Car owners can encash PARF and COE rebates from Sept

[Kusje]

eh.... means dun need to buy insurance for parf value already right?

[Guest Julio369]

so i must scrap car first before apply encash?

 

Scrap yard can eat body value and issue a letter of proof?

[Tedyruby]

It's a perks for the garment and the finance company and not a win win situation for both. Imagine if one were to get a full loan from the finance company without coming out much cash, would still have to continue driving unless strike lottery to clear the loan. Not forgetting the rule 78.

 

There's much more the garment have to do in-order to convince commuters to give up driving and take public transport.

[Qpik]

when they annouced this scheme moons back, i very worried.

 

already many pple on 10yrs loan now stuck with cars. even if they opt for this, they still hv to top up.

 

and there's really no "cheap" lunch in spore esp fm govt, i am even more worried how they will recoup the "losses" fm those who nvr opt for it. think abt who will be the real winners.

[Schneider79]

You must do a full settlement with your bank first. Once they release Form B then you can encash it. But your car has to be in EPZ or scrapyard.

 

Once it's in, the exporter or scrapyard will do a electronic update and will reflect in LTA system.

 

This is only beneficial to those who had fully paid the car and has the ability to do full settlement on themselves.

[Chrispie]

To REALLY entice us to give up our cars, why dun they give 80% parf rebates?? hehe...

[Schneider79]

Once upon a time, they really gave us 80% PARF... but the ARF was 150-180% !!!

Now is 100% ARF and 50% PARF... a much better deal than once upon a time...

[Picanto]

Our garment is not stupid. Anything like housing & cars that we can make $ out of it, they'll step in. Remember in the 90's where people make money buy selling their flats & also changing cars every 5 years to make $? No more such things already. Taking people's $ out from them is easy. When you run into financial crisis, do you think our garment will help? Yes & No. Yes, they'll torture you & make you cry. No, make you jump down from building.

 

you can even turn this issue into an anti-govt one and HUM TUM like that. maybe can go Hong Lim Park and talk.

[Chris80]

Actually this is very good scheme for continental cars. Dealers say Parf value + 1K. U can tell him to f*** off. Plug out all the valuable components from the car, sell them on the forum, drive the empty metal body to the metal scrapeyard to scrape and get back some money. Then get back the parf value from the govt.

[Flexer]

Hi bros,

 

Have a few questions regarding the encash of PARF and COE rebates:

 

1. Can I confirm if we drive to the scrapyard to scrap, can get back some body value money? what is the average amount say for a Jap 1.6l car? Is there a list of authorised scrapyard to go to?

 

2. After scraping, what documents you need to go to LTA to get the PARF and COE rebate in cash from LTA? How will LTA give back the cash? Cheque? Bank deposit?

 

3. For residual insurance and road tax value, how does one get it back?

 

Thanks cos thinking of giving up driving when my car comes 10 years in few months time

[Hammerhammer]

Hi bros,

 

Have a few questions regarding the encash of PARF and COE rebates:

 

1. Can I confirm if we drive to the scrapyard to scrap, can get back some body value money? what is the average amount say for a Jap 1.6l car? Is there a list of authorised scrapyard to go to?

 

2. After scraping, what documents you need to go to LTA to get the PARF and COE rebate in cash from LTA? How will LTA give back the cash? Cheque? Bank deposit?

 

3. For residual insurance and road tax value, how does one get it back?

 

Thanks cos thinking of giving up driving when my car comes 10 years in few months time

For 1-2 I dunno, but for 3 you can call and inform your insurance company on the phone to terminate. I do that on my NTUC Income policy. Road tax will have to go LTA to drop in a form + your road tax disc. Cheque will be send to you in about 2 weeks

[Yamrxz]

I just encashed the balance coe for my scrapped motorbike from onemotoring. Cars should be the same for parf/coe rebate.

After login in go to Ownership -> PARF/COE rebate -> Apply to encash rebate.

Fairly simple procedure.

[Yamrxz]

Scrap yard listing here

http://www.onemotoring.com.sg/publish/onem..._operators.html

 

Before sending to scrap yard get a transcation pin from onemotoring first. Make request for the pin, it will come in 1 or 2 days in sealed envelope. Make a request to deregister the car and you need to send to scrap yard within 5 days or you need to a request to deregister again.

 

Bring the car to the scrap yard and the person there will help help to scrap the car. that's it.

 

Then login to onemotoring to encash as parf/coe rebate.

 

[Lilium_martagon]

You must do a full settlement with your bank first. Once they release Form B then you can encash it.

 

Is this true ?

 

Don't be too happy.

 

Every time they give us $1, they already know how to take back $2 from us in their mind.

 

This is exactly what I'm feeling.

 

____________________________________________________________

 

I'm planning to buy a 2nd hand car with a few years left before 10 years. According to the table given ( http://www.sgcarmart.com/news/writeup.php?AID=13 ) I can get 55% of the OMV back as a PARF rebate. That's a lot! It's hard to believe that they'll give you so much cash.

 

Where can we find out the details of this deal ? Has anyone done it ?