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Customers lose about S$331,000 after sudden closure of 2 car dealers

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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

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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.  

 

 

 

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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 by Turboflat4
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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

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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.

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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. 😂

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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.

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Maybe banks should provide escrow services ? 

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20 minutes ago, Mustank said:

Heng I didn’t buy

you full cash? [laugh]

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1 minute ago, Wt_know said:

you full cash? [laugh]

No lah 

got musso already

no need anything else [sunny]

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CASE is a "Toothless Tiger"👎,make noise cannot bite..😊....Even if Car Dealers wound up & runaway,they cannot even protect the Consumers...

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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. 

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"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 by awhtc
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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. 

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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 🤣🤣🤣

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Hmmmmmmm............ CASE has one Case to answer .... :wut:

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