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Full payment for new car.. Any problems?

Ahlun

By Ahlun,
in General Car Discussion

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Chickenfarm

Chickenfarm

Turbocharged

Don't have [nod] I think Merc oredy mark up their price sky high in the sense that they can even take in your 4 to 5 year old cars as trade-in with higher rates than the market offers. Somemore they won't pressure you into taking loans or longer loan periods. I guess the SE oso play a big role in this as my SE at Champion Motors even encouraged me to go ahead with full settlement and still gave me inhouse discount of $500 cos I took up their AIG insurance [nod]

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Joyride77

Joyride77

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Any bros here made full payment for your car and receive IRAS notice? I'm considering between taking a loan and making full payment. Heard friends said if you make full payment, IRAS might call you up for checking. How true is this? Any bros kana before? If really so troublesome, i would rather opt for loan. Pls advice. Thanks.

 

 

It is TRUE. When my dad paid for his Cefiro 2 years back in cash, IRAS called him. It's just a procedure, don't worry about it. My dad simply replied over the phone that the money's from his savings and investment.

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Rickster

Rickster

5th Gear
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If you are paying zero income tax for the past few years, then suddenly can pay over $100k for a car, then most likely you will be interviewed. Happened once to my uncle 5 years ago, when he paid cash for his 7series. He was able to prove with mathematics calculation that it was possible for him to save up the cash over the past ten years of his working life

But if you are paying much income tax, then there is noting to fear, just say you save alot.

 

That is why many ah-long likes to buy winning 4D/toto tickets from people, this is so that during the interview, they can claim their monies are from lotteries.

 

How foolish must they be...if they can win big amount in a lottery, their IC will be recorded when claiming the prize.

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Danieltan07

Danieltan07

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i made full payment for my city.

even got freeies.

 

nothing happen so far.

 

i check with the SE, if i take a loan or pay full what is the amount - he told me the same price.

 

but now the pricing strategy has changed, if you noticed.

If take loan, got some discount.

but do your sum, whether it cost more when take loan (even if no penalty for early redemption).

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Robin

Robin

4th Gear
(edited)

should be ok. cause i'm sure they got cafe/canteen there [:p]

 

i also prefer ice milo. dun drink kopi

Edited by Robin
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Watwheels

Watwheels

Supersonic
(edited)

U ppl are a funny lot. If your declared annual income can cover the assets u had paid in cash of course nobody will disturb u.

 

Try buying an asset paying cash upfront, a car or a house that is more than your declared annual income. To the IRAS ppl u will stick out like a sore thumb cos to them the numbers dun telly and their suspicions towards u will be under declaring of income to evade paying tax.

 

How do you think the curry puff fellow got caught? He must have bought some asset using cash upfront.

 

It's obviously not a myth. How do u think these ppl get caught? By random? So lucky? I dun think so.

Edited by Watwheels
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Freestylers09

Freestylers09

5th Gear
(edited)

i think u fully summarize everything clearly... [;)]

 

btw another example is the lady who buy private 4d and won 1st prize..250k she put in banks..kana checked..in the end tio fine and tio chong kong the 250k...but in the beginnign ..i forgot what lead to her case initially...

Edited by Freestylers09
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Chickenfarm

Chickenfarm

Turbocharged
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pay extra $1.5k... wah kns [sweatdrop]

 

Different companies different practice [nod] B4 I decided on my GV, I was actually looking at a smaller cc 1.5L Toyota Rush from PI. During 1 of the public holiday last year, my wife and I actually planned to go down (AML Ubi) to seal a deal there and then if the price was right. Then the SE po lo soh wif us to take at least a 5 yr loan and if we insist on a full settlement, we must pay a $2K penalty [shakehead] WTF!! And she even told us to go find someone else (another dealer) if we were disturbed by the penalty imposed [thumbsdown]

 

So we walked over to Champion and sealed the GV deal in less then 5 mins w/o going for a test drive. I just liked the car when I set my eyes upon it and it's a deal. More importantly, both my CO and I found the female SE to be honest and sincere cos she never pester us to take loan and still gave us the usual freebies - Huper Optik window film, leather seats, fog lamps, 16" sports rims..., plus $500 discount for taking AIG. And of course...NO Penalty [laugh]

 

Otherwise, got to go sell my old BUTT at the Lorongs to earn that extra $2K penalty [sweatdrop]

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Watwheels

Watwheels

Supersonic

The bank officer got suspicious when her constant input to her bank account is like a few thousand or so(must be her pay or something). When out of the blue 250k.... [dizzy]

 

If win from sg pools u gotto summit ic to collect your prize. U get a receipt. Dun throw it away cos it's prove that u had won so much cash. If not ppl will suspect u had won thru illegal bookies.

 

My dad mentioned that banks do take note when u put large sums of money into a personal account. Dunno how true.

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Eyke

Eyke

Supercharged
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pay the interest of as low as 2.5% for the car

 

effective interest rate is much higher than 2.5%...

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