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.

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

@TimKyoutube

Жыл бұрын

I told them I was going to tell this story! Lets get this to 100k views :)

@marcsportsvideo464

Жыл бұрын

It happens in every Country!! I worked at a dealership.

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.

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.

Delayed gratification and impulse control really add up over the long haul.

Tim, I am a retired Army Officer living in Philippines. Navy Federal Credit Union will finance members car’s in Philippines. There are some KZread 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.

@JD-pm6wf

Жыл бұрын

Location in Luzon? Thanks

@richellesalazar6851

Жыл бұрын

Is this only eligible for navy forces?

@ezesagus6177

Жыл бұрын

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 .

@randallbeasley646

Жыл бұрын

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.

@TharaLetzISLANDER

Жыл бұрын

Thanks for the info…

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 KZread family now, with your and Christys channel.

@lorelailuthorkar-el137

26 күн бұрын

It's Obviously not Overiously

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.

@PhilippinesLife101

Жыл бұрын

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.

@sergeant64

Жыл бұрын

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.

@Gregory-Masovutch

Жыл бұрын

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.

@danfromcanada151

Жыл бұрын

You seem to act like a high roller you should act your wage

@SirHelios

Жыл бұрын

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.

Awesome video Tim, thank you

Great video Tim 2 thumbs up my brother!!!!

Thanks for sharing this info Tim, very informative for those planning to buy vehicles in the Philippines with loan. 👍

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.

@TimKyoutube

Жыл бұрын

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.

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.

@TimKyoutube

Жыл бұрын

Thanks George. Rav 4s are extremely reliable.

@jeffland635

Жыл бұрын

Got you beat George 06 ES330 bought it with 17k now has 309k still rides and drives like a Cadillac on Sake

We bought our Toyota Rush at the same dealership in Tacloban. It'll be paid off this September finally

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

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.

Enjoy the car Tim. Relax, walk the dog and enjoy your trip to Cebu. It's more fun in the Philippines!

Hi Tim, great interesting video mate 👍 take care you all there, and stay safe 👍

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!

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

Жыл бұрын

Only buy what you can afford period

@TheScarfaceKillaa

Жыл бұрын

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

@ferdinandmarcos2749

Жыл бұрын

@@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.

@alvinsmith3894

6 ай бұрын

@@TheScarfaceKillaa Well that's a bold faced lie.

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.

@TimKyoutube

Жыл бұрын

wow thanks Shawn :)

Keep up the budget videos. good stuff

LESSONS LEARNED. THANKS FOR THE INSIGHT!

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 ..

@stephenduling5024

Жыл бұрын

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.

@2greybear

Жыл бұрын

@@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..

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).

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.

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

@TimKyoutube

Жыл бұрын

Thanks Len. I appreciate 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!

@Dan-xx5jq

Жыл бұрын

I am glad you didn't get the vaccines. Only suckers got the vaccine!!

Great Video, I learned a lot

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 God I watch your videos. We love you Chrissy and Dale... ❤️

Damn Tim haven’t been on your channel for ages .. looking great brotha

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?🐕)

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.

Great show thank you Tim. Sounds like they took you to the cleaners 😢. I try to figure out something. Good luck and have a great day.

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.

Thanks for the information

Interesting. Thanks for sharing

Love that SUV! On the plus side the resale value should be great on that particular one.

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.

@cliffm8112

Жыл бұрын

Be up to date on your maintenance and Toyota will last forever

@innotafanofanyofjlbjlbissd6777

Жыл бұрын

Yeah I’m hoping it lasts him 20 + years if it costs that much .

Good info. I want one

Great background Tim

If it makes you feel any better Tim, a new FJ Cruiser here in Costa Rica has a starting list price of $64,200.

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

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.

Prepaid interest. 😳😓😢 That was a sneaky one they pulled. Thank you for making this video, Tim.

I likie the view. Thats really nice!

I fell you mate. we been stitch up as well we we get our car.

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.

Thank you tim

Thanks for sharing

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.

Hi Tim, same BS heee in Thailand. We bought our car on finance. Early payment means paying the total amount including all interest

It's a very nice vehicle. In our area in LEYTE we don't drive much. Bought an old Toyota diesel van. We only use about 2k of fuel a month

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

FJ Cruisers were discontinued in 2014 so they have been popular as a Collector now.

Thats a nice vehicle and you made out well on the exchange rate, I am going a different route due to how short of time I am there and I don't drive while I am there, I bought a Kawi barrako and last Oct. I ordered a motor cab for it that should be done in March, I had the roof lifted and seat pushed back so I can fit in it. I basically travel between Massin and Sogod and hire a cab for the ride back and forth from Tacloban it costs me 5000 pesos { tip included } for the Tacloban trip one way and the bike was 70,000 pesos and cab another 80,000 I did not do any loans, the cab is being made in Bato. I hope you film your Cebu trip I am sure people will find it interesting, it was nice when they ran the fast ferry out of Massin now you have to go to Hillongos and its a 4 hour ferry or longer and the terminals in Cebu are interesting, I used to fly into Cebu and take the ferry over but now I just go into Tacloban.

Awesome

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.

@TimKyoutube

Жыл бұрын

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.

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.

Nice car 👍Fantastic colour 👍🌻

banks and car companies baby!!! beautiful!

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.

Great video Tim. May I ask what year it is?🙂if I’m not mistaken you said something similar like it’s a back order on the FJ Cruiser? Are they shipping them to the Philippines? Is there a Toyota Dealership there?🙂

the 🚗car looking beautiful tim

Tim, I hope you do some video when you go to Cebu.

*WE HAVE AN FJ TOO!* 2009 MODEL YEAR.

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.

What camera did you record this video with? I like the sharp and vibrant color grading

Tim, those are my favourite car, my. buddy in the arctic had one, they look better in the sun, yours looks like brand new.

@TimKyoutube

Жыл бұрын

thanks. well it is only a year old :)

Hasn’t been 57-1 exchange rate since November. Last 3 months the usd is down 7% vs ph peso

I like my FJ, but $58k is crazy..

You should ALWAYS ask if there is a penalty for early payoff before signing contract for a loan

Entertaining.

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....

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 😊)

12K mile per year.? That's almost Southern California mileage. Thanks for the honesty

They haven't sold them in the U.S. since 2014 and Toyota said there discontinued.

Wow... that is crazy!

Gee I can’t believe you’ve had the car for 12 months already, time flies 😊

Unfortunately, front loading the interest on loans is a common practice most people don't recognize until it's too late.

Damn brother, thats a bummer. :( Beware dealerships and loans.

You look fresh Tim :-) Stay safe ! Stay happy ! Love from Norway ! :-D

@TimKyoutube

Жыл бұрын

Thanks, i appreciate it

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 just waited a year for my car.. ordered it last March ! And I paid way to much for it ! I pick it up tomorrow

Did Dale ever receive the yellow mini FJ I sent?

So it’s better to buy used, a few years used?

Salesman able to get their way huh😉 Congratulations on paying off your vehicle🎉🎉

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.

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 😅

Should have bought a WIGO. Hot mine in 2021 and cost 13,400.00 usd.

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

@huckleberrymulberry4764

Жыл бұрын

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.

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

So would it be better to just pay cash for total amount of car when you buy? No cash at a dealership or just Toyota?

How's the cycling scene on the Island? Is it safe?

Curious with no pay off what the monthly payment would be?

what about the interest rate?

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!

Tim don’t forget to pay yr comprehensive insurance in second year own car only yr first year was paid in the car deal I think

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.

@johne4323

Жыл бұрын

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

@Basta11

Жыл бұрын

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.