SINGAPORE – Mr Wang Bingxin, 42, bought a used Toyota Vellfire in September 2024 in the hope of earning an income as a private-hire car driver. But he ended up losing nearly a quarter of a million dollars when the car was seized by a finance company a month later.
In September 2024, Mr Wang paid $140,800 to GV Automobile Centre for the multi-purpose vehicle. The part-time property agent needed a car to drive his family around, and was planning to try driving a private-hire car.
He took possession of the car on Sept 13, 2024, and was told that legal ownership would be transferred to him within a few days. But before that was done, the dealership went into liquidation.
GV entered voluntary winding-up after its director made a statutory…