hong leong bank moratorium car loan

6-month moratorium on bank loans – what does it mean for your car loan?

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


Mar 25, 2020

MTUC appeals to extend loan moratorium for another 6-months

The Malaysian Trades Union Congress (MTUC) is urging the Ministry of Finance (MoF) and Bank Negara Malaysia to compel banks to extend the deferment of loans for another six months. The current 6-month moratorium was announced back in March when the first stage of the Movement Control Order (MCO) was enforced in an effort to prevent the spread of the pandemic. With all activities and businesses put on pause, many people were either forced to take massive pay cuts, go on unpaid leaves by employers


Jul 7, 2020

Bank: 90 percent of borrowers took up 6-month moratorium offer for car loans

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


May 1, 2020

Banks to make U-turn, interest charges might be imposed during 6-month moratorium for car loans?

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


Apr 30, 2020

PM: Bank tawarkan lanjutan moratorium sehingga 30 Jun 2021

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


Jan 19, 2021

MAA: Loan moratorium expiry to impact Malaysia auto industry negatively

The 6-month long loan moratorium is set to expire in September and its expiry could have some negative impact on the Malaysian automotive industry. The loan moratorium went into effect in April as the country entered the Movement Control Order (MCO) period. Malaysian Automotive Association (MAA) president Datuk Aishah Ahmad told The Edge, “People will not have the money to buy new vehicles. But I think it depends on the category of vehicles. I think high-end vehicles will not be impacted; people


Jul 27, 2020

Car owners can't afford to sell their cars due to outstanding car loan balance

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


Nov 25, 2020

Finance Minister will discuss with banks for moratorium extension

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz will be discussing with banks regarding the moratorium extension, which is set to end in September. He said that the government cannot force the banks to extend the loan moratorium and will continue discussions with them. "There have been requests from those who need more time. On the government's part, we are still engaging with the banks and it is really up to them whether they can or cannot," Tengku Zarful told Malay Mail. Tengku Zafrul add


Jun 29, 2020

PM: Targeted moratorium extension for three months

Prime Minister Tan Sri Muhyiddin Yassin has announced a moratorium extension and targeted bank assistance that focuses on those in need. In yesterday’s address, he said the extension and aid serves to benefit three million individuals and small and medium enterprises (SMEs). Here are the details of the targeted moratorium and bank assistance: Individuals who lost their jobs in 2020 and still haven’t got a new job will be offered the moratorium for another three months (up to Dec 31). After the t


Jul 30, 2020

6-month moratorium: Dear banks, you need to work on your public relations

Over the past two weeks, the banking sector lost not just money, but a lot of goodwill from its customers. The former was unavoidable due to Covid-19, the latter was all their own doing. We are talking about how banks managed the communications to their customers regarding the 6-month moratorium for bank loans. Do banks not have any PR strategy at all? Hands up if you had trouble understanding Bank Negara’s first announcement on 25-March, which said: “It is important to note that the interest/pr


May 9, 2020

BMW owners upset that they still need to pay for their cars, no 6-month moratorium by BMW Credit Malaysia

BMW Malaysia recently communicated its chat service as a way for customers to reach out to them during this Movement Control Order (MCO) period, by using Facebook’s existing chat function. But owners were not particularly keen about the new chat function – instead, many BMW owners were upset that they are not entitled for the 6-month moratorium by BMW Credit Malaysia. Entertain yourselves with the comments on the video As BMW Credit Malaysia is not a bank, it is not bounded by Bank Negara Malays


Mar 27, 2020

How to get your car loan approved? Here are 5 things that affect your chances

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


Jan 28, 2021

Moratorium pinjaman bakal disambung selepas tempoh 6 bulan? Ini jawapan Menteri Kewangan

Menteri Kewangan Dato’ Seri Tengku Zafrul Abdul Aziz akan berbincang dengan bank mengenai pelanjutan moratorium, yang akan berakhir pada bulan September. Dia mengatakan bahawa kerajaan tidak boleh memaksa bank untuk memanjangkan moratorium pinjaman tetapi perbincangan akan diteruskan dengan pihak bank. "Ada permintaan dari rakyat yang meminta memanjangkan tempoh. Bagi pihak kerajaan, kami masih membincangkan perkara ini dengan bank dan keputusannya benar-benar terserah kepada mereka sama ada mer


