Guaranteed COE that requires topup? - Please help to advise...

[Mussorgsky]

Hi,

 

I had booked my car during the COE crash. After one month plus, my SE has not gotten me the COE as the price went up too high. Now, he tells me to top up my guaranteed COE. He gave me three options:

 

a) Top up 1.5K and company top up $500. The company will bid the COE at 14K.

 

b) Top up 2K and company top up $1k. The company will bid the COE at 15K.

 

c) Top up 3K - will definitely get you the COE on the coming bid.

 

For all the above option, strictly no refund unless it drops below 12K.

 

So which option should I take? My feel is that the coming COE will go up by another 1K plus and option b) should be the reasonable option since expected COE will be 14.5K or above(??)

 

But there is another problem. My COE is supposed to be 3 bid guaranteed. So why is there a need for top up??? But the customer have no case for it as in the sales agreement, there is a clause which states that the company have the right to increase the price due to COE increase.

 

But if I continue to wait and not to top up, I may not be able to get my car at all since the COE will only goes up(?) and not down for the coming few months. I do have a trade-in arrangement with them and so I think they will not drag for my COE. Will there be such a case whereby they will not bid for my COE at all and simply just return me my deposit? If so, I can forgo about changing car liao.

 

Any bro or sis can advise?

[Vblaster_w211]

Sit out the 3 bids, and forget about this company. Blacklist them henceforth.

 

Never believe in "you must top up" nonsense.

 

You should share which company this is.

[See_eff]

Depends on yr actual deal.

 

Guaranteed COE could be guaranteed up 'til a certain sum ? 12K etc. If it is a pure Guaranteed without limit, then you shouldn't need to top up. Even the ADs have this conditions.

 

BTW depending on yr PI, you may not even get yr money back ...... usual standard condition is "Deposit non-refundable".

[Lengendcf]

Tell them to get this clear..

 

Guaranteed COE, means will get the car plus coe within the stated bids(ie 4 or 6)..

Dun play punk, else, their shop kena burnt, dun ask who did it...

[Mussorgsky]

I remembered my SE once boasted that even $15K COE he will also bid. Absolutely no top ups. Now then I know the truth. Should have made him write down on the sales agreement in black and white.

 

I am thinking of having a compromise of giving up the accessories and use stock version. ie. no leather seat, no sports rim, foglight and spoiler and hopefully it can adds up to the top up money of 2K? Or simply just wait till the 6 months is up and the deposit will be returned to me. (Its written in the sales agreement that the deposit will be returned to me if they failed to deliver the car within 6 months)

 

Has anyone encountered the same predicament as me? I had booked my car from a PI at the eastern part of Singapore. I just wondered has anyone booked their car during the COE crash and was asked to top up their COE even though they had gotten a "guaranteed COE" ?

[Guyver]

Hi ...

 

This is the usual tactics used by alot of PIs out there which gives you very nice and low "selling price" ... with "so-called" guaranteed COE but in the end ... still will ask you to top up.

 

The thing is that .... it says "3 bid guaranteed" ... but didn't say "3 consecutive bid guaranteed" ..... so legally speaking ... it can also mean "1 bid in 2007 ... 1 bid in 2008 and 1 bid in 2009" ... which also mean 3 bid guaranteed.

 

If you squeeze them hard and die die want your car ... then they may say give you your car at $3K below the price that you initially agree ... so back to square one.

 

So for PI cars .... the price is roughly there liao .... it's just how they package it ... give you a low selling price the play the "top up" game .... or drag you till you buay tahan and then you chase them .... and they throw out their terms ... and get your to compromise.

 

One thing for sure is that they'll not back out on this deal ... but they'll at most drag till you opt to withdraw ... then charge your admin fee $200-$300.

[Guyver]

I remembered my SE once boasted that even $15K COE he will also bid. Absolutely no top ups. Now then I know the truth. Should have made him write down on the sales agreement in black and white.

 

I am thinking of having a compromise of giving up the accessories and use stock version. ie. no leather seat, no sports rim, foglight and spoiler and hopefully it can adds up to the top up money of 2K? Or simply just wait till the 6 months is up and the deposit will be returned to me. (Its written in the sales agreement that the deposit will be returned to me if they failed to deliver the car within 6 months)

 

Has anyone encountered the same predicament as me? I had booked my car from a PI at the eastern part of Singapore. I just wondered has anyone booked their car during the COE crash and was asked to top up their COE even though they had gotten a "guaranteed COE" ?

 

I got customer that came to me and told me that his friend .... who booked from another PI ... got the sales person to write down ... "No top up" on the sales agreement ... but after the first bidding ... the sales person called his friend "Hello, Mr XX, if you top up $3K ... we'll give you your car" .....

 

Frankly ... what have they got to lose if they drag you? Who is the one that is kana squeeze now?

 

I got another customer ... booked from a PI .... they asked him to top up $5,500 to get his car ....

[Porche]

dun top up, just wait till the 3 bid finish and u can walk free to buy other cars liao

[Ghostrider]

Give your SE another option.

