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> 2nd hand car purchase, did i pay too much for it...

spiderwick
post Jun 30 2009, 09:47 PM, updated 9y ago

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Dear shifus,

need ur guys feedback here, in 2005 my dad has purchased a 2nd hand atos (year 2003) for me. i was still naive and blur blur that time, i told my dad to buy kenari mana tau he got me a atos pulak and i signed the hire purchase loan without checking the things there sad.gif

below is the table of payments;
i) cash price................................RM 33,880.80
ii) Deposit-
Cash......................................RM 6,500.00
Other than cash.......................RM 0.00
iii) Freight charges, if any.............RM 0.00
iv) Vehicle registration fee, if any..RM 0.00
v) Insurance...............................RM 1,119.20
vi) Total of items
[(i),(iii), (iv) and (v)]
less item (ii)...........................RM 28,500.00
vii) Terms charges........3.25%......RM 5,557.50
viii) Balance originally payable under this agreement
[Total of item (vi) and (vii)]....RM 34,057.50
Deposit................................RM 6,500.00
ix) Total amount payable by the Hirer..................RM 40,557.50
x) Annual percentage rate for terms charges %....6.05%

Guys, i'm confuse here, may i know icon_question.gif

i) what is the car price which my dad has agreed at that point of time
ii) what is terms charges? how come there's an additional of 3.25%? what's the interest rates that the bank is offering actually, is it 6.05%? but total how much interest have i paid?
iii) how come the total amount payable by the hirer is RM 40,557.50? i thought my dad has paid deposit of RM 6,500, this amount should be deducted right?

many thanks guys! fed up now..coz like paying so much money for a stupid car vmad.gif
kev da man
post Jun 30 2009, 09:55 PM

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your dad agreed to pay RM33k + for the car only, without the registration fees and all, hence total OTR price is 40k plus insurance and registration with JPJ under your name

that is the TOTAL amount, including the deposit la.

congrats in not checking out the hire purchase form properly.

This post has been edited by kev da man: Jun 30 2009, 09:56 PM
Oly
post Jun 30 2009, 09:55 PM

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the car price is 40K...
Flizzardo
post Jun 30 2009, 09:58 PM

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wtf 40k for a 2nd hand atos ?
Oly
post Jun 30 2009, 10:04 PM

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with interest la bro...

mine wira 2002...

below is the table of payments;
i) cash price................................RM 26,000.00
ii) Deposit-
Cash......................................RM 4,931.90
Other than cash.......................RM 0.00
iii) Freight charges, if any.............RM 0.00
iv) Vehicle registration fee, if any..RM 0.00
v) Insurance...............................RM 931,90
vi) Total of items
[(i),(iii), (iv) and (v)]
less item (ii)...........................RM 22,000.00
vii) Terms charges........4.2%......RM 6,468.00
viii) Balance originally payable under this agreement
[Total of item (vi) and (vii)]....RM 28,468.00
Deposit................................RM 4,931.90
ix) Total amount payable by the Hirer..................RM 33,399.90
x) Annual percentage rate for terms charges %....7.64%
xi) Difference between cash price of goods and the total amount you will have to pay...........................RM 7,399.90

i bought this car at 27k...go figure...
Shawnzz
post Jun 30 2009, 10:16 PM

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QUOTE(Flizzardo @ Jun 30 2009, 09:58 PM)
wtf 40k for a 2nd hand atos ?
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xDjWanNabex
post Jun 30 2009, 10:23 PM

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icon_question.gif

This post has been edited by xDjWanNabex: Jun 30 2009, 11:21 PM
Oly
post Jun 30 2009, 10:34 PM

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the car price is RM 33,800.00...he didnt kena ripoff la...
fariznet
post Jun 30 2009, 11:00 PM

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better buy civic 99 2nd..or kenari 2nd wif rm33k
d@n
post Jun 30 2009, 11:07 PM

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hi there just anyone know what the current interest for the used car?
Oly
post Jun 30 2009, 11:22 PM

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4.0-4.5
rcracer
post Jun 30 2009, 11:25 PM

?????
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hahah 40k can get brand new saga blm
joesniper
post Jun 30 2009, 11:31 PM

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QUOTE(rcracer @ Jul 1 2009, 12:25 AM)
hahah 40k can get brand new saga blm
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it does not exist at the time ...
spiderwick
post Jul 1 2009, 12:04 AM

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hey guys, after this lesson..i think buy new car better sad.gif
if i opt for new kenari that time, i guess OTR would be RM 45k...what a lesson... cry.gif
Version 2
post Jul 1 2009, 12:19 AM

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6% interest for the atos?! wow. and i mean disillusioned wow not like astonishing wow.

This post has been edited by Version 2: Jul 1 2009, 12:19 AM
Oly
post Jul 1 2009, 12:24 AM

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no la...3.25% oni...
ckhoong
post Jul 1 2009, 01:33 AM

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QUOTE(spiderwick @ Jul 1 2009, 12:04 AM)
hey guys, after this lesson..i think buy new car better sad.gif
if i opt for new kenari that time, i guess OTR would be RM 45k...what a lesson... cry.gif
*
i think you copy what the bank agreement stated..

thats markup price
venz
post Jul 1 2009, 10:58 AM

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i'm a bit confused about these:

QUOTE
vii) Terms charges........3.25%......RM 5,557.50
x) Annual percentage rate for terms charges %....6.05%

ii) what is terms charges? how come there's an additional of 3.25%? what's the interest rates that the bank is offering actually, is it 6.05%? but total how much interest have i paid?


anyone can explain why have 2 charges instead of solely the interest rate that offered by bank?
travis_ckf
post Jul 1 2009, 11:05 AM

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So does that tell that the selling price of 2nd hand cars as advertised in papers and motortrader is not OTR price?
yeezai
post Jul 1 2009, 03:53 PM

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im confused here oso...why got 6% interest charge ar?

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