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Thread: 101 ways to sell your bike...

  1. #301
    NovaBeng
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    Quote Originally Posted by cazlex View Post
    Hey bros!

    Got a question which i hope your can help me out with.

    I am planning to sell my bike to another buyer. Private settlement.
    Bike alrdy fully paid off.
    What is the sequence for the transfer ar?
    (A) I do the transfer with him together at LTA. He go and get his own insurance after that or?
    (B) He needs to buy his own insurance first before I transfer the ownership?

    Thanks in advance!
    can be done transfer first but new owner must have insurance covered first before he can officially ride your bike off even transfer of ownership has been done.
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  2. #302
    cazlex
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    Quote Originally Posted by NovaBeng View Post
    can be done transfer first but new owner must have insurance covered first before he can officially ride your bike off even transfer of ownership has been done.
    Thanks for the help bro!
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  3. #303
    dotless
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    Hi guys!

    I'm buying a bike from a private owner. He still has an outstanding loan with his bike shop.
    What we have arranged is that I meet him at his bike shop, pass him a partial amount of the price we agreed on, he pays off his outstanding loan, we go to LTA after that to transfer ownership.
    My concern is that what happens if he just leaves after paying off the outstanding loan.

    How do I protect myself in this situation?

  4. #304
    molecules
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    Bro, how big is the partial amount ? If it's a big sum, better that he settle it with his own money. If he, in return got the same trust issues, you can offer to pay a small sum( as a form of downpayment ) of that outstanding and the rest settled by him.

    Is it a reputable bike shop?
    Perhaps when settling the full payment, can have your signature penned down on the papers as well ?

    Next, gotta have your insurance coverage ready before onwership transfer.

    If he still insist on you entirely paying the outstanding, you can always do the ownership transfer at the bikeshop (admin fees chargeable).

  5. #305
    dotless
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    Quote Originally Posted by molecules View Post
    Bro, how big is the partial amount ? If it's a big sum, better that he settle it with his own money. If he, in return got the same trust issues, you can offer to pay a small sum( as a form of downpayment ) of that outstanding and the rest settled by him.

    Is it a reputable bike shop?
    Perhaps when settling the full payment, can have your signature penned down on the papers as well ?

    Next, gotta have your insurance coverage ready before onwership transfer.

    If he still insist on you entirely paying the outstanding, you can always do the ownership transfer at the bikeshop (admin fees chargeable).
    Hey. Thanks for the reply.

    It's about $4000. I agree that I should offer a down payment rather than the entire sum. What's a reasonable amount for down payment?

    It's Looi's motor if I'm not wrong. I wouldn't be too sure about the signature for the full payment so I will see what works out.

    The bike will be laid up so I'm not sure that that can be done at the bike shop.

    In the scenario that I make a small down payment, is it possible to have a handwritten note, signed by both parties, to say that I have made the down payment for that bike and that I will be given exclusive rights to purchase it? Would that be of any use?

  6. #306
    molecules
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    Quote Originally Posted by dotless View Post
    Hey. Thanks for the reply.

    It's about $4000. I agree that I should offer a down payment rather than the entire sum. What's a reasonable amount for down payment?

    It's Looi's motor if I'm not wrong. I wouldn't be too sure about the signature for the full payment so I will see what works out.

    The bike will be laid up so I'm not sure that that can be done at the bike shop.

    In the scenario that I make a small down payment, is it possible to have a handwritten note, signed by both parties, to say that I have made the down payment for that bike and that I will be given exclusive rights to purchase it? Would that be of any use?
    Laying up, guess it's best to have the process done one-shot at LTA.

    As for self-generated agreements, I wouldn't be too sure if it'd be legally binded in the absence of a lawyer.

    perhaps you can be your own judge on the seller's integrity in honouring the deal?

  7. #307
    flyingcow
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    self-generated agreements are legally binding as long as both parties agree and sign on it. lawyer presence is usually not necessary.

    exchange details such as name, contact number, nric and if possible address as well. then should be quite safe because can find each other (and sue if necessary) in the event that the deal goes sour.

  8. #308
    molecules
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    Quote Originally Posted by flyingcow View Post
    self-generated agreements are legally binding as long as both parties agree and sign on it. lawyer presence is usually not necessary.

    exchange details such as name, contact number, nric and if possible address as well. then should be quite safe because can find each other (and sue if necessary) in the event that the deal goes sour.
    Good to know that such agreements are legally binding bro.

    Could really prove useful in time of needs.

    :thumbup:

  9. #309
    NVK123
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    Hi guys,

    I would like to sell my X8 bike due to moving to another country. But could not post in the selling sections. Please help !

  10. #310
    Taurian365
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    Send a mail to admin with your requirements.. they might help you out!!

  11. #311
    centerclaws
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    Lol i really need to know how to post threads in garage sales...

