I can’t even count how many times I’ve heard about this scenario in the Philippines:

Someone in the family wants a car … often for a very good reason … let’s say to start a car service, which is often a good way to make a buck (slang for peso) here.

So the overseas relative(s) decide to help.

Money gets sent for a down payment.  Sometimes, for whatever reason, the down payment never gets made.  The car never gets bought and people on both sides of the ocean are disappointed, disillusioned and often mad at each other.

Or perhaps the down payment does get made and later the monthly payments get sent and something happens and the loan goes into default.  Again, recipe for financial disaster and long-term family feuds.  Trust me, you don’t want this.

It’s no secret I am a big fan of Mitsubishi Philippines.  They make good cars and trucks, made in the Philippines for Philippine conditions and supply taxes and jobs for the Philippines.  I own a 2006 Mitsubishi Adventure and it’s one of the best cars I have ever owned, and it was pretty cheap too, in terms of purchase price and running costs.  Mits makes several other great cars and trucks for the Philippines as well.  their L-300 is one of the all-time most common commercial vehicles.

Well here’s a neat partnership between Mitsubishi Motors, Philippines and BPI (Bank of the Philippines islands), one of the oldest and most reliable banks … with convenient remittance centers in the USA.

The overseas Filipino/former Filipino contracts for the purchase of the car, makes the payments direct, and the Philippine family gets the car, the use of it and whatever profit potential.  Sounds like a win-win to me.  It’s also a smart sounding way to get a new car all set up and delivered for your own use when you arrive …. because buying a car here, like many other common tasks … is not the same as in the US.

By the way, the sales manager of the local dealership is a personal friend of mine, I’m happy to field any queries at no charge or obligation, I enjoy having a car and driving too much not to help others be happy

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