PI volks auto is a scam

[Duckduck]

Singaporeans are a strange lot by and large.

 

When it comes to 5 cents 10 cents, singaporeans are super alert. Where to buy groceries cheaper, how to save some small money in the face of rising petrol price or falling petrol price, etc.

 

But when it involves big ticket items including buying some remote lands, ulu overseas properties or putting money into god-knows-what timeshares, singaporeans just splurged without hesitation.

 

been like that for long time already... thats y got saying: penny wise, pound foolish

 

[Sabian]

Why cant the garment implement all deposits to be placed under a trust fund account? Like the property CVV account?

 

What's CVV?

 

I agree with what you're suggesting though.

 

Cars these days are expensive. Buying a mid sized mpv is like half a new 5 room HDB or buying an landed house in other countries.

 

For those want safeguards when buying from PI, this option should be available.

[youpapalite]

I think at least 60-70% of the guys where wont go for it just because it's cheap. Just like Spanish lottery and Nigerian scams, more then 10 yrs still got ppl fall for it. Not greed is wat?

 

Sorry I'm poor man's son can only afford hdb. Would u buy a pte property offered by a fly-by night developer whom u never heard of? If yes because it's cheap then it's greed. Similarly I won't buy from those PI I never heard of.

 

The biggest player in the market got links wif them mah. Of course must regulate

 

60-70%? What about the 30-40%? Don't care about them? Deserve to get scammed?

 

Nigerian scams and Spanish lottery how to put together with run away business? The victims just want to save that extra 10-20k how can blame them for greed?

 

Nothing to do with u affording hdb or pte property. It's just an analogy. lol. How would u know it's a fly by night developer? (in case u wna argue about researching, what about those older volks? and im pretty sure many would have chosen developer B (with you the exception)). In this case, if the govt were to regulate this industry, none - little of this will be happening.

 

The victims were unfortunate and maybe gullible. So many second hand car dealers run away, delay, not honouring contract etc etc. Isn't it time for the govt to step in? Notice there is part 2 for the blacklisted car dealer thread?

 

Cars in Singapore so expensive, obviously where got savings = where people go. Want cheap does not equate to greed. Want cheap may be cheapskate but not greed. Greed is wanting more and then burning yourself. Invest in stocks, borrow to invest more = greed. Casino, win $10000 not enough want to win $30000 but lose everything = greed. Want to save on a new car is not greed.

 

U clever won't buy from unknown PI does not mean others are the same. Especially older folks that cannot even use a smart phone / laptop. How can u even blame them for 'greed' when they want to save that extra?? We should stand together instead of 'blaming' the victims.

 

Wont force my point of view on u, and this will be my last reply to u.

 

I really hope the govt will start regulating this industry. It's not a $1000 warranty from SLS. Its a 6 digit purchase and there should be some form of help from the govt since the COE that was implemented by them is factored into the price.

[Damienic]

 

Totally agreed, I too would not want to live life constantly looking over my shoulder as that would be too burdensome for me and I would not have any peace of mind.

Temptations are always great but I would think twice on doing this.

 

I suppose the only exception is if we take/cheat money for survival reasons eg to feed myself or my family but that would be small scale and more on items like food, clothing, drinks etc, not this kind of elaborate big scale cheating involving registering a company, renting a premise etc.

 

Hope these guys get their just desserts in due course!!

 

Yeah, you would not want to lead a life where you constantly live in fear, fearing dunno who might knock at your door at night and take you away. Freedom and to be able to live a life free of fear is worth a lot more than those scammed money.

[So_nice]

Ok

 

60-70%? What about the 30-40%? Don't care about them? Deserve to get scammed?

 

Nigerian scams and Spanish lottery how to put together with run away business? The victims just want to save that extra 10-20k how can blame them for greed?

 

Nothing to do with u affording hdb or pte property. It's just an analogy. lol. How would u know it's a fly by night developer? (in case u wna argue about researching, what about those older volks? and im pretty sure many would have chosen developer B (with you the exception)). In this case, if the govt were to regulate this industry, none - little of this will be happening.

 

The victims were unfortunate and maybe gullible. So many second hand car dealers run away, delay, not honouring contract etc etc. Isn't it time for the govt to step in? Notice there is part 2 for the blacklisted car dealer thread?

