Used Car Dealers Feedback (Part 2)!

[cmcex]

This is to respond to those who say cars can be transferred on the spot by used car dealers (for info sake)

Dealers are classified to 2 categories mainly, got $ and no $

1. Got $ type, when they buy in cars, they have the $ to full settle the car and hold it under their stocks

2. No $ type, when they buy in cars, they will need finance to support their purchase, industry term is FLOOR STOCK, which means finance pay the money to buy the stock.

For immediate transfers, cat 1 dealers can do it on the spot no issues, whether before online digitization or not. Cat 2 dealers are unable to, because they need to pay their finance to release the vehicle for transfers and that will take 1 day or 2, because some finance also take money from the bank and require the bank to release.

Hope that explains it. 

 

Credit Company to dealer = FLOOR STOCK

Bank to Credit Company = BLOCK DISCOUNTING

There are some dealers who have direct from banks BLOCK DISCOUNTING which also need 1-2 days for banks to release for  transfer. 

[LEGEND27]

Hi guys. i just wan to share my 2 cents on CREATIVE AUTO at ubi AML. They are located at 4th floor.

i used to work there for a short while.

Buy your car there at your own risk. Boss is very dishonest and cheap. I Know this is how the car industry work but he will usually educate me to lie to my customer. i believe its how they make sales but if you take a look at other dealers that have case trust, they are much more reliable and at least their boss does not do shady stuff since it is insured by case trust. Because im new to sales, he will give me "educational/wise" lessons on how to close a deal. He say " just tell your clients that after sale service is very good, whatever happen to your car we will always be there to solve for them. In fact just wayang. After sales take money and ciao already, who still cares about them if their car breaks down." "We run a business not a charity, we need to maximize our earnings by up selling them even if our car is already higher than market price."

So to sum up, why im writting this is to show how dishonest he is. Up till today he still owes me 2 month of salary and claim that im not entitled to the pay because im on probation. YET my he obediently contributed to my cpf during my time working there. He is smart and shady. He knows not to mess with cpf. Yes i can go to MOM and file a report of him not paying my salary. I have already enquired and this case is very complicated due to this boss that likes to hide his tracks. So i decided to drop the report and focus on my future instead. 

If you are my ex boss reading this, just know that the world is round and karma will find you. 

[Vinceng]

All of Creative Auto cars seem to be in tip top condition, averaging only 10,000km a year. 👍

https://www.sgcarmart.com/used_cars/listing.php?BRSR=0&DL=1277&RPG=20

[Volvobrick]

13 minutes ago, Vinceng said:

All of Creative Auto cars seem to be in tip top condition, averaging only 10,000km a year. 👍

https://www.sgcarmart.com/used_cars/listing.php?BRSR=0&DL=1277&RPG=20

"Creative" mah.... 

[1fast1]

1 minute ago, Volvobrick said:

"Creative" mah.... 

Was about to say this. Creative odometer maintenance. 

Poor Sim Wong Hoo. His brandname is being tarnished. His company was actually creative.

[mersaylee]

On 7/31/2020 at 1:01 PM, Turboflat4 said:

Even then, it doesn't work. It's whose lawyers are more convincing, and hence usually, the most expensive.

Have lah... The rights to extend the frustration...

[LEGEND27]

2 hours ago, Vinceng said:

All of Creative Auto cars seem to be in tip top condition, averaging only 10,000km a year. 👍

https://www.sgcarmart.com/used_cars/listing.php?BRSR=0&DL=1277&RPG=20

HAHA with extra work done. 🙂 no doubt most cars are in good condition. 

[Mkl22]

On 8/11/2020 at 1:38 PM, cmcex said:

This is to respond to those who say cars can be transferred on the spot by used car dealers (for info sake)

Dealers are classified to 2 categories mainly, got $ and no $

1. Got $ type, when they buy in cars, they have the $ to full settle the car and hold it under their stocks

2. No $ type, when they buy in cars, they will need finance to support their purchase, industry term is FLOOR STOCK, which means finance pay the money to buy the stock.

For immediate transfers, cat 1 dealers can do it on the spot no issues, whether before online digitization or not. Cat 2 dealers are unable to, because they need to pay their finance to release the vehicle for transfers and that will take 1 day or 2, because some finance also take money from the bank and require the bank to release.

Hope that explains it. 

 

Credit Company to dealer = FLOOR STOCK

Bank to Credit Company = BLOCK DISCOUNTING

There are some dealers who have direct from banks BLOCK DISCOUNTING which also need 1-2 days for banks to release for  transfer. 

You forgot to mention the cat3 dealers. Take money and forget or too busy to transfer. Blame banks, blames admin, blame everyone except their conning ways. 

