69% of used cars under old loan scheme have been sold

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http://www.todayonline.com/singapore/69-used-cars-eligible-full-loans-sold

Authorities had earlier given a 60-day concession to help used car dealers clear old stock acquired before new borrowing restrictions were introduced.

So far, about 69 per cent of used cars eligible for full loans have been sold as of May 27. The concession applied to some 7,000 used cars. Over 4,800 have been sold so far.

This meant that buyers could continue taking up to 100 per cent loan for vehicle purchases.

This concession will last till Tuesday (4 June 2013) and motor firms are bracing for uncertainty thereafter.

Dealers are not expecting things to get any better, especially when car loan curbs for used cars kick in. Companies have been downsizing operations or have moved out entirely, due to slowing business.

To ease the situation, the Singapore Vehicle Traders Association hopes authorities can raise borrowing limits from 60 to 80 per cent. It said this will reduce downpayment obstacles preventing some from buying a car.