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Maybank Car Loan

Bluecollar

By Bluecollar,
in General Car Discussion

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Ictruall

Ictruall

5th Gear

earlier 2 from CITI.......

.........and coming one from MBFS [;)]

already received amount after rebates on balance 18 months when done at next instalment.

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Bluecollar

Bluecollar

1st Gear
  • Author

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

 

Bought the car when she is 20 months old.

Loan period for 6 years with a down of 30%.

 

However looking at some of the feedback, rebate for full settlement after lock down period is possible..... [wave]

 

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Galantspeedz

Galantspeedz

Turbocharged

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 [sunny] 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???

 

loan amount $974 or installment $974 a month?

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Bluecollar

Bluecollar

1st Gear
  • Author

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. [nod]

 

No worries.... will just continue piece by piece for the next 7 to 8 months.

 

Please don't reply me if you find below is offensive, as you sound like you come from financial sector. No malignancy intended. [flowerface]

 

My loan is a fixed interest over 72 months loan period, naturally the interest per annum has been accounted for.

For a penalty on my balance loan amount is adding interest toward the interest the bank have already charged for.

 

Question is if they cannot provide a rebate I can accept as not all bank provide rebate, but penalized additional interest over early settlement on loan amount with only 8 months into the repayment period???

 

Not sure how Maybank wants to keep their customers????

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Raymondism

Raymondism

Twincharged

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......... [pirate]

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.

 

i oso under maybank...

use GIRO to pay.. just put the same amount (equivalent to 8 installments) in the account and tats it

 

 

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Raymondism

Raymondism

Twincharged

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......... [pirate]

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.

 

 

and you should know what you sign for.....

 

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Bluecollar

Bluecollar

1st Gear
  • Author

Just do it Giro la...

No need to think so much and get frustrated...

8 months will be over in no time...

 

Speaking of Giro, something that irks me the most...... just sharing only.

 

Call me any names you want.....

Never like the idea of some one coming to you house and take as they like.

Granted giro comes in every fix date, but with so many things in giro with different deduction date; I find that I loses control over my finances.

Have to keep track what is coming and what is not due yet, as I do not have millions in my account for them to take and take.

However I am sure people here with financial prudence do take time out to check and check.

 

Giro should make my life easier, and not having to spend additional hours to keep track over again.

 

Yes, bottomline I am a lazy son of a gun..........

 

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Calvin79

Calvin79

2nd Gear

i oso under maybank...

use GIRO to pay.. just put the same amount (equivalent to 8 installments) in the account and tats it

 

hahaha me too under Maybank...

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Calvin79

Calvin79

2nd Gear

Speaking of Giro, something that irks me the most...... just sharing only.

 

Call me any names you want.....

Never like the idea of some one coming to you house and take as they like.

Granted giro comes in every fix date, but with so many things in giro with different deduction date; I find that I loses control over my finances.

Have to keep track what is coming and what is not due yet, as I do not have millions in my account for them to take and take.

However I am sure people here with financial prudence do take time out to check and check.

 

Giro should make my life easier, and not having to spend additional hours to keep track over again.

 

Yes, bottomline I am a lazy son of a gun..........

 

Ok la... u just note it down which day deductions are done for whatever...

Eg for season parking using Giro even has a slight discount...

 

bank sends statement at the end of month ma... so just look though if the amount is correct...

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Galantspeedz

Galantspeedz

Turbocharged

Sorry is installment of $974 a month.

 

if i am not wrong, you will have rebate from your 8-9 months unused interest

 

eg: full settlement = o/s loan amt + interest (- unused interest) + 20% penalty = actual full settlement amount

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Joseph22

Joseph22

Turbocharged

Speaking of Giro, something that irks me the most...... just sharing only.

 

Call me any names you want.....

Never like the idea of some one coming to you house and take as they like.

Granted giro comes in every fix date, but with so many things in giro with different deduction date; I find that I loses control over my finances.

Have to keep track what is coming and what is not due yet, as I do not have millions in my account for them to take and take.

However I am sure people here with financial prudence do take time out to check and check.

 

Giro should make my life easier, and not having to spend additional hours to keep track over again.

 

Yes, bottomline I am a lazy son of a gun..........

sorry, but if you are lossing track.. then maybe you had over commit yourself financially.

 

anyway, did you check clearly what you sign up for?

 

did you signed up for those that tied you down for full duration of the loan either due to lower interest or cash back. in anycase, if you had decided to sign up for those type of loan. then too bad you have to fulfill the obligation since you had taken the advantage. I am with maybank. except for standard rule 78 no other penalty after 3 years. (mine is 3 years as there is some claw back from my initial loan)

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Joseph22

Joseph22

Turbocharged

sorry, but if you are lossing track.. then maybe you had over commit yourself financially.

 

anyway, did you check clearly what you sign up for?

 

did you signed up for those that tied you down for full duration of the loan either due to lower interest or cash back. in anycase, if you had decided to sign up for those type of loan. then too bad you have to fulfill the obligation since you had taken the advantage. I am with maybank. except for standard rule 78 no other penalty after 3 years. (mine is 3 years as there is some claw back from my initial loan)

realise that this line is missleading but cannot edit anymore.

 

What i mean is my car loan is with Maybank.

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Raymondism

Raymondism

Twincharged

Yes, dear..... I know now [knife]

 

anyway if u pay 7 installments now...

they wont penalize u right?

as long as u dun pay the last installments until its due... i think shld be fine

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