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Parallel Importers: Recommended ones/ones to avoid


Linusloh
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In SG, we somehow believe that suppliers can sell things to us below cost.

 

In the end, supplier takes money and run road after being unprofitable, never deliver goods after collecting money below cost of good.

 

Who suffers?

 

I believe the law can step in as well. For example, when we pay supplier, a portion of the money should be credited into a holding account that the supplier can only receive after delivering goods. This step is especially important since the selling price of cars in SG ranks amongst the top in the world. More protection is required.

 

Hope for the best for affected victims. 100K cash is no joke...

 

Couldn't praise your comment, since I dont have enough credit, but i had to say that it is a fantastic idea.

 

Guess someone shd write in to the authorities , to have such payment mode.

 

If govt is regulating for $10 fare for U/G riders ... the more they should regulate for car buyers who part big money for the pricey cars here.

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Couldn't praise your comment, since I dont have enough credit, but i had to say that it is a fantastic idea.

 

Guess someone shd write in to the authorities , to have such payment mode.

 

If govt is regulating for $10 fare for U/G riders ... the more they should regulate for car buyers who part big money for the pricey cars here.

That's like a performance bond. All contractors that wish to do business with the gov have to get banks to issue this performance bond to guarantee the fulfilment of the tender agreement.

 

The banks charge interest for holding this bond depending on the duration required. It will just drive up all their cost. Who's gonna adsorb them? Not to mention the additional administrative procedures.

Edited by GLZT
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Just to elaborate:

 

New properties are subject to this regulation that releases funds progressively as the developer completes each stage, verified by independent surveyors. It drives up costs, but stops the developers from running away. In recent times, it has even delayed projects.

 

When one employs a domestic helper, they also have to pay for this bond or buy an insurance that guarantees certain securities for the helper. Is it additional cost?

 

Even the beauty (and hair) industry seems to have picked this up recently, allowing funds to be paid to a holding account and disbursing them as the customers use the services ordered.

 

In all these cases, there is no doubt that extra costs are involved, and I believe (especially the last one) that it is also optional for both the customer and the companies to adopt.

 

But it helps to raise confidence in the trade and reduces huge uncertainties for some. It's almost like buying insurance to guarantee delivery. If we can pay 100K for a good, surely we do not mind paying 1% more to guarantee its delivery? But as of now, such options are absent in this market.

 

Somehow, I just find it a failure when someone pays 50K for COE, another maybe 30K for all kinds of taxes, on a 20K OMV car, and in the end get nothing. 

 

That's like a performance bond. All contractors that wish to do business with the gov have to get banks to issue this performance bond to guarantee the fulfilment of the tender agreement.

The banks charge interest for holding this bond depending on the duration required. It will just drive up all their cost. Who's gonna adsorb them? Not to mention the additional administrative procedures.

 

Edited by Showster
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Just to elaborate:

 

New properties are subject to this regulation that releases funds progressively as the developer completes each stage, verified by independent surveyors. It drives up costs, but stops the developers from running away. In recent times, it has even delayed projects.

 

When one employs a domestic helper, they also have to pay for this bond or buy an insurance that guarantees certain securities for the helper. Is it additional cost?

 

Even the beauty (and hair) industry seems to have picked this up recently, allowing funds to be paid to a holding account and disbursing them as the customers use the services ordered.

 

In all these cases, there is no doubt that extra costs are involved, and I believe (especially the last one) that it is also optional for both the customer and the companies to adopt.

 

But it helps to raise confidence in the trade and reduces huge uncertainties for some. It's almost like buying insurance to guarantee delivery. If we can pay 100K for a good, surely we do not mind paying 1% more to guarantee its delivery? But as of now, such options are absent in this market.

 

Somehow, I just find it a failure when someone pays 50K for COE, another maybe 30K for all kinds of taxes, on a 20K OMV car, and in the end get nothing.

I'm sure the PI can get to the bank and get them to issue this guarantee. But I doubt highly doubt the law will exercise this as a mandatory thing. Most of the time ppl only paying 10-20k dp. I think for loans, bank/finance institute will only release the cash once the car had been delivered.
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I agree, but without this, some unfortunate fellows who go in to pay huge dp for whatever reason (discount lah, speed up delivery, etc excuses) may kenna big. We can say its their fault for this and that, but the loss is all on them, surely we can have a better degree of buffer?

 

But I agree it also raises the risk and load of PIs especially...

 

 

I'm sure the PI can get to the bank and get them to issue this guarantee. But I doubt highly doubt the law will exercise this as a mandatory thing. Most of the time ppl only paying 10-20k dp. I think for loans, bank/finance institute will only release the cash once the car had been delivered.