     

     
  12. #312
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    Hi Fellow bikers, I’m posting this to warn all local riders to veer clear of a lemon bike dealer (Wing Fuat at Sims Place and his workshop at Blk 3020A, Ubi Ave 1). He’s a full on liar and a conman (Ng). Here’s my story;
    I’ve been a rider for many years and recently made the decision to upgrade to a class2 bike. I visited his shop after seeing an ad for this class 2 bike online. He assuranced that this bike is in decent condition and not one that would break down. I even told him if minor issues I don’t mind as expected for 2nd hand bikes and he confirmed this. I asked for discount but he didn’t reduce from asking price. That is okay as long bike runs okay, I told him. So I went on to buy this 2nd hand bike, paying 12k in total. He asked to collect the bike a few days later from his workshop outlet, which I did. One would expect the bike to be serviced up to ridable condition as if the bike is not in good condition, it’s a risk to the rider, correct or not!
    Just days after talking ownership of the bike, the bike started smoking from the engine area just 3 mins into warming up the bike at carpark, brakes were almost non –existent, and suspension was highly sketchy. So I go back to the workshop to tell of the issues as I was given 1 month come back if bike got problems. When I went to the shop and explained to the workshop, the mechanic, under the instruction from the “pretend to be sleeping on chair” boss at he shop and tells me to let the brakes to wear in for some days. And just nodded his head when I told him about the smoke/steam coming from the engine area and that was it. So I carry on riding the bike in the hope that these issues will go off from daily use. After another 3 days, it was getting worse, more smoke, brakes bloody useless and suspension to precarious to even consider slightly bending around corners. So again I bring the bike to the workshop. This time, the mech takes out the brake pads, go in and than come back to put back the brake pads. And than he says give 1 monthfor the brakes to kick in effectively. 1 MONTH !? Use my legs to brake isit in the meanwhile? Riding a big CC bike, you would expect the brakes to be an important factor in your safety and to have a 85% off deficient brakes could cost my life in case of emergency. Another few days passed and while riding around town, the bike started to over heat and when I stopped to let the bike cool down, the radiator burst, spewing extremely hot fluids all over my legs. Bike was out. I had to have the bike towed. So enough was enough, I sent the bike to another workshop, recommended by fellow biker friends.
    After talking to this recommended workshop, I found out that the bike’s inside is all very bad condition. A lot of efforts were taken to hide/mask problems with bike. Front forks seals gone plus severe metal to metal contact damages, radiator out, coil gone, engine top warp, instead of using gaskets to seal, the bloody dealer had used rubber sealant to temporarily stop the smoke from coming out so when potential buyers test start the bike, the smoke will be contained till sold. The list of repairs were literally 1 full page long. All in all the damages/repairs cost me another $5k, on top of having paid 12k for the bike. And the dealer didn’t evening give discount while buying the bike. I talked to a few other very well respected bike mechanics and all said that this was blatant and low ball by the dealer. So pls beware of this and other such vermit of a dealers. Peace out.

  13. #313
    FireGunz
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    Quote Originally Posted by VonZ View Post
    Hi Fellow bikers, I’m posting this to warn all local riders to veer clear of a lemon bike dealer (Wing Fuat at Sims Place and his workshop at Blk 3020A, Ubi Ave 1). He’s a full on liar and a conman (Ng). Here’s my story;
    I’ve been a rider for many years and recently made the decision to upgrade to a class2 bike. I visited his shop after seeing an ad for this class 2 bike online. He assuranced that this bike is in decent condition and not one that would break down. I even told him if minor issues I don’t mind as expected for 2nd hand bikes and he confirmed this. I asked for discount but he didn’t reduce from asking price. That is okay as long bike runs okay, I told him. So I went on to buy this 2nd hand bike, paying 12k in total. He asked to collect the bike a few days later from his workshop outlet, which I did. One would expect the bike to be serviced up to ridable condition as if the bike is not in good condition, it’s a risk to the rider, correct or not!
    Just days after talking ownership of the bike, the bike started smoking from the engine area just 3 mins into warming up the bike at carpark, brakes were almost non –existent, and suspension was highly sketchy. So I go back to the workshop to tell of the issues as I was given 1 month come back if bike got problems. When I went to the shop and explained to the workshop, the mechanic, under the instruction from the “pretend to be sleeping on chair” boss at he shop and tells me to let the brakes to wear in for some days. And just nodded his head when I told him about the smoke/steam coming from the engine area and that was it. So I carry on riding the bike in the hope that these issues will go off from daily use. After another 3 days, it was getting worse, more smoke, brakes bloody useless and suspension to precarious to even consider slightly bending around corners. So again I bring the bike to the workshop. This time, the mech takes out the brake pads, go in and than come back to put back the brake pads. And than he says give 1 monthfor the brakes to kick in effectively. 1 MONTH !? Use my legs to brake isit in the meanwhile? Riding a big CC bike, you would expect the brakes to be an important factor in your safety and to have a 85% off deficient brakes could cost my life in case of emergency. Another few days passed and while riding around town, the bike started to over heat and when I stopped to let the bike cool down, the radiator burst, spewing extremely hot fluids all over my legs. Bike was out. I had to have the bike towed. So enough was enough, I sent the bike to another workshop, recommended by fellow biker friends.
    After talking to this recommended workshop, I found out that the bike’s inside is all very bad condition. A lot of efforts were taken to hide/mask problems with bike. Front forks seals gone plus severe metal to metal contact damages, radiator out, coil gone, engine top warp, instead of using gaskets to seal, the bloody dealer had used rubber sealant to temporarily stop the smoke from coming out so when potential buyers test start the bike, the smoke will be contained till sold. The list of repairs were literally 1 full page long. All in all the damages/repairs cost me another $5k, on top of having paid 12k for the bike. And the dealer didn’t evening give discount while buying the bike. I talked to a few other very well respected bike mechanics and all said that this was blatant and low ball by the dealer. So pls beware of this and other such vermit of a dealers. Peace out.
    Thank for the sharing info about this "Lemon Bike Dealer"... by the way, care to share "recommended workshop" as i might need it.

