Hi, wish to share my bad experience recently and solicit some cents worth here on way ahead..
I just bought a car from this dealer (Prince Auto @ Commonwealth old car mart). Been dealing with a particular staff Sunny Wong Sang Keng NRIC S0111670C the entire time. Paid deposit of $5k in total on 8 Aug. Sunny gave what’s promised like mending some parts, resolve paint work stuff, provide warranty at their workshop, paid the road tax, sent car for vicom inspection, etc. loan also approved with fax from financing coy.
Collected car on 12 Aug and paid the rest of downpayment. Signed all documents and sales agreement.
Fast forward to last week, got suspicious why LTA and finance company no letters and called both up. Apparently car not under my name. Financing company said no documents submitted. Tried to contact Sunny Wong but to no avail, managed to speak with another staff Ken Yap Yeo Yong NRIC S1229188D (stays at Telok Blangah Cresc; I got photo of his NRIC and he claims this agent went to China with several customers’ monies and not back since 2 weeks ago. He also claimed this dealership is owned by himself.
I’ve lodged a police report and will report to LTA and CASE. LTA told me that car ownership still under dealership temp ownership. And this car is under financing. LTA mentioned they can investigate into the case and find out the delay in transfer (7 days is norm) and perhaps file court order for company to honour deal. I have not gone to CASE yet. Will be doing it tmr.
Worst case I foresee is I lose the $ and car.
Best case is agent returns/company Honour deal and transfer car and make necessary paperwork.
Middle case is I cut loss and strike a deal with dealer financing company to get the car (quite sure the price they loan should be lower than my buy price).
Their parent company/or they claim they ask Prince Auto to ‘floor’ their cars is BCS (also within Commonwealth old car mart). There were 2 more victims, one was since April; the other was one week after me. All only suspected when no log card and no LTA letter. All in I think they/he made away with half a million at least (9 victims in total)
Anyone got such experience or encounter and can advise?
Btw this morning car got repossessed. Wonder why they only repossess after I contacted them (the other guy drove for 4 months also nothing happen) sounds like a very complicated multi layered scam.