Not only are cars blood sucking liabilities to get in Singapore, the process of getting one is also fraught with many dangers.
Examples of car dealers who infamously made the news for various reasons:
Volks Auto, KS Automobile, Galaxy carz, Cars Today, Mich Automobile,.Go google them!Common danger
The original car owner sells a car to the car dealer for $32,000 . The car has an outstanding loan of $30,000.The car dealer gives you $2000 first and takes the car, promising you to handle the paperwork of settling the remaining loan of $30,000.
The car dealer then finds a car buyer. Car buyer pays a deposit(or worse the full amount!) and takes over the physical car, believing mistakenly that having the physical car as 'collateral' gives one a peace of mind.
Car dealer then runs away.
Original car owner : Still owes the bank the loan of ......
