Hire Purchase Interest to be increased for non-national cars

Dear Malaysians,

We as Malaysians are already being effected by the economic downturn that the world is facing. Private company’s sales have dropped by at least 20%-30%. Some of our fellow Malaysian's are already out of jobs, some are working instead of a full week has been reduced to 3-4 days a week. Others have been asked to take un-paid leave, etc.

This latest news about increasing the interest rates for non-national cars is really out of the alignment of what we Malaysians are facing in the real world with respect to financial difficulties. It was a good move to reduce the Base Lending Rate (BLR), which helped a lot of us minimize our burden with heavy housing loan debts. These housing loan debts will usually live with us for the rest of our ability to work.

Having to increase hire purchase interest for only non-national cars, is this political aligned issue or is it the bank negara requirement to encourage purchase of national car (proton/perodua)? Internationally car manufacturer has been hurt very badly and into the midst of bankruptcy. But are they taxing the American's, Indian's, Australian's, British's, Italian's, German's nationality with more burdens such as higher interest rates? No! No! No!

Why is the bank negara enforcing this instead? Haven’t we Malaysian suffered enough with the high living cost, e.g. teh tarik at norm is priced at RM1.50 per glass, nasi lemak with chicken and egg at norm is priced at RM5.00, one liter of petrol RM1.92 (@ Apr 2009), etc. Compared with Singapore, we speak dollar to dollar, teh tarik at SG0.80 norm, same nasi lemak SG2.50, one liter of petrol SG1.587 (@ Apr 2009). Our water tariff, electricity tariff are all off charts even comparing with first world countries. The government is just too comfortable taxing and skimming from us Malaysian. Is that why bank negara is enforcing this increase of HP interest rates? Because we Malaysian citizen do not have a choice, either you pay higher interest for non-national cars, or pay slightly cheaper interest and buy national cars?

People of Malaysia, is this a viable trade? Why must the government constantly find the easy way out to things, which is to demand from us, Malaysian Citizens? Do not be blinded by what we having been paying through our blood money, that it is cheap and fair. Comparison of petrol prices after exchange rates, does not justify the current cost of living in Malaysia. One good example is petrol, in which we are considered a petrol producing country, and we are paying more than Singapore by $0.33(dollar to dollar). In United Kingdom, the petrol price is running on an average of $0.95 only. Please don’t convert, then you will understand the logic of dollar for dollar, and I can only hope everyone to see what I see.

We are just striving to see another new day, with our hard earn monthly salary. I hope the government would view our concern, we Malaysian's concern and be more complacent towards your fellow Malaysia citizens.

Save Us Malaysian