Poo (left) with Tay holding the police report and other documents.
JOHOR BARU: A mobile phone accessories trader is now a bankrupt after a bank auctioned his multipurpose vehicle (MPV) at a price he claimed was way below its market price.
Poo Lay Chew, 38, from Taman Johor Jaya here said his Toyota Estima 2.4A was worth about RM90,000.
"The bank sold my MPV to the highest bidder at RM30,500,'' he said in a press conference organised by Johor MCA government affairs liaison bureau chief Michael Tay Chee Boon.
Poo claimed a bank officer told him his MPV was a kereta potong and that was why it was sold for that amount.
He said when he signed a loan with the bank in April 2010, it was stated in the agreement that it was a second hand vehicle bought for RM234,974.30.
"I paid a RM58,000 deposit with the balance of RM176,974.30 to be paid in 108 instalments at RM2,230 monthly starting from April 2010."
Poo said the bank repossessed his Toyota Estima when he defaulted his payments in January and February 2013.
He received a letter from the bank dated June 2013 that the MPV was auctioned for RM30,500.
He questioned the speed for the auction, adding that usually a financial institution would only repossess a car after the borrower fails to pay his instalments for between three and six months.
"Now the bank is telling me that I owe them RM118,805.63 and Bank Negara has declared me a bankrupt since August 2015," said Poo, adding he is receiving summonses from the police, Road Transport Department and local councils for the car as the bank has yet to change the ownership.
An officer from the bank who answered Tay's call during the press conference told him that they are investigating the case.
