PAP says Car for cash rich people only..... the rest can fark spider take bus....

[Tuayapeh]

Re: MAS to place cap on motor vehicle loans from Tuesday Feb 26

No pity on those have nots and wannabes. Car is not necessity here, unlike in Malaysia. Loads of people live without cars in major cities like Tokyo, London, HK and NYC.

Good riddance to those who pushed up COE prices with full car loans.

yay!!!!


tuayapeh thinks it is a good thing to be rid of all the CCB jiaokiahs speeding around in their GTRs and Lambos....fuck you all clowns ...now you got no more money to anyhow throw...better off if the chneghu starts asking wtf they get so much cash upfront to anyhow buy sports cars which char si lang and endanger lives on the road,....


IRAS can get fucking busy for a damm change instead of doing their pwabye kacang puteh work!!!!

---

Tuayapeh only question:

PAP WTF are you gonna do for Singapore with that 3.8 billion surplus you fucking thieves!!!!

 

[ionzu]

When auto- finance was deregulated in 2003, the banks and private motor-traders went berserk. Except for the hire-purchase Act, the naive and the meek were offered honey rates, teasers and when their vehicles were repossed, they lost whatever equity they had. Sadly the biggest victims were the Malays. The predators would wait anxiously for a default to act quickly. It was a bad decision. The clown from MAS who made the decision over time was found wanting and all his juniors overtook him including the current MD. He is now running Finance, IT and a supporting function. A Malaysian FT at the time of joining.

their vehicles were repo coz they defaulted on their loans.

no one was forced, malays or otherwise, to take up the teaser loans and over trades and cash back nonsense. it was simply stupidity on their parts.

the only reason deregulation became a bad decision, is because too many idiots who can't add 2 and 2 together ended up piling on more debt than they could manage.

MAS needs to take a more calibrated approach rather than swing to the extremes and confuse poor old timers like kopiuncle.

 

[sleaguepunter]

Re: MAS to place cap on motor vehicle loans from Tuesday Feb 26

this new cap applicable to new car deals only or include the used car market too?

 

[sta1100]

SINGAPORE: The Monetary Authority of Singapore is imposing restrictions on loans for private cars to safeguard against borrowers defaulting on their repayments.

Beginning on February 26, the central bank said consumers will be limited to borrowing 60 per cent of the purchase price of a motor vehicle when the open market value (OMV) is S$20,000 or less.

A tighter limit of 50 per cent will be imposed when the OMV is more than S$20,000.

The MAS is also capping the tenure of a motor vehicle loan at five years.

"The financing restrictions are necessary to encourage financial prudence among buyers," the MAS said in a statement.

"In this prolonged environment of very low interest rates, there is greater risk of buyers over-extending themselves," it said.

The new restrictions do not apply to loans for either commercial vehicles or for motorcycles.

For re-financing facilities, only the cap on loan tenure applies.

The MAS previously had in place financing restrictions on car loans from February 1995 to January 2003.

- CNA/fa

they never listen, those middle income who need a car for work etc are the most hard hit, with this new policy it only the rich can afford. Look at the baby bonus you need $ for $ than you get the $ if not you won't get a cents. Again this are for the well off. But we can't blame PAP for this type of screw up policy all/most of them are rich or over paid. do they care ???

 

[Kinana]

they never listen, those middle income who need a car for work etc are the most hard hit, with this new policy it only the rich can afford. Look at the baby bonus you need $ for $ than you get the $ if not you won't get a cents. Again this are for the well off. But we can't blame PAP for this type of screw up policy all/most of them are rich or over paid. do they care ???

Everyone can make do with a car. You want it, you work hard, save up and pay for it, its that simple.

BTW this will lead to COE coming down and total cost of car as well for those who buy

 

[Leongsam]

You want it, you work hard, save up and pay for it, its that simple.

Well said. I have added to your points.

My first car cost me $7500. I gave tuition 4 days a week for 3 years in order to save up the money.

 

[Fook Seng]

mati lah my BMW dream like this.....

Your dream can still come about but you need to buy an old car.

 

[sleaguepunter]

they never listen, those middle income who need a car for work etc are the most hard hit, with this new policy it only the rich can afford. Look at the baby bonus you need $ for $ than you get the $ if not you won't get a cents. Again this are for the well off. But we can't blame PAP for this type of screw up policy all/most of them are rich or over paid. do they care ???

bro, the baby bonus target middle class chinese to give birth. if as per u want to the whole spectum, then the other races will breed lagi more.

as for ppl who need car to work, then maybe it time for career change. if 40yo still salesman, future will be bleak when become older.

