Permits mandatory for all car repossessors from June 1

Permits mandatory for all car repossessors from June 1According to a Bernama report, all car repossessors appointed by banks will have to obtain valid permits. These will be issued by the Domestic Trade, Cooperatives and Consumerism Ministry (KPDNKK), as provided for under the Hire Purchase Act 1967 (Amendment 2010).

“The permit costs only RM20 for two years and RM20 for renewal for another two years,” said Sarawak KPDNKK director Wan Ahmad Uzir Wan Sulaiman.

Car repossessors need to abide by the regulation and cannot use force against buyers, he said, adding that applicants must be Malaysian citizens over 21 years-old and will be screened by police to ensure that they have never been involved in crimes.

Under the amendment, repossessing will need a court order, if the buyer has paid installments more than 75% of the price of vehicle. Those who fail to comply face a RM25,000 fine or three years’ jail or RM50,000 or five years’ jail for the second offence, the report added.

Looking to sell your car? Sell it with Carro.

10% discount when you renew your car insurance

Compare prices between different insurer providers and use the promo code 'PAULTAN10' when you make your payment to save the most on your car insurance renewal compared to other competing services.

Car Insurance

Anthony Lim

Anthony Lim believes that nothing is better than a good smoke and a car with character, with good handling aspects being top of the prize heap. Having spent more than a decade and a half with an English tabloid daily never being able to grasp the meaning of brevity or being succinct, he wags his tail furiously at the idea of waffling - in greater detail - about cars and all their intrinsic peculiarities here.

 

Comments

  • ray_jay on May 07, 2011 at 1:21 pm

    it’s about time

    Like or Dislike: Thumb up 0 Thumb down 0
  • Rakyat on May 07, 2011 at 1:27 pm

    Why no article on the new rules for insurance coverage (with no extra loading) for old vehicles? Plus the mandatory annual Puspakom inspection.

    No loading – save RM200
    Puspakom inspection by runner – RM200 + 1 day loss of vehicle use.

    Like or Dislike: Thumb up 0 Thumb down 0
    • tiadaid on May 07, 2011 at 9:51 pm

      Do it yourself la, why need to pay runner.

      Besides, Puspakom’s open on Saturdays, plus they can actually come to your home and do the inspection there.

      Like or Dislike: Thumb up 0 Thumb down 0
  • Lotus Concepts Production Dream on May 07, 2011 at 1:36 pm

    i have seen preprocessors reps, one in formal attire and the other like a gangster. Just bug you till you pay for extra one-month installment. No mercy but wanted to take RM3000 for processing fee. Not sure it was for his pocket money or the financial officer’s pocket money. Early morning ambush without notice!

    Like or Dislike: Thumb up 0 Thumb down 0
    • kamikaze on May 07, 2011 at 2:11 pm

      it’s time the government nail down these a**holes. Belajar tak mau…then no work, jadi ganster menyusahkan orang.

      Like or Dislike: Thumb up 0 Thumb down 0
    • squall_shinoda on May 08, 2011 at 11:56 pm

      Another amendment for this act should be added… repossessors SHOULD NOT be allowed to collect money. If the debtor wants to pay, then they should pay at the bank instead and not to the repossessors. If not, then in the end the money paid to the repossessors will definitely never arrive at the bank but inside the repossessors’ wallets instead.

      Like or Dislike: Thumb up 0 Thumb down 0
  • Black Dog on May 07, 2011 at 4:29 pm

    They should also do it for those vultures, I mean tow truck operators. They’re much worst!

    Like or Dislike: Thumb up 0 Thumb down 0
  • Archer on May 07, 2011 at 5:40 pm

    There are certainly many cases where criminal elements are used to intimidate car owners during recovery of the vehicle. This move should protect everyone’s rights.

