Dealers and Consumers-The continuing SAGA Part III

[Carnoob]

can i ask you something... if seller still have loan and buyer need take loan... but seller cannot full settle unless buyer pass him the money.....

 

is it possible to still get it done privately?

Yes, it can be done but I'n not from an financial institute or bank so you would have to approach the bank for more details:

 

For seller, call the bank that you had the loan with.

 

For buyers, select a bank to apply for loan e.g.

 

http://www.dbs.com.sg/personal/promotion/autoloan-online?cid=-SG-EN-CBG-MM-Established-Loan-SEM-Google-TextAd-DBS_CarLoan_Generic_EM-&gclid=Cj0KEQiAtMSzBRDs7fvDosLZmpoBEiQADzG1vJX34ia90c5xbCKewDRAFP8GftXbhp3AkG24iZ3UDXsaAq_L8P8HAQ

 

or

 

https://www.citibank.com.sg/global_docs/microsite/ln/carloan/index.html

 

Of course the buyer is still restricted to the 60% loan and loan must be 1 year or more but less than 5 years. So at the time of transfer at LTA, buyer would have to be able to pay either by cashier order or cash.

 

However, if buyer already had problems securing loans from bank then buy from dealers who will do their "paperwork with admin fee".

[Pioneer]

Well, can you tell me of all the posts in the previous thread, how many were informative and how many were basically people letting steam off because of their perspectives and experiences? 

 

So we do not allow some form of humour in the threads or you do not understand humour? 

 

Aside from stating the obvious, your posting do not bring much information. If you feel there is nothing to be discussed, you are free to leave this thread.

 

The dealer in the previous thread has mentioned that rental companies are willing to buy their cars higher price, even if the depreciation is higher than a new one.

 

Therefore, we are competing with them to buy those cars with 1-2 yr left. It sounds possible with all the new demands from Uber and other taxi apps.

 

 

at this time and age.. with so much internet shopping/purchases...  

 

many sellers are realizing the monetary benefits of selling directly

 

the ''value add'' provided by dealers is getting minimal with their profit margin getting larger

 

heard reasons such as ''provide for lemon law expenses'', demand for shorter term cars higher etc etc 

 

 

idk la... my mind juz cannot get ard why new car depreciation is lesser than used cars...  and if this is not benefiting from MAS ruling... 

 

[Galantspeedz]

Shows how tight the cash resources are when one is roadblocked like this.

 

Always settle your existing loan first because it is under your name. That is your responsibility and bank don't care which stranger promised to pay you in future. Use overdraft or savings to temporarily settle.

 

If no such facilities/ability, that means you not ready to change car. And also took too heavy a loan on your existing vehicle.

 

you saying me?

Yes, it can be done but I'n not from an financial institute or bank so you would have to approach the bank for more details:

 

For seller, call the bank that you had the loan with.

 

For buyers, select a bank to apply for loan e.g.

 

http://www.dbs.com.sg/personal/promotion/autoloan-online?cid=-SG-EN-CBG-MM-Established-Loan-SEM-Google-TextAd-DBS_CarLoan_Generic_EM-&gclid=Cj0KEQiAtMSzBRDs7fvDosLZmpoBEiQADzG1vJX34ia90c5xbCKewDRAFP8GftXbhp3AkG24iZ3UDXsaAq_L8P8HAQ

 

or

 

https://www.citibank.com.sg/global_docs/microsite/ln/carloan/index.html

 

Of course the buyer is still restricted to the 60% loan and loan must be 1 year or more but less than 5 years. So at the time of transfer at LTA, buyer would have to be able to pay either by cashier order or cash.

 

However, if buyer already had problems securing loans from bank then buy from dealers who will do their "paperwork with admin fee".

 

i am just wondering... buyer bank need collateral (car) before release loan to you.... seller bank need settle loan before release car to you.... so privately i wonder how can it be done...... talking about car loan and not other loan

[Weez911]

My view is that dealers are just middlemen earning a cut from the business. I don't see much value in transacting with them.  We can rely on independent mechanics to assess a used car rather than seeking representation from the dealers.

