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73 replies to this topic | 35 praises

#1

Posted 01 April 2016 - 07:41 AM

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Hi all,

If you have taken a car loan from a bank which is higher than the 50% that you are allowed to, you have to pay gst for the additional loan you take? I heard it's the industry standard and it's the bank that charges this surcharge. Anyone else encounter this before? Thanks!
=========================================================================

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#2

Posted 01 April 2016 - 07:52 AM

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Hi all,

If you have taken a car loan from a bank which is higher than the 50% that you are allowed to, you have to pay gst for the additional loan you take? I heard it's the industry standard and it's the bank that charges this surcharge. Anyone else encounter this before? Thanks!

What??? First time hearing of this.

#3

Posted 01 April 2016 - 08:05 AM

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What??? First time hearing of this.

That's what my car dealer tells me. He said that it's the industry practice. By the way my dealer is a PI.

For example you buy a 100k car with Omv over 20k.
Max loan 50k. Dealer went to inflate the price to 120k n max loan becomes 60k. You need to pay 7% gst on the additional 10k.
=========================================================================

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#4

Posted 01 April 2016 - 08:17 AM

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That's what my car dealer tells me. He said that it's the industry practice. By the way my dealer is a PI.

For example you buy a 100k car with Omv over 20k.
Max loan 50k. Dealer went to inflate the price to 120k n max loan becomes 60k. You need to pay 7% gst on the additional 10k.

 

GST is imposed by bank or by the dealer?

 

Could be the dealer is GST registered & charging you, not the bank...



#5

Posted 01 April 2016 - 08:22 AM

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I think it is bollocks. Good luck.

#6

Posted 01 April 2016 - 08:24 AM

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that's the problem of buying cars from PI or used car dealers. They have many hidden chargers like football monies (comm)...if I were you I wouldn't wanna take up the deal caused you are already paying interest for the inflated amount. It is like paying admn fee for taking up loan and the fact that these dealers get a comm too upon loan disbursement...2 cents  



#7

Posted 01 April 2016 - 08:24 AM

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In the first place, how is anyone allowed to take more of a loan than they are allowed to?


This place is not what it used to be. I'm glad for the friends I made here. But I'm moving on, just like Porker and some others I know. Cheers!

#8

Posted 01 April 2016 - 08:31 AM

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That's what my car dealer tells me. He said that it's the industry practice. By the way my dealer is a PI.

For example you buy a 100k car with Omv over 20k.
Max loan 50k. Dealer went to inflate the price to 120k n max loan becomes 60k. You need to pay 7% gst on the additional 10k.

 

I'm sorry, I still don't understand the system.

 

I assume in this scenario you have less than 50k "ready cash" for the DP? Because the buyer can't make a 50k DP on a 100k car.

 

But when the car price is inflated to 120k, isn't the DP amount also inflated to 60k?

 

Or are the dealers making false declarations - i.e. declaring one value to the gahmen/bank and selling the car below that? Just curious.


Edited by Turboflat4, 01 April 2016 - 08:33 AM.

This place is not what it used to be. I'm glad for the friends I made here. But I'm moving on, just like Porker and some others I know. Cheers!

#9

Posted 01 April 2016 - 08:34 AM

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GST is imposed by bank or by the dealer?

Could be the dealer is GST registered & charging you, not the bank...

Claims that its the bank that charges this.
=========================================================================

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#10

Posted 01 April 2016 - 08:42 AM

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that's the problem of buying cars from PI or used car dealers. They have many hidden chargers like football monies (comm)...if I were you I wouldn't wanna take up the deal caused you are already paying interest for the inflated amount. It is like paying admn fee for taking up loan and the fact that these dealers get a comm too upon loan disbursement...2 cents

Yes buying from PI is generally full of problems as there are no strict rules to regulate them.

I'm sorry, I still don't understand the system.

I assume in this scenario you have less than 50k "ready cash" for the DP? Because the buyer can't make a 50k DP on a 100k car.

