dont even think about shipping to the Philippines unless you want to pay 100% import fee. I reserched before and for a 40K valued vehicle the import fee was the same price that i paid for the vehicle. SO basically it would cost me 40K more to import. Not worth it. Many Imports being sold here in the Philippines like Lexus, GMC, Rams, Chevy Suvs and many more models being sold for more than Double price.
When I worked in the Philippines I had my car sent from the US to Manila I read all the documents and signed it. It was a scam when my car arrived they wanted 3 times the amount and stole my car The country is corrupt to the core at least it was when I lived and worked their
I work in the auto industry here in the US and this sooooo reminds me of the old fixed rate financing that basically went away in the US back in the early 2000’s. Now as we are all familiar with is that all loans are simple interest. But this reminds me of those old loans. If I am thinking right the interest refund was based on soemthing called something like the rule of sevens. And yes, you get screwed in the sense that you pay like half the interest in the first year alone. Thus why the credit was so low. As you likley suspect, I am guessing they calculated it wrong and shorted you. The dealer “helped” you by eating soem of the breakeage fee, but that simply reduced his cut of the interest. So he still went to the bank on that deal even with the ealry payoff. That being said, this is simply how things work in a market that isnt financially mature and it sucks. But it is what it is in the PH for now. Next time, save up more and pay cash to avoid the headache.
Motorcycles are the same . Dealers will take longer to get or/cr if you pay cash. Payment plans are where they make money. Cash goes directlly to the manufactuer. Utang is way of life, like rice, in the Philippines.
I'm planning on a Mahindra Enforcer! Less than 900,000php, Mitsubishi Diesel powered and available with 4 door cab, aircon, 2, or 4 wheel drive...looks a lot like a Jeep I'm just not willing to pay higher than western prices, for a vehicle that screams" wealthy kano", when there are other quality options available for less than half the price
I'am pretty much an expert on buying a new car in the Philippines. I have bought 3 of them. There are a lot of new cars on the road because dealers offer low low down payments that come with high high interest rates. You are not going to walk into a dealership with a pocket full of money and get a discount. In fact you will not be able to buy with cash. The best deal you will get is 20% down finance for 5yrs at an interest rate of 21% to 33%. Also they don't use the term APR.
Car loans are kind of similar when I worked in the Middle East. I bought a new Land Cruiser, all options, but saw that the interest payments were also paid up front and non refundable if you payed the vehicle off sooner. Put 40k down, and financed the rest at 6 percent for 18 months. I was going to pay the balance in 4 months, but 18 months I think was the minimum loan terms.
FJ has a cult following in the states. I owned one for a few years. 08 Trail Teams. I don’t trust the financial lending system in the Philippines. Although after watching your videos with the used escape and lack of professional mechanics, I worry about buying used. I guess no easy solution.
Glad you brought up that point that i tried to make it work with a paid off used vehicle. It was a sincere 2 year effort. At the end of the day I need this thing to get me to the airport, get chrissy to college, visit new places for the channel, etc.
at the moment in Australia ,, the FJ cruiser are priced from $36,000 up to $75,000 AUD . i can see why they would be popular there , that one you brought was my pick out of the dealership . the people that own them there,, probably dont want to upgrade ,, so they become hard to find . that will only drive the price up,, just like classic car prices .. so if you keep yours 4 or 5 years ,, you should make a tidy profit IF you decide to sell it ..
I absolutely love this vehicle but the financing works backwards in PH. With the exchange rate favorable to the US, you saved thousands regardless. Lessons learned!
Just like when buying your house... all the interest in front loaded even on a car... it is not even split across the 5 years.. so the first year you end up paying about 50% of the total interest on a 5 yeat loan
Very informative video 📹 👍 and at the end of the day you got a great car with a great family and life in the Philippines 🇵🇭 😀Sana all! (How's Tucker?🐕)
I disagree that it's a popular vehicle it's ugly and rare as rocking horse shit to see on the roads in my humble opinion but very informative video and so typical of what happens every day in the Philippines,,, very good here at charging excessive mount of money with little to no explanation why...
My sister tried to get a loan from toyota but they weren't very accommodating so she ended up buying from Chevy. The dealership she went to is owned by an American and the sales team were quite flexible and helpful. Toyota vehicles are good but their sales department is meh.
Interesting vid.. Borrower is slave to the lender, ringing in my ears. Less of headache to just pay with cash, price would have been 40k and no stress. The current market availability for that car may be low, but they will make more and the price/demand will return to normal. At least your vid got me to engage in the comments though. .... Personally I can't fathom financing 40-50k worth of a vehicle, that's just crazy town, maybe for a mortgage on a house, but not on wheels and motor.
I bought a new Toyota Prado. I would not let the bank in Philippines finance my vehicle. I used the USAA credit union in the USA. Try send me a check for vehicle. The interest was 3.75.
Financing is not really a practice in the PH. They have it as an option for those who can’t afford upfront, sad. Paying anything cash upfront is also about who you know, and how well one is connected.