 

However, I also understand that dealers serve as conduits for trade-in of AD and PI customers' cars. This is the one that depresses car trade-in price significantly because dealers need to cover the overheads, or so they claimed. Maybe customers can sell their cars directly before buying from the AD/PI? AD can also save on the overtrade and/or offer direct discount. Of course, this recommendation is not really applicable for the rich and the lazy car owners.

 

My apologies to the dealers out there making a living for this post.

 

 

[Carnoob]

i am just wondering... buyer bank need collateral (car) before release loan to you.... seller bank need settle loan before release car to you.... so privately i wonder how can it be done...... talking about car loan and not other loan

Yes it's car loan and can be done. But I can't explain how the bank / financial companies do it.

[Yayapapaya]

can i ask you something... if seller still have loan and buyer need take loan... but seller cannot full settle unless buyer pass him the money.....

 

is it possible to still get it done privately?

yes it can be done bro, but u have to apply loan thru a finance agency

[Showster]

In a separate thread, there was a question asked about whether anyone had a good buying or selling experience with a dealer or property agent. My answer to both is yes.

 

I got my car through a dealer years ago. It was the lowest price I could get after visiting 7 or 8 showrooms. He asked me frankly to take partial loan instead of lower / no loan cos there are commissions for him to earn. When the windows UV first film came off, he arranged for the film to be re-plastered. Then in another case, when the film at another side came off due to my mistakes, he also arranged for re-plastering. Both free of charge. A year later, the IU broke down and it was replaced free. 6 years later, I call him for the IU cable problem and he still entertained me. But he has very few resale cars on hand.

 

My property agents secured a unit for me on the day of release but my desired unit was not released. However, on the same day, due to good sales, the developer released all units and my desired unit at a better floor level was priced lower (3% lower) than the already secured unit. The agents helped me change to the desired unit even though that meant lower commissions for them and a much higher load of paperwork. Another case where the agent fought for my rights even after I was legally bound, even though that meant lower commissions, but that is a confidential case.

 

So I think as long as one is reasonable in expectations, communicate and negotiate clearly, and be nice to people, it by and large should be reciprocated. Must let everybody earn and consider win-win situations if possible.

Edited December 17, 2015 by Seohster

[iceraider]

I think with forums and discussion, it brings awareness to buyers and things are shared among experienced people inside.

 

people learn and gain knowledge thru all this threads and discussion. I, myself, benefitted from it when I look for car...

 

Without it, i think it will be more worse off than current mkt.

[Weez911]

In a separate thread, there was a question asked about whether anyone had a good buying or selling experience with a dealer or property agent. My answer to both is yes.

 

I got my car through a dealer years ago. It was the lowest price I could get after visiting 7 or 8 showrooms. He asked me frankly to take partial loan instead of lower / no loan cos there are commissions for him to earn. When the windows UV first film came off, he arranged for the film to be re-plastered. Then in another case, when the film at another side came off due to my mistakes, he also arranged for re-plastering. Both free of charge. A year later, the IU broke down and it was replaced free. 6 years later, I call him for the IU cable problem and he still entertained me. But he has very few resale cars on hand.

 

My property agents secured a unit for me on the day of release but my desired unit was not released. However, on the same day, due to good sales, the developer released all units and my desired unit at a better floor level was priced lower (3% lower) than the already secured unit. The agents helped me change to the desired unit even though that meant lower commissions for them and a much higher load of paperwork.

 

So I think as long as one is reasonable in expectations, communicate and negotiate clearly, and be nice to people, it by and large should be reciprocated.

 

Shall we name all the dealers we have good experience with?

[The_Bear]

Well, can you tell me of all the posts in the previous thread, how many were informative and how many were basically people letting steam off because of their perspectives and experiences? 

 

So we do not allow some form of humour in the threads or you do not understand humour? 

 

 

The dealer in the previous thread has mentioned that rental companies are willing to buy their cars higher price, even if the depreciation is higher than a new one.

 

Therefore, we are competing with them to buy those cars with 1-2 yr left. It sounds possible with all the new demands from Uber and other taxi apps.

 

My doctor asked me to watch my drinking. Now I sit in front of the mirror in the pub.

 

An Englishman, Scottish and Irish walked into a car dealer.... Awww....nevermind this.

 

You have one warning now. Hope you see the funny side of it. 

 

@cscbb is right on the direction that we are heading. It is a good thing that we hear from both sides. If members like @JCSL, @allusedcardealersarecrooks and @civicfighter are willing to share their POV, it is only beneficial for all parties in the long run.

