F***ing Stupid Bank Policy

[Dave Hounddriver]

Banks here have some f***ing stupid policies.

 

My partner and I went to our bank branch twice.  We are still trying to get a car loan so each time we talked to the manager, in person, answered all the questions, signed all the forms, gave all the requirements, and then we go home to 'wait a while'  (its many days but we shall call it a while).

 

Why are we waiting?  It is for some almighty someone to give us a 'telephone interview'.  We have to be always ready and waiting for it.

 

So it finally comes.  My spouse is at the mall when I get the call.  I explain:''I cannot hear a thing on the phone.  Its why I went in person to the bank.  Perhaps you can call my spouse and ask her."  Ok, the voice says.  So I found out from my spouse that they called her and she said "I cannot hear a thing on the phone.  Its too noisy hear at the mall.  Perhaps you can call my husband and ask him."

 

So what are the chances we will get a car loan  :hystery:   :hystery:   :hystery:

 

Waste of time going into the bank and talking to the manager, wasn't it  :tiphat:   I wonder if it is because they don't even trust their managers and suspect them of making phony loans?  Or some other reason?

[sonjack2847]

I`ve had that problem with the phones a few times so it`s not just me. But anyway Dave it is a stupid policy and yes they probably don`t trust their managers.

[scott h]

I also have troubles hearing conversations over the phone, which is weird because I have pretty good hearing (except for the normal selective husband hearing I seemed to inherit from my father) :thumbsup:

 

My similar experience is we bank at BPI. We keep a pretty substantial balance and we put massive amounts of money through there while building the house. We applied for a local credit card just as a back up to our USA card. Wife? No problems. But since I am not a Philippine citizen, I could only qualify for a "INSURED" card. The type where you keep a balance on account and draw against that.

 

I (inside my head) went through the roof!. I politely demanded to see the bank regulations covering that. Amazing they couldn't be produced (all this was by the manager that we have been dealing with for 3 years).

 

I then politely but firmly (Using the NCO tone of voice, Jake you can explain what that means) ask the manager to write down a list of questions I had concerning this policy. (at first the manager said she didn't need to write them down, but I demanded that she do so) That I request she present these questions to her higher headquarters to get answers and that I would expect the answers in a couple of weeks when we came back next.

 

Upon our return the manager never talked to me, but informed my wife that we were both approved for credits cards and that they would be sent to us via courier.

 

We always hear, and I agree 100% with it. That we should always present a courteous, calm and under bearing body language when dealing with Filipinos. But there are times that a guy just has to draw the line, stand firm, grab them by the nose (figuratively) and demand that the right thing be done.. :cheersty:  

[chris49]

I am mulling over whether to go to the bank for car financing or go to the dealer, where their in house financing is a bit easier, all in wife's name, but accounts of husband with pension can be applied.

 

Bank manager has been quite friendly but slightly less so now he knows I'm only a pensioner, not putting in large amounts of dollars.

 

So Dave, what are the advantages of bank financing vs dealer financing? New car.

 

I actually think you might get your loan if you are a valued customer. Isn't it normal for the manager to refer your case to the loans officer perhaps with his recommendation, his stamp of approval?

[Dave Hounddriver]

So Dave, what are the advantages of bank financing vs dealer financing? New car.

 

I found that 80 to 90% of the auto dealers who advertise financing available are actually dealing with the bank.  The interest rate is higher doing it that way and the bank has to approve the loan.  The auto dealership and/or salesperson are getting a cut of the financing action without taking any of the risk.  By going direct to the bank you may get a slightly lower rate and if you have a good relationship with the manager there may be a slightly higher chance of success.

 

Finance companies such as Radio-wealth are also touted by some back yard car vendors.  I found their rates and policies to be impossible to live with.

 

I looked into mortgaging the house to get cash for a car but the bank manager told me there was a minimum amount of 1 million pesos before they would even bother to look at a mortgage.

 

So without a bank loan that left in-house lenders.  Most of the stuff for sale where in-house financing is available is overpriced crap (in my opinion).  RUSCO, for example, will finance anyone with 20% down but 20% of what they are asking is about all those multicabs are worth (again in my opinion)

 

I am looking at one car with in house financing.  They want 50% down on a 200 to 300,000 peso car and the balance over a year.  Although the prices are higher than cash prices it could be a fair option.

 

The problems I face with financing are (1) I am a perpetual tourist and (2) my spouse and I are not legally married and she has no other means of support besides me.  A bit of a dilemma for lending institutions as they can see big enough assets and cash flow to make the deal but we don't fit their 'requirements'

[RBM]

Maybe worthwhile Dave looking at finance from back home. From what I have seen here rates, even bank rates are very high.

Anyway wish you all good and hope it works out well.

[Dave Hounddriver]

Maybe worthwhile Dave looking at finance from back home

 

Thought about that but been here too long.  Even my credit card back home won't give me a limit increase as they know something is not quite right but they have not yet cut me off.  Now if I went back there and walked into my bank it may be different  :mocking:

[Dave Hounddriver]

Filipinas can also be as f***ing stupid as the banks.

 

So she's at the mall.  Could not hear the bank talking to her on her phone.  She decided oh well, they must be turning us down anyway.  And she went to a car dealer at the mall who "really wants to sell us a car" and told her another bank may do it. She said "You can try" . .   . and they are off to the races.  Without a word to me they are applying at another bank for me to buy a car.  Second time she has done this and second time the car dealer has applied for a loan for me without even asking me.

 

Its no wonder the banks want to have a telephone interview with the one who will be paying the loan back.  And its no wonder they think the customers are shopping around for a loan when the customers may have no idea.

 

I am a bit grumpy right now.  But she has the attitude of:  Ask them all and somebody's gonna say yes.  When I was in banking (40 year ago mind you) that was an automatic turn down as you never knew how many loans the customer would end up with and how he would pay them.

 

Ah well.  She really wants a car and it shows.  But you know who's gotta pay for it.

Edited June 29, 2015 by Dave Hounddriver

[Thomas]

what are the advantages of bank financing vs dealer financing? New car.

I don't know how hard it is to get a bank loan in Phils, but the interest can be much lower (but still high compared to our homes countries*  ).

I have forgot what interest was at a loan through the car dealer, but I remember it was REDICILOUS high. (Sure that one was over 50 % per year.)

 

*That's why I plan to borrow as much as possible  :mocking:   in my home country BEFORE I leave. (Or perhaps I wait with geting more until I go home to visit family, so I get time to make compleeting business research in Phils first.)

(My business has a check credit loan, which I will try to KEEP.  (I will keep a physical adress in Sweden at relatives, but it's in an other province so it's risk my bank will demand I move the loan to their related bank in the new province and it's some risk the new don't say OK.  I have no loan left at my house. If it isn't sold when I move, I suppouse I can use it as collateral. It's some hard to sell, because them with money want luxury closer to civilization, and them who love my house and location don't have enough money...   :boohoo: :lol:

[Thomas]

I am a bit grumpy right now. But she has the attitude of: Ask them all and somebody's gonna say yes. When I was in banking (40 year ago mind you) that was an automatic turn down as you never knew how many loans the customer would end up with and how he would pay them.

Exactly. That's a big NONO. I don't know if they can see the total applications in Phils, but in Sweden all are shown in ONE place, where lenders check before they decide if approve or not...

Perhaps the different car dealers she asked, ask SAME bank  :lol: