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Thread: *Roles and Responsibilities of Hirer under Hire Purchase Scheme*

  1. #1
    wym
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    Default *Roles and Responsibilities of Hirer under Hire Purchase Scheme*



    Buying a motorcycle of your choice be it the very first motorcycle or your dream motorcycle is definately every persons' desire and dream...however buying it and ended up in liabilities or legal issues is not the preferred scenario for all Hirers.

    Before committing to a Hire Purchase Scheme for a motorcycle, the Hirer must be able to establish and work out a financial plan that comfortably suit his/her lifestyle and necessity. Have a plan in hand with all commitments that you are likely to face and lastly finalise on a amount that you are comfortable in with all costs of maintaining that include annual insurance renewal, road tax renewal, periodic maintenance of the motorcycle, repairs that may occur and petrol. With the cost of petrol rising at a rapid rate, Hirers must take this into consideration.

    Work out on the repayment period of your motorcycle and again work within your budget. Do not strain your monthly salary and ended up paying in a shorter repayment timeframe in order to save up on the interest. Be sure to do a calculation as usually on the interest incurred it is not a significant sum. However, should you be comfortable on a shorter repayment timeframe, there's definately no issue on the above statement.

    The interest available in the market will varies as accordingly, however as the sum involved on the loan is small having a 3.5 % to 5 % ( New motorcycle ) interest rate charged would not make an astronomical difference and the calculation is based on straight line accounting method.The important issue is on the after sales services and hassle-free repayment procedure provided by your respective motorcycling companies. After working out on the budget, it will be time to make the long-awaited commitment.

    Do's
    1) Always make your repayments on time.
    2) Should you have any financial problems kindly contact your respective Hire Purchase company to reach an
    agreement and resolve on the issue.
    3) Keep your motorcycle in a roadworthy condition.
    4) Maintain insurance coverage of your unit throughout the stipulated loan period.
    5) Update on all your particulars to the hire purchase company should you be changing any of your address and
    contacts.

    Don'ts (Breach of Clauses under the agreement)
    1) Default payment of more than 2 months.
    2) Laying up of vehicle. (Without prior notice to the hire purchase company)
    3) Late renewal of road tax. (Warrant of arrest to be issued)
    4) Late renewal of insurance coverage.
    5) Placing the vehicle at any secluded area and to be impounded by LTA. (Warrant of arrest to be issued)
    6) Parking of vehicle at another location as declared on the hire purchase agreement. ( Without prior notice to the
    hire purchase company )
    7) Hire purchase vehicle in a non-roadworthy condition.
    8) COI. ( Carry on Instalment )
    9) Attempt to transfer the vehicle under hire purchase scheme.


    With all Do's and Dont's stated above as accordingly, Hirer must know all responsibilities that he/she will be involved and should there be any breach in the agreement, the liabilities will be as follows:
    1) All arrears of hire up to the date of termination.
    2) Interest incurred for the default period.
    3) Repossession Fees. (Repo Vehicle)
    4) Administration Fees.
    5) Legal Costs.
    6) Repair Costs. (Repo Vehicle)
    7) Storage Costs (Repo Vehicle)
    8) Any other costs incurred to resume possession or in endeavouring to enforce payment.

    Should you as a hirer in any way unable to fulfil the commitment and wishes to return the vehicle, you will be liable for the liabilities stated above less the current market value as determine by the hire purchase company based on the condition of the motorcycle at the point of return.
    Hope we have provide all potential Hirers a piece of advice and guideline that prudent financial planning will offer you a hassle free commitment to your next motorcycle purchase.
    Last edited by wym; 16-08-2008 at 06:24 PM.

  2. #2
    soyamilk
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    But some Motorshops are good/friendly and don't cheat but some are not..

    Example : My friend bought a bike paid installment for a year plus(His loan is for 3yrs),after tat he return the bike back to the shop saying tat hes jobless and couldnt carry on the installment and hes in alot of bank loan debts and house loan debts.HIs installment left was ard 4.2k++.After tat the shop send him a lawyer letter asking him to pay 4.6k++ for returning the bike and even transfer the name out frm the bike..He was shocked..Installment left 4k++ and still got to pay the bike 4k++ and the bike still dont belong to him..But after tat he when down to shop and talk things out than the shop just asked him to pay the transfer fees and admin charges tat cost him 400++.. Some Motorshops are nice and hornest but some are not..It depends...
    Actually i didnt believe but after i seek a few shops owners they said theres such thing..Cos the shop dont wanna have other problem wif the customers and hope they will recomand more ppl to their shop..But actually really depends on the problem..
    Late payment sometimes can wave also depending on the shop.Some can some can't..

    Sorry if ive said something wrong jus wanna let some bikers know what to do when they are in bad money problem..

    Have not bought a bike frm Wingyap b4 but soon i will cos have not heard any bad things abt WingYap yet

    Cheers everyone !!!

     

     
  3. #3
    wym
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    Hi soyamilk...based on your info i guess the hire purchase company may not have less the market value of the vehicle...however different companies may have different policy and will varies as accordingly...all additional costings and expenses incurred to recover the vehicle will have to be bear by the Hirer...

    our point is to highlight to all our potential and current Hirers on their roles and be aware of consequences and all liabilities that may incurred due to termination of the Hire Purchase Agreement under different situation...

    by commiting into an agreement is not a normal draft or any letter in writing, it is an official documents with legal binding and rulings involved therefore we strongly urged all potential Hirers to be aware of the pros and cons and their financial abilities when commiting...

    thought your friend may have return the vehicle...it will still be his responsibility to clear any outstanding arrears that had incurred due to the default...hope we clear your doubts....