Jun 29, 2020

MoF: No more interest on 6-month moratorium for hire purchase loans

In another act of U-turn, the Ministry of Finance has just announced that there will be no additional interest on hire-purchase (HP) loans for those who took up the 6-month moratorium. This overrules the earlier statement by Bank Negara Malaysia (BNM) that the 6-month moratorium will incur interest charges. Borrowers who took up the 6-month moratorium will continue to pay the same monthly installment as before as stated in their HP agreement with their respective banks. The 6-month moratorium is

Adrian ChiaAdrian Chia

May 6, 2020

Despite losing 3 months of business, Malaysian used car sales hold steady in 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 FoongCY Foong

Dec 28, 2020

What paperwork do you need before selling your car?

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


Apr 6, 2021

If you need a 9-year loan, you can’t afford the car, and do understand Rule of 78

“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


Jul 17, 2020

No moratorium for Mercedes-Benz Malaysia's customers, but customers are OK with it

Mercedes-Benz Services Malaysia, the leasing and financing arm of Mercedes-Benz Malaysia, will not be granting a 6-month moratorium for its customers, echoing a similar move by BMW Credit Malaysia. Curiously, there is very little chatter about it. To Mercedes-Benz owners, this is almost like a non-issue, which is in sharp contrast to the hoohaa created by BMW customers, who flooded the company’s Facebook page demanding that they be given the same 6-month moratorium on their car’s payments extend


Apr 3, 2020

Up to 6 months deferred instalments for a new Isuzu D-Max

Isuzu Malaysia is paving the path to normalcy for potential Isuzu D-Max customers by offering a moratorium for financing payments on new vehicles purchased from 1 June 2020 till 31 August 2020. Through the Isuzu Deferred Instalment Campaign, the first programme of its kind in the pick-up segment, the company hopes that customers can fortify their earnings by putting their brand new Isuzu D-Max pick-up trucks to work during the deferment period of either three or six months before needing to worr


Jun 15, 2020

Check out Wuling’s new toy car-looking Hongguang Mini EV

Looks like the Mini EV2 X2 has a new rival in China. This Wuling Hong Guang Mini EV is the latest small electric vehicle (EV) on the market and it is cheaper and more practical than all its rivals. As like most small cars, the boxy 3-door Wuling EV’s design is inspired by Japanese Kei-cars. Overall, the Hong Guang looks very much like a life-size toy car with its straight simple lines and a colour scheme that gives the EV the illusion of a floating roof. Thanks to its size of 2,917 x 1,493 x 1,6


Jul 3, 2020

Perodua Myvi is the favourite model for used car buyers!

We know that the Perodua Myvi has been a crowd favourite since it was first introduced back in 2005. The little hatchback doesn’t just dominate the new car buying scene but also the used car market as the second-hand car market continues its sales high following the month of July. Previously, it was reported that the used car market has hit an all-time high since the country entered the Recovery Movement Control Order (RMCO) with year-on-year sales spiking over 25 percent in July. The y-o-y grow


Oct 13, 2020

'Loan' kereta anda tak lulus-lulus? Periksa dulu 5 perkara ini!

Pada tahun 1949, tempoh pinjaman bagi sebuah VW Beetle ialah 12 bulan dengan kadar bunga tahunan 9%. Itu dulu, sekarang dah lain. Kini, di Malaysia, tempoh pinjaman kereta selalunya untuk lima, tujuh atau sembilan tahun dengan kadar bunga tahunan berubah-ubah sekitar 3% (dikira berdasarkan jumlah prinsipal). Kereta-kereta zaman sekarang pun makin mahal dan hampir mustahil bagi kebanyakan orang untuk membelinya secara tunai. Tapi, adakah meminjam untuk membeli kereta satu perkara yang buruk? Perk


Feb 7, 2021

BMW Credit Malaysia announces customized solutions for customers affected by MCO

BMW Credit Malaysia Sdn. Bhd., a vehicle financing subsidiary of BMW Group Malaysia, is now offering customized solutions for customers affected by the Covid-19’s Movement Control Order (MCO). As BMW Credit Malaysia’s financing options are far more varied than a bank’s traditional hire purchase, the solutions available will vary from one customer to another, depending on their individual contract with the company. Customers who wish to apply for greater flexibility with regards to month repaymen


