Pro's And Con's Of COI

[H01]

Hi Guys..

I would like your inputs regarding the benefits or disadvantages of "CARRY ON INSTALLMENTS (COI)"

 

Initially I thought it just taking over the bike with its installments but still under the previous owner. How is that process go about??

 

Constructive feedback are greatly appreciated.

[Orleng]

http://www.singaporebikes.com/forums/showthread.php/427019-Selling-away-COI-bike

 

Lots of other threads which are similar. Search.

[aimnfire]

My opinion is that check what is the market price of the boke you want to coi. Careful, dont over pay it.

 

For example, the market rate for a bike is $5000 at bike shop. Usually bike shop will buy from owner around $3000.

The bike owner have out standing loan of $6000. You think its worth it?

[pixelisedguy]

COI only works if you really trust the guy. Even if you do, it's really good to get it down on 'black and white' before anything. My opinion is really don't COI or provide COI to be safe. Spoils friendships and relationships.

 

 

Sent from my iPhone using Tapatalk

[swoosh]

TS

 

Only one pro: Save a bit of money.

 

Cons: There are many , a few which already been stated.

 

Just think over this: Any private arrangement (black and white) outside the HP agreement the seller had with the bike shop/finance company is not enforceable.

[filtered]

How does it save abit of money? Most of the time end up paying the interest on the other guys loan, add up the downpayment plus total cost of instalments, usually more than current mkt price of bike.

 

The only 'advantage' i see is for those who do not have money for downpayment, and want/need the bike urgently.

[swoosh]

becos the shop prices will be more ex

[H01]

Hmmm... So actually.. it is another way of selling the bike without the seller making any loss with the exception that technically the bike still belongs to the previous owner.. Like pixelisedguy said.. trust is a huge factor here.. Even how desperate you are to get the bike.. COI is huge no no..

 

How about no downpayment involved?.. Just continue installments?? Maybe..just maybe

[aimnfire]

Hmmm... So actually.. it is another way of selling the bike without the seller making any loss with the exception that technically the bike still belongs to the previous owner.. Like pixelisedguy said.. trust is a huge factor here.. Even how desperate you are to get the bike.. COI is huge no no..

 

How about no downpayment involved?.. Just continue installments?? Maybe..just maybe

 

if no downpayment involve, then check the total balanced of the loan. once you calculate the total balance, check out the market value of the bike.

 

for example if bike shop selling the model around $5000 and if bike shop were to buy your bike probably will buy within $2000 to $3000.

if the total coi with or without downpayment is more than $5000 forget it. if the total coi with or without downpayment is within $4000 to $5000 is acceptable.

[filtered]

becos the shop prices will be more ex

 

How do you know for sure?

[swoosh]

For sure ? you really want to know?

[aimnfire]

Cannot really blame shop

 

They got cost to cover such as rental, staffs salary, spare parts etc etc.

 

Its those direct seller that seems too greedy by placing the price too near as shop price

[xKaelx]

Then what happens if seller can't find buyer to coi. And doesn't want to carry on the bike installment

[aimnfire]

Then what happens if seller can't find buyer to coi. And doesn't want to carry on the bike installment

 

if i'm not mistaken, letter of demand will be sent,

 

then finance will chase guarantor

 

if bike kena repossess

the chargers will be storage chargers, towing chargers, all sort of chargers they can think of

so dont be surprise 3 mth of non payment installment can equal to 6 mth of payment to release your bike again

[desewer]

stay away from COI. most cases, the seller will ask you for $$$ upfront. add that to the remainder of the COI, it's much more expensive than the bike itself.

[aimnfire]

stay away from COI. most cases, the seller will ask you for $$$ upfront. add that to the remainder of the COI, it's much more expensive than the bike itself.

 

thats the thing,

seller ask upfront for few k then carry on installment.

when add up its almost or even more than bike shop price.

 

since you can fork out cash

might as well use that as your down payment with bike shop.

[ciscube]

Furthermore, with coi, the bike is still und r the seller name. So the buyer has no claim on it.

[zulu4]

i don't think savings from COI deal is worth the hassle for either seller or buyer