 

As for @Pioneer, I told you to leave this thread if you feel it is not worth your time. Now I have to enforce it.  

[Carnoob]

Shall we name all the dealers we have good experience with?

I think we can find that in this discussion: -

 

http://www.mycarforum.com/topic/2689765-which-2nd-hand-car-dealer-is-good/?hl=%2Bgood+%2Bdealer

[Showster]

Not sure if that is a good idea.

 

First is confidentiality issue.

 

Second is the positive feedback may be years back and unfair. A good dealer can turn bad, a bad one can also turn good (of course some will refute me).

 

But I do feel that overemphasis on bad dealers is unfair to the good ones. Think Jover Chew.

 

Shall we name all the dealers we have good experience with?

 

[Chucky2007]

can i ask you something... if seller still have loan and buyer need take loan... but seller cannot full settle unless buyer pass him the money.....

 

is it possible to still get it done privately?

I think some dealers or services under SGcarmart Quortz or something can provide thus bridging service for a fee of 1-2% of the transaction

[Weez911]

Not sure if that is a good idea.

 

First is confidentiality issue.

 

Second is the positive feedback may be years back and unfair. A good dealer can turn bad, a bad one can also turn good (of course some will refute me).

 

But I do feel that overemphasis on bad dealers is unfair to the good ones. Think Jover Chew.

 

Thanks to bro @Carnoob, there is a thread on that.

 

I think we should encourage good behaviour that's all. Praise them and let their good work be rewarded with more business.

 

If dealers turn bad, then perspective owners should know also mah

Edited December 17, 2015 by Weez911

[Carnoob]

At times, we may be blinded by our anger but we have to be fair. I do have a fair share of bad / good experiences with workshop and I will feedback but give them opportunity to improve.

 

For me, unaccepted service will include denying the mistakes made. A mistake is a mistake just admit and resolve it. The more denial leads to more cock and bull story...

 

The mechanical make of a car may be unpredictable but writing it down is easy. I don't see why the agreement can't include things like listing out the wear and tear or maintenance coverage?

 

Things like heater system, aircon system, engine system, gearbox system can be found in the car manual. Even without manual, it is easy to google it from the internet on the respective system on how they work. Some website can even provide informative things like "how to repair", "how to troubleshoot radiator leak". one of the bros even found an article on how to spot "accident" car.

 

Having said that, there is always room for improvement and learning. As consumers we have to learn to manage our expectation when buying pre-owned cars, they are not NEW. If NOT happy with the price then don't bargain like buying from the wet market. And as dealers, if you still thinks that consumers are idiots then prepare to close shop.

 

Just remember, "Everyone has a choice, anyone can just walk away". It is EASY to get car loan and do transfer by ourselves but I will still buy from dealers if the model and price is right.

[CarsEnthusiast]

buyer assured of  lemon law before purchase by dealer.

 

once bought and the lemon becomes squeezed dry, no more lemon juice.

 

of course, not all dealers are like that.

 

the one i bought from honoured this with a big ticket fault and repaired it with no fuss.

 

Good and smart car dealers like my car dealer friend will strongly encourage buyers to send the car to VIACOM / STA for inspection before negotiating on the price with him. This is the best way for car dealers to neutralize the Lemon Laws.

[Jman888]

one can argue buyer must do due diligence or should be aware of certain practice but this only apply to the 'informed' buyers. Although more and more people are more savvy in internet and search, however unlike online buying from amazon, there are things that buyers may not be aware of. As such, dealers are able to capitalize and exploits.

 

the suggestion on the basic things that dealers can do before putting the car on sale to give buyer basic confident and not just a middleman to 'receive-and-pass'. however, dealers will claim high cost to do so or bluff their way through. Ignorance buyers at the losing end, thank the lucky star if they met a good dealer (like betting toto!).

[Carnoob]

Good and smart car dealers like my car dealer friend will strongly encourage buyers to send the car to VIACOM / STA for inspection before negotiating on the price with him. This is the best way for car dealers to neutralize the Lemon Laws.

Good point. One more reason why I don't understand some would reject even though the inspection fee will be paid by the buyer.

 

Dealer can also request for a copy of the report and make sure all in order.