bank auction car

Bank Negara Malaysia have announced a 6-month moratorium for all bank loans except credit card balances, starting 1 April 2020. The moratorium is basically a temporary freeze on loan repayments. However, do remember that the moratorium applies only to loan repayments. Interests will continue to accrue every month as usual. Also, the moratorium applies only to loans that have not been in arrears (all previous payments owed paid in full) for more than 90 days as of 1 April 2020. How does the 6-mon

Hans

Mar 25, 2020

Only 10 percent of hire purchase borrowers of have opted out of the 6-month moratorium given by Bank Negara, according to data by RHB Investment Bank. In its latest bi-weekly newsletter dated 29-April, the investment bank downgraded its buy/sell call for CIMB, from Neutral to Sell. Part of the reason, according to the investment bank’s analysts is “…possibility of provisions for a macro overlay on expected credit loss and modification losses on the present value of deferred cash flows due to the

Hans

May 1, 2020

Perdana Menteri Tan Sri Muhyiddin Yassin yang baru sahaja mengumumkan Pakej Bantuan Khas memberitahu bahawa bantuan moratorium dan pengurangan bayaran balik pinjaman akan terus disediakan. Moratorium, termasuk lanjutan moratorium, dan pengurangan ansuran pinjaman akan ditawarkan oleh bank- bank, seperti yang diumumkan sebelum ini. Lanjutan moratorium yang sedia ada akan dilaksanakan sehingga 30 Jun 2021. Ini bermaksud para peminjam yang telah kehilangan punca pendapatan, samada hilang kerja atau

Mersita

Jan 19, 2021

UMW Toyota Motor (UMWT) has a few new financing schemes to offer all car buyers who are taking advantage of the recent SST exemption to buy cars. The new financing schemes are a collaboration with Bank Rakyat and will offer attractive financing packages to all Malaysians aged between 18 to 65 years old. The new financing packages are arranged to follow Islamic financing principle and consist of 2 types of financing options; An-Naqlu 1 and An-Naqlu 2. An-Naqlu 1 offers 90 percent financing and fo

Jerrica

Aug 12, 2020

Berita baik untuk mereka yang berhasrat nak beli kereta! Sehingga 30 September 2020, Bank Rakyat menawarkan skim pinjaman menarik berdasarkan prinsip pembiayaan Islamik yang dikategorikan di bawah skim An-Naqlu 1 dan An-Naqlu 2. An-Naqlu 1 menawarkan 90 peratus pembiayaan dan ia mengikut konsep Syariah Al-Ijarah Thumma Al-Bai’ (AITAB). Manakala bagi skim dibawah An-Naqlu 2 pula, pinjaman boleh dibuat sehingga 100% dimana anda tidak perlu membayar wang pendahuluan untuk memiliki kereta idaman and

Mersita

Aug 13, 2020

Bank Negara Malaysia (BNM) dan Suruhanjaya Persaingan Malaysia (MyCC) digesa melakukan pemantauan terhadap harga insurans yang dikenakan kepada pengguna kenderaan di Malaysia. Ahli Parlimen Pekan, Datuk Seri Najib Tun Razak berkata, ini kerana beliau mendapati ada pengguna yang mendakwa mereka terpaksa membayar insurans kenderaan pada harga yang tidak selari dengan pelaksanaan liberalisasi tarif insurans motor negara. Menurutnya, adalah tidak adil sekiranya pengguna perlu membayar premium insura

Zamil Syaheer

Mar 15, 2021

When it comes to shopping for a car, terms like reconditioned cars and certified pre-owned (CPO) cars get tossed around a fair bit. On paper, both CPO and reconditioned (recond) cars are very similar – both are cheaper than a new car, allowing the buyer to save some money. But that’s where the similarities end, as they are world’s apart once you look closer. Recond cars – good on paper, but buyers beware While it may seem tempting to save RM 40k to RM 50k on a recond car versus a brand-new car,

Eric

Apr 23, 2020

The following is still a developing news, we will update it when clearer official announcements are made. We were tipped off by our friends at Careta.my that banks might begin imposing interest charges on delayed/outstanding car loan repayments of borrowers who took up the 6-month moratorium. A statement released by Bank Negara Malaysia (BNM) earlier today said “…banking institutions are in the process of formalising agreements which reflect the revised payment terms with borrowers/customers wit

Hans

Apr 30, 2020

In 1949, the loan tenure for a VW Beetle was 12 months with an interest rate of 9 % per annum. Things have changed. In Malaysia today, car loan tenures are usually of 5,7, or even 9 years with interest rates hovering around 3% per annum (calculated on principal). Cars are getting more expensive and are almost impossible to purchase without using a loan. But is taking a car loan a bad financial decision? Well, it depends on your financial circumstances (mainly your income), how much you benefit f

