early settlement fee??

[HelmetBOX1605198525]

Recently I sold my motorcycle (on hire-purchase) I was charge with an amount of 800..

 

I do not have any law knowledge. I read the hire-purchase act cap 125 and I was wondering now was the 800dollars so called early settlement was payable to the owner.

 

Ok here some of the paper I sign with them 1. The hire-purchase act. 2. Some paper stating there will be an early settlement fee which is a separate paper. (I think this is not a contract because there is no consideration on the other party and I do not have the obligation to pay any sum stated in the paper I signed)

 

After reading the cap 125 there is the second schedule there is this Additional charges the owner will impose charges for early settlement of hire-purchase.

 

i confront the shop about the charges and the merely show me those paper I sign stating the there will be XX charge if there is an early settlement. (Which I do not think is a contract). Is the amount of 800 dollars based on this signed paper? Anyway I called the staff before regarding the early settlement fee before as I’m aware there is and I was told I was only 400.

 

Now after reading the hire purchase act I believe if there is any early settlement fee it should be shown in the Hire purchase agreement form right?

 

Do I still have the right to get back on the amount I being overcharge. The 800dollars is already paid and I don’t bother that much but I felt cheated and I know the shop will continue to cheat others.

 

quoted from the hire purchase act.

owner should explain the method for calculating the balance payable upon early settlement and give an example of the balance after a specified number of years

owner should explain the method for calculating the balance upon assignment and give example of the payable after a specified number of years.

 

 

Will I be able to file a claim against them with small claim tribunal?

[Barongan78]

nw, cn sae all d bikeshop practise early settlement fee...

d amount vary, some charge 800 bucks, some s low s 300 bucks..

its up to dem hw much dey wana quote d amt.. haiz....

wen wana early settlement, u pay all, inclusive d interest n yet dey charge another amt for early settlement... unfair...correct me if i'm wrong

[HelmetBOX1605198525]

nw, cn sae all d bikeshop practise early settlement fee...

d amount vary, some charge 800 bucks, some s low s 300 bucks..

its up to dem hw much dey wana quote d amt.. haiz....

wen wana early settlement, u pay all, inclusive d interest n yet dey charge another amt for early settlement... unfair...

 

i believe as what written in the act the will charge you the fee based on the hire-purchase contract which 1.

owner should explain the method for calculating the balance payable upon early settlement and give an example of the balance after a specified number of years

 

owner should explain the method for calculating the balance upon assignment and give example of the payable after a specified number of years.

 

not based on how much they want we need to pay.

 

for my case is that time i call ask it was merely 400plus.

but upon knowing i'm not getting my new bike the increase it to 800.. swee swee 800.

but the 400 plus still got cents. which i think it a valid amount..

[HelmetBOX1605198525]

oh anyway i pay the 800dollars is to SPEEDWAYMOTOR

according to them my early settlement should be 1k plus..

but they only charge me 800dollars.

 

then i ask why so much they claim they sold me the bike at cost price.

which if that is the case at that time every shop is selling at the cost price.

because the price is more or less then same.

[HelmetBOX1605198525]

and one more thing i think those under 21 who go into the hire-purchase contract is not valid at all due to the minor act.

 

so sad i signed the contract at the age of just pass 21...hahhaha

[Barongan78]

i believe as what written in the act the will charge you the fee based on the hire-purchase contract which 1.

owner should explain the method for calculating the balance payable upon early settlement and give an example of the balance after a specified number of years

 

owner should explain the method for calculating the balance upon assignment and give example of the payable after a specified number of years.

 

not based on how much they want we need to pay.

 

for my case is that time i call ask it was merely 400plus.

but upon knowing i'm not getting my new bike the increase it to 800.. swee swee 800.

but the 400 plus still got cents. which i think it a valid amount..

1st, b4 u sign any contract, dey tok nicely, makes u feel comfortable wit deir xplaination abt d price al da stuff..

once u sign, den its totally diff alr.. dey cnt b bother to explain wat u hv juz sign...

 

i noe dey hv to minus hw much we alr pay for d instalment, i mean let sae u left 2 yrs of instalment, n u wan to early settlement, so dey ask u to pay 2 yrs of instalment n den dey told u to pay early settlement fee.... like wat i've said, some shop charge diff price of early settlement n its up to dem hw much dey wana charge, in malay, ikut sedap hati mak bapak drg jer nk letak harga... correct me if i'm wrong yet again... lolx

[HelmetBOX1605198525]

i noe dey hv to minus hw much we alr pay for d instalment, i mean let sae u left 2 yrs of instalment, n u wan to early settlement, so dey ask u to pay 2 yrs of instalment n den dey told u to pay early settlement fee.... like wat i've said, some shop charge diff price of early settlement n its up to dem hw much dey wana charge, in malay, ikut mak bapak drg jer nk letak harga...

