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Forte3737

By Forte3737,
in General Car Discussion

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Ody_2004

Ody_2004

Turbocharged

here may not get response as they PAID FULL CASH no loan de..

Lucky i poor rat can share my experience.. so far never encounter such thing.. most time clear few days notice to CLEAR FULL! 😁

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RadX

RadX

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On 4/2/2026 at 6:53 AM, Ody_2004 said:

here may not get response as they PAID FULL CASH no loan de..

Lucky i poor rat can share my experience.. so far never encounter such thing.. most time clear few days notice to CLEAR FULL! 😁

Exactly

 

jin noob

 

firstly, never search, then never read fine print. Wonder if he hear of “rule of 78l before

 

and u right also, v few car loan thread here cos all full cash yo!!🤣🤣🫪

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Adrianli

Adrianli

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On 4/2/2026 at 8:13 AM, RadX said:

Exactly

 

jin noob

 

firstly, never search, then never read fine print. Wonder if he hear of “rule of 78l before

 

and u right also, v few car loan thread here cos all full cash yo!!🤣🤣🫪

Nowadays, cannot full cash, otherwise got penalty. 

I asked PML, SA say if full cash, don't have 5 years free servicing.

I asked 2nd hand dealer, SA say if full cash, need to pay 3% of car sale price.

 

On to TS question, my previous loan was with DBS. Never read any fine print, I just contact them and ask for outstanding amount to pay and paid it.

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Lala81

Lala81

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(edited)

U all jin bad leh.

I agree with the @VWenthusiast that it seems bit slimey, but is completely by the book on how it goes. I think it's well within the bank/finance company's right to not allow waiver of the above.

The onus is on you (the signee whom signed the hire purchase agreement with the bank), to inform the bank in formal notice (ie form to be filled up etc or in legal writing) to redeem the loan.

Unfortunately, you should have emailed the bank or finance company and have enquired before hand, what is the by the book way to deal with such transfers.

 

When there is an on-going transfer and redemption of the loan not by yourself, then it becomes difficult. 

Edited by Lala81
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inlinesix

inlinesix

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On 4/2/2026 at 8:57 AM, VWenthusiast said:

yea, but then for most transactions, we sign an agreement for dealer to act on behalf, so dealer's notice should be enough right? if not, for the bank to disclose my info to the dealer is breach of PDPA? If them giving notice is insufficient..

You give consent to do full loan redemption.

On the other hand, bank requires 1 month notification to compute interest up to redemption date.

This is a standard loan redemption procedure.

It is either you or dealer (not sure whether bank allows authorisation letter) has to inform the bank formally.

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inlinesix

inlinesix

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On 4/2/2026 at 9:13 AM, VWenthusiast said:

@inlinesix yea - my dealer wrote in to them (they showed me) on 3rd March, and OCBC replied them on 6 March saying redemption request approved, and gave them the amount. 

my redemption date is 2 April - so technically 30 days is given - just that now they claim that "dealer's notice is not sufficient notice to them". It is totally unjustified right? i mean.. in the contract its written notice, dealer's written notice cannot? I mean, isnt it industry practice that dealer's processes the loan on buyer's behalf? 

Check the loan agreement TnC.

If you think you are right, push them until they surrender.

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RadX

RadX

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On 4/2/2026 at 8:54 AM, VWenthusiast said:

@RadX its not the rule of 78 - is interest in lieu - rule of 78 is based on number of instalments paid, but they increased my instalments paid by 1 because of the "interest in lieu" clause

You obviously missed my point that was stating a point if that was HEARD of and NOT part of this discussion 

 

clearly you only want to hear what you want to hear!

 

bottom line, read TnC and fine print!

 

period!

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RadX

RadX

Moderator
On 4/2/2026 at 9:42 AM, inlinesix said:

Check the loan agreement TnC.

If you think you are right, push them until they surrender.

Agree

 

take toncourt for all we care

 

as i always mention, if u need to take a loan, u dun need the car!

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RadX

RadX

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Then why seek sympathy herr

 

yoi seem

to know what u need to do? Validation much?

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RadX

RadX

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Anyway do update for the larger community if u are successful 

 

a worthy cause to see the outcome

 

 

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RadX

RadX

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Dude got personalz… ya have nothing better to do w my life!!

 

vw drivers 

 

smh😅

 

kthxbye!

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Kopites

Kopites

Supersonic
On 4/2/2026 at 8:19 AM, Adrianli said:

Nowadays, cannot full cash, otherwise got penalty. 

I asked PML, SA say if full cash, don't have 5 years free servicing.

I asked 2nd hand dealer, SA say if full cash, need to pay 3% of car sale price.

 

On to TS question, my previous loan was with DBS. Never read any fine print, I just contact them and ask for outstanding amount to pay and paid it.

Just tell the SE you are willing to cover the loan commission. Depend on car make probably around 2, 3k extra. 

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Adrianli

Adrianli

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On 4/2/2026 at 6:58 PM, Kopites said:

Just tell the SE you are willing to cover the loan commission. Depend on car make probably around 2, 3k extra. 

Mine was 6+k extra. SA say is company policy.

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Kopites

Kopites

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(edited)
On 4/2/2026 at 8:33 PM, Adrianli said:

Mine was 6+k extra. SA say is company policy.

The next alternative is to take the minimum sum..minimum tenure normally 12 months. 

Audi?

Cycle and carriage, borneo were there and about 2,3k non finance penalty.

Anyway those were few years back figures. Now probably different sum.

Edited by Kopites
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Adrianli

Adrianli

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On 4/3/2026 at 12:10 AM, Kopites said:

The next alternative is to take the minimum sum..minimum tenure normally 12 months. 

Audi?

Cycle and carriage, borneo were there and about 2,3k non finance penalty.

Anyway those were few years back figures. Now probably different sum.

BMW

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Voodooman

Voodooman

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On 4/2/2026 at 8:19 AM, Adrianli said:

Nowadays, cannot full cash, otherwise got penalty. 

I asked PML, SA say if full cash, don't have 5 years free servicing.

I asked 2nd hand dealer, SA say if full cash, need to pay 3% of car sale price.

 

On to TS question, my previous loan was with DBS. Never read any fine print, I just contact them and ask for outstanding amount to pay and paid it.

For preowned, typically 4.5% of loan amount (that is the loan comms, I was told, they get from financing bank for a 5 years loan) but you can get away with lower numbers, really depends on how desperate is the seller. 

Car dealers are no longer selling cars, they are financial intermediaries. Due to the lack of protection of consumer rights in Singapore, dealers are now part of one belt one road, and in the business of debt entrapment. 😂

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