Mar 29, 2020

Budget 2021: Low income B40 group can apply for 50 percent lower loan repayments

Malaysia’s Budget 2021 was tabled today by Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz, under very unusual CMCO circumstances. There’s nothing specific to the automotive industry, but on the topic of loan moratorium, the government has confirmed that there will be no extension. However, Zafrul explained that the government is putting forward a set of targeted assistance packages for the B40 low income earners, as well as small and medium enterprises. Eligible borrowers can choose betwee


Nov 6, 2020

PM: Banks offer to extend the moratorium until 30 June 2021

Prime Minister Tan Sri Muhyiddin Yassin has announced that they will be extending the existing moratorium to 30 June 2021. This means that borrowers or customers who lost their jobs/ businesses in 2020 or 2021 have another 6 months to approach banks for an extension of their repayment assistance. According to a joint statement by the Association of Banks in Malaysia (ABM) and Association of Islamic Banking and Financial Institutions Malaysia (ABM), the banking industry is ready to assist because


Jan 18, 2021

45 Ferraris, Lamborghinis, and more pulled over by Hong Kong police

On Sunday (21 February 2021) morning, Hong Kong police pulled over 45 supercars on the suspicion of illegal racing. The list of cars included Ferraris, Lamborghinis, Porsches, and Mclarens. A Nissan GTR was even reportedly confiscated for illegal modifications to the car. The place where the cars were forced the stop was one of the busiest streets in Hong Kong. Videos and photos quickly went viral as the police went through the procession of supercars on the streets. According to the South China


Feb 23, 2021

Zizan Razak sudah terima Yamaha Y16ZR, anda bila lagi?

Zizan Razak, pelakon dan pelawak terkenal tanah air tampak cukup gembira dalam majlis penyerahan motorsikal Yamaha Y16ZR 2021 yang berlangsung di Ibu Pejabat Hong Leong Yamaha di Sungai Buloh. Majlis itu turut disaksikan oleh Pengarah Urusan Hong Leong Yamaha, Dato' Jim Khor. Zizan yang juga hos bagi pelancaran model terbaru itu menerima Y16ZR baharunya dengan nombor chasis 08 dan visor hadapan dengan hiasan istimewa nama "Zizan Razak" ketika majlis tersebut yang turut dihadiri oleh Hoo Wan Tim


Apr 7, 2021

Record high sales for used cars continues! Malaysians social distancing in second-hand cars?

We previously reported that second-hand car dealers are experiencing record-high sales in July 2020. It seems the success followed through to the third half of 2020 as well. According to the president of Federation of Motor and Credit Companies Association of Malaysia (FMCCAM), Datuk Tony Khor, the year-on-year sales in July spiked over 25 percent to 37,800 units while both August and September registered over 17 percent year-on-year growth. He attributed the spike in sales to the incentives lik


Oct 12, 2020

Pemilik Yamaha berpeluang sertai kursus Marshall Riding Training. Tingkat cara tunggangan konvoi!

Konvoi beramai-ramai sememangnya sebuah aktiviti yang terkenal di Malaysia. Aktiviti ini mengeratkan ikatan silaturahim di samping menguji ketahanan jentera masing-masing dalam keadaan berkumpulan. Hong Leong Yamaha Malaysia (HLYM) melihat positif aktiviti ini dan mengambil inisiatif untuk menawarkan kursus Marshall Riding Training kepada pemilik Yamaha di Malaysia. Kursus ini yang diiklankan di Facebook rasmi Yamaha Malaysia memberi peluang kepada pemilik motosikal Yamaha untuk menyertainya. Le


Sep 22, 2020

Cars like the Honda Freed are freeing people in Hong Kong from the travel ban

Mini MPVs like the Honda Freed are now all the rage for people of Hong Kong as they discover new ways to soothe their travel bug during the Covid-19 pandemic. The phenomenon is known popularly as “Shachuhaku” therapy. It is the Japanese term for camping out of your car or, in other words, campervans. In this video, the lady is one of many who has been living out her adventures in her converted Honda Freed Spike. The reason she started her Shachuhaku therapy journey was that she is an avid travel


Jan 1, 2021