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More gloom for used-car dealers, MAS rejects appeal

MAS rejects the industry's appeal to ease loan curbs on second-hand cars

Published on Mar 23, 2013 10:40 AM
Rows of used cars at the Commonwealth Car Mall. Dealers there may have received a 10 per cent discount on rental for the next three months, but it may not be enough, with sales falling by up to 100 per cent for some. -- ST PHOTO: ASHLEIGH SIM

There will be no respite for the used-car market, which has ground to a halt after the Government's drastic curbs on car loans.

The Monetary Authority of Singapore (MAS) told The Straits Times on Friday it has rejected an appeal from the industry, confirming that the curbs will continue to apply to both new and used cars.

But Singapore Vehicle Traders Association (SVTA) honorary secretary Raymond Tang is still praying for a change of heart.

He revealed that his association will be submitting a petition signed by its 400-plus members to Prime Minister Lee Hsien Loong today. "We are really bleeding, and hope the PM can do something quick to change the minds of the policy makers and soften the restrictions on us," he said.

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