Is MAS enforcing the car loan restrictions?

[Volvobrick]

 

One of many adverts blatantly disregarding MAS's loan restriction.

 

Is MAS enforcing it rules at all?

 

[Oyq1989]

Capture.JPG

 

One of many adverts blatantly disregarding MAS's loan restriction.

 

Is MAS enforcing it rules at all?

 

 

 

 

There are many dealers which offer in-house loan and they are not regulated by MAS. Loopholes.

Look through the used car list and you will find countless

[Thaiyotakamli]

Yes many still say 0 downpayment! Bo pian loopholes

[Twich]

Yes many still say 0 downpayment! Bo pian loopholes

In house loan is under MAS regulation. Don't get heavy fine. Do not be funny with Singapore Government.

[Watwheels]

What ever loan taken for car is under hire-purchase act. I dun think there's any loopholes. I think for those 0 down payment and ads like this is more like car leasing or rental. Rental doesn't require down payment maybe perhaps deposit money like this Porsche in case the driver run road with the car to m'sia or thailand. 73K should be enough to cover the parf. $5K-6K should be the monthly rental fee.

Edited April 14, 2014 by Watwheels

[Maroon5]

 

 

 

There are many dealers which offer in-house loan and they are not regulated by MAS. Loopholes.

Look through the used car list and you will find countless

see post #4 above.

these buggers are jus playing on quantum. ie. car price 100k by right dp 50k n loan 50k but they declare car price 130k so can get higher loan.

 

try asking them can stil get 10yr loan? they wil say cant.

[Zanter]

see post #4 above.

these buggers are jus playing on quantum. ie. car price 100k by right dp 50k n loan 50k but they declare car price 130k so can get higher loan.

 

try asking them can stil get 10yr loan? they wil say cant.

 

This is fraud and if you agree to it, you will be at the very least abetting fraud which is a mandatory jail offence est 3-4 months.

[Picanto]

can report right?

[Wt_know]

aiya ... declare car price sibei high is not new trick la

 

sell at $150k and over-trade $30k instead of price at $120k

 

$30k "fake" cash goes with the old car, enough for 40% downpayment liao

Edited April 14, 2014 by Wt_know

[Knoobie]

What ever loan taken for car is under hire-purchase act. I dun think there's any loopholes. I think for those 0 down payment and ads like this is more like car leasing or rental. Rental doesn't require down payment maybe perhaps deposit money like this Porsche in case the driver run road with the car to m'sia or thailand. 73K should be enough to cover the parf. $5K-6K should be the monthly rental fee.

could it be they declare the loan as a personal loan?

[Maroon5]

 

This is fraud and if you agree to it, you will be at the very least abetting fraud which is a mandatory jail offence est 3-4 months.

these guys are survivors if u know how they constantly work ard whatever rules.

 

anyw there is no underdeclaring or hiding. transaction wil b closed/ reported at agreed "higher" price, banks grant loans based on DSR of roughly 3.5X. swee all happy, buyer gets car, banks n dealers get business. the party plays on.

[Mockngbrd]

Give you loan at 5% per annum will you take?

[Observer]

my colleague took 8yrs loan of 80k with 20k downpayment.

 

i think interest is 4-5%

[Baal]

Its probably as rampant as Coy's "creatively" following the rules for employment S Pass & EP.

 

http://www.tremeritus.com/2014/04/12/employers-agents-charged-for-falsely-declaring-41-fts-salaries/

 

Even if any are caught & singled out, imo is just a scapegoat & only the tip of the iceberg.