Athour: Anthony Lim
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.