questions on buying over installment bike

[sws32]

I have a few questions!

 

Im actually under installment for my bike with a bike shop.. I asked the shop if i want to stop riding this bike n return back to em, they say can.. but no money returned to me. is it supposed to be like that?

 

So my plan is advertise to sell my bike.. let direct owner view my bike and if anyone interested, then i will pay all my remaining installment to the shop, then sell to owner. is it possible? need any time for them to process under my name then can sell?

 

Thanks!

[pufferfis]

well if u surrender the bike and the bike shop say no need to pay anything...means the bike shop buy over the bike at a much lower price...n the difference between ur original loan plus interest minus the lower price of the bike shop buy over....thats the amt u have paid...so ur free...but den.....u end up with nothing....just some expensive installments.....no bike to call ur own thats all...

 

 

if u want to pay all remaining installment...u have to check with the bike shop if there is any early settlement fee....bike shops wld love for u to pay early so they can charge u a fee...some more u have paid interest for the initial loan..a few hundreds to thousands depending on how many years and how big is ur loAn..

..on top of that ...u pay them some more for paying early.....a few hundreds i guess....bike shops love buyers like this....

 

on the other hand...if u have finish payin the bike...its under ur name..and u can sell it off without any complications....just need to agree to a cash price for the bike......get the buyer to buy insurance for the bike....meet at lta....handover money...den transfer...buyer pay for transfer feee....wah ur done!

Edited November 20, 2014 by pufferfis

[sws32]

well if u surrender the bike and the bike shop say no need to pay anything...means the bike shop buy over the bike at a much lower price...n the difference between ur original loan plus interest minus the lower price of the bike shop buy over....thats the amt u have paid...so ur free...but den.....u end up with nothing....just some expensive installments.....no bike to call ur own thats all...

 

 

if u want to pay all remaining installment...u have to check with the bike shop if there is any early settlement fee....bike shops wld love for u to pay early so they can charge u a fee...some more u have paid interest for the initial loan..a few hundreds to thousands depending on how many years and how big is ur loAn..

..on top of that ...u pay them some more for paying early.....a few hundreds i guess....bike shops love buyers like this....

 

on the other hand...if u have finish payin the bike...its under ur name..and u can sell it off without any complications....just need to agree to a cash price for the bike......get the buyer to buy insurance for the bike....meet at lta....handover money...den transfer...buyer pay for transfer feee....wah ur done!

 

 

 

Thanks for your reply! I just went to bike shop.. e shop say if pay everything clear installment can, without early settlement fees. If want to pay all and sell away to other shops or direct owner i can only do it after the initial years of loan we signed for even i paid all. if not pay another $800-$1000 fees then can sell. regretted to get a bike under installment.. now im stucked with it.