 

i don't think they can charge any amount of that.

firstly if there is any early settlement fee they should let the hirer know.

and how do they compute the amount.

it will be stated in the contract. the one with a few pages but usually the person will ask you just sign only.

and i believe a lot of people will just sign.

 

not as well or where the like they can charge.

[Barongan78]

i don't think they can charge any amount of that.

firstly if there is any early settlement fee they should let the hirer know.

and how do they compute the amount.

it will be stated in the contract. the one with a few pages but usually the person will ask you just sign only.

and i believe a lot of people will just sign.

 

not as well or where the like they can charge.

 

i mean most of d motoshops charges is vary for early settlement... for dem, its a penalty for an early settlement.... n dey din stated in d contract hw much u hv to pay for early settlement...

n yes, d shop u mention did charge 800bucks for early settlement... correct me again if i'm wrong yet again... kekekeke

n btw bro, its wise u nt mention d shop name, anything cn happen bro...

[HelmetBOX1605198525]

i mean most of d motoshops charges is vary for early settlement... for dem, its a penalty for an early settlement.... n dey din stated in d contract hw much u hv to pay for early settlement...

n yes, d shop u mention did charge 800bucks for early settlement... correct me again if i'm wrong yet again... kekekeke

n btw bro, its wise u nt mention d shop name, anything cn happen bro...

 

yes i was charge 800dollars and i paid it to SPEEDWAYMOTOR.

 

i did not do anything wrong! i'm just stating the facts.

[deryiu]

i agree with HelmetBOX! .he is stating the facts no need to wrong about anything ,this topic has been brought up many times u are not the first ,

 

IMO . The next bike u buy pay full cash ,get a cheaper one if not enough money..(either way is to buy new bike from Agent) there is some good bike shop that do not charge early repayment fees.

 

Interest + early repayment charge . i think worst than borrow from Ah Long( loanshark )

always look properly b4 u sign on the dotted line

[HelmetBOX1605198525]

i agree with HelmetBOX! .he is stating the facts no need to wrong about anything ,this topic has been brought up many times u are not the first ,

 

IMO . The next bike u buy pay full cash ,get a cheaper one if not enough money..(either way is to buy new bike from Agent) there is some good bike shop that do not charge early repayment fees.

 

Interest + early repayment charge . i think worst than borrow from Ah Long( loanshark )

always look properly b4 u sign on the dotted line

 

hahah

but be frank how many people actually read it?

if i will to tell the sale person why not i take the contract and go back and read? do you think he would allow that.

every time they ask you sign here and here remember??

they did not say read and sign here and here..

hahahaha...

[man coke]

bro ask back that money back should be 400-500

[contrarian]

If the agreement clearly spells out the early settlement fee, then you'd have to pay that fee in the event of an early settlement.

 

You should make it clear if the agreement given to you when you bought your bike says that there's an early settlement fee of $800 (instead of saying that there will be XX charge).

[Guest Quincy]

Bros, in the Hire Purchase Agreement, early settlement fees won't be stated inside when u signed because the document is filled up using microsoft excel... But prior to that, you can actually talk it out with the sales person & request them to explain to you how the H.P. Act works & how much is the penalty.

 

Some shops even charge for H.P. agreement fee which ends you up getting almost the same or higher than other shops & early settlement column is inside the H.P. Agreement document, not externally...

 

Best way to deal with this situation is to request the sales person to write out the quotation break down (what you're paying for), final charges, early settlement charges & any incidental charges... Ask him write on a piece of paper... It can be to your advantage...

[DM]

i don't think they can charge any amount of that.

firstly if there is any early settlement fee they should let the hirer know.

and how do they compute the amount.

it will be stated in the contract. the one with a few pages but usually the person will ask you just sign only.

and i believe a lot of people will just sign.

 

not as well or where the like they can charge.

 

yes and as ignorant consumers, we sign without reading. HOWEVER, if the said early settlement fee was stated as $400, why are you paying double? you sign for that amount, you pay that amount, where got anyhow quote price? even if they said that currently the hire purchase early settlement is $xxx, the hire purchase legal terms that you agreed with is the one that you signed before this new rule. if they failed to inform you, it is not your fault. small claims tribunal doesn't cover hire and purchase but you can seek legal help here:

 

http://www.singaporebikes.com/forums/showthread.php?t=178601

 

 

with some help, you could get a lawyer to represent you and bring it up to a civil/ magistrate court. if you win, you might even get all your fees paid by the other party (with a lot of luck of course) but the point is, you will make your stand and you might get a shot at this..

[contrarian]

Bros, in the Hire Purchase Agreement, early settlement fees won't be stated inside when u signed because the document is filled up using microsoft excel... But prior to that, you can actually talk it out with the sales person & request them to explain to you how the H.P. Act works & how much is the penalty.

