Bluecollar 1st Gear July 20, 2013 Share July 20, 2013 Have been servicing my 6 years car loan diligently for 5 year 4 months now. Except for two hiccups with nothing major due to traveling and work, I think can qualify myself as an average customer. Recently inquire about full settlement and Maybank actually wanted to penalize for early settlement even I am left with 8 months into the loan period. Have anyone had this experience with other banks or at least I can remember that some bank provide good will discount after number of years. Maybe wrong. For people whom want to write about "YOU SHOULD KNOW WHAT YOU SIGN FOR!!!!" crap, don't bother......... Feels that Maybank is just turning customers off. Is no problem to complete the 8 months, just felt that could further simplified my life style without having to remember to pay and pay. ↡ Advertisement Link to post Share on other sites More sharing options...
Yeshe Turbocharged July 20, 2013 Share July 20, 2013 Have been servicing my 6 years car loan diligently for 5 year 4 months now. Except for two hiccups with nothing major due to traveling and work, I think can qualify myself as an average customer. Recently inquire about full settlement and Maybank actually wanted to penalize for early settlement even I am left with 8 months into the loan period. Have anyone had this experience with other banks or at least I can remember that some bank provide good will discount after number of years. Maybe wrong. For people whom want to write about "YOU SHOULD KNOW WHAT YOU SIGN FOR!!!!" crap, don't bother......... Feels that Maybank is just turning customers off. Is no problem to complete the 8 months, just felt that could further simplified my life style without having to remember to pay and pay. standard clause for early redemption, comfirm got penalty for car loan Link to post Share on other sites More sharing options...
Ingenius Turbocharged July 20, 2013 Share July 20, 2013 But left only 8 months the penalty should be minimal right? Link to post Share on other sites More sharing options...
Sunburnsam 2nd Gear July 20, 2013 Share July 20, 2013 Have been servicing my 6 years car loan diligently for 5 year 4 months now. Except for two hiccups with nothing major due to traveling and work, I think can qualify myself as an average customer. Recently inquire about full settlement and Maybank actually wanted to penalize for early settlement even I am left with 8 months into the loan period. Have anyone had this experience with other banks or at least I can remember that some bank provide good will discount after number of years. Maybe wrong. For people whom want to write about "YOU SHOULD KNOW WHAT YOU SIGN FOR!!!!" crap, don't bother......... Feels that Maybank is just turning customers off. Is no problem to complete the 8 months, just felt that could further simplified my life style without having to remember to pay and pay. Is not about their cust. services...just need to check back your contract...is there in B&W No point getting frustrated with it :) Link to post Share on other sites More sharing options...
RadX Moderator July 20, 2013 Share July 20, 2013 But left only 8 months the penalty should be minimal right? yup...shd be no more than maybe petrol for month Link to post Share on other sites More sharing options...
Ronnchee Clutched July 20, 2013 Share July 20, 2013 They give ref fees to the car salesman. Depending on the loan quantum, the fees can be a couple of thousand. Once the bank gave to the salesman, hard to craw back. The only way is to penalize the customer, for early loan release. Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged July 20, 2013 Share July 20, 2013 They simplify your lifestyle, who simplify theirs... amount remaining should be small... Most likely they need clear alot red tape for your simplified but paltry amount Link to post Share on other sites More sharing options...
Ictruall 5th Gear July 20, 2013 Share July 20, 2013 Have been servicing my 6 years car loan diligently for 5 year 4 months now. Except for two hiccups with nothing major due to traveling and work, I think can qualify myself as an average customer. Recently inquire about full settlement and Maybank actually wanted to penalize for early settlement even I am left with 8 months into the loan period. Have anyone had this experience with other banks or at least I can remember that some bank provide good will discount after number of years. Maybe wrong. For people whom want to write about "YOU SHOULD KNOW WHAT YOU SIGN FOR!!!!" crap, don't bother......... Feels that Maybank is just turning customers off. Is no problem to complete the 8 months, just felt that could further simplified my life style without having to remember to pay and pay. Never experienced penalties before on my past 2 experiences on early car loan redemption,.....had in fact received some rebates... ,and going for another redemption next month. Link to post Share on other sites More sharing options...
Bluecollar 1st Gear July 20, 2013 Author Share July 20, 2013 Not trying to argue or what..... Yes, agree early redemption will have penalty, but 8 months left into loan closing???? Maybank is asking for an additional $1200.00 for early settlement????? My loan amount is only $974.00 No, don't get me wrong. Not frustrated at all No issues to complete until final payment. Just tot since have some spare time over the two weeks, if possible get this over and done with. I know there is a standard clause and if I remember correctly there were issues previously and bank have revised lock down for 2 or 3 years. Rite??? No one have tried early settlement with only less than a year into the loan??? Link to post Share on other sites More sharing options...
Little_prince Supersonic July 20, 2013 Share July 20, 2013 pay full cash. no such problems. Link to post Share on other sites More sharing options...
Galantspeedz Turbocharged July 20, 2013 Share July 20, 2013 20% of settlement amount right? You pay the 8 months better, just send in 8 PDC lor Link to post Share on other sites More sharing options...