[Cybertech]

2 hours ago, LEGEND27 said:

HAHA with extra work done. 🙂 no doubt most cars are in good condition. 

wah almost wanted to get that Hyundai Avante COE car from them but I look at it how come this Avante had been there for so many months.

[Jiex]

On 8/10/2020 at 12:52 PM, Pixel18 said:

3 owners 10 yr old car with 65k mileage - already smells a rat.
Notice the photo of car engine is grainy compared to other photos - probably googled pic.  Never ever trust any 2nd hand car dealers.

good spot there. engine bay colour don't match the ah pek car colour

[LEGEND27]

17 hours ago, Cybertech said:

17 hours ago, Cybertech said:

wah almost wanted to get that Hyundai Avante COE car from them but I look at it how come this Avante had been there for so many months.

if you go search for creative auto in this forum. A lot of complains regarding the boss also.

[Wowfantastic]

Recently, I eyed one consignment car from a sgCarMart. However, the seller have outstanding loan. 
Now my bank loan has been approved and cashier order is ready. But The dealer claimed that I have to give my full downpayment tgt with the cashier order to the seller to clear his loan on Tuesday. He then able to transfer and pass the car to me on Wednesday/Thursday. 
 

is it the right practice? How do I Ensure that after I gave my money, the car will come to me and ownership will be transferred to me. 

Edited August 16, 2020 by Wowfantastic

[inlinesix]

2 minutes ago, Wowfantastic said:

Recently, I eyed one consignment car from a sgCarMart. However, the seller have outstanding loan. 
Now my bank loan has been approved and cashier order is ready. But The dealer claimed that I have to give my full downpayment tgt with the cashier order to the seller to clear his loan on Tuesday. He then able to transfer and pass the car to me on Wednesday/Thursday. 
 

is it the right practice? How do I Ensure that after I gave my money, the car will come to me and ownership will be transferred to me. 

Just skip it.

It does not worth the risk.

[cmcex]

On 8/16/2020 at 5:38 PM, Wowfantastic said:

Recently, I eyed one consignment car from a sgCarMart. However, the seller have outstanding loan. 
Now my bank loan has been approved and cashier order is ready. But The dealer claimed that I have to give my full downpayment tgt with the cashier order to the seller to clear his loan on Tuesday. He then able to transfer and pass the car to me on Wednesday/Thursday. 
 

is it the right practice? How do I Ensure that after I gave my money, the car will come to me and ownership will be transferred to me. 

Standard practice is dealer who consign the vehicle has to full settle existing loan if your loan was done by him.

If i am the one dealing, these are the steps:

 

1. Handover car (you must have valid insurance for the car) with balance payment less loan, transfer the car to you and you log in to onemotoring to accept (1st round) so that he cannot cancel the transfer due to loan clearance. 

2. Settle his outstanding loan immediately. Wait for finance to release the car and you log in to onemotoring to accept again (2nd round) to complete the full transaction. 2nd round doesnt need him to do anything anymore.

 

There is no stupid excuse for paying up and not getting the car until transfer, bcos there is a handover/takeover paper signed and proper insurance done. Consignment only dealers are normally dumb ass and know nuts about transactions, highly likely they have no money also to settle for such transactions, hence the screw ups.

By the way, your bank loan CO is opened in whose name? Normally they will release CO to you. 

Edited August 18, 2020 by cmcex

[Spurman]

Hi all,

Wondering how much disc off a used car from "Republic Auto", Say a listed price at "$68,900.00". Conti ride. Audi A3. 

Possible to nego 5k off? Would it be unrealistic, too lowball? Or perhaps a fig 2 to 3k off would seal the deal?

cheers all

[Blackaccent]

8 minutes ago, Spurman said:

Hi all,

Wondering how much disc off a used car from "Republic Auto", Say a listed price at "$68,900.00". Conti ride. Audi A3. 

Possible to nego 5k off? Would it be unrealistic, too lowball? Or perhaps a fig 2 to 3k off would seal the deal?

cheers all

I think it all depends on how hungry they are.

I remember in year 2011/2012, I bought a B180 from them.

Managed to bring their price down by $2K and no loan.

At first the sales says must take a loan from them, then I just walk away with my wife. When I drove from the carpark, he waited for me at the ramp and says ok. lets deal.

[Bandai]

20 minutes ago, Spurman said:

Hi all,

Wondering how much disc off a used car from "Republic Auto", Say a listed price at "$68,900.00". Conti ride. Audi A3. 

Possible to nego 5k off? Would it be unrealistic, too lowball? Or perhaps a fig 2 to 3k off would seal the deal?

cheers all

2 to 3 seems reasonable...  5k i think they wont budge 

[Spurman]

Great. Thanks for your advices.