In Singapore, it really is caveat emptor (let the buyer beware).
Last month, a car parallel importer Exodus Global closed down suddenly, leaving at least seven customers who have paid deposits for their cars (at least $493,470) receiving nothing. And about two years ago, about $3.6 million worth of deposit was paid to another parallel importer, Volks Auto, and the cars were not delivered to the customers as well.
And now, another parallel importer has bitten the dust.
In a The Straits Times report, TLC Cars, a parallel importer in Turf Club Road (an area with a number of car dealers) shut down suddenly. It is still unknown how much deposit the company has taken before closing its door, and one of the affected customer is a 33-year-old logistics manager, Mr So.
Mr So had paid over $55,000 deposit for a new Toyota Harrier in July, and has not received his car. He has since made a police report on 27 October 2016.
What is disturbing is that a Google search for TLC Cars resulted in absolutely no review from established car dealership websites like sgcarmart.com or stcar.sg. According to the report, Mr So has made the decision randomly.
That’s one painful random decision, indeed.
Since the report, it has been revealed that TLC Cars is invested by a P2P platform, in which people loaned the company money in return for high interest.
$600,000 were loaned to TLC Cars, and ever since defaulting on their payment, the director has “disappeared” and the company that matched the investors with the company is currently looking for the director.
In other words, TLC Cars doesn’t just owe customers money: it has loans that are unpaid as well.
This could only mean one lesson for us (again): caveat emptor.
Featured Image: businesstimes.com.sg
This article was first published on Goodyfeed.com
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