Cash-strapped businessman Lau Cheun Kee thought he could make some oney to pay off his debts by leasing out his seven-seater Honda Odysseey to a rental company, Eazi Car Lease.
The company later told him that his car had been stolen.
Police recently discovered the stolen car in Malaysia, reported The Straits Times. Now, Mr Lau could not obtain an insurance payout as his car was reported stolen after a customer rented it and driven it to Malaysia.
Mr Lau had also received about $900 in parking summonses.
In addition, he could face prosecution by the Land Transport Authority of Singapore as it is illegal for a private owner to lease his car this way.
Mr Lau had resorted to leasing out his car as he did not have money to pay off his loans.
So leasing his Honda to Eazi for $1,100 a month would help him pay his monthly loan repayment of $1,240.
Today, Mr Lau will be in court to face a bankruptcy petition filed by OCBC Bank to recover about $100,000 in car loans from him.
Rental thefts
Besides Mr Lau, six more owners lost their cars, as the company, Eazi Car Lease, had reported that their cars had been stolen too. Eazi had leased the car from Mr Lau in January last year.
Apparently, a seventh vehicle had been impounded by Singapore Customs because it was used for cigarette smuggling.
Theft of rentals is not common in Singapore, according to The Straits Times, which checked with local four companies - ComfortDelGro Rent-A-Car, Auto Fleet Pacific, DownTown Car Rental and Keng Soon Auto.
These companies have about 2,300 vehicles between them, and in the past 10 years or so, had only three thefts.
Keng Soon Auto's account manager Tan Keng Hua told the daily: "We are a proper rental company. Even if there is a theft, we are able to claim from insurance."
As for Eazi Car Lease, former director Jeremy Chong claimed he was not longer in the business.
The company, formed in January 2007, is now operated under Eazi Car Leasing & Marketing, which shows Mr Chong's father, John Chong, as a registered officer of the company.