  4. #4
    soyamilk
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    Hi wym, i understand wat u mean but i was jus trying to say tat my friend's motorshop is reasonable.They drop the charges and jus let the matter rest due to my friends problem.Like wat ive said some shops are good friendily some shops are not.

    Documents are sign black and white but have u ever tot some bikers jus bought the bike wif out reading also.And also its the duty of the salesman to explain step by step b4 asking the customer to sign the agreement form and other forms cause not everyone is educated.Most of the salesman dont do tat but some do.They jus say :"sign here sign here sing here ok done. COme collect ur bike 3 days later. I give u free ERP unit free box ,ok."

    Sorry jus wanna let some young bikers know what they are signing before they buy a bike.. No offence..

    Wym what if oneday one of ur customer come to u and return u the bike saying he cant carry on anymore cause he/she is on the verge on declaring bankrupt (which he have prove of all lawyers letter sueing him) and hoping u can take back the bike and will to pay the admin charges like few hundreds but the installment left ard a yr plus. What will u do wym??
    Last edited by soyamilk; 15-08-2008 at 09:08 PM.

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    booboo88
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    Hi Wingyap,

    I've a friend thats facing this problem too..His is a small cc bike..He is in deep **** oweing 2-3banks $$ credit cards & overdraft & creditline and the banks are sueing him and also parking fines tat he dont have $$ to pay and LTA fines waiting to go court.. If someone like this friend of mine return u the bike saying he cant carry on installment cos of his problem wat will u do ??

    Cos we have seek a few machanics, they told my friend to go down to shop and talk to the shop owner hoping they can help. Cos when someone return the bike to shop they sure eat the bike back lower than market value cos its the best time for the to earn money. and for the repairs that they have done to resale the bike nothing much is done too just a word saing they do up the bike like overhaul and stuff.. BUT for the paint work they sure do it which it wont cos much for a small cc bike and non faring bike.

    Just wanna know so can see wat i can help for this good friend of mine..

    Cheers!!

  6. #6
    wym
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    hi Boo x 2...

    sorry to know the state your friend is facing...

    based on the info given by you...the stand for us is similar for the issue that was brought up by Soyamilk...your friend is still the legal Hirer of the scheme and will have to bear the responsibility of any outstanding or arrears that may have incurred due to repossession of the vehicle as stipulated....

    another issue is that during the time when your friend commit to the purchasing of the vehicle...is he aware of the current financial ability he is in at that specific time? Decision making at that moment of time is vital...

    what we have to highlight is that securing a loan or any form overdraft from any financial agencies is very much similar commiting to the Hire Purchase Scheme which comes with legal binding...the hire purchase agreement is not a secondary scheme and it bears the same consequences and liabilities as the facilities extended by any of the financial agencies....

    this is the reason that we have to advise our potential Hirers to work within their comfort zone...

    hope we clear your doubts...

    Cheers!

  7. #7
    wym
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    hi Soyamilk...point noted and we understand...

    as we have said...different companies have different policies that may varies as accordingly....as for the company that had dropped the charges against your friend we are in no position to comment on it...but the amount involved is a huge sum....maybe your friend may have made some arrangement or agreement with the company....

    on the situation that you have brought up...the stand would still be similar...however an instalment payment may be arranged for him to pay as accordingly if the amount is huge....should the amount involved is not significant there may be a possibility of waiving the payment...

    as for all details and rulings stipulated, understanding the rulings is also part of the roles and responsibilities of the Hirers...so we hope that all Hirers would understand the ruling and at least going through them though it may be a tedious process...at least you will know what you will be sigining for...sales personnel would be more than happy to highlight to you on the important rulings as what we have brought up in this thread...

    cheers!
    Last edited by wym; 16-08-2008 at 06:26 PM.

  8. #8
    hdblue
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    Quote Originally Posted by wym View Post
    hi Soyamilk...point noted and we understand...

    as we have said...different companies have different policies that may varies as accordingly....as for the company that had dropped the charges against your friend we are in no position to comment on it...but the amount involved is a huge sum....maybe your friend may have made some arrangement or agreement with the company....

    on the situation that you have brought up...the stand would still be similar...however an instalment payment may be arranged for him to pay as accordingly if the amount is huge....should the amount involved is not significant there may be a possibility of waiving the payment...

    as for all details and rulings stipulated, understanding the rulings is also part of the roles and responsibilities of the Hirers...so we hope that all Hirers would understand the ruling and at least going through them though it may be a tedious process...at least you will know what you will be sigining for...sales personnel would be more than happy to highlight to you on the important rulings as what we have brought up in this thread...

    cheers!
    Hi,

    Thanks very much for this comment. It help me to think about my ideals.

    We also find them more same at: Roles responsibilities

    Tks again and pls keep posting.

  9. #9
    wym
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    Cheers!


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    Caracalla
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    Hi, sorry for asking this questions which may sound silly to you all. But do i need a guarantor when i go under the hire purchase scheme for 2nd hand bikes?

    Cheers!

  11. #11
    wym
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    hi...yes, its a requirement as long the unit is under hire purchase scheme. This would not be applicable if the purchase is made in full cash.


     

     

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