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Serious Car loan rules relaxed

frenchbriefs

Alfrescian (Inf)
Asset
Frenchbriefs waiting to buy eh? :smile: Who knows after lifting, whether supply > demand or other way round.

yes i planning to become uber taxi driver too.but must wait a few years.hopefully the market doesnt become saturated and the uber income drop from 7k per month to 2k.
 

Seee3

Alfrescian (Inf)
Asset
When LTY was still minister he announced that the expected glut in COE in 2016 will be partially retained to prevent repeat of same cycle in the future. Howeve, lta had recently announced that they will releasing all Coe in full.

It is obvious that govt needs the coe money. At about 5 billions in 2015, it constituted about 10% of the govt revenue. However, with the poor sentiment they know coe will drop. Initially, Coe price was helped by many of those old car owners with coe at 10k changing car making a so called profit from the trade in value of their old car. However, with this group becoming smaller, drop in Coe is inevitable. In fact many able average families with more than 1 car did not get a rePlacement when their 2nd or 3rd cars were scraped. With youngsters not being able to take loan for new cars Coe will crash. So uber and smart and some rental companies came in and mopped up about 3000 coes. but it is not sustainable so come the relaxation of loan. This move should be targeted at those with Coe ar about 30k to change new cars and for those poorer chaps to take loan to take over the n2nd hand car and maintain the Coe from 45 to 50k inorder to meet their revenue target.
 

bushtucker

Alfrescian (Inf)
Asset
Does not help when ppl are jobless. 1997 removed all measures and yet nobody buys.

but will it be a '97 again in 2016/2017?

bloody hell, now all the gong kias rush in to buy cars and COE will shoot above $50k again. unless there are really many old cars to be scrapped in the next few months.
 

hbk75

Alfrescian
Loyal
but will it be a '97 again in 2016/2017?

bloody hell, now all the gong kias rush in to buy cars and COE will shoot above $50k again. unless there are really many old cars to be scrapped in the next few months.

seems familar. 1994 fed reserve also expanded balance sheet. 1997 hike rates give u die.
 

taxidriver

Alfrescian
Loyal
but will it be a '97 again in 2016/2017?

bloody hell, now all the gong kias rush in to buy cars and COE will shoot above $50k again. unless there are really many old cars to be scrapped in the next few months.

The only gong kias are those waiting for COE to drop.
 

lifeafter41

Alfrescian (Inf)
Asset
seems familar. 1994 fed reserve also expanded balance sheet. 1997 hike rates give u die.

Hire purchase loans, the interest rate is already fixed......unless there IS a clause inside the hire purchase agreement that allows them to jack up the interest rate.
 

lifeafter41

Alfrescian (Inf)
Asset
The only gong kias are those waiting for COE to drop.

Yes, Coe is going to rise, starting with the next bidding cycle.
Owning cars is an aspiration for the young in Singapore. Sort of like a status symbol.......whether he/she eat bread everyday, is another matter altogether.......
 

garlic

Alfrescian (Inf)
Asset
When LTY was still minister he announced that the expected glut in COE in 2016 will be partially retained to prevent repeat of same cycle in the future. Howeve, lta had recently announced that they will releasing all Coe in full.

It is obvious that govt needs the coe money. At about 5 billions in 2015, it constituted about 10% of the govt revenue. However, with the poor sentiment they know coe will drop. Initially, Coe price was helped by many of those old car owners with coe at 10k changing car making a so called profit from the trade in value of their old car. However, with this group becoming smaller, drop in Coe is inevitable. In fact many able average families with more than 1 car did not get a rePlacement when their 2nd or 3rd cars were scraped. With youngsters not being able to take loan for new cars Coe will crash. So uber and smart and some rental companies came in and mopped up about 3000 coes. but it is not sustainable so come the relaxation of loan. This move should be targeted at those with Coe ar about 30k to change new cars and for those poorer chaps to take loan to take over the n2nd hand car and maintain the Coe from 45 to 50k inorder to meet their revenue target.

To put things in perspective, even with uber and grab successfully bidding few thousands of COEs, price of COE still drop. Can imagine how illiquid the market is, man...
 

extinguisher

Alfrescian
Loyal
Kenso Leasing Pte Ltd
Manhattan House
151 Chin Swee Road #13-07
Singapore 169876
Singapore

The above car finance company charges an penalty fees of $80 for late payment when date is due.
Even is late by a day or 29 days this company still charges $80 in full no pro-rated for this penalty.
In additional they also charges late payment interests plus full $80 penalty.
Can anyone please comments such unreasonable penalty !
Can we inform MAS to look into this matter ????

This so called double sword finance.
 
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Seee3

Alfrescian (Inf)
Asset
To put things in perspective, even with uber and grab successfully bidding few thousands of COEs, price of COE still drop. Can imagine how illiquid the market is, man...

