MAS Imposes Financing Restrictions on Motor Vehicle Loans

[Red_Bean_Bun]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

There's always a way out ..... Else PML inventory Jialat.

MAS already closed the loophole on financial institutes and will take effect in about 2-3 weeks. Now whole market must follow MAS new regulation

 

[Darth Vader]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

wtf? you getting another car ?
give me chance to change car can or not ?

/wobbles pray: PREASE GAWD, $1 COE, preaaaaasssseeeee!

 

[Darth Vader]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

i think MAS is member of NATO, people still giving 100% loan.
act blur cannot see, can see $$$$$ only.

MAS already closed the loophole on financial institutes and will take effect in about 2-3 weeks. Now whole market must follow MAS new regulation

 

[Shev]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

When the loophole is plugged, many many people who bought at 80-90k Coe will up lorry including myself.

So I hope this is not going to happen so soon or not at all.

But for DV and Wobbles, confirm good news! Got GCB can build garage to store 4th, 5th, 6th cars! Sart!

 

[Slow_poke_driver]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

coe $1 or 100k also not much difference.

If say coe plunge to $1 and your current car is 90k coe, then just scrap at year 5 loh.

E.g. a 90k coe f10 scrap after 4th year will be worth about 80k. if coe is $1, new car should be around 160k or even lower. Rather than look at losing 150k (buy 230k, dereg 80k) in 5 years, just take it as top up 80k for a car 5 year newer. Worth it lah.

If coe is sibei expensive, you sell expensive, also buy expensive.

 

[jaskin]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

with the higher ARF I think the cost for the higher tier cars is actually higher, even if CAT B COE reaches 10K.

When the loophole is plugged, many many people who bought at 80-90k Coe will up lorry including myself.

So I hope this is not going to happen so soon or not at all.

But for DV and Wobbles, confirm good news! Got GCB can build garage to store 4th, 5th, 6th cars! Sart!

 

[flyboy]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

I think the most bang balls are those who bought at 2359 dateline. They paid the highest price with the last 90+k COE, thinking that the 100% loan will be stopped by then. Rush to seal the deal with little discount and freebies.

Next thing, you know, COE plunged and all car traders drop their price by 30-60K and yet still offer 100% loan.

What to do... all about timing...

Cheers!

 

[Shev]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

coe $1 or 100k also not much difference.

If say coe plunge to $1 and your current car is 90k coe, then just scrap at year 5 loh.

E.g. a 90k coe f10 scrap after 4th year will be worth about 80k. if coe is $1, new car should be around 160k or even lower. Rather than look at losing 150k (buy 230k, dereg 80k) in 5 years, just take it as top up 80k for a car 5 year newer. Worth it lah.

If coe is sibei expensive, you sell expensive, also buy expensive.

All I can say is you damn kuah eh kui!

 

[detach8]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Those who deal at 2359 got 30K rebate from the COE dip leh.

 

[whiteonyx]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Those who deal at 2359 got 30K rebate from the COE dip leh.

i dont think pml will give u 30k cash refund...they will just throw u a Cat E...

 

[Meek]

MAS Imposes Financing Restrictions on Motor Vehicle Loans

/wobbles pray: PREASE GAWD, $1 COE, preaaaaasssseeeee!

not happening...
View attachment 48914

 

[brosiss]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Cat A dropped 10k, Cat B up 15k, Open Cat up 8k..

 

[Mockngbrd]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Back to our regular programming...

ONE.MOTORING - COE Details

A:64
B:74
C:73

DD:32

 

[jasonmaxima]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

I foresee more....WTB Season Parking around Marina Bay area threads.....


HUAT AH!!!!

 

[Darth Vader]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

government laughing and limping all the way to the bank yet again.
it is good to be a governor of rich citizens.

 

[Reeve]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

this are small money to them the additional stamp duties for houses is in Billions.

 

[Radon39]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

MAS belakang pusing

LOAN RESTRICTIONS LIFTED TEMPORARILY FOR PURCHASE OF PRE-EXISTING STOCK OF USED CARS; RESTRICTIONS EXTENDED TO CREDIT COMPANIES NOT REGULATED BY MAS

Singapore, 5 April 2013 ...

The Monetary Authority of Singapore (MAS) will lift the current restrictions on car loans for a period of 60 days for the purchase of used cars1 that were part of car dealers’ inventory before the restrictions were introduced on 25 February 20132. As dealers have up to seven days to register used cars under the Land Transport Authority’s Temporary Transfer Scheme (TTS), used cars registered as of 4 March 2013 will be eligible for this concession.

2 MAS had also earlier indicated that the scope of the financing restrictions will be extended to all entities that finance car purchases, including those that are not regulated by MAS. This will now come into effect. The Ministry of Trade and Industry has today issued new regulations pursuant to the Hire Purchase Act to ensure that MAS’ financing restrictions on the purchase of cars apply to these non-MAS regulated entities as well. The Ministry of Law has also today required licensed moneylenders to comply with MAS’ financing restrictions.

3 The lifting of the financing restrictions on purchases of used cars under the TTS as of 4 March 2013 takes into account the distinct conditions in the used car market currently. The inventory of used cars acquired by dealers at relatively high in-built Certificate of Entitlement (COE) values before the introduction of the financing restrictions has made it particularly challenging for them to adjust to the new market conditions. Demand has also fallen more sharply in the used car market compared to that for new cars.

1 All references to cars include goods-cum-passenger vehicles.

2 On 25 February 2013, MAS announced restrictions on car loans granted by financial institutions:

(i) For a car with open market value (OMV) that does not exceed $20,000, the maximum loan-to-value (LTV) is 60% of the purchase price, including relevant taxes and the price of the Certificate of Entitlement, where applicable; and

(ii) For a car with OMV of more than $20,000, the maximum LTV is 50%.

(iii) The tenure of a car loan will be capped at 5 years.
These restrictions took effect from 26 February 2013.

4 MAS has therefore decided to temporarily lift the financing restrictions for the purchase of the limited pool of used cars registered under the TTS as of 4 March 2013. This pool comprises less than 7000 cars. Based on trends in purchases of used cars since the announcement of the new restrictions, it is expected that much of this inventory can be cleared within a period of two months. This concession takes effect from 6 April 2013 and will be in place for a period of 60 days3, after which, the financing restrictions will apply.

5 MAS has taken into account useful feedback from the Singapore Vehicle Traders Association on the state of the used car industry. While it is not possible to relieve the industry from the impact of the financing restrictions on an ongoing basis, the two-month relaxation of the rules for its pre-existing inventory will help the industry adjust to the new conditions.

6 MAS will continue to monitor developments in the car market and COE premiums, and will recalibrate the financing restrictions for new and used cars when appropriate.

 

[Oilman]

Car loans: let's do the flipflop!

Loan Restrictions Lifted Temporarily for Purchase of PreExisting Stock of Used Cars

 

[N54toN47]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

The hole has been plugged. COE is gonna drop again...

 

[Mockngbrd]

Re: MAS Imposes Financing Restrictions on Motor Vehicle Loans

Ay... cannot buy my fellari liao