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.
Tim, I am a retired Army Officer living in Philippines. Navy Federal Credit Union will finance members car’s in Philippines. There are some TH-cam 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 .
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.
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.
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.
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..
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
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.
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.
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).
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.
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
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.
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 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.
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!
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.
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.
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.
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.
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.
Questions How much is your insurance? What are the provisions of that insurance relative to a standard 100/300/100 US insurance policy? How much is annual registration fees? Roughly.
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.
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.
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
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 reference instruments on the returns potentially on ETFs, stocks and REITs are: qyld ryld xyld mo orc arr. Protect the portfolio with options both purchased and written.
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.
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....
If a dealer refuses to sell a vehicle to me against cash payment, he loses a customer. I have never credited for a car in my whole life. I buy the car that I can afford. As simple as that!
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 TH-cam family now, with your and Christys channel.
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
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.
I don't mean anything derogatory towards you but what the heck?, you agreed to these stipulations when you signed the contract and recieved the vehicle.....yeah really bad terms but my man you signed the papers or did they not disclose the terms? where they not written down?
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!
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
58k for a FJ used?? Wow they bent you over Tim dang what was the mileage on it when you bought it? Cause here in Canada you can buy one with about 140kms for around 30k.
Remember when the interest is calculated and added at the time when you bought the car. Even if you paid off sooner you will have to pay for the total that was calculated at the beginning.
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
They still sell this in the Philippines? I know the had the "Final Edition" in Saudi Arabia this year. Rest asured that prices if the FJ will go up. Alot of people in the states are asking when they will be selling again.
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.
When yota Phil’s doesn’t carry fjcruiser last 2007, the year it came out of North American market, importer was selling it for 5M pesos. It’s so high bec of taxes.
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.
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.
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.
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
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.
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?🐕)
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.
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.
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'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.
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.
Hey Tim.Are 4Runners not available? Pretty much the same vehicle with a different body. Much better IMHO. I have a 2020 runner. WAY better field of vision to watch out for all of those crazy scoots around
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...
If you can't pay it in cash you can't afford it. This is the rule I live by. Less stress. Less hassle. Better financially.
We all learn from our mistakes, but its better to learn someone else's. Thank you for being brave and generous enough to share for everyone's benefit.
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.
Tim, I am a retired Army Officer living in Philippines. Navy Federal Credit Union will finance members car’s in Philippines. There are some TH-cam 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.
Location in Luzon? Thanks
Is this only eligible for navy forces?
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 .
If NFCU finances the car that means they are paying cash for it which Tim said they would not allow because they want to make more money in interest.
Thanks for the info…
Delayed gratification and impulse control really add up over the long haul.
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.
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.
Only buy what you can afford period
Thats why us west and northern european countries are so rich we know how to invest a dollar double a dollar and stretch a dollar
@@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.
@@TheScarfaceKillaa Well that's a bold faced lie.
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.
You seem to act like a high roller you should act your wage
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.
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..
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
I told them I was going to tell this story! Lets get this to 100k views :)
It happens in every Country!! I worked at a dealership.
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.
Curious with no pay off what the monthly payment would be?
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.
Thanks David. I appreciate the comment. Yes I drive like a Grandmother. I want to extend the life on this thing as much as possible.
I believe the only positive thing you got from living in the Philippines is your beautiful wife and son. Nothing else matters.
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).
What credit score does one need to have there? How much down payment? Id get something smaller
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.
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
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.
Great video Tim.I dread the day when am going to have to get a newer car.Wife drives 2011 rav4,285,000 miles and runs fantastic.
Thanks George. Rav 4s are extremely reliable.
Got you beat George 06 ES330 bought it with 17k now has 309k still rides and drives like a Cadillac on Sake
Should have bought a WIGO. Hot mine in 2021 and cost 13,400.00 usd.
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 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.
wow thanks Shawn :)
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!
I am glad you didn't get the vaccines. Only suckers got the vaccine!!
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.
Trust me, bureaucracy system in the Philippines is that bad. The word 'efficient' doesn't exist in filipino dictionary.
We bought our Toyota Rush at the same dealership in Tacloban. It'll be paid off this September finally
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.
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.
They haven't sold them in the U.S. since 2014 and Toyota said there discontinued.
I always thought they looked ugly, no wonder everyone prefers Wranglers but without the Toyota reliability which counts for something.
Tim we love you all over the world plz do a blog next week of travelling to Cebu and keep us all update on the process. thanks buddy!! from Canada
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.
Did Dale ever receive the yellow mini FJ I sent?
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.
Questions
How much is your insurance? What are the provisions of that insurance relative to a standard 100/300/100 US insurance policy?