 

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Supercharged

I'm sure the PI can get to the bank and get them to issue this guarantee. But I doubt highly doubt the law will exercise this as a mandatory thing. Most of the time ppl only paying 10-20k dp. I think for loans, bank/finance institute will only release the cash once the car had been delivered.

 

most pple here is pay full cash one leh  [laugh]

I agree, but without this, some unfortunate fellows who go in to pay huge dp for whatever reason (discount lah, speed up delivery, etc excuses) may kenna big. We can say its their fault for this and that, but the loss is all on them, surely we can have a better degree of buffer?

 

sure, we can, but Gahment is pro-biz, too bad for us consumers.

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most pple here is pay full cash one leh [laugh]

 

 

sure, we can, but Gahment is pro-biz, too bad for us consumers.

If full cash and never do their own due diligence is just somewhat asking for it. But then, there is only so much one can do to prevent getting cheated. 1 is don't pay full cash. Lol.
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Haiyo, then want to pay full cash then don't be scared that pi run away. Wanna save some interest then end up risking all the dp.

 

I assume that's the purpose of full cash right? Prudency and interest savings. Unless if you say haolian as the purpose then I got nth to say. Lol.

 

Anyway no offense to anyone, but I believe most of the ppl that really want to buy from pi don't intend to pay full cash. Only selected few. So do your own due diligence before buying!

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Hmm.... at the end of the day, I think we just find it hard to trust PI completely.

I think The Best Bet is to ask for the vehicle's surrendered bill of landing - surrender b/l. This is to check if the PI is really the consignee.

Once the PI has already paid for the vehicle to be shipped to Singapore, unlikely the PI will run away.

May worth a try to ask for surrendered B/L?

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Merc E220D. I passed the surrendered BL, and the customs approval letter to the freight forwarder, and they did all the necessary paperwork and arrangement to tow the car to my workshop. They gave me a copy of the the customs cargo clearance permit which I used for VITAS and NEA approval application, and then for the car registration.

 

All in I made 3 trips to NEA, 9 trips to LTA, two trips to Viacom, a trip to PSA, 3 trips to the frieght forwarder and a few other misc trips for license plates, workshop. Add a trip to the UK for inspection. Was not very efficient since it was my first time. Next one will be 10 years away  [laugh]  Phew! Hopefully more efficient then.

 

made a trip to UK for inspection?  wow   .. i think this is too much hassle for anyone

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Take it as a holiday lah. Anxious to see the car, cannot wait, so cheong there to see and touch and grin

..... like share with us how much did the freight component cost you from UK to Singapore?? If you could give an approximate breakdown like how much you had to pay the seller for the freight component and how much did the local charges cost you here (I mean the local documentation/ local trucking ) since its like still fresh in you 

 

Did you hold the key from UK and one key already in car?? battery disconnected as it takes like over 2 weeks from their port, if I am not wrong and not counting their local time taken and our local time taken to send car to container...etc       

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I shipped my car in a 20 foot container. Shipping + insurance from southampton to psa is ard 800 pounds. Paperwork, opening container, and towing car to workshop is around 1800 sin$.

 

One key in the car and one key courier to me. No need to remove battery. It was still powerful when it arrived in sgp 4 weeks after shipment. I guess new battery is strong. Also any car with auto start stop should be robust. My dealer tells me up to 8 weeks is not a problem as he ships from uk to new zealand without any problems.

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Supercharged

My dealer tells me up to 8 weeks is not a problem as he ships from uk to new zealand without any problems.

 

so you found a UK dealer that registered a car then de-registered it in UK then shipped it here for you?

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Yup. I could not produce a local address and a utility or phone bill to register a car. Also i cannot claim vat back as i dont have a vat registered company, so i had to get a dealer to do it for me.

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The fact that so many pi is struggling shows that it is a tough business, and margins are not big enuf to sustain the business. Therefore your savings may also not be big. I got a windfall due to the sudden drop in the pound due to brexit. This is an exceptional event.

 

I believe Pi setup business to make money, not cheat money except for some blacksheep. Perhaps a very transparent pi who provides a service instead of assuming coe, currencies and supplier risks, will be a more dependable supplier. Pi fails whenever the impact of the above risks is much higher than their margin. Even if u do ur own import, u may not save money if the risks identified goes against you. Calculate carefully.

 

I went the self import route as i wanted the car before it is available in singapore, and if i save miney it is a bonus. It was hard work, and i will not be keen to do it again soon.

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