Fraudulent investors: a hurdle between customers and automobiles

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As a result of a public-interest campaign initiated by the Indus Motor Company (IMC), it has been identified that some duplicitous investors and corporate charge customers with premium for quick delivery of their vehicles. Consequently, IMC has cancelled the advance booking orders of worth Rs600 million to handle and improve the booking process of the automobiles.

After the pending provisional bookings were scrutinized, around 1288 PBOs were discerned to be discrepant with the motive of reselling these cars. IMC officials told that out of 1288 PBOs, 1118 orders has been cancelled because these orders were made by some unreliable corporate while 170 orders turned out to be made by genuine customers. Adding to this, they also informed that surprisingly half of these double dealers include executives of Toyota itself. Almost to 3-7 vehicles have been booked under the name of one person.  

It has been estimated that Toyota take around 5000-6000 orders of vehicles monthly. Around 2% of the customers paid full amount in advance while 98% of the customers paid partial payment. Generally, it takes 3-4 months for Toyota to deliver a vehicle to their customer but dealers deliver within the time span of almost 6 months for the sake of premium. Demands for cars have recently increased because investors are using them for Careem, Uber and other taxi services. Banks, both commercials and Islamic, are making deals with automobile manufacturers by making pre-orders.

They also charge premium and stave off genuine customer from getting their vehicle on time. This also force customers to go for the option off bank financing in order to buy vehicles which in return help bank in covering up their profits.

SBP, Ministry of Industries, and Minister of Finance are requested to take notice of the above mentioned situation and make the access of genuine customer to the vehicles free from any kind of stammering impediments.

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MediaBites Editorial: Mudabbir Ali & Imran Malik

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