Skirting car-financing rules was common knowledge

The authorities may want to look into how dealers are openly advertising car registration numbers for sale.
The authorities may want to look into how dealers are openly advertising car registration numbers for sale.PHOTO: ST FILE

I am surprised by the Monetary Authority of Singapore's (MAS) response to a Sunday Times report on car-financing rules, as it appears to give the impression that MAS only learnt of these attempts to circumvent the rules after the report (Attempts to skirt car-financing rules not legitimate, Aug 24).

It is well-known that motoring companies have been circumventing existing rules on car-financing by openly advertising in the media about zero per cent down payments and 10-year instalment plans.

The public will be interested to see what action MAS takes against those who have flouted the rules.

And on the subject of circumventing rules, the authorities may want to look into how dealers are openly advertising car registration numbers for sale.

Despite the rules stating that an individual is allowed to bid for only one number, dealers are known to snap up choice numbers the moment the Land Transport Authority puts them up for tender. The dealers then put a whole list up for sale the moment the tender closes.

Ronnie Lim Ah Bee