Motorcycle buyers must be given the option to pay in cash and not be forced to settle for an installment scheme that would only result to higher fees, Department of Trade and Industry (DTI) Secretary Ramon Lopez said Monday, March 1.
Lopez bared that they will soon issue a department order that will prohibit dealers of motorcycles from selling units on installment basis only.
“Dapat kasi mabigyan ng choice ang consumer kung gusto niya magbayad ng cash para makaiwas dito sa mataas na interes kapag naka-installment lalo kung meron naman silang pondo para magbayad ng cash (Consumers must be given the choice to pay in cash especially if they have the means to in order to avoid high interest under an installment scheme),” Lopez said.
“Yung iba talaga will prefer cash, e ang problema yung ibang dealers –yung iba lang naman — ay nagpipilit na magbayad thru installment at kapag nag-installment ang deperensiya sa original cash price ay pumapatak ng 25 percent (Others will prefer cash but the problem is, some dealers forced them to pay through installment and the difference from the original cash price is pegged at 25 percent) or even higher than the cash price,” Lopez stressed.
The trade secretary further said the department order to ban the “installment only” scheme on motorcycle units is currently subject to public consultation and hearing.