nasihat pelaburan di bawah Akta Pasaran Modal dan Perkhidmatan. Maklumat yang . Berdasarkan Akta Sewa Beli (pindaan ), pembeli boleh. Semalam, Bisnes Metro melaporkan kerisauan FMCCAM berhubung pelaksanaan pindaan Akta Sewa Beli (pindaan ) yang dilaksanakan minggu. Jack Beatson, Andrew Burrows and John Cartwright ( Statut-Statut: Akta Kontrak (Act ) Akta Jualan Barangan (Act ) Akta Sewa Beli
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At current rates, it may make more sense for you to lengthen or increase your hire purchase loan. MOST of us buy our motor vehicles using hire purchase. I remember being told to buy it using cash if I could afford it or at least, minimise the loan tenure so that I will eventually pay less interest on my car.
However, have you noticed something different lately? What does that mean?
Hire-Purchase Act 1967
Firstly, it means you can afford to lengthen your hire purchase loan and lower your monthly repayment amount. Although it means eventually paying more interests on your car, a lower monthly repayment amount frees up some cash that can be stashed away in an investment portfolio. Compare this with your average APR of 4.
Secondly, you can free up your cash which you intended for a bigger deposit on your car to clear some older loans which have a higher interest rate than your hire purchase APR.
For example, your approved hire purchase loan is RM, at a rate of 2. The effective rate works out to be 4.
You have an old mortgage loan at BLR A better way is to take the RM, hire purchase loan which has a fixed APR and utilise it to pay off or reduce a more expensive loan. This may mean eventually paying more for your car, but you have also reduced the interests on your more expensive mortgage via capital repayment.
The net effect on your pocket between these two is still positive. A word of caution though your cashflow must be able to support your higher hire purchase commitments. Speak to a financial planner before you commit to a debt management plan such as this.
With more choice than ever, choosing your perfect car can be a confusing process. Make things easier by spending some time working out bsli you 197 from your car. The amendments to the Hire-Purchase Act HPA that took effect on June 15 has caused delays in vehicle registrations and should result in lower total industry sales for the month.
Car players said the drop did not mean people were buying fewer cars but reflected the longer time to book a sale and they expect the registration numbers to smoothen out in July. ETCM executive director Beki Dr Ang Bon Beng said the amendments had created a lot of anomalies in the skta process and delays for the company to secure sales. Unlike the past, presently car sellers or dealers cannot accept booking fees before the car buyer is served with a Second Schedule notice.
The Second Schedule notice can only be completed and served bbeli the car buyer usually after the hire-purchase loan application is approved. This means the hire-purchase agreement can only be prepared after the actual car unit has been allocated to the dealership. Dealers may even go bankrupt and it is the banks who are having the final say on the sale of cars.
There is also no proper understanding on the nature of the amendments and it is leaving everyone from the banks to dealers in a quandary. What is wrong with the amendments to the Act?
Have you got the numbers to back your claims? Since it only came into force recently June 15the 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. The impact can also be seen during a sales carnival by a dealer who specialised in reconditioned cars and at the Perodua launching of the new Myvi.
We can see customers eager to place booking for particular cars but the salesman and the dealer cannot make the booking. So, whatever that is done by the dealer will only be taken into consideration when all official documentation is received and the loan approved. So, only when the loan is approved can the sale be considered safe? 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.
It is only then the purchaser needs to pay the full downpayment. 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. Can you take us through what kind of problems your member will face now? So, there is no queuing under the new system. Before, as long as your booking was made during that particular period, we key-in the particulars over the system so even if the loan approval came much later the customer will still get what was promised during the period.
Now, of course, we cannot make the booking as under the Act, we are not supposed to do it. Yet, that is not the main problem. Seventy per cent of our customers are those who want to trade their cars. Now, cars need to be inspected at Puspakom. Each car needs to be inspected and its faults documented, in a detail form.
Motor Insurance Section B-1 – WYW AGENCY
Before, you just need to look at the car or maybe test drive it before making the purchase. Even before the new amendments came into force, used car dealers slashed the prices of second hand cars up to RM10, The used car dealers slashed the prices because they sdwa they cannot sell the vehicles.
Is the problem exclusive to PEDA members? 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.
PEDA represents 80 per cent of Proton dealers in the country while the Perodua association also represent 80 per cent of their segment.
Together, we make up 60 per cent of the total market share. The amendments do not specify whether it focuses on the national car segment or not. It is general and it covers all vehicles not just cars, van, motorcycle or trucks.
The impact is more unique to the automotive industry and more unique for the national car segment. You know every time, a new car is introduced, be it low or high season, the speculation by the general public and used car dealers remain high. In the past, when the booking fees were RM1, or RM5, they could make bookings for 20 cars.
If you cannot accurately gauge the actual booking, how can you commit to the factory?
How can you make forecast to Proton? Now it is all to the banks. But some banks take two or three weeks to process loans documentation. It will be two weeks before we get the Letter of Undertaking and other documents. Two cases so far, one up north and another in Kuala Lumpur, when a reconditioned car dealer held a sales carnival over the weekend. The dealer was subsequently arrested. Was PEDA purview to the amendments? Were the other stakeholders aware of the consequences?
Until the Act was gazetted, even banks were not aware. The banks only came to know about the amendment after it was gazetted.
First of all, we hope the enforcement of the amendments are deferred and postponed and the government will meet with the stakeholders on how to minimise the impact. Now, it appears we cannot even do business. Based on what you are saying, it appears the banks are now the de-facto car dealer. To make matters worse, every bank has its standard operating procedure SOP.
Tomorrow, another officer from another bank will tell us another SOP. If the banks cannot synchronise their SOPs, how can the Proton Edar dealers be homogenous on the same amendments? Everyone has their own SOPs at the moment. How do you expect the industry and the general public to understand the amendments? Therefore, we strongly believe the enforcement should be postponed until everyone in the industry understand the nature of the amendments so we can explain it to our customers. Until everyone understands the amendment.
If this goes on, half of the 5, used car dealers will close shop. For example, on the first day the amendments came into force, RHB Bank stopped credit facilities to our members. Forecast for the sales can only be done at the end of the month.
Apart from the Domestic Trade Ministry, are you sending the memorandum to anyone else? Will car dealers gulung tikar go bankrupt within one or two months if your deferment application is not met? The automotive industry is the second largest industry in the Malaysian economy after properties. Any repercussion on the automotive industry will have a very huge impact on the national economy. This sounds a little bit harsh but I hope it will be published. Personally speaking, I do not know where the government is heading with the automotive industry.
None of the industry stakeholders were consulted before new policies are introduced. With the amount of revenue and taxes generated by the industry from excise duties to road duties, how much percentage of the revenue is ploughed back into the industry?
When hire purchase loans can help | KIA MOTOR / NAZA KIA MALAYSIA / KIA TTDI
The answer is negligible and at the same time, the government never refer to stakeholders on new policies. For example, when they launched the National Automotive Policy a few years back, car prices for both new and used cars decreased overnight.
The government says they want entrepreneurship to prosper but at the same time, they implement policies which have adverse impact on the very group they say they want to develop and see prosper. Pengarah Komunikasinya, Mohd Yusof Abdul Rahman, berkata pindaan akta itu melindungi pengguna dan memang tepat pada masanya dilaksanakan.
Semalam, Bisnes Metro melaporkan kerisauan FMCCAM berhubung pelaksanaan sfwa Akta Sewa Aktw pindaan yang dilaksanakan minggu lalu dan menjangka industri bakal mengalami kerugian sehingga RM3 bilion iaitu kira-kira 20 peratus daripada RM15 bilion nilai pasaran industri tahun ini.