MANILA, Philippines — Assistant Majority Leader Ernesto Dionisio Jr. wants the House of Representatives to look into the supposedly unfair practice of car dealers of limiting buyers to installment payment mod... CDNDigital
Dionisio, who represents Manila’s First District, has filed House Resolution No. 1058 urging the House Committee on Trade and Industry to conduct an inquiry on the alleged malpractice of car dealers of ignoring government-issued guidelines banning the imposition by sellers of “installment only” modes of payment.
Bank financing is when the payment for a car is advanced by the bank through a loan granted to the buyer, while in-house financing is offered by the automobile dealer that often comes with higher interest rates. While the bank financing approval could take days, in-house financing could be approved in a matter of hours.
He stressed that these practices of automobile dealers “are clear contraventions of the consumers’ rights and thus, an investigation into these unfair practices is imperative.”Sought for comment, Federation of Automotive Industries of the Philippines president Vicente Mills told the Inquirer that the determination on how to finance vehicle purchases should be left to the consumers.
“Maybe some dealers do that, but definitely it’s not a rule. Maybe some dealers do that but they cannot really force the customer,” he added.
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