 

Cars in Singapore so expensive, obviously where got savings = where people go. Want cheap does not equate to greed. Want cheap may be cheapskate but not greed. Greed is wanting more and then burning yourself. Invest in stocks, borrow to invest more = greed. Casino, win $10000 not enough want to win $30000 but lose everything = greed. Want to save on a new car is not greed.

 

U clever won't buy from unknown PI does not mean others are the same. Especially older folks that cannot even use a smart phone / laptop. How can u even blame them for 'greed' when they want to save that extra?? We should stand together instead of 'blaming' the victims.

 

Wont force my point of view on u, and this will be my last reply to u.

 

I really hope the govt will start regulating this industry. It's not a $1000 warranty from SLS. Its a 6 digit purchase and there should be some form of help from the govt since the COE that was implemented by them is factored into the price.

[Sp4wn]

 

What's CVV?

 

I agree with what you're suggesting though.

 

Cars these days are expensive. Buying a mid sized mpv is like half a new 5 room HDB or buying an landed house in other countries.

 

For those want safeguards when buying from PI, this option should be available.

he means CVY (conveyancing) account. basically the holding account for clients' money when the lawyers act for the client.

 

here's a brief (ok, i lied, its a pretty lengthy PDF) overview of the conveyancing account.

 

https://www.mlaw.gov.sg/content/dam/minlaw/corp/assets/documents/linkclick5d22.pdf

[Galantspeedz]

he means CVY (conveyancing) account. basically the holding account for clients' money when the lawyers act for the client.

 

here's a brief (ok, i lied, its a pretty lengthy PDF) overview of the conveyancing account.

 

https://www.mlaw.gov.sg/content/dam/minlaw/corp/assets/documents/linkclick5d22.pdf

 

but also got lawyer run away....lol

I think at least 60-70% of the guys where wont go for it just because it's cheap. Just like Spanish lottery and Nigerian scams, more then 10 yrs still got ppl fall for it. Not greed is wat?

 

Sorry I'm poor man's son can only afford hdb. Would u buy a pte property offered by a fly-by night developer whom u never heard of? If yes because it's cheap then it's greed. Similarly I won't buy from those PI I never heard of.

 

The biggest player in the market got links wif them mah. Of course must regulate

 

if like that, as good as saying you don't give new companies a chance.... which is also why they cannot stand on equal footing with the more established companies thus the best way to gain market share is lower pricing...

Edited December 16, 2014 by Galantspeedz

[Coltplussport]

 

How can like that say, how about the "Volks" Action party?

Volkers party you mean?😃

[Vhtfhwlego]

If you guys want gov to step in, it would be easy.

 

1) Only direct owners can bid for COE.

2) Car dealers can only sell cars and not cars with COE.

3) Closed Bid like MBT time.

 

Have COE then go buy car so dealers must have either ready stocks or then require a small sum of deposit.

Then can open letter of credit to ensure the delivery of the vehicle.

 

Then, I can be sure that COE will hit 6 digit figures again.

The banks wouldn't lent $ for cars + coe.

 

Many will be happy, raise up price to cub congestion.

No money people take BMW.

[Benarsenal]

Here's the thing: Every industry sure got bad eggs. We cannot entirely avoid, but what we can do is be smart and wise and do research. Like what some said, buy car is not a small thing, it costs many thousands of dollars. You don't just throw the money away like that.

 

On the other hand, I think the authorities can also do their part in ensuring that businesses set up are legit. I'm not sure about the ins and outs of that, but perhaps have some sort of financial test first for business owners before they get approval to start up? Make sure they have the necessary capital and right solid business plan first before they are allowed to start up. Yes, maybe a bit more troublesome, but then this will avoid fly-by-night operators who suka suka want to open business (because open business is also a serious thing, and not a play-play thing).

[Wt_know]

scam and fly by night company not just hurting consumer but also spore in general ... just like SLS Jover

although we cannot put a stop to it but at least minimize and mitigate

 

Here's the thing: Every industry sure got bad eggs. We cannot entirely avoid, but what we can do is be smart and wise and do research. Like what some said, buy car is not a small thing, it costs many thousands of dollars. You don't just throw the money away like that.

