Cebu electric scooter group offers to help government

In this January 10, 2020 photo, Cebu City Councilor Joel Garganera rides an electric scooter during the Sinulog Festival 2020 launch parade.

CEBU CITY, Philippines – Djan Dyll Ardiente, primary care doctor and nurse, has trusted his electric scooter (e-scooter) for several months now.

Djan, who lives here on D. Jakosalem Street, decided to buy an electric scooter last March when the lockdown due to coronavirus disease was put in place and crippled public transport.

“I had planned to buy a motorcycle but with the confinement, getting a driver’s license would be too difficult. That’s why I bought an electric scooter, ”said Djan in a mix of Cebuano and English.

Since then, the 23-year-old nurse has been using his electric scooter for personal transportation and he said he was very happy to have made this decision.

“I usually spend around P200 a day to get to and from work when I take a cab. But now that I’m riding an electric scooter, it has helped me cut down on my daily expenses, ”Djan told CDN Digital in an interview.

He added that driving an electric scooter also cuts his commute time from an usual hour to around 10 to 15 minutes between his home and his workplace in IT Park, Barangay Apas.

“When you drive a four-wheeled vehicle like a taxi, you might get stuck in traffic, whereas in an electric scooter you may just find small roads and shortcuts that will get you to your job faster, and without bumping into you. in traffic, ”he explained.

The growing movement of electric scooters in Cebu

Electric scooters parked in front of a building in Gonzalez Compound, Brgy. Kamputhaw, Cebu City CDN Digital Photo | Morexette Marie Erram

CDN Digital met Djan at Gonzalez Compound at Barangay Kamputhaw on Saturday September 26, 2020.

At that time, he was with several other Cebuanos who, like him, own and drive electric scooters to take them anywhere in the Cebu metropolitan area.

Sugbo Skooteros

Recently, the Cebu City government has warned individuals like Djan who use electric scooters on public roads that their vehicles could be impounded and could be issued with tickets.

This is after Mayor Edgardo Labella and the Cebu City Transportation Bureau (CCTO) announced that they would tighten up a provision in the city’s highway code that allegedly prohibits electric scooters from driving on the streets.

Labella, in previous interviews, also said the move was aimed at preventing accidents involving scooters from occurring on Cebu City’s roads and major arteries.

READ MORE: Banning electric scooters from major arteries, city roads are for public safety – Labella

The move drew much criticism and reaction from the public, citing the need for alternative modes of transportation due to the “lack of public utility vehicles (VPUs)” amid an ongoing public health crisis.

Read: Cebu City father bans electric scooters: “It’s premature”

This prompted Sugbo Skooteros, a Cebu-based community that promotes electric scooters as an alternative and sustainable mode of transportation, to launch a plan to help cyclists like Djan.

Dr Evanuelle Mendoza, one of the founders of Sugbo Skooteros, said her group was willing to help the city government regulate electric scooters if that meant not restricting the use of this two-wheeled vehicle to transportation purposes.

The growing movement of electric scooters in Cebu

Dr Evanuelle Mendoza, founder of Sugbo Skooteros. Digital Photo CDN | Morexette Marie Erram

“We don’t use electric scooters for recreation. We use it as a means of transport which will help us to travel from point A to point B ”

“We met (the head of CCTO) and offered to help with regulation until there was a final draft (of guidelines on electric scooters) approved by the LTO (Land Transport Authority)” , Mendoza said.

The doctor was referring to the statement by Secretary of Transportation Arthur Tugade that the Department of Transportation (DOTr) did not want the mandatory registration of electric scooters and e-bikes (e-bikes) until the LTO issues a memorandum official or directives concerning the regulation of these vehicles.

Mendoza said that if local officials accept their offer, Sugbo Skooteros will provide consultation and technical assistance to ensure the city’s roads are safe and inclusive for electric scooter riders.

“We would like to work with the Cebu City government, and we hope they will accept our offer,” he said.

Sugbo Skooteros was established in 2019. According to Mendoza, it was an offshoot of growing interest nationwide in electric scooters as sustainable modes of transportation that could help reduce carbon footprints and the number of gasoline vehicles on the streets.

One of the main functions of Sugbo Skooteros was to inform, educate and train drivers on the correct way to ride electric scooters, as well as the relevant traffic rules and regulations.

“As a community, we watch each other once we ride our electric scooters on the roads. We all understood the traffic rules and the safety measures needed to cross the roads, ”Mendoza said.

Electric scooters and pandemic

When the 2019 coronavirus disease (COVID-19) hit the city of Cebu earlier this year and quarantine restrictions halted PUV operations, the membership of Sugbo Skooteros rapidly increased.

Mendoza said about 45% to 55% of people who joined their community were workers like Djan, battling the pandemic on the front lines.

