Aprilia RS125 '01 FT2630S - Mar 08 ~ Mar 10
Yamaha YZF R6 '03 FW3991C - Mar 10 ~ Aug 11
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Ducati 749S '04 FX***** - Mar 13 ~ Present
Shake it~ sexy baby~
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?
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).
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?
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.
I would like to sell my X8 bike due to moving to another country. But could not post in the selling sections. Please help !
Send a mail to admin with your requirements.. they might help you out!!
Lol i really need to know how to post threads in garage sales...
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.
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.
Linux User #463727
2007/06 - 2009/01:Suzuki GSR400
2009/01 - 2013/12:BMW F800ST
2013/12 - Current:Yamaha FJR1300A
We don't stop riding because we get old, we get old because we stop riding.