Arif

Jan 28, 2021

Carsome, an online used car trading platform, has announced a special partnership with CIMB Bank Berhad (CIMB). The partnership will see a new inventory financing solution developed specifically to make acquiring second-hand cars by used car dealers easier and faster. The new solution is the first of its kind co-developed by a bank and a used car trading platform. It is expected to help drive inventory volume for dealers and subsequently increasing market demand within the used car industry. The

Jerrica

Jul 21, 2020

When the 200 PS Toyota 86 was first launched in Malaysia in 2012, its asking price was RM 243,000 for the manual, and RM 249,000 for the automatic variant. For a supposedly affordable sports car, its pricing in Malaysia is hardly affordable at all. The more powerful (220 PS), more practical Volkswagen Golf GTI Mk7 can be had for about RM17k less, at RM 227,888. Toyota 86 UMW Toyota then introduced the facelifted 86 in 2017. There were some minor upgrades but prices went up further, to RM 257,502

Zamil Syaheer

May 16, 2020

It’s time to sell your car. You’ve already figured out how to get the highest price and how to clean the interior, but how do you sell your car without going through a used car dealer? Assuming that you’ve somehow managed to find for a buyer that’s willing to buy your old car, there are some steps to follow before you can sell off your old car. Also Read: Selling your car soon? Here's how to ensure you get the highest price If it’s a cash sale and there’s no outstanding loan, it’s pretty straigh

Eric

Apr 6, 2021

It turns out that it wasn’t just used car sales that saw an increase throughout the past few months, used car dealers in Johor Bahru are reporting an increase in car owners trying to sell their vehicles after the Movement Control Order (MCO) ended in June. One second-hand car shop manager Chang Keng Keong told The Star that there has been a 30 percent increase in the number of people who came to his shop enquiring for information about the disposal of their cars. This was especially apparent in

Jerrica

Nov 25, 2020

A very rare English Proton Satria Neo rally car is for sale on Motorsports Auction for 85,000 GBP. Unlike the Satria Neo S2000 rally car, this Satria Neo runs a British-made engine – the 2,500 Millington Diamond Engine. Specifically, the 2,500 cc Millington Diamond series 2+. The history of the Millington Engines dates all the way back to 1971 with Roy Millington working on diesel engines of the family farm. The first diamond engines are based on the 4-cylinder Cosworth YB engine. Roy Millington

Arif

Jun 23, 2020

Remember Proton's electric vehicle (EV) project? Today, we found out that Proton was putting up models such as the Proton Saga EV, Proton Iriz EV, and even the Proton EMAS concept car up for auction. This following last week's auction of historic concepts and prototypes. UPDATE: The Proton EMAS concept car has been withdrawn from the auction. Thumbs up to Proton! It's impossible for a manufacturer to keep every protoype/concept car, but the EMAS deserves a spot in the museum. Today's auction was

CY Foong

Jul 22, 2020

Toyota Harrier Alongside the Toyota Alphard/Vellfire, the Toyota Harrier is an immensely popular luxury SUV. Part of the reason why the Harrier is so popular is the lack of competition – it has no direct rival either from Honda or Nissan. But the question remains – should you buy a cheap reconditioned (recond) unit or pay up for an officially-imported unit by UMW Toyota Motor? Let’s take a closer look at the pros and cons. Prices – Recond is cheaper, but for a good reason Prices start from RM 24

Eric

May 9, 2020

Yes, you read the title correctly – we’ve compiled a list of 6 cars you should buy recond over official units. For those who have been following us would know that we don’t usually recommend recond cars, but for this post, we’ll make an exception. But before we get started, we should clarify the misconception that recond car are better equipped than local spec cars isn’t true. Companies like Toyota and Mercedes-Benz have been fitting their cars with generous safety equipment, matching or even su

Eric

Aug 22, 2020

“The interest is calculated based on the principal sum and not the remaining balance, that’s crazy!” That was the conversation I had a car company executive who has just been transferred from Europe to Malaysia. The topic of increasingly long loan tenures for auto loans is also becoming a concern in the US but how long is too long for them? 7-year tenure auto loans now make up 20 percent of total US car loans – more than twice as many compared to 10 years ago. To many financial experts in the US

Hans

Jul 17, 2020

New car sales in Malaysia dropped 44 percent month-on-month, according to the latest data from the Malaysian Automotive Association (MAA). As expected, March 2020’s numbers were down by almost half, as MCO was implemented on 18-March. A total of 22,478 new cars (including commercial vehicles) were sold in March 2020, a drop of 44 percent (17,925 units less) from February 2020’s numbers. Year-to-date sales for 2020 stands at 105,533 units, 26 percent less than the same three-month period in 2019.

