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Frequently
Asked Questions |
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General
How
does the Scheme work?
AMCB will purchase the vehicle in question from the customer.
The customer will then appoint AMCB to arrange for a new
hire purchase financing facility on his behalf, with the
purpose of hiring back the vehicle in question. AMCB will
then sell the vehicle to AmBank, who will hire the vehicle
to the customer over a period. The hire purchase agreement
will include an option for the customer to purchase the
vehicle at the end of the hire purchase term.
What are the benefits that
I can derive from this Scheme?
Through this Scheme, you have the opportunity to reschedule
your existing financial commitments. You may choose to
stretch your existing hire purchase loan up to a maximum
of 84 months to 108 months, which means that your loan
repayment needs are lessened and you have additional cash
flow with which to manage your expenses. You may also
choose to unlock cash from your vehicle by applying for
maximum allowable financing (i.e. 85% of sale price to
90%) after selling your car to AMCB.
Do
you refinance consumer goods such as air-conditioning
units and sewing machines?
We can only arrange for refinancing of motor vehicle.
Do you refinance lorries,
buses, heavy equipment and machineries?
For the time being, our refinancing scheme has not yet
been extended to lorries, buses, heavy equipment and machineries.
I wish to refinance
my car but it is currently being financed by another finance
company. Can I still proceed with my refinancing application?
Of course. You may proceed with your application. Once
we agree to purchase your car and AmBank agrees to extend
a hire purchase loan to refinance your car, we will full
settle your existing hire purchase loan and perform all
the necessary transfer transactions at Jabatan Pengangkutan
Jalan (JPJ).
Our
family car is presently registered in my wife’s
name. Can I refinance it under my name?
We can only refinance your family under the existing registered
owner, i.e. your wife.
I
was told that it would be better if I were to refinance
my car by selling it to a third party. Is this true?
Contrary to popular belief, this is not a very good way
to refinance your car. By selling it to a third party
and continuing to use the car, you will lose your motor
insurance No Claim Discount (NCD). You might run foul
of statutory requirements under the Hire Purchase Act
1967, which requires you to update your finance company
of the place the car is kept. Although you may maintain
to enjoy the usage of vehicle, legally speaking the car
does not belong to you anymore. Are you willing to take
such risk?
I wish
to refinance my car under this Scheme but I was told that
such refinancing packages are illegal and I can get into
trouble by getting involved in such schemes. Is this true?
We have obtained top-notch legal advice during the design
stage of the Scheme. By sharing our expertise and experience
together, we have managed to design a car refinancing
package that abides to the provisions of the Hire Purchase
Act 1967 and adheres to the requirements set by Bank Negara
Malaysia.
Can
my company refinance its company car? We need to reschedule
our commitments for cashflow purposes.
Most definitely. We will be happy to assist your company
to improve its cash flow management.
Why
should I refinance my car with AMCB and not with other
refinancing agents available in the market?
We are backed by the biggest finance company in the country
with a large network of branches and ATMs. You may even
pay your refinancing instalment through our AmBank Contact Centre at 03-2178 8888 or through our internet banking
facility at ambg.com.my.
What
type of costs do I have to incur if I were to refinance
my car under this Scheme?
We charge a handling fee for purchasing the car from customers,
which varies according to the refinancing loan amount
that the customer applies for (the handling charges range
from RM800 for loans below RM50,000 to 1% for loans above
RM100,000. Customers will also have to pay a fee of about
RM250 for registration of ownership at JPJ. These charges
will be deducted from the balance due to customer from
the sale of his car to AMCB.
Can
I apply for this Scheme if I reside outside of Klang Valley?
Yes, you may refer to ‘Contact Us’ for our
AMCB Branches. |
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Tenure
What
is the minimum tenure for refinancing my car?
The minimum financing tenure is 24 months.
What
is the maximum tenure for refinancing my car?
The maximum financing tenure is 108 months, depending
on the make, model and age of the car. |
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Rate
What
is the refinancing profit rate?
Depending on the make, model, loan amount and age of vehicle, we are currently offering the best rates in the market to our customers.
Is the rate negotiable?
The rates offered by us are negotiable, and we take into
account the customer’s credit track record before
offering the best rate to our customers. |
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Eligibility
Who
is entitled to apply for the refinancing scheme?
Malaysian citizens aged between 18 and 55 years old or
companies incorporated in Malaysia, who are not blacklisted
by any financial institutions for unpaid debts..
Can a foreigner apply for
your refinancing package?
A foreigner may apply for our refinancing package provided
that a Malaysian stands as a guarantor for his refinancing
application.
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Guarantor
Is
a guarantor required?
A guarantor is required in the following cases:
Individual –
the income is less than 1/3 of income criteria, age of
borrower exceeds 55 years, or in any event our credit
evaluation shows that a guarantor is needed to substantiate
the application.
Foreigner – guarantor must be a Malaysian citizen.
Company – company’s director have to stand
as guarantor. |
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Approval
& Disbursement
How soon can my loan
application be approved?
Your loan application will be processed and approved within
one week after we receive your completed application form
and all required documents from you, and upon passing
the necessary credit checks.
How
soon can the loan be disbursed?
The net sale proceed will be released to you as soon as
transfer of ownership and endorsement of AmBank's ownership
claim at JPJ has been effected. It may takes between 3
– 4 weeks. |
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Insurance
I
do not have a personal insurance agent to take care of
my motor insurance needs. Can AMCB arrange for the necessary
motor insurance coverage for my car for this refinancing
package?
We can arrange for your motor insurance to be covered
by our related company, AmAssurance Berhad for the purpose
of our refinancing package.
Will
I still be entitled to my current No Claim Discount (NCD)
from my existing insurance company should I switch my
motor insurance coverage with AmAssurance?
You will still be entitled to your existing NCD as this
benefit is transferable to another insurance company.
Currently my vehicle
is insured by an insurance company and the period of coverage
is still valid. Can I extend the insurance coverage and
increase the value according to your requirement without
canceling the existing insurance?
We would discourage such request, since it will delay
the turnaround time. By issuing with AmAssurance we can
assure you with better services and attractive insurance
packages. |
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Documentation
What
are the required documents for car refinancing application
by an individual?
For a loan application on an individual basis, the required
documents are as follows:
i. Photocopy of your I/C and driving license (both sides)
ii. Latest 3 months' salary slips
iii. Form J and EA Form
iv. Copy of bank statement and savings passbook (3 Months)
v. Utility bills such as electricity or water bill
vi. Copy of registration card (for used car financing
only)
vii. Latest 2 months repayment slips for the vehicle to
be refinanced
viii. Supporting documents by eligible guarantor/s (required
in the event the applicant does not meet the credit standard)
What are the required
documents for car refinancing application by a company?
For a loan application by a company, the required documents
are as follows:
i. Copy of business registration
ii. Form B (for sole proprietorship only)
iii. Form D (for partnership only)
iv. Forms 24, 44, 49 and M & A (for private limited
companies / Sdn Bhd only)
v. Financial statements/ audited accounts for private
limited companies / Sdn Bhd
vi. Latest 3 months' bank statements
vii. Latest 2 months repayment slips for the vehicle to
be refinanced
viii. Supporting documents by eligible guarantor/s (guarantor/s
must at least be one of the company's directors and must
be a Malaysian citizen)
What
are the required documents for car refinancing application
as a guarantor?
For loan application as a guarantor, the required documents
are :
i. Copy of I/C and driving license
ii. Latest 3 months' salary slips
iii. Form J and EA Form
iv. Copy of bank statement and savings passbook |
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