3200 used cars left under old loan scheme till early June

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As of May 7, around 55 per cent of used cars (about 3,800 out of 7,000), that were left in the Land Transport Authority (LTA)'s Temporary Transfer Scheme (TTS), have been sold.

Car loan restrictions had earlier been temporarily lifted for 60 days from April 6, 2013, to help the industry adjust to the new conditions.

Six months before the financial curb was imposed, about 5,000 used cars were sold monthly from August 2012 to January 2013.

The loan curb had also been lifted for the physically disabled or their caregivers, and implementation details were released on April 15, 2013.

Mr Lui revealed that the Monetary Authority of Singapore has received one application from a borrower under the framework. He added MAS has received queries on the framework, and expects to receive more applications in due course.