But when the car price is inflated to 120k, isn't the DP amount also inflated to 60k?

Or are the dealers making false declarations - i.e. declaring one value to the gahmen/bank and selling the car below that? Just curious.

Can take in trade in car at higher value to offset the difference. Something like overtrade?
=========================================================================

BMW 320

#11

Posted 01 April 2016 - 08:44 AM

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That's what my car dealer tells me. He said that it's the industry practice. By the way my dealer is a PI.

For example you buy a 100k car with Omv over 20k.
Max loan 50k. Dealer went to inflate the price to 120k n max loan becomes 60k. You need to pay 7% gst on the additional 10k.

 

I believe this is called overtrade. It's in the car buying industry for a long time. Inflating the car's price so that buyer can overcome the 50% deposit but downside is pay a lot more interest.

 

Paying 7% gst for additional 10K? What is that? Take loan means interest rate. 7% gst is for the loanshark's service is it? LoL...


The chosen one will bring balance to the Force...I mean Singapore. Even star wars do not reserve "the chosen one" to a sith lord or a jedi or a wookie.

#12

Posted 01 April 2016 - 09:07 AM

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That's what my car dealer tells me. He said that it's the industry practice. By the way my dealer is a PI.

For example you buy a 100k car with Omv over 20k.
Max loan 50k. Dealer went to inflate the price to 120k n max loan becomes 60k. You need to pay 7% gst on the additional 10k.

 

I think by selling you $120K on paper, the GST amount liable also goes up to $8400 instead of $7000. GST is ultimately payable to govt, thus they just wanna get back what they can?


Edited by valian, 01 April 2016 - 09:17 AM.

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#13

Posted 01 April 2016 - 09:09 AM

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I think by doing selling you $120K on paper, the GST amount liable also goes up to $8400 instead of $7000. GST is ultimately payable to govt, thus they just wanna get back what they can?

Just want to find out if it's normal for such a charge.
=========================================================================

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#14

Posted 01 April 2016 - 09:27 AM

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Yes buying from PI is generally full of problems as there are no strict rules to regulate them.
Can take in trade in car at higher value to offset the difference. Something like overtrade?

 

I see, thanks. So it only works if you are also selling a car to them (trade-in)?


This place is not what it used to be. I'm glad for the friends I made here. But I'm moving on, just like Porker and some others I know. Cheers!

#15

Posted 01 April 2016 - 09:31 AM

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i rem a forumer, he declare himself as car dealer, mentioned need to pay GST for the additional loan because the dealer themselves over declare so as to "help" the buyer get loan for the car


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#16

Posted 01 April 2016 - 09:32 AM

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That's what my car dealer tells me. He said that it's the industry practice. By the way my dealer is a PI.

For example you buy a 100k car with Omv over 20k.
Max loan 50k. Dealer went to inflate the price to 120k n max loan becomes 60k. You need to pay 7% gst on the additional 10k.

Apa then? Dealer is obliged to charge wud. It will be on $120k

Edited by BenTong, 01 April 2016 - 09:33 AM.


#17

Posted 01 April 2016 - 09:35 AM

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i rem a forumer, he declare himself as car dealer, mentioned need to pay GST for the additional loan because the dealer themselves over declare so as to "help" the buyer get loan for the car

So I guess it's normal then

Apa then? Dealer is obliged to charge wud. It will be on $120k

Thanks for the info. I will just pay the dealer.
=========================================================================

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#18

Posted 01 April 2016 - 09:38 AM

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2 scammers identified.


Edited by Kusje, 01 April 2016 - 09:39 AM.

That is all.

#19

Posted 01 April 2016 - 09:39 AM

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2 scammers identified.

????
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#20

Posted 01 April 2016 - 09:40 AM

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So I guess it's normal then
Thanks for the info. I will just pay the dealer.

 

wait... he charged as admin fee not gst....

 

http://www.mycarforu...part-iii/page-6

 

read post 114, 124 and 148


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