Parallel importer Frankel folding up over debts

[Fitvip]

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well, that's a perennial risk of buying from a PI...

 

not to say that a AD won't fail too... at least they have the support of the manufacturer!

 

Not quite true either!

 

Remember Auto Asia and the former agent for Skoda?

[Toyopet]

1/2 market price I take even without warranty.....:)

[Kelpie]

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Not quite true either!

 

Remember Auto Asia and the former agent for Skoda?

 

They have one thing in common.i.e. selling weak brand cars then.

 

Regards,

[Nine_eleven]

tat was when Skoda was small itself! they themselves at the time were in fear of folding! :P

[Sfhuang]

Shocking news indeed. Hope that those who have booked their cars with Frankel do not get played out.

[Booboon]

half price u wait long long.

[Jc94514223]

Heard from some PI that the warranty are covered by them and the service centre will charge them for any repair during the 3 yrs warranty period. Don't know if it's true. If yes, those bought their car there will be affected by the warranty as well

[Dunno]

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Mr Timothy Reid of Ferrier Hodgson said yesterday his firm is advertising in today's Straits Times Classified section to dispose of a number of Frankel's cars, which are now in a warehouse.

 

I believe there are still many of Frankel's customers who have not gotten their cars yet. Shouldn't they be allowed to buy these cars instead? For those who have paid a few hundred bucks as deposit still not so bad. I heard of someone who had placed 50% deposit and should rightfully be allowed to get one of the cars to offset the deposit.

 

When it comes to this situation, the biggest debtor, ie, OCBC, will have the biggest say. They will be allowed to have first priority over Frankel's assets, followed by the next biggest debtor.

[Sniperben]

you are correct. most of the PI will offer warranty and outsource it to the outside workshop. after that, there is 2 ways of working it out.

 

1. a one time fee to the workshop for every car that come under the workshop warranty. if PI close shop, workshop still honour as the fee is paid for already.

 

2. the workshop will charge the PI for every part change during the warranty period. if PI close shop, workshop is not able to claim from the company anymore, thus they will not honour the warranty anymore.

 

for those PI with their own workshop, if that PI close shop, mean gone case for the customer.

[Gl240]

Right! I think some other PIs might go in to buy lah, no public auction....

[Cheekg98]

wow, there goes a supplier of super cheap honda stream

[Cheekg98]

Lesson learnt --- risk of buying car from PI ...

[Ahyoo2002]

Wah,

 

Frankel is one of the PI that I talk to when I am looking for Stream, luckily I did not buy from them

 

They even have their own workshop, so means the warranty gone liao for those who buy from them

[Ahyoo2002]

hehe, ask AD give us what we want

[Ahyoo2002]

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Would u buy cars from Ferrier Hodgson which they going to sell.

I will not, to avoid invole in legal tussle later on.

 

Haha, I was about to look for the section on paper now

[Cheekg98]

go to KM lahz ... safe and sound ... plus with super SE ah veo

 

that day took a ride on my friend stream for dinner ... super shiok ah ... sui

 

total 6 of us onboard ...

Edited December 22, 2007 by Cheekg98

[Diehardsu]

One lesson to learn here when booking hrom PI,give them the minimum deposit

[Guest Julio369]

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Lesson learnt --- risk of buying car from PI ...

 

could this be the tip of the iceberg? are there more PI's in trouble?

 

this sounds like the US sub-prime crisis...why? because PI is well known to loan ppl in the lower income group e.g. 10 yrs loan, $0 down, huge rebates.

 

like my friend says, now even storeman drives a car to work!!!