MAS Imposes Financing Restrictions on Motor Vehicle Loans

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

yeah ... yesterday budget debate ... one of the mp talk about sky high rental and continue to rise

rental kills all businesses
 
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

diablo_728 said:
I find a lot of business are underpaying their workers( not in reference o the above business) If these workers are paid their true value I'm sure some will be in the s pass n entry level ep. The problem is the bosses need to pay low wages bc of high cost of other items such as rentals that are killing the them. The govt needs to tackle this.

im in healthcare, the biggest cost is rental, this leads to higher charges. If the govt is really keen on bringing down cost they could allocate subsidized or free rentals (like RCs) n the clinics in these places have to operate at prices set by MOH. There are lots of "rich" drs in their 50s 60s who I'm sure wouldn't mind working in these places as a form of social service. Sort of a "not for profit" social enterprise. But even our public hospitals are profit driven :(

Likewise they could do the same for essential services.

but this just based on my limited knowledge.

Rental is a valid reason. Guess who's the largest landlord in SGP?
 
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Development charge for commercial and industrial developments just got adjusted upwards.

Don't know if they know the land cost is one of the biggest contributor or they just act blur
 
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

exactly ... cost is past down from top to bottom

Physicist;964614 said:
Development charge for commercial and industrial developments just got adjusted upwards.

Don't know if they know the land cost is one of the biggest contributor or they just act blur
 
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Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Rental up!? Thanks to the knn pcb $$$ face shortie marlboro Tan.
Tell me who started artifically inflated property prices heavily when in-charge of MND?
Then next player take over and monkey see monkey do, in the end all public and private also same pattern.....long story lah.
In my eyes the shortie is a big loser to CST, if not because of GRC he won't become an MP at all.
We're very unfortunate to have this kind of $$$ face ex-Min$tar ............. has no heart for people and only interested in his report card.
 
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

We are reaching page 100! Huat ah!

Wait a minute.. which page should I start reading from?
 
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

kenntona;964578 said:
Sounds like this MP is sounding out for the people on the street? No wait, this is a big guy with 235 cars !!!

I am guessing Republic Auto, Prime Credit, Think One, Abiwin. I don't think there are many dealers with that many cars. Only a few big ones.
 
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Brobot should get an award for starting this thread.
 
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

kenntona;964590 said:
I think BVO or SWC have more valid reasons to complain about the foreign workers levy. After all, the entire automotive industry requires workers from up north.

IIRC m'sians have a different quota from other foreigners.
 
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Why is that MP Lee Bee Wah speaking out so vehemently for some rich (or soon to be bankrupt) car showroom owner? Isn't the focus of MPs on the welfare of poor and middle-income group? There are many poor residents in your GRC, Ms Lee. Take a closer look. For businessmen who take big risks and flip here and flip there to make profit, no sympathy votes please. That is the risk of running a business, period. And if you can't have the foresight to foresee blips or dips in your industy, you haven't learnt much in that 17 years of business. A prudent and risk-adverse businessman will know that when everything seems calm and extremely profitable, beware and stay sharp. Tail-end risks like epidemic and governmental measures hit businesses at their legs in the most unexpected moments. History will tell you that. And I'm not hinting the property markets will be next. I'm SURE it will be the next whipping boy of PAP.
 
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Some dealer just offer me 10 yr loan for brand new car! told me they have their LEGAL means to exploit the loopholes.
Briefly it means they are playing unofficial bank and claim they are not under MAS jurisdiction. Got such thing?
BTW...it's for mercs which i am not interested
 
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

is this considered what LBW said ... "advance notice" :lol:
 
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

naan1974;964679 said:
Some dealer just offer me 10 yr loan for brand new car! told me they have their LEGAL means to exploit the loopholes.
Briefly it means they are playing unofficial bank and claim they are not under MAS jurisdiction. Got such thing?
BTW...it's for mercs which i am not interested

Yes, see post below:


C3P0;964271 said:
In a move to close loopholes in the new financing restrictions, the Government is set to review the Hire Purchase Act.

In a move to close loopholes in the new financing restrictions announced last week, the Government is looking to review the Hire Purchase Act.

When approached by The Straits Times, the Ministry of Trade and Industry (MTI), which administers the 44-year old Act, confirmed that a review was under way.


Although banks and finance houses are regulated by MAS, some other lenders that include credit companies and financiers, such as BMW Financial Services and Daimler Financial Services, are not. Instead, they are regulated, in part, by the Hire Purchase Act.

Currently, the Act covers car loans of up to $55,000, before Certificate Of Entitlement (COE), so essentially the clause leaves loans which exceed that amount in a twilight zone.

Some observers expect the review to address this aspect of the Act. "They could either remove the quantum or raise it high enough to cover all or most car loans, or they could simply specify that all vehicle loans under the Act should be limited to 50 percent or 60 percent of the purchase price," said a lawyer familiar with the Act.

MTI did not have details of the review, but it is understood that changes will take some time, as setting new laws will most likely be involved.

There were some mixed reactions to the pending review. Non-regulated lenders by the MAS, said MTI should retain its 'light touch' on the Act. Others said that loopholes should be closed to ensure the loan restrictions get the desired results - a cooling of the car market.

Source: Loopholes to close in new financing restrictions
 
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

2 week old policy oredi got loop hole, million dollar ministars...so in the meantime people will chiong to buy car before loop hole is plugged...COE wun drop and garmen happily pocket the extra arf $$.
 
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Heng I low class. Screwed, raped and left aside. Immuned.
 
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

I agreed...nothing beats and lower than duck...
 
Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

zorro said:
I agreed...nothing beats and lower than duck...

At least I earn my $$$ without robbing or stealing from the people. Pride.
 

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