Anyone renting out your car ?

[GoldenDragon]

do you still need that 10k ? i can help , but do you have any item worth to exchange for the 10k for security reason ? i can ask my friend to pass you the cash ...what interest rate can you offer me ? pm me

Bro, I need leh, can help bo?

 

[GoldenDragon]

Be careful, later get haul up for questioning.

Not say that don't give others a 2nd chance. But in many of such loaning of personal cars, sometimes its very hard for owners to find back the cars and even when they found it and wants to take back the money owed, they are in no man's land because in the 1st place, they are not allowed to have any private settlement on loaning of private cars.

I have a friend who loaned his car to someone else because he cannot keep up with instalments. After 4 months, the person who loaned his car could not be found as he has already started defaulting on payment. When finally caught up, his car was found parked at another condo.

When confront the person for payment, he say he got no money. You cannot report him, because private arrangement is illegal. You also cannot report that your car is stolen, because if the story comes to light, its a false report. All these is based on trust, but sometimes, friends of 10-20years also can betray each other for money. Some things are best not to be loaned so that 人情留一线，日后好相见。:p

It is worse if your car is used in the commission of certain offences whereby your car will be seized. Take drug cases for example. If your car was used to transport drugs, you lose your car. If you smuggle contraband cigs, same.
Things are always rosy at the beginning. Likely to be sour after a short time.

 

[drifter]

Bro, I need leh, can help bo?

bro , how you want the interest rate to to be ? i only do secured personal loan ... got any rolex ?

 

[drifter]

Be careful, later get haul up for questioning.

Not say that don't give others a 2nd chance. But in many of such loaning of personal cars, sometimes its very hard for owners to find back the cars and even when they found it and wants to take back the money owed, they are in no man's land because in the 1st place, they are not allowed to have any private settlement on loaning of private cars.

I have a friend who loaned his car to someone else because he cannot keep up with instalments. After 4 months, the person who loaned his car could not be found as he has already started defaulting on payment. When finally caught up, his car was found parked at another condo.

When confront the person for payment, he say he got no money. You cannot report him, because private arrangement is illegal. You also cannot report that your car is stolen, because if the story comes to light, its a false report. All these is based on trust, but sometimes, friends of 10-20years also can betray each other for money. Some things are best not to be loaned so that 人情留一线，日后好相见。:p

bro..i only do secured loan .... with black and white ( i also need assets such as gold or watches for security reasons ) . i dont believe in " trusted loan " .

 

[silverfox@]

bro..i only do secured loan .... with black and white . i dont believe in " trusted loan " .

It's not the part on black and white.
It's the part where you offer your interest terms while offering personal loans.

I think this part is not legal and may fall foul under the moneylenders act.

 

[drifter]

It's not the part on black and white.
It's the part where you offer your interest terms while offering personal loans.

I think this part is not legal and may fall foul under the moneylenders act.

its legal as long as the interest is under " appreciation act " . and its not under any moneylending business at all . dont forget all laws got loop holes .

 

[silverfox@]

its legal as long as the interest is under " appreciation act " . and its not under any moneylending business at all . dont forget all laws got loop holes .

In Singapore, when problem arise between borrower and lender and the lender is not a licensed moneylender, its words against words. Moneylending is big business, whichever country you go to.

Banks lend money to people with good credit. While loansharks lend money to people with bad credit. Good credit doesn't mean will pay up, while bad credit doesn't mean wouldn't pay up. It's the risk level involved. :p. Of course having some form of collateral does help

 

[GoldenDragon]

bro , how you want the interest rate to to be ? i only do secured personal loan ... got any rolex ?

Hahaha. Rolex at pawnshops you pay 18% per annum. You mean yours is lower?

 

[GoldenDragon]

its legal as long as the interest is under " appreciation act " . and its not under any moneylending business at all . dont forget all laws got loop holes .

silverfox has a valid point. You can beat the system by having a IOU with amount stated but you give out lesser amount, deducting the interest. Then on the IOU make sure it is highlighted in bold that it is a friendly loan. Otherwise, all loans except those under the Moneylenders Act deem to be illegal.

 

[drifter]

Hahaha. Rolex at pawnshops you pay 18% per annum. You mean yours is lower?

wow...pawnshops is 18% per annum ?

drifter personal loan monthly installment charge at 20% base on effective rate and can chose one to 7years loan tenor . one time payment of 5% processing fee! and 5% of insurance fee !...

 

[drifter]

silverfox has a valid point. You can beat the system by having a IOU with amount stated but you give out lesser amount, deducting the interest. Then on the IOU make sure it is highlighted in bold that it is a friendly loan. Otherwise, all loans except those under the Moneylenders Act deem to be illegal.

agreed ...my friend do that too .

 

[drifter]

In Singapore, when problem arise between borrower and lender and the lender is not a licensed moneylender, its words against words. Moneylending is big business, whichever country you go to.

Banks lend money to people with good credit. While loansharks lend money to people with bad credit. Good credit doesn't mean will pay up, while bad credit doesn't mean wouldn't pay up. It's the risk level involved. :p. Of course having some form of collateral does help

i heard from my friend that now many ah long turn their business to legal ..its that true ?

 

[GoldenDragon]

i heard from my friend that now many ah long turn their business to legal ..its that true ?