    Sent from my SM-N9005 using Tapatalk

  14. #314
    realdean
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    Hi Guys.

    First time I'm selling off my class 2 bike to a private buyer. Bike still on HP and I am the authorized rider (not owner) and the registered owner is a non-rider.. I checked with bikeshop my remaining balance and bikeshop said if I sell to private seller, I have to make full settlement and I have to pay an additional penalty of $1900!!! This is daylight robbery! Anyways no point in arguing as I believe they have that covered somewhere in the HP agreement which I was never given a copy of after buying the bike.
    I advertised the bike for sale and set the asking price higher than the balance+penalty.

    A potential buyer who's interested asked if he can re-loan from his bike shop. When I told him that my bike still under HP, he inquired how much per month and how many more months left.

    Here are my questions:

    1) Does the buyer really NEED to know how much my loan balance is?
    I find this an invasion of privacy. I mean if we agree to a certain price, he doesn't have to know what I owe (or how much I make).

    2) Can I get the buyer to pay me the full sum of the agreed buying price and I settle with the bikeshop what is due to them?
    Then on the same day, can the buyer and I go to LTA to settle the transfer of ownership?

    3) After I pay the bikeshop all the dues, what should I get from them?
    The spare key for the bike? Original log card, a signed note discharging the owner of any other payments whatsoever, etc?

    4) Can the bikeshop cause any other hiccups to my deal?

    5) Does anyone have a better way of doing this?

    Thank You in advance for your kind help guys.
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  15. #315
    stephaniechew
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    Quote Originally Posted by Andy View Post
    Insurance can it be paid in installment?
    ans: no. never heard of insurance companies so kind to allow that. Its will be real messy to handle and maintain that kind of system.

    must it be renewed often?
    ans: renewal is annually.

    Lets say the insurance $800 how?
    ans: count 16 pieces of SGD$50 or 8 pieces of SGD$100, hand it to the insurance company and they will issue u the insurance policy cert.

    Lets say the bike 3k and u wanna pay by installment to the guy how? Financing company?
    ans: finance company is 1 option, but the chances of you finding a finance company that is willing to loan you, is close to 0%. Private settlement of installment payments will be a better bet. Try to neg for partial payment if the seller is willing.

    if buying 2nd hand bike den the guy still got coi left and i wanna carry on can?
    ans: can, but it depends on the shop which the seller is still owing the installment payments. Most of the shops DO NOT allow COI (with ownership transfer) anymore so basically the answer is NO in the end.

    what many ppl are doing now is, they are doing C.O.I (carry on installments) WITHOUT the ownership transfer. The seller will add the buyer's name into the seller's insurance policy as sub-rider, and the buyer will ride the bike from then on.

    In practical: the rider is the buyer.
    In the eye's of the legal system: the owner is STILL the seller.

    PROS: No transfer fees, only 1 insurance paperwork to be done.
    CONS: If seller decided to take back his bike AFTER you have paid up the remaining installments, legally he have the right to. If buyer commits any offences or fines with the bike, the seller will have to answer if the buyer does not owns up.

    i have to pay the guy anything bfr i coi?
    ans: you have to settle on the amount first b4 you deal. Basically if he only owes 10 mth installment of $100, and his bike is worth 5K, u of coz will have to pay cash on top of COI.
    Thanks - that was helpful!!

  16. #316
    vivian212
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    I bought a bicycle from a friend, he did not buy full insurance for the bike, they only allowed the name of the new owner to register to buy insurance, because when buying is a place to know So I don't make paper to transfer. Now he is in the US and not returning to Singapore, haiz help me explain this issue, thanks a lot

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