“When they said they were going to ban electric scooters, they weren’t just reaching a small community,” Mendoza said.

“We are ready for regulation with the appropriate consultation. What we are opposed to is prohibiting someone from moving and crossing the road. This is why we want to work with the government and make the public understand why it is a sustainable mode of transport, ”he added.

The group takes issue with city government claims that City Ordinance 801 or Cebu City Traffic Code prohibited roller coasters, roller skates and toy vehicles or similar devices on any road, except when crossing a street.

But Mendoza, citing the initial findings of Sugbo Skooteros’ own legal team, said electric scooters did not fall into the prohibited category by Cebu City’s traffic laws.

“We don’t use electric scooters for recreation. We use it as a means of transportation that will help us travel from point A to point B, ”he explained.

In the meantime, Mendoza said his group is helping its members know what to do in case a traffic cop in Cebu City reports them for riding their electric scooters.

“Many of our members have asked us for clarification. Our legal team helps them know what to expect and what to do when an enforcement official tells them to stop, ”Mendoza said.

For Djan, the city government’s statement was “not right at the moment and inappropriate.” But that won’t stop him, and Sugbo Skooteros for that matter, from riding their electric scooters to promote their advocacy and invite more people to join their community.

The growing movement of electric scooters in Cebu

Nurse and Sugbo Skootero Member Djan Dyll Ardiente CDN Digital Photo | Morexette Marie Erram

“It’s not right now and inopportune given that people like me needed an affordable way to get from point A to point B when there was a pandemic going on. But I know what to say in case the authorities ask me why I am driving an electric scooter. For me, the key is to continue to be a law-abiding cyclist who obeys the proper traffic rules and regulations, ”said Djan.

/ bmjo

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GSB takes out car title loans to keep interest rates low

The GSB logo on display at a Money Expo. The state-backed bank introduces auto title loans to put pressure on interest rates. (Photo by Patipat Janthong)

Government Savings Bank (GSB) plans to enter the auto securities lending market with a focus on retail loans worth up to 200,000 baht per borrower.

The bank’s penetration into the auto securities lending market is aimed at lowering the interest rates charged in this lending segment, President Vitai Ratanakorn said.

The Bank of Thailand has cut interest rates on auto securities lending to 24%, from 28% on Aug. 1, but the rate remains high, Vitai said.

GSB plans to cap the interest on the car title loan at 18%, plus or minus not more than 2%. The 18% rate will be assessed based on customer profiles, Vitai said.

For example, a car with good conditions may receive an interest rate of 16%, while older models or vehicles with risk may see 2% interest added to the 18% rate.

The 18% interest rate for auto title loans, classified as unsecured loans, is lower than the interest rates charged by non-bank companies.

But GSB can still turn a profit because the bank’s existing unsecured loan products have interest rates below 18%, Vitai said.

Non-bank companies involved in auto securities lending have a net interest margin of 15-20%, higher than the NIM of 2% in public banks and 3% in commercial banks, he said.

GSB is evaluating a potential joint venture partner in the automotive securities lending industry.

Auto title loans: risks and alternatives

Car title loans give you quick cash – often between $ 100 and $ 10,000 – in exchange for your vehicle’s title as collateral. This is a type of secured, property-backed loan that the lender can take if you don’t pay.

These loans are expensive, with high fees and annual percentage rates often exceeding 260%. If you’re strapped for cash, you probably have better options, like requesting a advance on your salary or one alternative payday loan of a credit union.

How Car Title Loans Work

A potential borrower walks up to the lender with the car and its title. The lender assesses the value of the car and offers a loan based on a percentage of that amount. The average loan is $ 1,000, according to the Pew Charitable Trusts. Borrowers can walk away with the money in under an hour, but the lender keeps their title as collateral until the loan is paid off.

There are two types of auto title loans:

  • Single installment loans require borrowers to repay in one installment, usually 30 days later, and have an average APR of 300%.

  • Installment loans allow borrowers to make multiple payments, typically over three to six months, and have an average APR of 259%.

Typically, auto title lenders have fewer requirements for potential borrowers, such as not checking credit or requiring proof of income.

Nerdy tip: An installment loan can be a more affordable way to borrow money. These loans allow you to borrow the money all at once and then pay it back in fixed monthly installments over a period of months or years, instead of weeks. You won’t need to post collateral and loan amounts tend to be higher while interest rates are generally lower. Lenders usually require a credit check to apply, but you can find installment loans for bad credit.

Why Car Title Loans Are Risky

Think of car title loans as the bully brother of payday loans.

Although their interest rates are lower than those of payday loans, which can have APRs over 1000%, auto title loan interest rates are by no means low. The upper limit of “affordable” is generally considered an APR of 36%. The fees and cyclical borrowing associated with auto title loans make them even more expensive.

