Thursday, July 18, 2013

Car Dealers want crutches

I have no sympathy for these babies. Already I felt the PM shouldn't have given in to them in the first place. If you want help, go and own a bank that is too big to fail otherwise welcome to the real world!

From the comments, I noticed many also share my sentiments. So many scumbags in this industry. This is your comeuppance. You should exit the business and let more ethical ones come in. We don't owe you a living.

  • Jack Lin A few things shooting their own foot

    1. Targeted towards low or middle income??? Cars shouldn't be targeted for low income else they would have problem servicing it. Ive seen low income go bankrupt becos they lost their jobs and service a hefty loan of 105% of the car because of cashback at 10-12% effective interest rate
    2. Currently there are some private dealers giving 80% loan
    3. Of course 2nd hand car should valuate the cars properly. They had been valuing the car too high and pple use it for speculation or "drive and dump", but in our case is resell for higher value since COE went up. Some 2nd cars actually sold for more than they were bought.
    4. Buyers shouldnt be taking out 100% loan in the first place, thats just bad finance
    5. The govt has given an extension and you guys clear your stock already, and now asking for more and more and want to "replenish stock"
    Like · Reply · 8 · 2 hours ago via mobile

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