 

On the other hand, I think the authorities can also do their part in ensuring that businesses set up are legit. I'm not sure about the ins and outs of that, but perhaps have some sort of financial test first for business owners before they get approval to start up? Make sure they have the necessary capital and right solid business plan first before they are allowed to start up. Yes, maybe a bit more troublesome, but then this will avoid fly-by-night operators who suka suka want to open business (because open business is also a serious thing, and not a play-play thing).

 

Edited December 16, 2014 by Wt_know

[Fuelsaver]

Nope, I bought Wish from them many years ago. All went well. At that time, I got a brand new Toyota Wish for $67,888. Damn good deal.

those were the days...

[Soya]

Singaporeans are a strange lot by and large.

 

When it comes to 5 cents 10 cents, singaporeans are super alert. Where to buy groceries cheaper, how to save some small money in the face of rising petrol price or falling petrol price, etc.

 

But when it involves big ticket items including buying some remote lands, ulu overseas properties or putting money into god-knows-what timeshares, singaporeans just splurged without hesitation.

That's why scammers can thrive here. Especially when they hear polis say they cannot do anything.

 

Huat ahhhhh!

[Voodooman]

Buy car tio scammed also blame gahmen? Wah Lao, common sense tells u something is not right when others sell 130k and they sell 110k. 20k cheaper compared to other PI.

 

Blame one's own greed instead

Agree but there are segment of society that requires protection, especially the poor and powerless. If I set up a nursing home to cheat old people, can? Cannot lah, it is regulated, cannot even register the company without going through tons of paper works, business plan and interviews, etc.

[Yeobt]

this is biz deal, i don't think the dealer would be charged for CBT. probably be declare bankrupt by the bigger creditors like finance company only. all the buyers can only suck thumb.

 

this is similar to those failed biz like shoutou teochew restaurant and the few BIG travel agents few years back. my sister was affected by the shoutou teochew restaurant. she paid a deposit of $1000 for her wedding dinner and the restaurant went burst b4 the dinner. my sister also suck thumb.

 

failed biz transaction is not a crime.

[Voodooman]

this is biz deal, i don't think the dealer would be charged for CBT. probably be declare bankrupt by the bigger creditors like finance company only. all the buyers can only suck thumb.

 

this is similar to those failed biz like shoutou teochew restaurant and the few BIG travel agents few years back. my sister was affected by the shoutou teochew restaurant. she paid a deposit of $1000 for her wedding dinner and the restaurant went burst b4 the dinner. my sister also suck thumb.

 

failed biz transaction is not a crime.

This is fraud lah, he just set up the company to lose money?

[Bigtoothpick]

If you guys want gov to step in, it would be easy.

 

1) Only direct owners can bid for COE.

2) Car dealers can only sell cars and not cars with COE.

3) Closed Bid like MBT time.

 

Have COE then go buy car so dealers must have either ready stocks or then require a small sum of deposit.

Then can open letter of credit to ensure the delivery of the vehicle.

 

Then, I can be sure that COE will hit 6 digit figures again.

The banks wouldn't lent $ for cars + coe.

 

Many will be happy, raise up price to cub congestion.

No money people take BMW.

I'm for banning dealers from COE bidding as well. As I've said before, their interest is completely opposite from that of the consumer, dealers just want to sell as many cars as they can. Why do they care what the price is so long they can find people to sign up?

 

Consumers cannot drive the market, because they do not have any room to negotiate (in most cases). Dealers have built in buffer for their profit margins into the packaged price. One hint is their COE rebate levels. I was shocked when I saw BM's COE rebate level last weekend. They are like 10k lower than most others. Yet their selling price is not correspondingly lower. I'm like, WTH....

[Wt_know]

by banning car dealer to bid COE deposit can be reduced to $1K

payment can be made from bank to dealer after car is collected

 

I'm for banning dealers from COE bidding as well. As I've said before, their interest is completely opposite from that of the consumer, dealers just want to sell as many cars as they can. Why do they care what the price is so long they can find people to sign up?

Consumers cannot drive the market, because they do not have any room to negotiate (in most cases). Dealers have built in buffer for their profit margins into the packaged price. One hint is their COE rebate levels. I was shocked when I saw BM's COE rebate level last weekend. They are like 10k lower than most others. Yet their selling price is not correspondingly lower. I'm like, WTH....

 

Edited December 16, 2014 by Wt_know