Very true. Sometime last year, I almost lost a bet. My friend told me legal ah longs, aka licensed moneylenders, could now charge any interest rate they want as long as borrower and lender agree. I told myself it couldn't be true.

More enqueries later and it was confirmed that as long as you are registered with the Registrar of Moineylenders, which falls under the Law Ministry, there is no cap on interest rate for loans above 3k whereby I think it remains 18% per annum.

With this total relaxation, The Registrar of MOneylenders were swarmed with new applicants. All the ah ter, ah kow, ah seng either applied for he license themselves or got someone more 'fit and proper' to be the applicant.

This government of ours has always found it conveneient to legalise whatever they can't control. The ah longs' problems gave them a big headache. Some parts of that problem is now managed but it is only a show. Legal ah longs will be more discreet with their harassment techniques, that's all. The root problems remain just as in the old days.

 

[drifter]

Very true. Sometime last year, I almost lost a bet. My friend told me legal ah longs, aka licensed moneylenders, could now charge any interest rate they want as long as borrower and lender agree. I told myself it couldn't be true.

More enqueries later and it was confirmed that as long as you are registered with the Registrar of Moineylenders, which falls under the Law Ministry, there is no cap on interest rate for loans above 3k whereby I think it remains 18% per annum.

With this total relaxation, The Registrar of MOneylenders were swarmed with new applicants. All the ah ter, ah kow, ah seng either applied for he license themselves or got someone more 'fit and proper' to be the applicant.

This government of ours has always found it conveneient to legalise whatever they can't control. The ah longs' problems gave them a big headache. Some parts of that problem is now managed but it is only a show. Legal ah longs will be more discreet with their harassment techniques, that's all. The root problems remain just as in the old days.

i also heard in order to get the licence ..you need to put certain amount of money with the goverment ....end of the day ,the goverment is laughing on the way to his bank ....

 

[denzuko1]

Hi

I am looking for a car to rent for long term and private use.

If you are looking for someone to relieve your car installment or u got spare car want to rent out pls PM me.

Or if you know any friends who fits the above description.

Thank u very much

It is illegal for car owners to rent their cars out. such acts are also not covered by insurance and should anything happen, the car owner is liable for any damage caused.

It would be better if you go for car rental companies, may be get a pickup instead of a car. It will be cheaper.

 

[GoldenDragon]

i also heard in order to get the licence ..you need to put certain amount of money with the goverment ....end of the day ,the goverment is laughing on the way to his bank ....

You need 100k to start your biz. This money you do biz with. 20k needed for security deposit. If you breach the Act, they will take care of your 20k for you or a certain percentage. It acts as a deterrence against committing breaches.

 

[drifter]

You need 100k to start your biz. This money you do biz with. 20k needed for security deposit. If you breach the Act, they will take care of your 20k for you or a certain percentage. It acts as a deterrence against committing breaches.

are you sure ? thats dirt cheap to start a legal ah long business .

 

[silverfox@]

are you sure ? thats dirt cheap to start a legal ah long business .

My advice is if anyone want do this kind of business, do it the legalised way, which is apply for license.

Because in Singapore, laws are very strict on moneylending and people will always think of you as loanshark if you are not legalised. General perception. Punishments are heavy on loansharks and the govt is cracking down very hard on them.

And these moneylenders (legalised) are collecting high interests for the loans they loan out. Defaults on payment, they just get the debt collectors to collect and everything is legal. You got the law to protect and yet still can earn your cake. No need to worry kenna arrest, kenna court case, jail etc.

The other time there was an article on 1 guy who borrowed from moneylender, incurred close to 20% interest and he was asking what is diff between loanshark and moneylender if they have the same rates and also the same style of debt collection. Of course there is a diff, one is legal and one is illegal. :p

 

[GoldenDragon]

My advice is if anyone want do this kind of business, do it the legalised way, which is apply for license.

Because in Singapore, laws are very strict on moneylending and people will always think of you as loanshark if you are not legalised. General perception. Punishments are heavy on loansharks and the govt is cracking down very hard on them.

And these moneylenders (legalised) are collecting high interests for the loans they loan out. Defaults on payment, they just get the debt collectors to collect and everything is legal. You got the law to protect and yet still can earn your cake. No need to worry kenna arrest, kenna court case, jail etc.

The other time there was an article on 1 guy who borrowed from moneylender, incurred close to 20% interest and he was asking what is diff between loanshark and moneylender if they have the same rates and also the same style of debt collection. Of course there is a diff, one is legal and one is illegal. :p

One pays taxes to the govt while the other is illegal coz never pay taxes. Same as lottery syndicates and horse/soccer bookmakers.

 

[silverfox@]

Another incident regarding renting car.

This friend of mine rented a car from another personal owner. Drove for 4 months and one day found the car missing from carpark. Call the owner, he don't listen. Send 1 sms back said finance tow away. Friend ask him how, already car got towed away. Car owner ask my friend to help fork out payment to redeem the car on his behalf and use the payment to offset subsequent months of rental. I told my friend that is dangerous. But my friend went ahead with helping the car owner to redeem.

Another 1 month plus later, owner again call for help ask for advance payment, my friend said cannot. Another few days later, the car got towed away and the car owner still owe my friend 1 month plus of rental payment.

Best is don't rent car, don't have problems.