Lenders bypassing car loan curbs resulting in high COE

http://www.straitstimes.com/singapore/transport/lenders-bypassing-car-loan-curbs

Lenders bypassing car loan curbs on 23 Sep 2015 Stratis Times

May I know what is the government position on the above loopholes that is making the government policy ineffective? Requiring high downpayment should help to curb the speculation and demand of the car ownership but this is not so as car dealers and traders are bypassing this. What I do not understand is that it is a open secret that this car leasing option is happening but why no action is taken to plug the loopholes.  

As such, I like to make the following recommendation: 

1.  Leasing of private car option should only be allowed for used car ie car more than 2 years or older. This will stop new car buyers and lenders from pushing up the COE price which will result in a higher car price which will subsequently result in higher personal liability of owning a car. The only people who benefit the most from your policy loopholes are the funding company.

2.  GrabCar and Uber are great car sharing platform. The government should have incentive to encourage private car ownership to convert. Few issues holding car owners back is commercial insurance cost. NCB is somewhat not transferrable from private car to commercial car. Something should be done to make the cost comparable between the 2 insurances or at least not too big a price delta to encourage this car sharing mindset

Car ownership aspiration may be on a lot of people goal but end of the day, if they stretch their finances to own a depreciating assets, worst case cannot service their loans, this will not help the car owners at all.

I hope the transport ministry and the new transport minister will seriously look into this matter as I cannot comprehend why this policy is kept status quo when we know that the policy loopholes are being bypass and abuse.

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