Infor for those who may concern:
For your reference:
Quick tips for buying a new car & New Hire Purchase Regulations 2011
Setting your budget
• Work out how much your current car is worth, and whether you’ll sell it privately or part-exchange it with a dealer
• Decide on whether you need to take out finance
• Calculate your likely fuel, insurance and road tax costs
Choosing the right car
• What the car will be used for
• How many passengers will be regularly carried
• How much will it cost to service and repair
Test driving a car
• Ask the dealer to arrange a drive in a car that’s as close as possible to the one you’re looking to buy; sometimes you may need to drive several cars to sample the bodystyle, engine and gearbox separately
• Make sure you can get comfortable behind the wheel, are satisfied with the way the car drives and you have sufficient visibility
• If you regularly carry passengers or luggage, load up the car to see how it copes
Wednesday, June 29th, 2011 12:33:00
A: Since it only came into force recently (June 15), the full impact of the amendments has yet to be seen throughout the network. However, I can say the booking for Proton cars has gone down by 50 per cent.
A: Yes, only then the sale numbers materialise in the system. And we also cannot complete the documentation for the hire purchase agreement until the car we ordered arrives as under the new amendments, we cannot issue out blank documents. We then need to fill up every detail about the vehicle and its purchase before it can be sent to the bank for the hire purchase agreement. It is only then the purchaser needs to pay the full downpayment.
A: Under the sales contract, there is the buyer, seller and consideration, which is the money paid. When there is no money paid, there is no contract. You need the money for the contract to materialise.
A: Let’s say one has 10 customers… customer A, B, C, D, E and so on. They submit their documents to different banks and due to different processes, customer E gets his Letter of Undertaking first, meaning he will get the car first. So, there is no queuing under the new system.
A: It is across the industry. After we issued the Press statement, Perodua dealers association contacted us so we could meet with the government in order for us to discuss to postpone or defer the amendments.
only one per cent of the car price, so the dealership has already committed a second offence which makes it liable to be fined RM250,000.
A: Until the Act was gazetted, even banks were not aware. The banks only came to know about the amendment after it was gazetted. The amendments had gone through drafting and tabling in Parliament without prior discussions with stakeholders.
A: Yes it’s the banks, not the car dealers. When we bring customers up to the marketing officer to ensure the deal happens, we no longer need to work diligently as it will all depend on the marketing officers.
A: Until everyone understands the amendment. The government is saying they support entrepreneurs but they keep introducing policies which are stifling entrepreneurship. If this goes on, half of the 5,000 used car dealers will close shop.
A: Since the ministry has purview over the Act, we are going to them first. We will also be meeting with our advisor Tun Dr Mahathir (Mohamad) and Prime Minister Datuk Seri Najib Razak, who is also the Finance Minister.
expected to drop by 20 per cent this year due to amendments to the Hire-Purchase
Act 1967, says the Federation of Motor and Credit Companies Associations of
into force on Wednesday, would damage the industry.
“The used car industry is very important to our economy,” he told a press
conference after the signing ceremony on e-Services between the chief executive
officer of eAuto Sdn Bhd (eAuto), Ganesh Kumar Bangah and Khor.
Datuk Solah Mat Hassan.
business as the industry”s total loan size was between RM140 billion and RM150
amendments, given the high risks involved.
customers protected, adding that used car dealers are also consumers.
Meanwhile, the collaboration in e-service implementation between eAuto
(formerly known as Taktik Bebas Sdn Bhd) and the federation will facilitate and
provide extensive online support to some 3,000 members in conducting their core
business in buying and selling of used cars and in their day-to-day operations.
federation and JPJ.