On March 25, Bank Negara Malaysia (BNM) issued a directive to all banks to grant an automatic six-month moratorium (deferment) of all loan/financing repayments effective from April 1, to September 30, 2020. In the case of all conventional hire purchase (HP) car loans, the monthly instalments will automatically be put on hold for six months.
As for loans from non-bank credit providers, these are not banks and so aren’t tied under the BNM directive, so they’re not bound to offer any deferment. Mercedes-Benz Services Malaysia (MBSM) is one such company, and has stated that since it is not in the category of a licensed bank or financial institution under the purview of BNM, the automatic moratorium directive does not apply for it.
As such, the company says it will have to continue to accept all monthly instalments due for now. It however added that it was aware of the difficulties faced by its customers and is currently working on the best solution to support customers. It added that customers who wish to make enquiries on the matter to contact the company via email at [email protected] or at 1-800-88-1133 (press #2).
The company, which is Mercedes-Benz Malaysia’s financial arm, recorded new contracts worth over RM1 billion last year. In 2019, MBSM financed five out of every 10 Mercedes-Benz vehicles sold and held a servicing portfolio of RM2.6 billion.
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Hmm, interesting. Not that I can afford a Merc but then I believe those who bought these cars without being able to afford them will be looking at a very tough time ahead.
On the other hand, i expected non bank credit providers to follow suite for benefit of people and future economy.
So similar to what BMW Malaysia has given 6 month moratorium
Merc you got the wrong move, you should follow the bank since BMW are not following. You wasted this opportunity, you will gain more than lose. You guys have zero marketing strategy, conventional way are dead when you can get free advertising in social media. Anyway I don’t own a MERC.
Rich people will still buy Mercs anyways.
Luxury brand giving credit holiday to buyer? That is akin to insulting their customers..
Ada merc kisah dia ckp. Ramai lagi yg mampu boleh pakai merc.. Merc ada target market dia tersendiri.
Both beemer and merc have no 6 month but bmw is better than merc
In which taking too long for the parts to arrive, never bother to answer about their customer resolving issues and car quality is down and still have to pay without 6 month moratorium. Disappointed Benz Owner. Better think twice. This will be last to buy Benz.
even if you can afford to keep your beemer you’ll have difficulties keeping it on the road with expensive maintenance & repair after 5 years compared to a merc.
I will buy bmw next time
Yeah, me too. Have to pay so much on highly monthly mercedes installment cost without 6 months auto payment & bad mercedes service. Worthless!
Merc are known for big boss, director or big tauke car. Pretty embarrassing that ppl has to opt for 6 month car loan payment holiday.
They should’ve put the final NAIL into BMW coffin instead they when and dig their own graveyard. After COVID majority of the people mentality will change, some will think having a luxury car are no longer meaningful they rather have a healthy life. And now the people can see who is actually will lend an umbrella during rainy days.
They digged their own grave because they want their customers to pay for a loan that they signed up for? Not to defend Merc here but if you could afford a 280k car on loan, and you can’t even afford an additional month of payment by yourself it says a lot about your financial management as an individual.
if you can afford a Merc, dont complain cannot pay your loan!
I suppose none of us are surprised. Sounds so typical of Mercedes-Benz when I complain about the defects on my vehicle. They will constantly say “will be doing something” but NOTHING will be done. In any event, I am embroiled with a suit against Mercedes-Benz by producing hybrid vehicles which are full of defects. I will never trust them again.
What a joke. They are only good at bullying their customers by producing vehicles full of defects.
To Europe and and Western companies, once a agreement is signed you are obligated to abide by the contract. If you face difficulties, both parties must come up with a solution to dolve the problem and sign a new deal.
got money to buy merc but no money to pay up. I believe Merc has come up with their research that most owners can pay. else they should just downgrade and be humble like me by driving a honda civic turbo.
The end of Merc
mercedes mostly lease their vehicles hence does not apply, plus its a first world problem..can’t afford just return the cars..
Bad news for many Merc owners.Even the most financially resilient may fall in Covid era.
Some will have no choice but to sell.Firesales ahead!