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It has been noted that car repossession is on the rise. There's a 2 page article on car repossession in today's ST, dated Tuesday,18th November 2008 on pages B1 and B2. Here's an extract;
"Checks by the ST on major yards where repossessed vehicles were held showed a mixed picture: 1 such yard, used by a leading local bank had about 60 cars and was only half-filled with relatively new Mercedes-Benzes, BMWs, Saabs and even a $300,000 Range Rover. But another yard, in the central part of Singapore, used by an international leader, was full, holding about 200 cars - mainly mass market models. An operator of the yard for repossessed cars told the ST that she was expecting occupancy to rise soon.... Cars in the repo yards are now quite new, unlike in the slowdowns of 1998 and 2003, when the yards were filled mainly by vehicles 7 or more years old..... Observers say this could be a reflection of Singapore's relatively young car population today, as well as the easy credit that banks and finance houses have been dangling at buyers since the MAS de-regulated car-financing five years ago. Many schemes offer "cashback"- hard cash for buyers who take up car loans. Others offered deferred payments, or ultra-low instalments and hefty payments later. Such offers draw many marginal buyers who would otherwise not have been able to afford cars... Being made bankrupt as a result of having defaulted on a car loan is an emerging trend, anecdotal evidence suggested. Lawyers and credit agents, are meanwhile, handling more cases involving car-driven insolvencies..."
Extracted from ST; Tuesday, 18th November
I guess for those prospective buyers, it is important that they consider their current financial situation very carefully before owning one.
What do you guys think?
Edited by lianamaster 18 Nov `08, 12:52PM
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Originally posted by youyayu:
u paying in instalment might as well don't buy the car..
just save the money for 5 years. u can get new design, debt free
isn'it better?
The problem is.... Some dealers can earn extra commission that their partner banks offer if they recommend clients to those finance packages. So, to save their rice bowls, some will recommend those, who can pay in full, to pay in instalments of at least 1 to 3 years. So, I feel it's pretty subjective. But still, it's the client's rights to reject the salesman offer.
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Originally posted by lianamaster:
The problem is.... Some dealers can earn extra commission that their partner banks offer if they recommend clients to those finance packages. So, to save their rice bowls, some will recommend those, who can pay in full, to pay in instalments of at least 1 to 3 years. So, I feel it's pretty subjective. But still, it's the client's rights to reject the salesman offer.
yea.. but the customers nv use brain... bank account got $0 but can show that they are working is useless..
cause.. if they got sack. thats it.. they are in horrible debt..
unless ur job is a property agent.. won't get sacked i nothing say..
i just pay full amount.. no need worry for debt..
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Originally posted by youyayu:
yea.. but the customers nv use brain... bank account got $0 but can show that they are working is useless..
cause.. if they got sack. thats it.. they are in horrible debt..
unless ur job is a property agent.. won't get sacked i nothing say..
i just pay full amount.. no need worry for debt..
True.... Haiz......Given the current layoffs and stuff like that...No one knows what will happen tmr.
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Originally posted by lianamaster:
True.... Haiz......Given the current layoffs and stuff like that...No one knows what will happen tmr.
yea.. i got 1 friend.. 4k a month brought a bmw.. true la car better then me..
have to pay instalment 1.2k a month
then.. got sacked..
i still remember to hao lian to me that he brought a new bmw blah blah blah
lol.. yea.. this kind of things happen
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Originally posted by youyayu:
yea.. i got 1 friend.. 4k a month brought a bmw.. true la car better then me..
have to pay instalment 1.2k a month
then.. got sacked..
i still remember to hao lian to me that he brought a new bmw blah blah blah
lol.. yea.. this kind of things happen
Oh my... that's terrible.
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Originally posted by youyayu:
yea.. i got 1 friend.. 4k a month brought a bmw.. true la car better then me..
have to pay instalment 1.2k a month
then.. got sacked..
i still remember to hao lian to me that he brought a new bmw blah blah blah
lol.. yea.. this kind of things happen
ur fren how old earning 4k?
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