These terms govern how you pay for Lycan products and how our financing assistance (broker model) works. They are read together with our Terms of Use, Privacy Policy, Shipping & Delivery Policy, and Warranty, Returns & Refunds Policy. If a signed Order/Reservation Agreement for a specific purchase differs from this page, the signed agreement prevails.

1) What Lycan is (and isn’t) in financing

We are not a lender. At your request, Lycan may collect and transmit your application to banks/financiers that you choose. Credit decisions, rates, fees, and repayment terms are decided solely by the bank/financier, not Lycan.

Truth in lending disclosures come from the bank. Philippine law requires creditors to disclose the true cost of credit (finance charges, annual/simple rate, etc.). Your chosen bank is responsible for these disclosures and loan documents.

Financial consumer protection. Banks and other financial institutions are regulated under the Financial Products and Services Consumer Protection Act and BSP circulars. They must have complaint handling and conduct standards.

2) Eligibility & application (financing assistance)

Minimum requirements (typical): government ID, proof of income or business, residence info, and other KYC the bank requires.

Your consent to share. By opting into financing assistance, you authorize Lycan to collect, use, and share your application data with the specific bank(s) you select to evaluate and service your loan. We follow the Data Privacy Act and NPC issuances (and generally use data sharing agreements with partners).

No guarantees. Pre-qualification and approval timelines are not guaranteed. Banks may require additional documents, co-makers, collateral, or insurance.

3) Disbursement models (when financed)

Disbursement to Lycan (common): You authorize your bank to release loan proceeds directly to Lycan to pay the invoice. We release your unit after we receive and verify disbursement and, if applicable, annotate any lien/encumbrance documents.

Customer-received disbursement: If funds are released to you, you must settle the balance with Lycan before release of the unit.

Shortfalls/fees. Any unpaid balance, bank fees, or insurance are for your account per the bank’s loan documents.

4) Reservation fees vs. Down payments (how your money is treated)

Reservation fee: 100% refundable any time during the waiting period; holds your queue position but is not a sales order. Refunds process within 30 days after your request. (See our Refund Policy.)

Down payment: Non-refundable. Down payments (cash/financing/tranches) are used to procure materials, labor, and other Cost of Goods for your build. (See our Refund Policy.)

When financing is used: A down payment may still be required by Lycan or your bank; the non-refundability rule applies once posted to your order.

5) Payment methods (for balances, deposits, and fees)

We accept bank transfer/deposit, debit/credit cards (via processors), e-wallets, and other gateways shown at checkout or on your invoice. All payments are in Philippine pesos (PHP) and include VAT where applicable. Payment is confirmed when funds clear. Third-party processor terms apply to card/e-wallet payments.

6) Pricing, taxes, fees & charges

Prices may exclude registration, documentation, delivery, accessories, LTO fees, insurance, and other optional items unless stated otherwise.

Invoicing: You receive an Official Receipt/Sales Invoice for amounts paid to Lycan.

Finance charges (loans): Disclosed by your bank under the Truth in Lending Act/BSP rules (interest, finance charges, APR/simple annual rate, and total payments).

7) Production slots, timelines & long-lead pre-orders

Prototypes/early demos: Delivery may take 3–24 months from reservation (estimate only). Your production slot depends on timestamp, configuration readiness, region, and payment milestones.

We provide status updates at least quarterly (monthly if on a critical path). Material spec changes affecting price or core performance will be communicated with options to accept, reconfigure, or cancel (reservation refund applies; down payments remain non-refundable).

8) Chargebacks, returned payments & fraud

Chargebacks/returns that reverse funds after a release date or after work has commenced may put your order into delinquent status. We may pause delivery, assess reprocessing or storage fees, and/or require cash settlement.

Fraud screening/KYC. We may require additional verification and reserve the right to cancel any order we reasonably suspect to be fraudulent (we will promptly refund any lawful refundable amounts received).

9) Cancellations & failures to fund

Before down payment: You may cancel and receive your reservation refund..

After down payment (non-refundable): If financing fails or you cancel after a down payment, we may (a) rebook you to a later batch, (b) apply your balance to a different Lycan product (subject to repricing), or (c) cancel the order. Down payments remain non-refundable; additional storage/re-handling fees may apply if a unit is built and awaiting release.

Bank cancellations: If your bank cancels a loan after disbursement, the bank’s remedies under your loan agreement apply (and you remain responsible for the purchase under that agreement).

10) Title, risk of loss & release

Title and risk of loss pass upon (a) dealership hand-over or (b) confirmed home delivery.

We do not release a unit until: (i) cleared funds (cash or bank disbursement), (ii) completion of any required lien/encumbrance paperwork, and (iii) your acceptance at delivery. See Shipping & Delivery for inspection steps.

11) Broker disclosures (our relationship with banks)

Referral/arranger role: Lycan may receive referral/arranger fees or commissions from banks for successful loans. These do not change your loan pricing or our obligations to you.

No advice: We do not provide financial, tax, or legal advice. Compare offers carefully and rely on the bank’s disclosures and your independent advisers.

Complaints about banks: Use the bank’s complaint channels first. You may also escalate to BSP’s consumer protection channels per the bank’s disclosures and BSP circulars.

12) Data protection & cross-border processing

We process your personal data under our Privacy Policy and the Data Privacy Act. Where data is shared with banks, logistics providers, or cloud services (including cross-border), we use contractual and technical safeguards; where appropriate, we put a Data Sharing Agreement in place (NPC recognizes DSAs as good practice, though not always mandatory).

13) Changes to these terms

We may update these Financing & Payment Terms from time to time. Material changes will be posted with a new Effective date and, where required, we will notify you (e.g., email/notice in app).

14) Contact us

Payments & financing support@lycan.com.ph | +63-915-680-9195

Privacy/Data requests: support@lycan.com.ph

Head office: B229 L28 Mindanao Ave. Ext., Brgy. Sta. Monica, Quezon City, Philippines