How much is annual registration fees? Roughly.
Hi Tim, same BS heee in Thailand. We bought our car on finance. Early payment means paying the total amount including all interest
How much would it cost me to just send a vehicle from the US and have it registered if it’s like a 2023 Honda ridgeline
what about the interest rate?
Enjoy the car Tim. Relax, walk the dog and enjoy your trip to Cebu. It's more fun in the Philippines!
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.
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.
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
Surely a diesel double cab Hilux would of been better for you ?
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 😊)
Did you tell them you have 150k subs youtube channel?
The reference instruments on the returns potentially on ETFs, stocks and REITs are: qyld ryld xyld mo orc arr. Protect the portfolio with options both purchased and written.
Thanks for sharing this info Tim, very informative for those planning to buy vehicles in the Philippines with loan. 👍
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.
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....
If a dealer refuses to sell a vehicle to me against cash payment, he loses a customer. I have never credited for a car in my whole life. I buy the car that I can afford. As simple as that!
Thank you for the education I'm in bacolod for my maiden voyage and it's great to keep seeing what goes on in the phillipines!
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 TH-cam family now, with your and Christys channel.
It's Obviously not Overiously
I like my FJ, but $58k is crazy..
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
Thanks Len. I appreciate it
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.
FJ Cruisers were discontinued in 2014 so they have been popular as a Collector now.
never bye a car if u need a loan to get one, its a bad investment no matter the car model.
From this experience, what would you have done if you're gonna buy a new car next time?
Hasn’t been 57-1 exchange rate since November. Last 3 months the usd is down 7% vs ph peso
I don't mean anything derogatory towards you but what the heck?, you agreed to these stipulations when you signed the contract and recieved the vehicle.....yeah really bad terms but my man you signed the papers or did they not disclose the terms? where they not written down?
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!
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
I live in Davao City too part of the year. I bought a motorbike (300K) in Tagum last year and they definitely wanted my cash.
45 mph? What’s that in metric?
Thanks! Hey Tim, here’s for a snack for Dale😊
Thanks so much. Sorry I missed this at first. Thanks dude 🤙🤙🤙
So Tim we can’t ship something good and used from North America ?
58k for a FJ used?? Wow they bent you over Tim dang what was the mileage on it when you bought it? Cause here in Canada you can buy one with about 140kms for around 30k.
earning $70k a year here in america and i can' afford to buy a new car.
LOL. I make $140k a year and I 've only bought a new car once. I'm 55 now. I do own my own house outright.
I thought Philippines was cheap. Why is truck and gas so expensive
Hindsight is 20/20 but should have used NFCU and received an American loan. It works in the Phils.
Awesome video Tim, thank you
Remember when the interest is calculated and added at the time when you bought the car. Even if you paid off sooner you will have to pay for the total that was calculated at the beginning.
thats wild. that is 50% of the cost of a decent apartment in many places around the world
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
They still sell this in the Philippines? I know the had the "Final Edition" in Saudi Arabia this year. Rest asured that prices if the FJ will go up. Alot of people in the states are asking when they will be selling again.
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.
Do you hear any squeaks or rattles from doors or windows of your fj?
no dude. none
whats the cost to import a car/truck?
When yota Phil’s doesn’t carry fjcruiser last 2007, the year it came out of North American market, importer was selling it for 5M pesos. It’s so high bec of taxes.
Damn Tim haven’t been on your channel for ages .. looking great brotha
I never finance anything in the Philippines. I always pay cash. Interest rates are out of control
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.
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.
$58,000 for that vehicle. You got a royal screwing.
Since your in the states, did you sell your FJ?
So it’s better to buy used, a few years used?
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.
Have you made a video of the must see and do in the Philippines?
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
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.
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?🐕)
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.
Yep, dealers will screw you over any chance they get.
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.
Could you import one from the USA and save more on the car but I would think the fee to import one would out way the benefit to do something like that
Wow! Smh. It's a great ride, but damn! Hopefully, it'll run a good long time. Y'all have a good one. 🤗 ❤️ to you and yours.
Be up to date on your maintenance and Toyota will last forever
Yeah I’m hoping it lasts him 20 + years if it costs that much .
Tim what part do you live in
Prepaid interest. 😳😓😢 That was a sneaky one they pulled. Thank you for making this video, Tim.
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'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.
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.
Hey Tim.Are 4Runners not available? Pretty much the same vehicle with a different body. Much better IMHO. I have a 2020 runner. WAY better field of vision to watch out for all of those crazy scoots around
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...
Just buy second hand with a good mileage and change the engine oil/atf/cvt/gear oil regularly and you did need fancy vehicles here in the philppines
That doesn’t end well when you don’t live in a city