[Awareness] Car Dealers loopholes?

[Shadowdad]

Just to add, both case other party also say see me in court. They know many consumer do not know their right and do not want the trouble. After the two cases, I am convict that the merchant also don't know about consumer law. Read up about Consumer Protection Act, arm with the knowledge you will win the crook.

 

 

[Mysportwish]

should hv asked for official receipt when initially giving the deposit money

 

anyway hope you can recover back alll the monies

[Amazon777]

There are a few established old timer, loan brokers in SG such as Alpine Credit for consumers, which also has a new car division as distributor for Chervolet cars. Sin Thai Hin etc which actually take in car dealers customer loan applications as well.

 

If buyers make an effort to call the banks, e.g., DBS car loan dept, they will redirect you to their trusted car loan broker, Swee Bee. Even Hong Leong finance take in walk-in customers application. Over the past 2 decade, I have absolute control of all my 10+ used cars purchases and never deal with car dealers middleman coz all bought direct from owners, at dealers buy in price or slightly more

 

For benefit to those who want to secure their own DBS car loan for direct owners purchase cars

 

http://www.lancermotoringclub.com/archive/...hp/t-30311.html

Edited May 30, 2013 by Amazon777

[Detach8]

I'm sorry to hear your case. I did think about such a thing happening, which is why I always demand to have the car transferred immediately on full cash payment. If you need a lawyer you can PM me.

[Bradz7777]

should hv asked for official receipt when initially giving the deposit money

 

anyway hope you can recover back alll the monies

 

the dealer never deny he took my money... and even told police he used my money for his own business ..

he argued arrogantly .."as long as i complete your settlement within the loan approval deadline,.. the police cant find fault in me. i have the right to use ur money to do anything within this period"

 

[Bradz7777]

Just to add, both case other party also say see me in court. They know many consumer do not know their right and do not want the trouble. After the two cases, I am convict that the merchant also don't know about consumer law. Read up about Consumer Protection Act, arm with the knowledge you will win the crook.

 

Thanks..im reading it up now. really very useful.

[GeRaLDTaN]

Regret to hear abou tis.

 

But, will like to share wit u guys.

Deposit u can put abit. Few hundreds to 3k mayb?

As for the rest of e balance, u only pay it after ur loan approved n when collecting car.

Avoid using cash. ESP, cases wher u need to top up ur old car. Before, cash dun hv records. Either cheque or cashier's order.

Wish u good luck. Money once out, difficult to get back.

 

Cheers.

[CH_CO]

the dealer never deny he took my money... and even told police he used my money for his own business ..

he argued arrogantly .."as long as i complete your settlement within the loan approval deadline,.. the police cant find fault in me. i have the right to use ur money to do anything within this period"

 

Problem is did you pay him by cash? Why don't write him a cheque or something ? This joker if he tells me this , I will see what he can do . Loans like this take lesser than 2 days to file and approve and if you want you can just submit a loan yourself and if it approves and just file to process the car sale . If he fails to produce the money .

 

Just file a misuse of fund and commerical fraud , go CAD .

 

http://www.cad.gov.sg/content/cad/en/reporting.html

 

Best if you have a recorded or text conversation on this. You just inform the IO , take down his name and rank . If he fails to do anything , just file a complain on him to CPIB .

 

This kind of juicy news you write to the papers sure out on first page.

Edited May 30, 2013 by CH_CO

[Kyrios]

This episode only shows that a lot of people on this island are broke and hard up for $$$..all those wealth flaunted..well are just mirages...

 

Anyway I disagree that this is a civil case..criminal breach of trust and cheating are penal code offences..why police dont intervene?

[CH_CO]

Anyway not hard to blacklist this company if you are able to produce evidence of his misdoing. Just file a report , Singapore car loan industry not big who doing loans not many , this joker wanna play punk , go ahead , he wants to drag his company down by all means.

 

If he is reading , all the better. Anyway , let him be warned . There are people here which are from the credit side and not diffiult to mess with him , he wants to get himself and his boss blacklisted by banks go ahead and carry on what he is doing.

Edited May 30, 2013 by CH_CO

[CH_CO]

For benefit to those who want to secure their own DBS car loan for direct owners purchase cars

 

http://www.lancermotoringclub.com/archive/...hp/t-30311.html

 

Dude you seem suspicious as your nick is similar to the fellow to the one which is complaining. Do note if this is just baseless bashing on fellow competition I will file a blacklist on the fellow mentioned here as well.

 

The car loan industry is already bad as it is , now bashing of competition , how to improve the image ?

