Jump to content

Refund of booking fee after 6 failed COE bids?


Helloz
 Share

Recommended Posts

Neutral Newbie

Hi Guys! Have searched around car forums but haven't come across anyone who encountered the following experience yet...and would appreciate if anyone can share their thoughts...

 

A common practice for ADs is to offer 3months/6bids non-guarantee COE packages when buying new car. I believe this means (as all SE will tell buyers) deposit/booking fee will be returned if AD fails to secure COE within 3months/6bids. Main culprits for failed bids are usually fluctuating COE prices or low/unrealistic COE rebate level offered (e.g. Toyota's recent 35K rebate for Cat A savers package).

 

So...what happens after 6 failed bids if buyer doesn't give in to AD's mind games (e.g. top up more $ to secure COE)?

 

Has anyone (or your friends) ever gotten their car's deposit/booking fee returned by AD before?

Edited by Helloz
↡ Advertisement
Link to post
Share on other sites

 

 

Failed to get in last 3 rounds. Now, price for the same model up by another 5K - so looks like round 4 also cannot get. Can i ask them to call it quits and look for another deal?

Link to post
Share on other sites

 

Wah, today's i45 advert so good compared to my 6 bid NG deal.....

 

i45: guaranteed deal at $129,999 ( terms and cond apply ). but i hate the road tax of 2.4L.

Link to post
Share on other sites

Failed to get in last 3 rounds. Now, price for the same model up by another 5K - so looks like round 4 also cannot get. Can i ask them to call it quits and look for another deal?

 

You will lose your deposit. Just hold on. If AD they will sure get for you . PI especially the small ones hard to say

Link to post
Share on other sites

I think it's unrealistic if say buyers take up the 35k coe rebate offer when the results of coe is at around 60k. It's like hoping for pigs to take flight.

 

After the 6th bid I think AD will give 2 options, either to top up or give up.

 

If want to secure coe it's better to take those rebate offers closer to around 60k.

 

I dunno what mind games ppl are talking about. Eg rebate @35k when the results are at around 60k. Who is going to pay the difference of 25k odd? The buyer of course have to top up that difference. You think AD is going to pay for you? Fat hope.

Link to post
Share on other sites

Wah, today's i45 advert so good compared to my 6 bid NG deal.....

 

i45: guaranteed deal at $129,999 ( terms and cond apply ). but i hate the road tax of 2.4L.

Wonder what would be the T&C? Used to be 100% loan types...

Link to post
Share on other sites

I think it's unrealistic if say buyers take up the 35k coe rebate offer when the results of coe is at around 60k. It's like hoping for pigs to take flight.

 

After the 6th bid I think AD will give 2 options, either to top up or give up.

 

If want to secure coe it's better to take those rebate offers closer to around 60k.

 

I dunno what mind games ppl are talking about. Eg rebate @35k when the results are at around 60k. Who is going to pay the difference of 25k odd? The buyer of course have to top up that difference. You think AD is going to pay for you? Fat hope.

 

I think buyer carrot head only.

For the 35k rebate they hold about 35k buffer

They can bid 60k still can 10k profit which more than PI earning de.

 

Imagine altis 28k costing after tax n cevs rebate. U signed up 99k they can bit 72k coe b4 they lose money

Go sign high coe package will cause the coe prices goes up even more.

All the coe price is unrealistic cause buyer got no brain to sign.

Link to post
Share on other sites

Supercharged

COE rebate != factored COE cost in car price.

 

eg. They can factor COE of 50K into car price but say COE rebate only 35K

 

dun confuse.

Link to post
Share on other sites

U think cat A demand is high??

Come on they r using 6 bids supply all shot in together to the system.

All those signed low coe package is one of the contributor to cause coe move up cause they fills in the quota..

I think toyota holding 60+ 35k coe rebate ppl as i observed the whole 5 hours last bidding.

If really want the car go for PI now they earn ard 10k or less not like the AD hoping for 25-30k profit

Link to post
Share on other sites

many years ago for Kah Motors I did not secure my COE but was offered an open Cat for a few $K more.

I did not take it and was given a full refund and a $1k voucher if I decide to book another car within a few months (IIRC).

Link to post
Share on other sites

You will lose your deposit. Just hold on. If AD they will sure get for you . PI especially the small ones hard to say

 

 

Don't look good at all .... 3 more bids left. The last bid failed by a margin of 10K. a joke.

Link to post
Share on other sites

Neutral Newbie
(edited)

Yup, COE rebate amount is not the amount of your COE reserved price. The reserved price is usually +10-20K of the COE rebate. But ADs will only bid high at the last few bids to maximize their profits.

 

Guess this topic is actually more relevant for Jap/KR car buyers who booked their cars at low COE rebate levels. Premiums (or profit margin) for Jap/Kr cars are much lower compared to Conti ADs. Eg. 10-25% for Suzuki/Toyota/Kia. So if COE prices do not drop below the AD's estimated levels, buyers will with either have to top-up the remaining or request a refund.

 

Only thing is I'm not sure if anyone received full refund of booking fee before. But glad to hear a few bros did :)

 

It would interesting to know if folks who recently booked their swifts/vios/altis/K3s (@ savers package) would get their car if COE maintains.

 

Stay tuned to find out who will prevail in the next COE bidding - Jap/KR or Conti ADs! :)

Edited by Helloz
Link to post
Share on other sites

Volkswagen is trying their luk to push up the coe again as they increase their coe rebate to 60k for ct A

If those still sign up volkswagen package will spoil the market as they already taking 25-30k buffer.

They simply bid another 5k to 65k coe they still earning 20-25k profit.

 

Link to post
Share on other sites

I think it's unrealistic if say buyers take up the 35k coe rebate offer when the results of coe is at around 60k. It's like hoping for pigs to take flight.

 

After the 6th bid I think AD will give 2 options, either to top up or give up.

 

If want to secure coe it's better to take those rebate offers closer to around 60k.

 

I dunno what mind games ppl are talking about. Eg rebate @35k when the results are at around 60k. Who is going to pay the difference of 25k odd? The buyer of course have to top up that difference. You think AD is going to pay for you? Fat hope.

 

You are right for jeepun car where the profit margin is thinner.

 

I heard a few cases happening for conti makes...I suppose of the higher profit margin.

Link to post
Share on other sites

Neutral Newbie

Hmm... I chose to have a 45k COE rebate level with one of the Japanese brand. 2 bids over and did not manage to secure as the current COE is too far away. I am given the option to top up 7k for a 1 bid guaranteed COE (next bidding confirm secure). They will also throw in another year of free servicing. Sounds good to me as I do not believe that the COE next round will suddenly drop more than 10k.

Edited by Student92
Link to post
Share on other sites

Buyers are in a really bad position because ADs know that the buyers who committed to high loans (and who doesn't, given that the pricing of these cars factor in a rebate based on a financing package that encourages high loan) have to get their cars under the original purchase agreement or risk not being able to buy a car at all under the current conditions.

 

So ADs will expect quite a lot of these buyers to top up cash to meet the difference...

Link to post
Share on other sites

Neutral Newbie

Hmm... I chose to have a 45k COE rebate level with one of the Japanese brand. 2 bids over and did not manage to secure as the current COE is too far away. I am given the option to top up 7k for a 1 bid guaranteed COE (next bidding confirm secure). They will also throw in another year of free servicing. Sounds good to me as I do not believe that the COE next round will suddenly drop more than 10k.

 

Topping up 7k means they will bid at 52k next round minimally?

 

Did u ask what if the COE price is at 55-59k? They top up from their buffer?

 

 

↡ Advertisement
Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...