No more overtrade / cashback ...?

[Luke721]

Heard from a friend that his agent told him of a new ruling that finance companies no longer offer extensive overtrades / cashbacks.

 

Can any bros/sis here confirm this? If it's true, then we'll see lesser new cars on the roads

[Jusnel]

if no more cashbacks/overtrades, then the interest rates will be lower already..... so its also for consumers.

 

they cant charge the same interest rates as having cashbacks/overtrades.......

[Panda88]

ruling from who? MAS?

[Zoom99]

So far did not hear.

 

As far as I know, if u r a Matrix owner, AD offers overtrade for Avante.

 

Is it because yr friend income rules him out for high loan?

[Felipe]

but the used car companies can still do overtrade i guess

[Panda88]

cashback is ok, but overtrade encourage u to burn a bigger hole in your wallet.

[Luke721]

Apparently so ... but I can't seem to find any such info from MAS' webby ...

Edited November 20, 2006 by Luke721

[Luke721]

My friend's loan was approved in Oct. Apparently he was informed by his agent of this change in ruling (wef today) when he made the final payout yesterday ...

Edited November 20, 2006 by Luke721

[Panda88]

today??? hmm... in fact i am happier when there is no more overtrade offer. why? bcos lesser pple get into heavier debt

[Huatman]

no more overtrades/cashback.. but think number still can be play around on paper..

[Kaer]

What new rule from MAS?

[Gadgeter]

hi there bro,

 

How's life? been a long long time since we last meetup.

[Galantspeedz]

Heard from a friend that his agent told him of a new ruling that finance companies no longer offer extensive overtrades / cashbacks.

 

Can any bros/sis here confirm this? If it's true, then we'll see lesser new cars on the roads

 

i duno true anot but i know it does not make a diff.

 

Reason: for eg, a lancer is 45k.

 

now overtrade is not allowed right? so max. loan shld be 45k right?

 

BUT......... sport rims-$3k, upgrade HU-$500, performance tyres-$800, spoiler-$400, leather seats - $2k, etc etc. so now my car cost $55k.

 

Banks dun go see if the items are really there. even if they do, it still can be taken out after that.

 

So is it overtrade or not?

[Luke721]

Hey dude!

 

In fact, I caught sight of you weeks ago at the prata stall of YCK. You and your blond hair ...

 

Life's been great. Blessed with baby girl's arrival early this year, so have been pretty busy keeping up with her ...

 

Hope things are going well for ya bro ... do keep touch, and take care

[Luke721]

Whoa ... if you put it that way, with or w/o overtrade doesn't really make a diff huh

[Oz752]

True. It's quite sorry if anyone has to be heavily debt-ridden just to get behind the wheels. Banks are not helping anyone by offering overtrade or cash backs. It's like shooting yourself in the foot but not realising it.

Edited November 20, 2006 by Oz752

[Fourwheels]

Heard from a friend that his agent told him of a new ruling that finance companies no longer offer extensive overtrades / cashbacks.

 

Can any bros/sis here confirm this? If it's true, then we'll see lesser new cars on the roads

this is a good sign. hopefully less people will be able to afford to buy and thus price will drop due to COE.

[Felipe]

i agree with this stringent rule. but something tells me the moment sales figures are severely down, its gona revert again. like wat happen to the 20% down and 7 years loan rule. new car sales were so badly affected that the rules change and u see many folks getting into neg equity. i'd say go back to the 20% rule...but then u may kill an industry. maybe a solution is let this apply to new cars only.