 

Return you the money if they got no confident to secure the COE given the present state. Tell them not to waste your time and their time if they CAN'T DELIVER what they promise. You will get back your booking fee and go and book your car from another dealer.

 

Play hard to get...usually if they see you do not yield, they will eventually get the piece of paper for you. They have the margin to do it...just want or not only. Years back they did the same thing to my friend, told him to do the same thing and the agent LPPL gave him his car after 3 bids without any topup.

[Mok_]

How much deposit did you pay? Just sit through the biddings and get your deposit back after that. That's if there is a timeline stated in the contract.

 

When I book a new car, I never have to pay any deposit. I trade in the existing car, the second hand car dealer pay the deposit and I just make sure that the following is stated in the contract:

 

1. Guaranteed delivery by a certain date. (usually I'll put the date of expiry of road tax)

 

2. 1-1 exchange with current car. (to ensure the secondhand car dealer cannot take your current car before delivery of new car)

 

3. COE rebate amount.

 

4. No Open CAT COE.

 

All the above only handled by the new car SE. I usually get very fast delivery as the dealers are losing money for each day they delay since the price of the traded-in car has been fixed in the contract. In fact, the longer they delay the better, since the car stops depreciating once the sales contract is signed. Just make sure you don't pay for the next road tax.

 

Hope it helps.

[Guyver]

They indicated .. 3 bid ... but they didn't indicate 3 consecutive bid .... so it won't be so easy ....

[Guyver]

Give your SE another option.

 

Return you the money if they got no confident to secure the COE given the present state. Tell them not to waste your time and their time if they CAN'T DELIVER what they promise. You will get back your booking fee and go and book your car from another dealer.

 

Play hard to get...usually if they see you do not yield, they will eventually get the piece of paper for you. They have the margin to do it...just want or not only. Years back they did the same thing to my friend, told him to do the same thing and the agent LPPL gave him his car after 3 bids without any topup.

 

Trust me .... things have changed much .... now got more pattern to play liao ....

 

From the figures that he gave ..... it's either he top up to get his car .... if not they'll just ignore you .... till you buay tahan .... and opt to withdraw .... then they'll charge admin fee.

 

So ... it'll be LPPL also ....

[Guyver]

Depends on yr actual deal.

 

Guaranteed COE could be guaranteed up 'til a certain sum ? 12K etc. If it is a pure Guaranteed without limit, then you shouldn't need to top up. Even the ADs have this conditions.

 

BTW depending on yr PI, you may not even get yr money back ...... usual standard condition is "Deposit non-refundable".

 

Nowadays .... as you said .. even ADs ask customer to top up for COE to get cars.

 

So those "so-called" .... guaranteed COE without limit is no longer practised ... with the thinning margin and competition.

[Schneider79]

Guaranteed COE no need top-up as also no rebate.

Guarantee COE need to topup and there is also rebate.

 

You better ask the SE if you top-up and will there be a rebate level.

Moreover, guaranteed should not have top-up.

[Flee]

1) Dun top up. Tell them some cxxk and bull story..say u no money...lost all in stocks and now wan to pull out. See whether they willing to let you go. (maybe charge u some admin fee). Alternatively sit out the 3 bids. But better check your contract first. Is there a stipulated timeframe for the 3 bids??

 

2) Dun be too sure on the trade-in agreement. Some of them might jolly well say that your car has depreciated beyond justifiable boundary. They may even ask you to trade in your car first before you even receive your car.

 

Good luck!

[Panalogic]

Hi ...

 

This is the usual tactics used by alot of PIs out there which gives you very nice and low "selling price" ... with "so-called" guaranteed COE but in the end ... still will ask you to top up.

 

The thing is that .... it says "3 bid guaranteed" ... but didn't say "3 consecutive bid guaranteed" ..... so legally speaking ... it can also mean "1 bid in 2007 ... 1 bid in 2008 and 1 bid in 2009" ... which also mean 3 bid guaranteed.

 

If you squeeze them hard and die die want your car ... then they may say give you your car at $3K below the price that you initially agree ... so back to square one.

 

So for PI cars .... the price is roughly there liao .... it's just how they package it ... give you a low selling price the play the "top up" game .... or drag you till you buay tahan and then you chase them .... and they throw out their terms ... and get your to compromise.

 

One thing for sure is that they'll not back out on this deal ... but they'll at most drag till you opt to withdraw ... then charge your admin fee $200-$300.

 

1. The 3 bid thingy u mentioned in 2007, 08 and 09 will not be tenable in court using the 'test of reasonableness' under the Unfair Contract terms act.

 

2. What do you mean by giving my car below $3k that i agree?

 

3. The last thing, i can definitely void the admin fee if i go to the Small claims tribunal. (proven)

 

When i have the time, i will make a post to inform other car buyers on what they can do and their legal rights with regards to the formation of the contract(practical)...

 

If more people seek help, there will definitely be more controls in the industry. So forumers should be encouraged to complain and fight for your rights rather than to be a loser letting uneducated ppl obtaining your money through unethical means.

[Thermodynamics]

Can you tell us WHAT COMPANY IS THIS?

[Flee]