Do not ever buy a car from ********* ***** *******

[insomic]

Guys,

Just a public awareness on my encounter with ******** (there might be a civil suit for slander, I am currently consulting my lawyer. Untill things are clarified I will not list the company name for now.)
The following is how I felt I was overcharged as opposed to market rate.
When I did my full settlement, I was told it is $42,997 I disagree with the amount but had to do it first as need to handover the car. I requested for a total breakdown of their charges but they refuse to!

To calculate the full settlement using the Rule 78 and the 20% market rate, is should be $41,911.89.

Loan Amount: $46,000
Total Interest: $7,728 (Interest at 2.40% for Tenor of 84 months)
Total Payable under Agreement: $53,728

Assuming you have made 12 installments @ $640 each, total amount paid would be $7,680.

Based on Rule of 78, the rebate would be $5688.85, therefore the penalty would be $1137.77

Also assuming there is a 1% penalty (on full settlement amount, but my agreement is already more than a year old) for full redemption within 1st 12 months from Date of Agreement, penalty would be $414.97

Full Settlement Amount would then be $53,728 - $7,680 - $5,688.85 + $1137.77 + $414.97 = $41,911.89

42,997-41,911.89=$1,085.11 (unaccounted money)

Even with the assumption of 1% penalty, there is still a shortfall of $1085.11 which is unaccounted for.

I have repeatedly requesting for the full breakdown of their calculation but my repeated attempt was duly ignored! Such practices of refusal to offer a full breakdown and having non-transparent high rate as opposed to what the market practice, of which penalty is not clearly defined and should not be condone.

U decide for yourself if you should get a car from this dealer.

**As I am currently unable to edit the title I would like to apologize that it is not my intention to not try to retify this matter within reasonable means to remove the company name.

[Khoen]

thanks for the heads up bro..

[insomic]

Ya bro, that is why I have been trying repeatedly to ask for the breakdown which is not written in their agreement. They still don't want to give the breakdown and keep giving their usual "I got no time" responds. Been trying to get it for more than 1 month liao! At least I have a right to know where my money go to right?

Whichever the case do you think that 2.2K is what u should pay for any penalty for early settlement?

since u mentioned it was an "in house" loan... other then the usual rule 78 which major financial institutions normally adhere to ... check out the agreement whether there are other clause like full redemption of the loan within 2-3 years will have any extra special fees anot .. or get it verified legally :detective:

[insomic]

Another case of Fivespeed Motor charges

"Feel Cheated by Early Settlement for Car Loan "
http://202.6.169.2/mvnforum/mvnforum...ad?thread=1504

[Dscheng]

I am another victim of their doings. Exactly the same modus operandi. The boss claimed that he is trust worthy and will surely provide the breakdown and refund (about $3k plus). After which, claim that he is very busy (as if we are very free to bother him) and finally, showing face, refusing to pick up call and slamming the call when finally answered cos it was made from private line. I am taking actions against this merchant for their dishonest practice. This is almost like cheating. Will like to seek advice from the TS and others on what they did and what happen eventually. If you need the details, pls PM me, will like to deter other victims from encountering the same. Please think twice and consider bank loan at all costs instead! A consolidation of other victims:

http://www.lancermotoringclub.com/sh...-Motor-Trading
http://202.6.169.2/mvnforum/mvnforum...ad?thread=1504
http://www.singaporecarsforum.com/ca...ead.php?t=7174

[Boon]

Ur body how much,, paper money, may be they quote u high on this then makan from ur full settlement...

[Fahrzeug]

Ur body how much,, paper money, may be they quote u high on this then makan from ur full settlement...

precisely the reason why the threadstarter did no wrong in asking for a breakdown. So that transparency helps to eliminate possibilities of misunderstandings. If a strong number of people who were caught in similar predicament against the same dealer can take collective action, the effects of the move will be greatly magnified. Go to case and be prepared to pool in for legal consultation. The dispute will cost the plaintiffs.

[Razor]

I have removed the title from the Thread topic as per TS's request.

[wind]

I have removed the title from the Thread topic as per TS's request.

razor shushu... i stil tink is gd to leave the dealer shop name BIG BIG ther as precaution n benefit for all the bros/siss here ^_^

[Dscheng]

Yes, strongly agree. My case is not settle yet lo. Razor please post back the company name. I hope other potiental buyer will not fall into this trick like me ! TS, please share your outcome le, thanks.

[wind]

TS tink mia liao... tis thread started in may2010 & his last login is 14-May-2011 03:11 AM... whahaha ^_^

[Dscheng]

I think so too, I hope I am the last victim. This type of company is a shame to the industry esp when second hand cars are at their peak.

[Fahrzeug]

razor shushu... i stil tink is gd to leave the dealer shop name BIG BIG ther as precaution n benefit for all the bros/siss here ^_^

I agree. Postings can be made without the elements of allegations. We can state the proceeds of events and then ask a question if anything is wrong. Let the rest interprete it in their way. But remember not to post it in a suggestive manner that will in anyway lead to a foreseeable outcome.

We can judge as external parties if the transaction made was fair and make our observations.

[insomic]

Wah! Another guy kenna!

Sorry I nv log into LMC for some time. Anyway, you pretty much can't do anything about it because our garment dun give a shit. I went to dunno how many authority from Ministry of Trade to MAS to CASE...etc. All say they dun interfere or not their problem. I even went to UOB who is their finaicer (UOB lend money to them, then they lend money out themselve) who they also dun give a crap about your plight. So in the end LL, just create public awareness by our experience so that there will be less victim. Maybe you can write to STOMP if you are keen.

You can approach Eric from CASE who was previously in charge of this case maybe he can reopen this case to take legal action (which I doubt CASE can do anything but no harm trying). You are the 4th or 5th victim that I came across. Imagine the many others who might kenna but did not speak up.

You can also do what you can by constantly clicking on this thread to make sure then appear first in google search so others can know our experience with them so that they are aware and can decide for themselves. I still have audio recoding of how they call and told me to "be careful what I say" and how I went to the shop and told him to talk to my audio recording he don't have time to give me my breakdown.

Here got 2 people say they kenna
http://www.singaporecarsforum.com/ca...ead.php?t=7174

Here got another guy also say he kenna
http://forums.hardwarezone.com.sg/ca...r-2733391.html

[insomic]

JP Cars Auto Credit

http://www.sgcarmart.com/used_cars/l...?AVL=2&DL=2501

Any experience with this company? Same address, same names, different name.

[Rao]

HI all.

its been ages since this post was updated.

I would like to gather all the parties affected by this shop to file a class lawsuit and claw back all your losses.
KIndly PM me or PM me in the Hardwarezone link below .

http://forums.hardwarezone.com.sg/ea...t-5749214.html

thank you

[Thiessen]

Has there really been that many people affected that this is going into a class lawsuit? Man, that sucks. I wish you well, Rao! I hope you'll get back what you lost.