awhtc 6th Gear November 22, 2019 Share November 22, 2019 Customers lose about S$331,000 after sudden closure of 2 car dealers From December 2018 to September this year, CASE received 26 complaints relating to the closure of at least seven car dealers. Read more at https://www.channelnewsasia.com/news/singapore/case-alert-car-dealer-universe-motoring-karz-automobile-12116482 ↡ Advertisement 7 Link to post Share on other sites More sharing options...
Spoony 1st Gear November 22, 2019 Share November 22, 2019 Now times are bad, you can see new or used car can even loan almost 100% now or zero down. so the strongest one will survived. th ose who lose their money to this dealers will need to file civil suit. 1 Link to post Share on other sites More sharing options...
1fast1 Supersonic November 22, 2019 Share November 22, 2019 (edited) Just curious, if you loaned a good portion of the car price (even 100 percent, even though you're not supposed to) and the dealer doesn't deliver, who's on the hook for the money? You've signed the hire purchase agreement with the bank or finance company but they have a lien on the car and they've disbursed the money to the dealer. Whom do they go after? Buyer or dealer? Edited November 22, 2019 by Turboflat4 3 Link to post Share on other sites More sharing options...
Sdf4786k Twincharged November 22, 2019 Share November 22, 2019 5 minutes ago, Turboflat4 said: Just curious, if you loaned a good portion of the car price (even 100 percent, even though you're not supposed to) and the dealer doesn't deliver, who's on the hook for the money? You've signed the hire purchase agreement with the bank or finance company but they have a lien on the car and they've disbursed the money to the dealer. Whom do they go after? Buyer or dealer? Using the loan calculator to calculate, the 1.99% interest will be $50,000 @ 1.99% over 10 years = near $60,000 with monthly installment of $500. I also recall that there is a loop hole where if there is zero % downpayment, the bank has no recourse to get you to pay if u defaulted. Not sure if this is plug 1 Link to post Share on other sites More sharing options...
Dilemma 5th Gear November 22, 2019 Share November 22, 2019 18 minutes ago, Turboflat4 said: Just curious, if you loaned a good portion of the car price (even 100 percent, even though you're not supposed to) and the dealer doesn't deliver, who's on the hook for the money? You've signed the hire purchase agreement with the bank or finance company but they have a lien on the car and they've disbursed the money to the dealer. Whom do they go after? Buyer or dealer? Banks or FI will only disbursed the loan when the vehicle is transferred. So no issues if the vehicle is not transferred, no liability for the new owner if its on full loan. 5 Link to post Share on other sites More sharing options...
1fast1 Supersonic November 22, 2019 Share November 22, 2019 2 minutes ago, Dilemma said: Banks or FI will only disbursed the loan when the vehicle is transferred. So no issues if the vehicle is not transferred, no liability for the new owner if its on full loan. This actually makes a compelling argument for 100 percent loan with riskier transactions lol. I know I'm in the full cash capital of the Internet. 😂 2 Link to post Share on other sites More sharing options...
1fast1 Supersonic November 22, 2019 Share November 22, 2019 15 minutes ago, Sdf4786k said: Using the loan calculator to calculate, the 1.99% interest will be $50,000 @ 1.99% over 10 years = near $60,000 with monthly installment of $500. I also recall that there is a loop hole where if there is zero % downpayment, the bank has no recourse to get you to pay if u defaulted. Not sure if this is plug If, as the other poster says, the loan isn't even disbursed, it's not fair or (more to the point) profitable for the bank to come after the buyer for anything other than fairly nominal admin fees. 1 Link to post Share on other sites More sharing options...
Ysc3 Twincharged November 22, 2019 Share November 22, 2019 Maybe banks should provide escrow services ? 2 Link to post Share on other sites More sharing options...
Mustank Hypersonic November 23, 2019 Share November 23, 2019 Heng I didn’t buy Link to post Share on other sites More sharing options...
Wt_know Supersonic November 23, 2019 Share November 23, 2019 20 minutes ago, Mustank said: Heng I didn’t buy you full cash? Link to post Share on other sites More sharing options...
Mustank Hypersonic November 23, 2019 Share November 23, 2019 1 minute ago, Wt_know said: you full cash? No lah got musso already no need anything else Link to post Share on other sites More sharing options...
Ysc3 Twincharged November 23, 2019 Share November 23, 2019 Jit pai CASE jialat liow .... Karz Automobile still open, contrary to consumer watchdog’s report of its abrupt closure Read more at https://www.todayonline.com/singapore/karz-automobile-still-open-contrary-consumer-watchdogs-report-its-abrupt-closure 1 Link to post Share on other sites More sharing options...
ER-3682 Twincharged November 23, 2019 Share November 23, 2019 CASE is a "Toothless Tiger"👎,make noise cannot bite..😊....Even if Car Dealers wound up & runaway,they cannot even protect the Consumers... 2 Link to post Share on other sites More sharing options...
Zxcvb Turbocharged November 23, 2019 Share November 23, 2019 Instead of addressing the main problem of not transferring ownership, the boss still dare to ask CASE to apologize to him. LOL!! Maybe the buyers should bend the knee kow tow to the boss ala Jover Chew case. 3 Link to post Share on other sites More sharing options...
awhtc 6th Gear November 23, 2019 Author Share November 23, 2019 (edited) "On customers’ claims that Karz Automobile had failed to transfer vehicle ownership records to them, Mr Yeo said that he was unable to comment on the status of the transfers as these were handled by another employee." After big cases with publication in the news, the Director still had not figured out what happened. This is rather amazing 🙄 Edited November 23, 2019 by awhtc 3 1 Link to post Share on other sites More sharing options...
Vratenza Supersonic November 24, 2019 Share November 24, 2019 Till now ACRA, MAS, IRAS, LTA, CASE still being lead by the nose by these fly by nights ah bengs setting up 2nd hand car businesses with intention to cheat? While normal abiding citizens and businesses are being hounded and toeing the line. Amazing...... This just give credence to the saying that public servants just go for the lowest hanging fruits. 5 Link to post Share on other sites More sharing options...
yishunite Turbocharged November 24, 2019 Share November 24, 2019 13 hours ago, Ysc3 said: Jit pai CASE jialat liow .... Karz Automobile still open, contrary to consumer watchdog’s report of its abrupt closure Read more at https://www.todayonline.com/singapore/karz-automobile-still-open-contrary-consumer-watchdogs-report-its-abrupt-closure So what i learn: 1) 2nd hand dealer cmi 2) case cmi 3) mediacr*p reporting cmi Lol.... cannot comment on transfer coz handle by someone else and the reporter just blurblur say ok ... u think he is wat pap minister izit 🤣🤣🤣 2 Link to post Share on other sites More sharing options...
Picnic06-Biante15 Supersonic November 24, 2019 Share November 24, 2019 Hmmmmmmm............ CASE has one Case to answer .... ↡ Advertisement 1 Link to post Share on other sites More sharing options...
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