Hans

Apr 29, 2020

Even though Mitsubishi Motors announced that it will not pull out of the European market after all, that does not mean it is completely smooth sailing for the Three Diamonds brand. Mitsubishi Motors (MMC) United Kingdom is liquidating its heritage fleet and as a result, 14 vehicles from their collection are up for grabs at an auction. Also read: Mitsubishi will save their European presence by rebadging Renaults According to the listing, the Mitsubishi Heritage Fleet auction will begin on 1-April

CY Foong

Mar 18, 2021

A global pandemic and signs of an impending economic depression are already slamming the automotive industry five ways to Thursday. Car sales are down, people are losing their jobs, and businesses are going bankrupt. We may be a meal away from financial Armageddon, which for some means it is a good time as any to buy an old Honda Civic Type R for RM300,000. Wait, what? That isn’t a lone case. More recently somebody bought a Mugen Civic Type R for half a million Ringgit. If that wasn’t brave enou

Daniel

Aug 9, 2020

There's no doubt that the Toyota Alphard (and its Vellfire twin) is the best luxury MPV on the market. Few other cars can match the Alphard/Vellfire's spaciousness and ease of entrace/exit. Compared to a Mercedes-Benz S-Class, the Alphard's sliding doors allow you to step in/out of the car as if it's a room, rather than a car. The only question left is whether to buy a cheap reconditioned (recond) unit or pay up for an officially-imported unit by UMW Toyota Motor? Let’s take a closer look at the

Eric

May 2, 2020

The Movement Control Order (MCO) in place to control the Covid-19 pandemic has put a huge speed bump on the various economic sector. The automotive industry has come to a complete halt as JPJ (Road and Transport Department Malaysia) has yet to resume new private vehicle registration (services related to commercial vehicles are available). It’s only a matter of time before consumers can go out and purchase their next perfect car. But with the soft economy that will prolong for the foreseeable fut

Adrian Chia

May 24, 2020

Recently, we ran a couple of stories on Proton auctioning off some of their older cars - including the Proton Wira PERT. A few articles down the line and with netizens’ support, a number of sought-after models were withdrawn from auction. That said, the Wira PERT was still sold - thankfully with a happy end. Mfa Bob, the new owner of the rallying Wira, recently shared on Facebook that he would be restoring the car to its former glory. PERT stands for Petronas Eon Racing Team and was founded in t

Sanjay

Jul 27, 2020

Malaysian used and recon car dealers and their 50,000 plus workforce are at risk of being laid off should the Covid-19 crisis prolong for more than 2 months, according to a report by New Straits Times (NST). While dealers have braced for the impact of the Movement Control Order (MCO), the practically zero sales which leads to higher inventories, poor consumer sentiments on the economy, and high fixed operational cost are taking their toll. President of the Malaysian Association of Malay Vehicle

Shaun

Apr 14, 2020

Amidst all the buzz surrounding last week’s Proton EV auction, there was one very interesting model. It was a turbocharged 1.3-litre Proton Iriz with a 6-speed manual transmission. The Proton Iriz is a formidable rival to the Perodua Myvi with great handling but hampered by the uninspired Punch CVT gearbox. While the Iriz is available with a manual transmission, the 95 PS 1.3-litre isn’t really hot hatch material and the 109 PS 1.6-litre manual variant has been discontinued for quite some time.

CY Foong

Jul 27, 2020

Who here remembers Proton Eon Racing Team (PERT) that was formed in the late 1980s? It may not be familiar to some of you but they were the ones that laid the foundation for Proton R3 - which stands for Race, Rally and Research. The name’s a clue to its history. Starting out with circuit racing, the PERT team made headways into rally before reaching their pinnacle sometime in 2002 - winning the FIA Production Car World Rally Championship title, thanks to “Flying Sikh” Karamjit Singh and co-drive

Sanjay

Jul 13, 2020

Today is Friday, Sep. 19 Keep yourself up-to-date with 2020 Toyota GR Supra A90 Edition! Local News JPJ to auction Mercedes and 104 more cars, starting from RM50 JPJ (Jabatan Pengangkutan Jalan) is putting on a second auction this year. The auction will start at 9 a.m. on the 25th of September(next week), in Perak. A total of 105 confiscated vehicles (81 cars, 20 motorcycles, 3 vans and a lorry) will be put on auction for as low as RM50 starting bid, including: Toyota Wish Mercedes Benz BMW Suba

Tasia

Sep 20, 2019

The Honda Civic EK9 Type R will be turning 25. That means this JDM legend from the nineties is turning into a classic soon – yeah, we are feeling old. We’ve seen news of Toyota A80 Supras and Honda Integra DC2 Type Rs going for six figures at auctions in America. However, since the EK9 is still below the 25-year import rule, that means we won’t be seeing wild prices for them. Until now. According to OZM Auto Auction, a fresh-looking Honda Civic EK9 Type R in black with a mileage of only 2,549 km

CY Foong

Jul 19, 2020

Even though the country is still undergoing a pandemic, used car sales in Malaysia saw steady growth in 2020. This is despite the fact that used car dealers were severely hit from March to May due to the movement control order (MCO). According to the Federation of Motor and Credit Companies Association of Malaysia (FMCCAM) president, Datuk Tony Khor, the used car industry had only about nine months of business this year as a result. In an interview with StarBiz, he said in thanks to the sales ta

CY Foong

Dec 28, 2020