MAS Imposes Financing Restrictions on Motor Vehicle Loans

[Darth Vader]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

my dear friend,

1) a lot of car owners have 10 year loans, need to scrap when fully paid.
2) not everyone have 50% cash upfront laying in the bank.
3) buy direct from owners.

i have the upper hand this time......

late 2011/2012 used car would be selling like hot cakes ...
which means you probably wont get lelong and pay a premium for the car ...
dealers are blood sucker ... they will benchmark their car with new and told you ... you save on 140/180 ARF
if the car coe is $60K-$70k ... the coe depreciation already $6k-$7k per year hor

 

[whiteonyx]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Group buy. Ai mai?

Ai....u organize lor...this sat all go down lta 8)

 

[Meek]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Ai....u organize lor...this sat all go down lta 8)

Wait till the effective date first lar.... more con-vincing.

 

[epong]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Sit back and relax. Emotions ran high during the recent property CM7 as if the end of world has arrived. Dust has since settled and life went on.

While the new car CM seems extremely draconian, the number of COEs will remain the same. The government has prepared for the dip in COE prices by having a higher ARF, hence the question is really how low. But life will definitely go on and intelligent minds somewhere will think of ways to "counter" the measure.

Audi didn't build THAT building for show right?

 

[detach8]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

The ARF is peanuts lah. Go up by 40% just means the car depre 20% more. E.g. F10 OMV 40K now ARF is around 60K, scrap is 30K. The eventual difference is 10K nia, i.e. 1K/yr. If COE drop from current 90K to 50K, there will be immediate reduction in 4K/yr depre. That is the killer, because now those with relatively new car is worthless until a very old age. If you sell now, confirm sell for a fuckedup price. And for sure interest rates will go up. Banks will squeeze ye balls.

 

[porky88]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

90K to 50K.. i can stomach....

90k to 20K... go holland lo....

The ARF is peanuts lah. Go up by 40% just means the car depre 20% more. E.g. F10 OMV 40K now ARF is around 60K, scrap is 30K. The eventual difference is 10K nia, i.e. 1K/yr. If COE drop from current 90K to 50K, there will be immediate reduction in 4K/yr depre. That is the killer, because now those with relatively new car is worthless until a very old age. If you sell now, confirm sell for a fuckedup price. And for sure interest rates will go up. Banks will squeeze ye balls.

 

[whiteonyx]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Wait till the effective date first lar.... more con-vincing.

I hope this will make ppl 'love' their cars more so that they can stop swinging their doors and ding other ppls car...

 

[southern]

Budget 2013 Arf, Omv or watever u call it

Budget 2013: New tiered tax rates for cars, rebates for commercial vehicles

can someone use simple layman terms here, does it means u buy a much more luxury cars after march , u actually pay more after 10 donkeys years, or , actually u paid out front for a new luxury car, but get back watever u paid earlier after 10 years.

knn, I english and mathematics nerd.

 

[bryan_t]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

All those dealers who happy happy bid high for their COEs and still holding on to them must be breaking cold sweat now...suddenly all the potential buyers hilang liao

 

[brosiss]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Flip flop lui flip prata to Tharman, let's see how MAS flop now..

 

[milk15]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Lucky i bought my KAR chia in cash....... No need loan...




Irrelevant.........

 

[wobbles]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Was happy at first to think I could now go buy a Porsche now. Then I read the fine print - 50% cash upfront. Forget it. Got better things to do with cash than to plonk it onto a fast depreciating 'asset'

 

[M-Noobie]

Re: Budget 2013 Arf, Omv or watever u call it

Deputy Prime Minister Tharman Shanmugaratnam announced this during his Budget speech on Monday and said this will contribute in about $150 million in additional revenue annually.

He also gave the example of an economy car like a Mazda 3, compared to a mid-range car like an Audi A5 and a luxury car like the BMW 735.


BMW don't make 735i anymore...

 

[whiteonyx]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

I also think the garmen don't like so many ppl drive same cars (BMW) as them....buay song....

 

[wt_know]

Re: Budget 2013 Arf, Omv or watever u call it

Mz3 will be selling like hot cakes ...

anyway, the way i see it is

1. pay more upfront ... first 20K omv x 100% + next 30k omv x 140% + subsequent omv x 180%

2. get back is also lower ... which is a % (based on car age) of what you paid

 

[wobbles]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Actually no difference to me at the moment - and no difference to most of the brothers/sisters here have either paid off their car loans, or belong to the old scheme. The LPPL ones are those who haven't bought yet and were waiting and waiting ..... and waiting ...... Suck thumb!

 

[brosiss]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Our populist gov tell you they tax the rich higher for the car they buying. With financial restrictions they meets the people demand for Coe to fall but now the people cannot buy because of high cash requirements.

 

[pengful]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Despite all the feedback about the COE system, they still refuse to change because their coffers will be affected. They called this "raid on reserves", made popular by the unpopular MBT.

Very smart moves; screw the people, screw the banks, govt still take in the COEs.

 

[MW]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

BMW will finally become a high class car again!

 

[Red_Bean_Bun]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Provided COE drop ...... and even then more people buying second hand car unless you loaded.

The Toyota glory days will be back