 

[cowbellc]

I still dont see why this measures will deter people from buying a car.
If they really die die wanna have a car, the cash front can be taken with personal loan, and will definitely add to their own Financial Burden.

On the broader scale, bad debts will increase.

 

[Kinana]

I still dont see why this measures will deter people from buying a car.
If they really die die wanna have a car, the cash front can be taken with personal loan, and will definitely add to their own Financial Burden.

On the broader scale, bad debts will increase.

take personal loan to finance car down payment? Then they are silly.

 

[Yingge]

I still dont see why this measures will deter people from buying a car.
If they really die die wanna have a car, the cash front can be taken with personal loan, and will definitely add to their own Financial Burden.

On the broader scale, bad debts will increase.

You need to have a job to go for personal loan and if I am not wrong only about 2-3 months of your salary. Unless he borrow from ah long to finance a car... Than this type of peoples even god cannot save them...

 

[peppertail]

If they really die die wanna have a car, the cash front can be taken with personal loan, and will definitely add to their own Financial Burden.

If i really want a Lamboghini i can always rob a bank! But it will add to my criminal record burden...

People can do a lot of stupid things if they really want something. It's the governments job to make it difficult for them.

 

[watchman8]

bro, the baby bonus target middle class chinese to give birth. if as per u want to the whole spectum, then the other races will breed lagi more.

as for ppl who need car to work, then maybe it time for career change. if 40yo still salesman, future will be bleak when become older.

Nonsense. Forty year old can suck cocks and close deals, ok? Don't believe ask NBG and Peter lim.

 

[watchman8]

I still dont see why this measures will deter people from buying a car.
If they really die die wanna have a car, the cash front can be taken with personal loan, and will definitely add to their own Financial Burden.

On the broader scale, bad debts will increase.

I've only heard of personal loans for property down payment. Those using personal loans to buy cars are setting themselves for debt spiral as they will also think nothing of charging Gucci bags and lavish lifestyle on credit cards. Will dead fugly.

 

[watchman8]

they never listen, those middle income who need a car for work etc are the most hard hit, with this new policy it only the rich can afford. Look at the baby bonus you need $ for $ than you get the $ if not you won't get a cents. Again this are for the well off. But we can't blame PAP for this type of screw up policy all/most of them are rich or over paid. do they care ???

Middle income and cannot fork out $50k cash? Then either they are not really middle income or their monthly expense is way beyond their means.

 

[sleaguepunter]

If i really want a Lamboghini i can always rob a bank! But it will add to my criminal record burden...

People can do a lot of stupid things if they really want something. It's the governments job to make it difficult for them.

sorry hor, rob singapore bank one time may not have enough even to make deposit. lambo cost $1m right? so downpayment ard half million.

i once try to withdraw $200k from a bank in cbd. the branch manager come out to tell me branch do not have enough for me to withdraw. Even taking consideration the branch need some reserve for daily transaction, that would mean the branch had no more than $400k at any one time. a bit surprise as it a big branch. so lan lan go raffles place main branch.

 

[sleaguepunter]

Nonsense. Forty year old can suck cocks and close deals, ok? Don't believe ask NBG and Peter lim.

40yo saleMAN suck your cock, wanna or not?

 

[peppertail]

sorry hor, rob singapore bank one time may not have enough even to make deposit. lambo cost $1m right? so downpayment ard half million.

i once try to withdraw $200k from a bank in cbd. the branch manager come out to tell me branch do not have enough for me to withdraw. Even taking consideration the branch need some reserve for daily transaction, that would mean the branch had no more than $400k at any one time. a bit surprise as it a big branch. so lan lan go raffles place main branch.

Haha true. Have to do homework before robbing. Don't rob empty bank :p

 

[sleaguepunter]

Middle income and cannot fork out $50k cash? Then either they are not really middle income or their monthly expense is way beyond their means.

quite true. i didnt take any loans for cars. paid deposit via credit card to earn points. after factoring in the trade in price of the old car, use credit card(call advance to extend credit limit) to pay the remaining balance upon delivery of the car. then write a cheque to pay off the credit card. car dealer not very happy as he/she cannot earn commission from finance company. but i happy and the credit card companies happy.

 

[sixniner]

Very easy obstacle to clear. Just get the car dealer/agt to ' over-trade ' your old car to get back more cash so that the extra cash can be used to offset the initial downpayment of 50%. I hope MAS is not stupid enough not to know about this loophole thats been going on for years...