    Like or Dislike: Thumb up 0 Thumb down 0
  • My Malaysia on May 07, 2011 at 6:16 pm

    Aiyo, if no money don’t buy, so no repossessors. A lot of people think that paying by installments is helpful but actually not. It caused a lot of problems cos those who cannot afford also borrow to buy and at last cannot pay. Worst still, hide the car by all funny means, such as covering with opaque plastic sheets, taking away number plates, changing numbers etc. Repossessors, some very gentlemen but some, think the world belongs to them only, and always do not stick to the book acted worst the robbers just drove away with the car but sometimes did not surrender it to the finance company for a few months, thus owner slapped with speeding tickets and all sorts. Who is right, who is wrong, to me, all are.

    Like or Dislike: Thumb up 0 Thumb down 0
    • the current modern financial system with fiat money should not exist in the first place. this what modernization bring us.

      Like or Dislike: Thumb up 0 Thumb down 0
    • madboy on May 08, 2011 at 9:10 am

      TRUE!. If no money don’t buy. No need to “menyusahkan orang”. This is the problem with malaysians. Buying luxury vehicles over their budget just to show off. At last cannot pay, the vehicle taken away by the bank and they will start complaining here and there.

      Like or Dislike: Thumb up 0 Thumb down 0
      • squall_shinoda on May 08, 2011 at 11:45 am

        Correct. There are many people with “biar papa asal bergaya” mentality, buying cars just to show off to their friends and relatives. In the end of month, the faithful Maggi becomes their staple food, yet still don’t have enough money to pay their car instalments. Then after 3 months, kereta kena tarik, yet they only complain here and there without blaming themselves at the first place.

        Like or Dislike: Thumb up 0 Thumb down 0
    • squall_shinoda on May 08, 2011 at 11:54 am

      Correct. The car culture here can be another culprit, but in the end it is the people’s “biar papa asal bergaya” mentality is the number one culprit. Owning cars is not wrong at all, but the way they use their cars can be the culprit. Dah tau gi kerja sorang2, minyak mahal, tol mahal, parking susah nak cari, lagi nak pakai kereta. So manja. Pakai motor sudahlah. Unless if they carry lots of things that cannot be carried with a motorbike, bringing friends or neighbours together, or during rainy days, then baru la pakai kereta. At least they can save money to pay the car loan, house loan, etc.

      Like or Dislike: Thumb up 0 Thumb down 0
  • good moves,its about time

    Like or Dislike: Thumb up 0 Thumb down 0
  • Van the Man on May 08, 2011 at 2:39 am

    la, Man Lambung now cannot work la bro? habis sure itu Rosie Tiger mintak putus tunang :P

    Like or Dislike: Thumb up 0 Thumb down 0
    • can still work, but cannot use Man Lambung name anymore. Need to change Man Sambung maybe. *okay that’s lame*

      Like or Dislike: Thumb up 0 Thumb down 0
  • squall_shinoda on May 08, 2011 at 11:40 am

    Perfect timing to implement this kind of rule, which will end banks’ corruption in terms of using gangsters to repossess cars with outstanding unpaid instalments by full force. At least this rule may protect the consumers from those gangsters, as well as cleaning the image of other repossessors who never use violence or threats at all. My neighbour once worked as a repossessor and according to him, the majority of repossessors never use violence or threats to repossess cars; official bank warrants and orders will do. Only a few that use violence (and of course have rap sheets), and those are the culprits that have caused all repossessors to be labelled as gangsters.

    Like or Dislike: Thumb up 0 Thumb down 0
  • ilsor on May 08, 2011 at 1:44 pm

    kakakakkakka…… very funny la bro…

    Like or Dislike: Thumb up 0 Thumb down 0
  • implementation is only on paper… the real world who know.. still remain the same…

    what next.. all car repossessors must attend a mandatory customers service training at KPDNKK prior issuance of the licence.?

    Like or Dislike: Thumb up 0 Thumb down 0
  • Don’t be fooled. There are very few genuine repossessors. Most are in collusion with the bank employees. They are not interested in taking the physical cars back. Employee gives info about those in arrears for a few months, then the gangsters turn up and extort money on a Sunday morning. It has been going on for many years. Now only want to register???

    Anyway, good move la. Better late than never.

    Like or Dislike: Thumb up 0 Thumb down 0
 

Add a comment

required

required