Comments on Cefiro

[Cheekg99]

bank still practice cos' earning $$$ thru this ruling

[Ghost]

hai... can;'t imagine my present ride the interest rate is 2.7%

 

total interest paid is $11340...

[Cheekg99]

wow, better go to refinance

[Ghost]

car trade in liao, waiting for new ride to come..

aleast the interest now i hv come to 1.3 to 1.4 tt's alot different..

[Normal_aspirated]

Reply-----------------------------------------------------

bank still practice cos' earning $$$ thru this ruling

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Can complain to uncle CASEy boh, juz like some pple complain about extremely high interest rates in creditcards (legalised "tai yee long")?

[Ghost]

the bank still hv ways to turn here turn there

then back to square 1...

[Cheekg99]

bank excuse to charge high interest to stop people from borrowing from credit cards

... in actual fact they got high margins fromt it

[Normal_aspirated]

Reply to-----------------------------------

the bank still hv ways to turn here turn there

then back to square 1...

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Care to share?

[Golfer]

"3.15% cash rebate with min loan amount of $50,000 if use ABN at 2.2% for 7 yrs. The Bank will call you."

 

Now this is a sales speech but there is not specific i.e.

 

i) What is the penalty like?

ii) What is rule 78?

iii) If I repay early, what happens?

iv) Once I complete 3 yrs, what happens?

 

I think to close the deal, ABN or someone has to explain to me the terms and condition o f this loan. So far, nothing happens while my assumption is the deal is not close yet as I am not brief of the terms and conditions. Basic consumer right. Why should I choose ABN if the terms and condition is worst than OCBC's 2.2% with no string attach for 7 yrs.

 

Regards,

[Golfer]

Basically as a newie, we pay to learn until MCF comes along. More people to share and we get smarter i.e. consumer right since CASE is too busy with bigger problems like changing CASE President.

 

When I first own a car [1998], it was about 4% [second hand] and then 2.6% [new car] then 2.7% [second hand] and finally 1.75% [new car]. You just has to be more conscious about how to stretch your hard earn dollar. At the end of it, you may not get the best deal, but at least you put an effort to make it your best deal at that moment.

 

Regards,

[Nautilus]

"3.15% cash rebate with min loan amount of $50,000 if use ABN at 2.2% for 7 yrs. The Bank will call you."

 

Now this is a sales speech but there is not specific i.e.

 

i) What is the penalty like?

ii) What is rule 78?

iii) If I repay early, what happens?

iv) Once I complete 3 yrs, what happens?

 

I think to close the deal, ABN or someone has to explain to me the terms and condition o f this loan. So far, nothing happens while my assumption is the deal is not close yet as I am not brief of the terms and conditions. Basic consumer right. Why should I choose ABN if the terms and condition is worst than OCBC's 2.2% with no string attach for 7 yrs.

 

Regards,

golfer,

 

I can tell you what i know according to what my SE told me. You may want to check with them for confirmation.

 

1) There's no penalty, except that you've to return the 3.15% rebate to them if you break your loan before 3 yrs.

2) It's a method of calculating interest payment in the event of early repayment.

3) You'll lose money from the return of the rebate and from rule 78.

4) Then you lose money only from rule 78.

 

From what you mentioned, ABN should be the same as OCBC cos both offer 2.2% for 7 yrs, but ABN gives you the additional option of getting 3.15% cash back if you stick with them for more than 3 yrs.

Edited October 24, 2004 by Nautilus

[Nautilus]

I tot rule 78 been abolished recently, and left it to the "market forces", mah.

How come still applies now?

 

THe law is changed such that the banks can have the OPTION of not excercising rule78. From the way i see it, even if they abolish rule78, they'll surely think of some other way to make up for the loss such as penalties or higher rate. You can't win the banks when it comes to dollars and cents.

[Golfer]

Hi,

 

just close the loop with Citibank. Direct loan at 2.1% with 20% cash rebate on interest.

 

Assuming $50,000 loan @2.2% for 7 years, the interest is $7,350. 20% of $7,350 is $1,470.

 

TC offers if take inhouse loadn, $1,000 reduction of car price and if take ABN loan, another cash rebate of 3.15%. Total: $2,575.

 

Hard to beat and I guess TC has studied the market.

 

Regards,

[Cheekg99]

maybe abolish 78 rule for rich people only ...

[Golfer]

Yap, that's is what I heard over the TV. Abolish Rule 78 but it will be the responsibility of the bank to explain to the customer the way interest is calculated in the event of early repayment.

 

Outcome: Nothing happen yet. The art of brinksmanship. When one bank starts a cheaper interest early repayment scheme, another interesting competition will start.

 

From the way I see it, we should start to learn to look after our own well being and not be too dependent on the Govt. At this point in time, it is necessary to make Car cheaper in Sgp as the business cost is too high to continue to keep Sgp competitive as vacuuming out, structural unemployment etc is beginning to take it tolls on the common old people.

 

Regards,

[Bleuzone]

Wow! U r good with figures man!

 

I think they are targeting more of the re-financing part, not so much of direct loans. Hmm... Next time when I wanna change car must ask u to calculate for me liao.....

[Burpmonster]

I can't more agreed with you....times have changed....We must learn to be more independent on ourselves and not leaving everything to the bank or SE to do the paperwork totally....It is no longer the very honest world outside...no doubt that there are still kind people outside.....But I firmly believe in getting advices from the users and owners themselves...This is where you can hear true and honest opinions about cars etc etc.....It can help ourselves to understand the whole car deal better and later part in the deal, we will know how to access any problems if anything crops up.... My personal thoughts...... Cheers!!! [/code]

[Metrix2]

So the computer/digital aircon costs ~$7k elsewhere? I wonder if can buy and install in M'sia :)

 

What do you mean by cruising? Auto-cruising?