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carrrt 14-08-2019 04:11 PM

Quote:

Originally Posted by bh10101 (Post 122239044)
whats the admin fee for? did the PI mentioned to you? :s12:

The SE said the admin fee is charged by the finance company .While another PI also told me they charge a sum for the finance company too. Ranges from $2,000 to $2,500. This one cannot siam one meh?

CCCustom 14-08-2019 05:06 PM

Quote:

Originally Posted by carrrt (Post 122239499)
The SE said the admin fee is charged by the finance company .While another PI also told me they charge a sum for the finance company too. Ranges from $2,000 to $2,500. This one cannot siam one meh?

Tell them go fly kite lar, bank / finance company pay them commission for getting you to take loan from the bank / finance company.

Whichever PI is feeding you this bull$#!t, walk away. They lie to you about this, most likely they lie to you about other things as well.

straweffigy 14-08-2019 05:13 PM

Quote:

Originally Posted by carrrt (Post 122238105)
Is it normal that when buying from PI there will be a admin fee of $2k-$2.5k? Or this admin fee should be totally waived or $0 ?

You should run away ASAP from this PI.

Seems like you give off the newbie vibe so they are taking you for a ride. If you're worried, get a friend who is familiar with the new car buying process to go shopping with you, if u must buy from PI.

bh10101 14-08-2019 05:27 PM

Quote:

Originally Posted by CCCustom (Post 122240391)
Tell them go fly kite lar, bank / finance company pay them commission for getting you to take loan from the bank / finance company.

Whichever PI is feeding you this bull$#!t, walk away. They lie to you about this, most likely they lie to you about other things as well.

doh remember seeing any entry on "admin fee" in my recent purchase for KM car leh.. :s12:

carrrt 14-08-2019 05:31 PM

Yeah confirm is I got the noob aura haha! So just to be clear, there shouldn't be such thing as "admin fees" payable etc when purchasing from PI ? I thought is I taking full loan so must kena this admin fee .

tannl88 14-08-2019 06:21 PM

Quote:

Originally Posted by carrrt (Post 122240832)
Yeah confirm is I got the noob aura haha! So just to be clear, there shouldn't be such thing as "admin fees" payable etc when purchasing from PI ? I thought is I taking full loan so must kena this admin fee .

You paying the PI salesman fill up form for you 😂

CCCustom 14-08-2019 07:06 PM

Quote:

Originally Posted by carrrt (Post 122240832)
I thought is I taking full loan so must kena this admin fee .

Full loan? What kind of finance company? Are you referring to those in-house loan?

carrrt 14-08-2019 07:10 PM

Quote:

Originally Posted by CCCustom (Post 122242336)
Full loan? What kind of finance company? Are you referring to those in-house loan?

Ah ya in house loan . 4.5% that kind.

CCCustom 14-08-2019 07:17 PM

Quote:

Originally Posted by carrrt (Post 122242395)
Ah ya in house loan . 4.5% that kind.

Thereís no nice way to say this ...

If you need to take this type of loan, you better donít buy car.

carrrt 14-08-2019 08:03 PM

Quote:

Originally Posted by CCCustom (Post 122242497)
Thereís no nice way to say this ...

If you need to take this type of loan, you better donít buy car.

Yeah I'm aware but for me is that I need a car for work, would be working part time grab daily to recover the installment .

Have been discussing this topic in another thread on grab/gojek. TL;DR summary is company only gives a pathetic $500/month and asked me to settle myself for the car. Rental vs buying, Either way I need to get one and need to recover the cost/installment daily. So concluded that buying is easier to recover albeit the commitment is way longer as compared to rental .

Not buying a car out of nowhere just for convenience sake. This job arrangement is too abrupt, and recently getting married, just got house etc . Hence no other way but to get this type of loan. Totally understand where your advice is coming from. In fact I'm open to all comments/advice on this move too!

bh10101 15-08-2019 09:30 AM

Quote:

Originally Posted by carrrt (Post 122242395)
Ah ya in house loan . 4.5% that kind.

4.5%? car loan interest went up from 1.88%? :s12:

converse2010 15-08-2019 09:40 AM

Quote:

Originally Posted by bh10101 (Post 122250437)
4.5%? car loan interest went up from 1.88%? :s12:

Probably out of regulation type of loan, i.e In-house or higher than regulated 30/40% down payment sort.

mp4005 help 18-08-2019 04:11 PM

Quote:

Originally Posted by carrrt (Post 122242395)
Ah ya in house loan . 4.5% that kind.

You must be crazy for a 4.5% interest rate plus whatever rubbish admin fee that they want to charge you.

Walk away . It is a scam to cheat your money.

bh10101 19-08-2019 09:29 AM

Quote:

Originally Posted by mp4005 help (Post 122307743)
You must be crazy for a 4.5% interest rate plus whatever rubbish admin fee that they want to charge you.
Walk away . It is a scam to cheat your money.

suspect is 0% download payment as @carrrt do not have any $$ on hand :s12:


Quote:

Originally Posted by carrrt (Post 122243124)
Yeah I'm aware but for me is that I need a car for work, would be working part time grab daily to recover the installment .
Have been discussing this topic in another thread on grab/gojek. TL;DR summary is company only gives a pathetic $500/month and asked me to settle myself for the car. Rental vs buying, Either way I need to get one and need to recover the cost/installment daily. So concluded that buying is easier to recover albeit the commitment is way longer as compared to rental .
Not buying a car out of nowhere just for convenience sake. This job arrangement is too abrupt, and recently getting married, just got house etc . Hence no other way but to get this type of loan. Totally understand where your advice is coming from. In fact I'm open to all comments/advice on this move too!


Orphan 19-08-2019 01:36 PM

Quote:

Originally Posted by carrrt (Post 122242395)
Ah ya in house loan . 4.5% that kind.

I think you got ask in the JFC telegram group, and have received several answers also :)
Including the breakdown of costs until you have like 100 bucks left per month.

If that's the case, think really hard whether you really want to own a car.

Now that I see a better picture, a few questions-
1) Does this current job require you to own a car?

2) If not, take public transport as much as possible and rent when you need (small CAT A cars can get as low as $35 per weekday). Maybe this is something you can consider?
If you cannot find let me know.

3) If really need to travel from 1 end of the island to another frequently and/or go down to customers' site, then maybe can look at long term lease? Can often bargain with rental companies to get a good deal.

4) Can you guarantee you will keep this same sudden job arrangment/position/role for the next 5 years? If not, that $500 allowance goes bye bye, and you will be stuck with the full costs of the car until you sell.

5) Doing PHV to cover expenses for the car means you are putting in your own time and money for the company.
I rephrase in another way - you are paying money to your company to work for them. At a time where you cannot afford a car yourself and have to get loans at ridiculous rates.
Is this company/job worth it? (Serious question, coz sometimes there are other factors that can make it fulfilling)

Money problems is going to strain your relationship with your spouse and family.

Plus, you basically will have 0 savings for the next 5 years. As a comparison, go work downstairs kopitiam collect dirty plates part time also can save more money every month. (Almost every stall will have unsold food they can spare for your lunch/dinner, and you can even tabao home for family).

I know got car can be very satki, shiok and have freedom. But when you have to start sacrificing family time after work to get an additional job just to get a car, sacrifice sleep, risk your life in sleep deprived accidents and still end up 5 years later with 0 savings, you will think back to this decision.


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