 

Best way to deal with this situation is to request the sales person to write out the quotation break down (what you're paying for), final charges, early settlement charges & any incidental charges... Ask him write on a piece of paper... It can be to your advantage...

 

All you have to do is to ask for the complete agreement including the completed schedule. No need to write on a piece of paper - fill in the schedule which will include any fees for early settlement.

[contrarian]

even if they said that currently the hire purchase early settlement is $xxx, the hire purchase legal terms that you agreed with is the one that you signed before this new rule.

 

?? How did you come to this conclusion that the agreement came before this rule??

 

with some help, you could get a lawyer to represent you and bring it up to a civil/ magistrate court. if you win, you might even get all your fees paid by the other party (with a lot of luck of course)

 

It is extremely unlikely to get all your fees paid by the other party even if you win an award for costs.

[HelmetBOX1605198525]

?? How did you come to this conclusion that the agreement came before this rule??

 

 

 

It is extremely unlikely to get all your fees paid by the other party even if you win an award for costs.

 

ya..

you won't be able to get back all the amount.

if anything less then 10k. forget about engaging a lawyer.

no point.

[HelmetBOX1605198525]

Bros, in the Hire Purchase Agreement, early settlement fees won't be stated inside when u signed because the document is filled up using microsoft excel... But prior to that, you can actually talk it out with the sales person & request them to explain to you how the H.P. Act works & how much is the penalty.

 

Some shops even charge for H.P. agreement fee which ends you up getting almost the same or higher than other shops & early settlement column is inside the H.P. Agreement document, not externally...

 

Best way to deal with this situation is to request the sales person to write out the quotation break down (what you're paying for), final charges, early settlement charges & any incidental charges... Ask him write on a piece of paper... It can be to your advantage...

 

then they are committing an offence already.

 

ask for the break down...

they claim to give me discount...

actually price is 1k plus..

[IvikaRazI]

Am I correct to say try not to go for early settlement? Juz keep paying installments till finish?

[HelmetBOX1605198525]

Am I correct to say try not to go for early settlement? Juz keep paying installments till finish?

 

yup..

but if you will to trade in your bike to another shop then no choice have to pay.

 

anyway i paid 800dollars to speedway motor for the settlement for my R6.

[DM]

?? How did you come to this conclusion that the agreement came before this rule??

 

because the TS stated that the early settlement fee was $400. in the next paragraph, he stated that the salesman told him that it was actually $1000 but gave him a discount of $200 so that he only needs to pay $800.

 

It is extremely unlikely to get all your fees paid by the other party even if you win an award for costs.

 

yes but is it possible?

[contrarian]

Am I correct to say try not to go for early settlement? Juz keep paying installments till finish?

 

It really depends on your case isn't it?

1. If your agreement says there's no early settlement fee (which happens for a few shops), then why not?

 

2. If you want to sell your bike that's under financing, you'd have to do an early settlement.

[contrarian]

because the TS stated that the early settlement fee was $400. in the next paragraph, he stated that the salesman told him that it was actually $1000 but gave him a discount of $200 so that he only needs to pay $800.

 

The HP Act changes were in 2004. TS didn't reply to my question earlier, which would make it clear to all of us what the agreement says:

 

"You should make it clear if the agreement given to you when you bought your bike says that there's an early settlement fee of $800 (instead of saying that there will be XX charge)."

 

Without that, we can only guess.

 

yes but is it possible?

 

Realistically speaking, most people who win an award for costs would get enough costs to cover about 70% of their own fees. They would have to pay about 30% of their solicitors' fees.

[HelmetBOX1605198525]

The HP Act changes were in 2004. TS didn't reply to my question earlier, which would make it clear to all of us what the agreement says:

 

"You should make it clear if the agreement given to you when you bought your bike says that there's an early settlement fee of $800 (instead of saying that there will be XX charge)."

 

Without that, we can only guess.

 

 

 

Realistically speaking, most people who win an award for costs would get enough costs to cover about 70% of their own fees. They would have to pay about 30% of their solicitors' fees.

 

sorry i had overlook your post.

ok.

here is the thing.

when i brought the bike i sign this and that.

and ya i did not read. but how many of us read it?

 

anyway here is the story.

 

i before i trade in my bike to another shop i called and ask how much is the early settlement as i'm aware that there is.( before the boss know i want to change bike)

 

the amount was to be 400plus.

 

fair enough as my friend also paid for that.

 

then part 2 of the story is when i want to trade in my bike.

initially was buying from the same shop.

put deposit already.

but few days later saleman called as boss dun wan to take in my bike.

 

so went to another shop.

to my shock the shop told me that my outstanding amount is 800dollars more.

but no choice. bidding COE for my new bike already

so i paid first.

 

so i went back to the shop to looked for explanation.

 

they show me how the calculated the 800dollars.

then they say actually is 1k plus.

but the charge only 800dollars.