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Sunday, June 26, 2011

Ministry to meet car industry reps on HP Act

The Star: Friday, June 24, 2011

SOURCE: 

KUALA LUMPUR: The Domestic Trade, Cooperatives and Consumerism Ministry will be meeting financial institutions and used car industry representatives to discuss issues on vehicle sales, resulting from the recently amended Hire-Purchase Act 1967.

Minister Datuk Seri Ismail Sabri Yaakob said he had instructed the ministry's legal and enforcement departments to do so.

sabri-(1).jpg
Ismail
Regarding complaints of a slowdown in car sales since the amended Act took effect on June 15, Ismail said, “We will need to look at the causes of the problem.”

He reiterated that the Act was amended to protect the interests of consumers.

“Of course, with the amended Act, the documentation process (by financial institutions and vehicle dealerships) is more troublesome and takes more time,” Ismail said yesterday after officiating at a function concerning the Government's Tukar (transform) initiative, aimed at helping traditional sundry shops stay competitive.

To recap, car marque franchise holders and dealers contacted by StarBiz recently said they were worried about the possibility of trickling cashflow, a rise in booking cancellations and longer lead-time for completion of sales resulting from the amended Act.

Malaysian Automotive Association president Datuk Aishah Ahmad said on Wednesday that the amended Act had definitely impacted car sales and there were “teething” problems in the vehicle retail trade.

The Proton Edar Dealers Association Malaysia and Federation of Motor and Credit Companies Association of Malaysia have urged the Government to defer and review the amendments to the Act.

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