Wt_know Supersonic July 20, 2013 Share July 20, 2013 (edited) before you sign, you must look into your loan contract for my case a. 20% penalty + rule78 if early settle in less than 24 months (min period) b. only rule78 applies after 24 months is your $1200 based on rule78 which applies too all banks car loan or "special" penalty ie: 100% x 10 years loan which must fulfill 10 years locked in period Not trying to argue or what..... Yes, agree early redemption will have penalty, but 8 months left into loan closing???? Maybank is asking for an additional $1200.00 for early settlement????? My loan amount is only $974.00 No, don't get me wrong. Not frustrated at all No issues to complete until final payment. Just tot since have some spare time over the two weeks, if possible get this over and done with. I know there is a standard clause and if I remember correctly there were issues previously and bank have revised lock down for 2 or 3 years. Rite??? No one have tried early settlement with only less than a year into the loan??? Edited July 20, 2013 by Wt_know Link to post Share on other sites More sharing options...
CYHew 3rd Gear July 20, 2013 Share July 20, 2013 Not trying to argue or what..... Yes, agree early redemption will have penalty, but 8 months left into loan closing???? Maybank is asking for an additional $1200.00 for early settlement????? My loan amount is only $974.00 No, don't get me wrong. Not frustrated at all No issues to complete until final payment. Just tot since have some spare time over the two weeks, if possible get this over and done with. I know there is a standard clause and if I remember correctly there were issues previously and bank have revised lock down for 2 or 3 years. Rite??? No one have tried early settlement with only less than a year into the loan??? The early termination penalty is to compensate the loss of interest income the bank would earn on the remaining period. But $1200 is a bit steep. Don't think you can argue much with the bank.. just pay off the remaining instalments and keep the difference $226 in your pocket. Am sure, this difference is worth all your efforts on the admin work. Link to post Share on other sites More sharing options...
Mllcg 3rd Gear July 20, 2013 Share July 20, 2013 why bank so like that one. i give u back instant cash, also not enough? i lend people money and he agree to pay me back monthly. he suddenly tio 4D can 1 shot pay back i also happier sia Link to post Share on other sites More sharing options...
Wt_know Supersonic July 20, 2013 Share July 20, 2013 (edited) if like that bank can eat s--t liao ... borrow money and tio toto can repay without interest .... you better don't try ah long loan hor. it is 9 out 13 back (九出十三歸) even you tio toto or 4d bank is the biggest sucker ... you put money in bank, bank give you near 0 interest you borrow money from bank, bank charge you interest gao gao with penalty and all sorts of T&C otherwise, how would bank earn billions of dollars and having big fat bonuses why bank so like that one. i give u back instant cash, also not enough? i lend people money and he agree to pay me back monthly. he suddenly tio 4D can 1 shot pay back i also happier sia Edited July 20, 2013 by Wt_know Link to post Share on other sites More sharing options...
Chucky2007 Turbocharged July 20, 2013 Share July 20, 2013 Have been servicing my 6 years car loan diligently for 5 year 4 months now. Except for two hiccups with nothing major due to traveling and work, I think can qualify myself as an average customer. Recently inquire about full settlement and Maybank actually wanted to penalize for early settlement even I am left with 8 months into the loan period. Have anyone had this experience with other banks or at least I can remember that some bank provide good will discount after number of years. Maybe wrong. For people whom want to write about "YOU SHOULD KNOW WHAT YOU SIGN FOR!!!!" crap, don't bother......... Feels that Maybank is just turning customers off. Is no problem to complete the 8 months, just felt that could further simplified my life style without having to remember to pay and pay. please lah... Any bank will not waive... My friend Kanna from this clause from UOB.. Last time my loan is Hong Leong no such crap Link to post Share on other sites More sharing options...
Will_I_Am 2nd Gear July 20, 2013 Share July 20, 2013 Do it the Samsung way. Send them bags of 5 cents coins for your monthly instalment. That should cheeze them off a bit. Link to post Share on other sites More sharing options...
Hotshot85 4th Gear July 20, 2013 Share July 20, 2013 Never experienced penalties before on my past 2 experiences on early car loan redemption,.....had in fact received some rebates... ,and going for another redemption next month. Bro which bank is that? Maybe for my next car loan I might wanna give that bank a shot cuz I don't believe in this early settlement crap lol. ↡ Advertisement Link to post Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In NowRelated Discussions
Related Discussions
Woman stranded after JB workshop loses her car keys: 'I will not go to M'sia for repairs anymore'
Woman stranded after JB workshop loses her car keys: 'I will not go to M'sia for repairs anymore'
Used Car Dealers Feedback (Part 2)!
Used Car Dealers Feedback (Part 2)!
COE Bidding - January 2025
COE Bidding - January 2025
2024 Suzuki Swift
2024 Suzuki Swift
Australia: Car Rental in Melbourne
Australia: Car Rental in Melbourne
COE Bidding - December 2024
COE Bidding - December 2024
Used Car, what STA Inspection grade then can buy?
Used Car, what STA Inspection grade then can buy?
Electrical wiring in car - battery drain
Electrical wiring in car - battery drain