Coe was 60k plus and dropped to below 40k. The drop was not because people has become wiser but rather many cannot afford the downpayment or the monthly repayment. From below 40k,came it went back to above 40k as more can take loan. But the target is for it to be above 45k so came uber, smart ... to prop up the coe to about 50k. But these co cannot keep on buying cars. Hence they must relax the loan rules
 

lifeafter41

Alfrescian (Inf)
Asset
Kenso Leasing Pte Ltd
Manhattan House
151 Chin Swee Road #13-07
Singapore 169876
Singapore

The above car finance company charges an penalty fees of $80 for late payment when date is due.
Even is late by a day or 29 days this company still charges $80 in full no pro-rated for this penalty.
In additional they also charges late payment interests plus full $80 penalty.
Can anyone please comments such unreasonable penalty !
Can we inform MAS to look into this matter ????

Did you borrow from them?. Were you late in your payment.
Was there a clause in the agreement that state the late fees chargeable......
Did you or your friends sign in the dotted line.... With this clause inside there?

If you or your friends did sign on it, please don't be late in the payments........
While one can ask for a waiver, the discretion is up to them......
 

lifeafter41

Alfrescian (Inf)
Asset
To put things in perspective, even with uber and grab successfully bidding few thousands of COEs, price of COE still drop. Can imagine how illiquid the market is, man...

Understand that there is going to be a bumper of Coes as quite a lot of cars is reaching 10years soon between now and June/July next year.

Many have problem coughing up the 50% down. Not even talking about the loan yet.
Hence Coe price expected to drop, with the current rules relaxation, and higher loan quantum and timeline, able to borrow more, less downpayment..... Coe rise, lta happy.....less downpayment/higher loan/longer loan...... Motorist happy.........higher amount to loan/higher interest/longer loan tenure..... Bank and finance company happy.......everybody happy, why not?
 

hbk75

Alfrescian
Loyal
Hire purchase loans, the interest rate is already fixed......unless there IS a clause inside the hire purchase agreement that allows them to jack up the interest rate.

loan is loan. if jobless how to pay loans? interest hikes in usa usually leads to downturn in asia.
 

krafty

Alfrescian (Inf)
Asset
more debts for sinkies, hooray! what kind of gahment will encourage its own pple to get into more debt, is an indication of how desperate they are to drive up the CPI.
if sinkie got brains, they will reject this set-up by MAS completely. the future economy is so uncertain and they have no holding back to drive up the debt ratio to GDP.
knn, chenghu lang really son of a gun! adding on, i thought gahment supposed to control the number of cars on the roads and not the other way round.
 
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extinguisher

Alfrescian
Loyal
Did you borrow from them?. Were you late in your payment.
Was there a clause in the agreement that state the late fees chargeable......
Did you or your friends sign in the dotted line.... With this clause inside there?

If you or your friends did sign on it, please don't be late in the payments........
While one can ask for a waiver, the discretion is up to them......

When I get the loan there was no such agreement as penalty fees of $80.
Only after 6 months later the company then send such letter to inform all their customers for penalty fees of $80. In additional they charges late payment interests which I think is fair but not the full penalty fees of $80 even is one day or 29 days late. If they charges $80 based on monthly pro-rated I can accept it but not full $80 for couple of days late.
In other word they double penalized the borrower one with late payment interests and another with full $80 penalty for a day late payment. Got logic or not ????
Can I appeal to MAS for an investigation ??
I called it a double sword financing to kill the borrower !!!!
 
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yangtzejiang

Alfrescian
Loyal
Understand that there is going to be a bumper of Coes as quite a lot of cars is reaching 10years soon between now and June/July next year.

Many have problem coughing up the 50% down. Not even talking about the loan yet.
Hence Coe price expected to drop, with the current rules relaxation, and higher loan quantum and timeline, able to borrow more, less downpayment..... Coe rise, lta happy.....less downpayment/higher loan/longer loan...... Motorist happy.........higher amount to loan/higher interest/longer loan tenure..... Bank and finance company happy.......everybody happy, why not?

Why not? because this is blatant manipulation of demand in order to prevent COE prices from falling further. COE is supposed to let the open market decide on prices, but we have constant intervention by various ministries to keep prices high. is this what HSK was working on before he went to take a long nap?

motorists will be far happier with 20k COEs 50% DP than 50k COEs 30% DP.
 

garlic

Alfrescian (Inf)
Asset
Last time zero down and 100% loan was during which year? That must have been one hell of a crisis...
 

lifeafter41

Alfrescian (Inf)
Asset
Why not? because this is blatant manipulation of demand in order to prevent COE prices from falling further. COE is supposed to let the open market decide on prices, but we have constant intervention by various ministries to keep prices high. is this what HSK was working on before he went to take a long nap?

motorists will be far happier with 20k COEs 50% DP than 50k COEs 30% DP.

That is the problem with Singaporeans, just want to pay as little down payment as possible. Loan and interest aside.

More disposable income for others, shopping travel holidays etc..... Keep up with the tan and lim, very important you know, can boast travel to where and where.........

Who cares about what interest paying.....as long as got job and pay monthly installments.

Kena retrench then kpkb......complain father complain mother complain to mp, but not their own fault......:biggrin::biggrin::biggrin:
 
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