On 12 June 2009, I received an invitation from Puan Sarina Said,Dep Director for the Central Bank of Malaysia (BNM) to attend a meeting with BNM that was requested by MAA. I attended the meeting on 15 June 2009 that was chaired by BNM Asst. Governor Dato' Muhammad Ibrahim. The Association of Banks in Malaysia (ABM) too attended the meeting and was represented by CIMB, AMBank, Public Bank, EON Bank, RHB Bank, Hong Leong Bank, Maybank Berhad and Alliance Bank. Dato' Aishah, the President of Malaysia Automotive Association (MAA) led the MAA council that was represented by Mitsubishi, Tan Chong, Proton, Perodua, Honda, Toyota and Daihatsu.
Although PEDA is already 11 years old, this was PEDA's first meeting with ABM and MAA together with BNM. I learn an important discovery, the approval or rejection period for Proton buyer's hire-purchase loan application should only take an average 1.5 days (subject to full documentation) as reported by the Association of Banks to the BNM survey.
This is indeed a good news for Proton Edar, Proton dealers as well as Proton customers especially during this economic downturn. Car Buyer should be able to get their car loan application status within a maximum of 48 hours.
PEDA will now conducts a monthly review with a sole objective to improve the car loan approval period for Proton buyer and determine: (1) the duration of loan approval or rejection and (2) the percentage of rejection. The outcome of the monthly survey will also act as an an economic indicator as the automotive sales industry is entirely dependent on the car buyer's loan approval/rejection percentage.
PEDA will email to BNM the statistical survey as requested, on Monday 22 June 2009. The outcome of the survey will also be made available to Proton network as well as the public via this blog.
PEDA is grateful and is pleased with BNM pro-activeness and sensitivity in the loan application predicament faced by Proton buyer. PEDA represent 70% of total proton sales in Malaysia or a total trade turnover (Proton dealers) of more than RM7billion per annum. PEDA is grateful to be included in BNM regular meetings.
The new driver of Malaysia under the stewardship of the Prime Minister YAB Dato Seri Najib Tun Razak as the Chancellor of the Exchequer had seen a pro-active transformation in various governmental bodies and especially the Central Bank of Malaysia.