Public awareness on my bad experience w five speed motoring

[Dscheng]

Hi all,

 

I will like to create a public awareness on this car dealer (Five Speed motoring), Please see my letter to second hand car association for their assistance.

 

'I entered into a hire purchase agreement with Five Speed motoring and wanted to do an early settlement as getting another car from another dealer. I called Five Speed office and was advised by the outstanding amount for settlement is $35,684. I did a computation under Rule 78 and calculated the amount outstanding to be $35,274. I think this is acceptable since the difference is minimal.

 

On the actual settlement date, I was told that the amount outstanding is $38,897 instead of $35,684. I called Five Speed motoring immediately and spoke to the boss. He assured me that he will look into the matter and refund me the difference if any. He would also email me a copy of the UOB statement (Five speed refinance the hire purchase with UOB). He added that I should still continue the settlement and that Five Speed would settle the difference with me separately. It was a gentlemen

[Cerealkiller]

in-house loan ?

[Dscheng]

Yes in house loan..

[Mecontle]

in fact 99.9% these bltches r dishonest traders, car ownership is no pleasure money well spent both used & new, consumers r always losing , add in these flea mongers & the $$ scheming policies

 

 

[Darkblue]

Did you use the exact formula given ?

 

I noticed there was huge difference using balance interest x 80% rebate vs. the formula.

 

You can refer to here for formula... http://www.sgcarmart.com/news/writeup.php?AID=61

[Prostcode]

You selling ur JDM Rex or settling ur previous car's loan?

[Elenaava]

wow....