And if you can’t pay as agreed, you risk losing your vehicle. In fact, 20% of those who take out a short-term single-payment car title loan will have their cars taken back, according to a report by the Consumer Financial Protection Bureau.

Car title loans can also lead to a cycle of debt, the CFPB found. A large majority of single payment loan borrowers renew their auto title loans multiple times, incurring fees each time. Only 12% of single payment borrowers repay without renewing the loan, according to the CFPB. One-third of the remaining borrowers renewed their loans seven or more times. For a $ 1,000 loan, that would mean at least $ 1,750 in fees alone.

Does Paying Off a Title Loan Strengthen Your Credit?

In short, no: the lender does not report your payments to the credit bureaus, so paying off the loan does not create credit. If you don’t pay, the lender probably won’t send you to collection, which will hurt your credit – they may just repossess your car to pay off the debt.

Alternatives to car title loan

There are quick cash out options that cost you less – and are less risky – than a car title loan.

Before taking out an automobile title loan:

Continue with all other options: If nothing happens, speak with your creditor to see if you can have more time, develop a payment plan, or manage the short-term financial consequences of non-payment, such as late fees.

Compare the cost of taking out a loan versus not taking it: Calculate the overall cost of not having the funds for your goal, then compare it to the typical cost and interest cost of a car title loan.

If you are taking out a car title loan, cut the part in Your budget to refund it as soon as possible. This will help you manage costs and minimize the risk of your car being repossessed.

Vespa Racing Sixties Scooter Price: Special Edition Vespa Racing Sixties scooters arrive in India from Rs 1.20 lakh

NEW DELHI: Piaggio India on Tuesday launched special edition Vespa Racing Sixties scooters inspired by racing machines from the 1960s era. The Vespa Racing Sixties will be available in two variants of 125cc and 150cc priced at Rs 1,19,999 and Rs 1.32641, respectively, in India, the company said in a statement.

The special edition scooters were unveiled earlier this year at Auto Expo 2020. It is based on the company’s Vespa SXL 150 BS6 and SXL 125 BS-VI.

Piaggio India President and CEO Diego Graffi said: “As an iconic brand with a long-standing heritage, Vespa is continually rediscovering itself by setting new trends that reflect its versatility to represent unique specialties from different eras. ”

The Vespa Racing Sixties is an “outstanding representation” in the rediscovery of the racing machine theme of the golden racing era of the 1960s and the new introduction “combines heritage with current cutting edge technology,” Graffi added.

The new scooters have a full steel unibody body and are fitted with safety devices such as an anti-lock braking system or a combined braking system.

Innovation 101 at Auto Expo: IoT compatible bikes, cars with powerful engines, EVs in abundance

Vroum, vroum!

It’s that time of year when all auto freaks and auto aficionados are at Auto Expo to witness the biggest car launches.

This year, just like the other years, the Auto Expo has grown and showcased some of the most anticipated cars, MUVs / SUVs, two-wheelers, three-wheelers, concept cars, vintage cars and more. The event started on February 7 and will end on February 12.

Brands like Mercedes-Benz, Volkswagen, Renault, Great Wall Motors, Kia, Hyundai, Tata Motors, Mahindra & Mahindra and Morris Garages attended the event and showcased their cars.

This time, Honda and BMW are missing at the Auto Expo.

If you don’t know the cars and motorcycles that fell at Auto Expo, don’t worry because we’ve got you covered. Here’s everything you need to know about car launches at the mega event.

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Piaggio launches Vespa Racing Sixties scooter, price starts at Rs 1.20 lakh, Auto News, ET Auto

company says, the scooter is based on the Vespa SXL 150 BS6 and SXL 125 BS-VI.”/>
Piaggio India unveiled the special edition scooters at Auto Expo 2020 earlier this year. As the company says, the scooter is based on the Vespa SXL 150 BS6 and SXL 125 BS-VI.

New Delhi: Piaggio India announced on Tuesday the launch of its special edition Vespa Racing Sixties scooter inspired by racing machines from the 1960s era. The Vespa Racing Sixties scooter will be available in two variants of 125cc and 150cc, priced at Rs 1,19,999 and Rs 1,32,641 (ex-showroom), respectively.

Piaggio India unveiled the special edition scooters at Auto Expo 2020 earlier this year. As the company says, the scooter is based on the Vespa SXL 150 BS6 and SXL 125 BS-VI.

Commenting on the launch of the scooter, Piaggio India President and CEO Diego Graffi said: “As an iconic brand with a long-standing heritage, Vespa is continually rediscovering itself by setting new trends that reflect its versatility to represent unique specialties from different eras.

As the company says, the new scooters feature a state-of-the-art all-steel unibody body and come equipped with safety features such as an anti-lock braking system or a combination brake system.

Read: ETAuto Originals: Bike craze sweeps India during COVID era

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