Edited May 31, 2013 by CH_CO

[Notsogoodman]

You mentioned that you & the direct seller were just using that guy as a middleman, why do you need to pass him $14,000?

 

I did the same as you once (I was the seller), and I simply took a $2k deposit from the buyer direct while waiting for the agent to help my buyer with the paperwork. Then when his loan was approved, the agent, buyer, & me went to the bank to settle my loan, the buyer then paid up the rest of the downpayment & the agent topped up the rest; & the transfer was done within 24hrs...

 

Effectively, the buyer paid the seller direct and the agent's role was limited to loan application. My S&P agreement was downloaded from sgcarmart.

 

 

[Soya]

Andy Koh from Mirage Motor Pte Ltd... It's in the first post. This type of dealer really give the industry a bad name.

 

 

Actualli, the warning signs were there........Mirage refers to the buyer's $$$.

 

[Amazon777]

Dude you seem suspicious as your nick is similar to the fellow to the one which is complaining. Do note if this is just baseless bashing on fellow competition I will file a blacklist on the fellow mentioned here as well.

 

The car loan industry is already bad as it is , now bashing of competition , how to improve the image ?

 

I joined this forum since 2005, not too sure how u can relate my nick and threadstarter nick.

 

Anyway, my intention is to let others know there are trusted loan brokers around. They can call all the banks car loan dept to ask for their referred trusted brokers. With the 40%/50% cash downpayment require nowadays, its even more important the buyers go in with their eyes opened. I'm just sharing what I know if more are buying direct and securing own loans

 

I have my bad experience as well in 2000 when a direct buyer sold a too good to be true bmw at lower than market price. Give a $4k d/p cheque and in the end seller is con man. Police caught him and he was sentenced, a few others buyers were conned as well. End up my $4k gone with the wind.

Edited May 31, 2013 by Amazon777

[Enye]

go small claims but that guy doesn't turn up

 

hire legal debt collectors, he still can delay until kingdom comes

 

FYI i hired a debt collector to collect a few k from a guy. case drag almost 1 year liao still delaying and giving excuses

 

i think you can say goodbye to your $$

 

 

[Yenyenpark]

I joined this forum since 2005, not too sure how u can relate my nick and threadstarter nick.

 

Anyway, my intention is to let others know there are trusted loan brokers around. They can call all the banks car loan dept to ask for their referred trusted brokers. With the 40%/50% cash downpayment require nowadays, its even more important the buyers go in with their eyes opened. I'm just sharing what I know if more are buying direct and securing own loans

 

I have my bad experience as well in 2000 when a direct buyer sold a too good to be true bmw at lower than market price. Give a $4k d/p cheque and in the end seller is con man. Police caught him and he was sentenced, a few others buyers were conned as well. End up my $4k gone with the wind.

 

i think the thread starter pointer a good loophole here.. with 40% down, how comfortable is 1 to part their 40% with dealer..

 

conclusion, we need to be extra careful with 40% rules, must look for a reliable agent.. and not those fly by night.. now u see, later u dun..

[Wt_know]

bad dealer before close shop can price their car sibei cheap ... every 1 car sell to 3 buyers

with 40% downpayment ... within couple of days can run road liao !!!

btw, do used car dealer got casetrust like $1,000,000 guarantee? if not go where to claim?

 

used car business is run like cowboy town ... buyer can easily get hurt and the least protected

like property agent ... used car dealer need to go through a huge "cleansing" exercise

dealer need to take course, exam and certification (2 years license) and re-certification if got complaint !!!

an entry level conti now smelly smelly cost $180K-$200K ... dealer need to be certified and not run by crooks !

 

i think the thread starter pointer a good loophole here.. with 40% down, how comfortable is 1 to part their 40% with dealer..

 

conclusion, we need to be extra careful with 40% rules, must look for a reliable agent.. and not those fly by night.. now u see, later u dun..

Edited May 31, 2013 by Wt_know

[Yenyenpark]

bad dealer before close shop can price their car sibei cheap ... every 1 car sell to 3 buyers

with 40% downpayment ... within couple of days can run road liao !!!

btw, do used car dealer got casetrust like $1,000,000 guarantee? if not go where to claim?

 

used car business is run like cowboy town ... buyer can easily get hurt and the least protected

like property agent ... used car dealer need to go through a huge "cleansing" exercise

dealer need to take course, exam and certification (2 years license) and re-certification if got complaint !!!

an entry level conti now smelly smelly cost $180K-$200K ... dealer need to be certified and not run by crooks !

 

some dealer also small shop... act like middle man.. not all case trust.. lor..

 

some own like 3-5 cars each time.. main revenue is other business..