Car Dealers can bypass MAS Loan Restrictions ?

[Wira]

Noticed recently in Sgcarmart that some cars that was listed selling for $50K will suddenly have prices drastically increased to $80K and after a week will have status SOLD.

 

I suspect dealer raised price on purpose so buyers can then take a 100% loan for the car ( 60% of $80K = $50K ).

 

Is this a legal loophole for the MAS Restrictions ?

 

 

[Hexxor]

so whats new?

 

as long as buyer desperate and willing to carrot, they will chop all

[Carnoob]

had discussed before when the new ruling had been implemented.

 

Only those small financial institute will allow but with high interest lah. Banks, well depends whether they would ask why OMV so low can sell so high.

 

Thinking out of box... hahaaa

[Paddie]

The interest payments will kill if the loan is so high.

[Hshs]

Noticed recently in Sgcarmart that some cars that was listed selling for $50K will suddenly have prices drastically increased to $80K and after a week will have status SOLD.

 

I suspect dealer raised price on purpose so buyers can then take a 100% loan for the car ( 60% of $80K = $50K ).

 

Is this a legal loophole for the MAS Restrictions ?

 

This is not a legal loophole.This is a common loophole

Edited June 1, 2013 by Hshs

[Blackyv]

This is not a legal loophole.This is a common loophole

 

 

I call this willing chopper willing carrot..

[Kangadrool]

They can help to plug this common loophole by imposing loan max till paper/scrap value only for used cars.

[Yeshe]

They can help to plug this common loophole by imposing loan max till paper/scrap value only for used cars.

 

somehow we all can be ministars [laugh]

[Ixus75]

They can help to plug this common loophole by imposing loan max till paper/scrap value only for used cars.

 

Good idea

[Deckbuild]

Why curb, let the carrot be chop since they wan it that way.

[Tiger1]

This is not a legal loophole.This is a common loophole

 

This is not a common loophole. This is a loophole in a loophole.

[Blackyv]

This is not a common loophole. This is a loophole in a loophole.

 

Why call it a loophole when it's not ? It's just a system within a loophole ...