101 ways to sell your bike...

[RainXP]

And petty not sure abt the steps to take to sell off bike. Izzit the buyer must go buy a insurance + road tax then can go to transfer ownership?

 

1. Can buy a insurance when u nt the owner yet?

2. Road tax transferable?

3. Insurance transferable?

4. Do I need to send bike for inspection b4 selling?

5. COE transferable?

 

ThnX for ur reply.

[Andy]

And petty not sure abt the steps to take to sell off bike. Izzit the buyer must go buy a insurance + road tax then can go to transfer ownership?

 

1. Can buy a insurance when u nt the owner yet?

2. Road tax transferable?

3. Insurance transferable?

4. Do I need to send bike for inspection b4 selling?

5. COE transferable?

 

ThnX for ur reply.

 

the buyer needs:

 

i) a valid insurance covering him FOR THAT NEW BIKE prior to the transfer.

ii) both his and the seller's NRIC to initiate the transfer.

iii) the original logcard for that bike.

 

Roadtax is for the bike, it does not relate to the buying/selling process at all.

 

 

1. Can buy a insurance when u nt the owner yet?

ans: yes. but you need the logcard in order for the ins company to calculate the amount. So photostat 1 from the seller in advance b4 going to the ins company.

 

2. Road tax transferable?

ans: there is no need to transfer. The roadtax goes along with the bike, not the owner. As long as the bike is still road legal, it should have a road tax.

 

3. Insurance transferable?

ans: depends on companies. Mostly no. However it is possible to refund the un-utilised period. So you can cancel and refund the seller's ins policy, and then top up to purchase your ins. policy.

 

4. Do I need to send bike for inspection b4 selling?

ans: check with the owner. He shd have received the letter to go for inspection b4 he can renew his road tax. You can also call LTA to check in advance, to see if there is any late renewal payment for road tax/fines.

 

5. COE transferable?

ans: no. renewable but non-transferable.

[RainXP]

Hello Andy

 

Quote:

 

5. COE transferable?

ans: no. renewable but non-transferable.

 

>>>

Meaning that COE belong to me no matter what bike I changed to? Or once I sell my bike, the COE belong to the buyer? Thnks alot for ur valuable info.

 

& does the current owner need to be present in making a transfer or just need his IC can liao?

[deftones80]

hi there jus to add on a few more questions.Insurance can it be paid in installment and must ibe renewed often?? Lets say the insurance $800 how??

 

Next Lets say the bike 3k and u wanna pay by installment to the guy how? Financing company?

 

And finally if buying 2nd hand bike den the guy still got coi left and i wanna carry on can? Dun need to take reloan rite and also do i have to pay the guy anything bfr i coi??? Thanks

[Andy]

Hello Andy

 

Meaning that COE belong to me no matter what bike I changed to? Or once I sell my bike, the COE belong to the buyer? Thnks alot for ur valuable info.

 

& does the current owner need to be present in making a transfer or just need his IC can liao?

 

The COE is for the bike, not the owner. A bike needs a valid COE certificate covered for the whole 5/10 years on road. When the current COE is ending, you can renew it for another 5/10 years. But you cant just take the remaining 3 (for example) years and want to dump onto another bike with its COE ending.

 

As for whether the owner need to be present, i think no. As that is common with most transfer cases (done by motorshops).

[Andy]

hi there jus to add on a few more questions.Insurance can it be paid in installment and must ibe renewed often?? Lets say the insurance $800 how??

 

Next Lets say the bike 3k and u wanna pay by installment to the guy how? Financing company?

 

And finally if buying 2nd hand bike den the guy still got coi left and i wanna carry on can? Dun need to take reloan rite and also do i have to pay the guy anything bfr i coi??? Thanks

 

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.

[happyrider]

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.

 

Actually NTUC does allow life policy holders and those that had motor ins with them for at least 3 yrs to pay premium in instalments....

 

 

http://www.income.com.sg/insurance/motor/

 

read under FAQ...

 

Can I pay for my motor insurance by instalment?

 

Yes, you can pay in 6 monthly instalments provided you have a life or

motor insurance policy with Income for the last 3 consecutive years .There is an additional administrative charge of 2%.

 

 

Maybe 2-wheeler can double confirm this?

[jungleboy111]

What about reloan?

 

Lets say there is still COI to the bike shop. Can the new owner take over the remaining amount outstanding and then do a reloan on that amount?

[Aprilia_Lover]

Can make this thread STICKY???

[Andy]

 

Actually NTUC does allow life policy holders and those that had motor ins with them for at least 3 yrs to pay premium in instalments....

 

 

http://www.income.com.sg/insurance/motor/

 

read under FAQ...

 

Can I pay for my motor insurance by instalment?

 

Yes, you can pay in 6 monthly instalments provided you have a life or

motor insurance policy with Income for the last 3 consecutive years .There is an additional administrative charge of 2%.

 

 

Maybe 2-wheeler can double confirm this?

 

Thanks for the information. Maybe there will be similar benefits too from other insurance companies.

 

What about reloan?

 

Lets say there is still COI to the bike shop. Can the new owner take over the remaining amount outstanding and then do a reloan on that amount?

 

Last time they allowed buyer to pay upfront 2~3 months installments, plus some documents fees and the buyer will be allowed to COI and the bike's ownership transferred to the buyer too. But most shops don't allowed that nowadays.

[deftones80]

thanks for all that andy just a few more..

 

So if there is the fear that he will take back the bike after i pay finish the installment is there somehow we can write a contract or sth to prevent this??(lawyer too ex i think)

 

And insurance every year mus pay 800 huh?? Wow

 

next if kenna accident"touchwood" then my name as subrider will i get money lets say some taxi knock me down(3rd party)?? Also mus i pay for the insurance or him since it is under his name??Or do i have to take my own insurance??

 

Thanks

[Andy]

thanks for all that andy just a few more..

 

So if there is the fear that he will take back the bike after i pay finish the installment is there somehow we can write a contract or sth to prevent this??(lawyer too ex i think)

 

And insurance every year mus pay 800 huh?? Wow

 

next if kenna accident"touchwood" then my name as subrider will i get money lets say some taxi knock me down(3rd party)?? Also mus i pay for the insurance or him since it is under his name??Or do i have to take my own insurance??

 

Thanks

 

Private agreement are not recognised by LTA if i am not wrong, so even with the written agreement, it might still end up as a civil suit in order to win back the bike.

 

insurance dunno, u have to check with the companies themselves.

 

if you are the legal sub-rider, when someone knocks u down, you can claim against the other party for the bike's repair and your injuries. Only if your insurance is first party, then you can have the option to get the seller to claim from his own insurance (the one which you are sub-rider), else 2nd party (aka Third party Fire & Theft) and 3rd party can only have the option to claim from the other party.

 

If you claimed against the other party for damages, you (the seller to be exact) will not be required to pay extra loading charges next time he renew the insurance.

 

If you claimed from your (the seller's to be exact) own insurance (First party only) for your reparation, then the seller's next renewal premium will be higher.

[2_wheeler]

 

Actually NTUC does allow life policy holders and those that had motor ins with them for at least 3 yrs to pay premium in instalments....

 

 

http://www.income.com.sg/insurance/motor/

 

read under FAQ...

 

Can I pay for my motor insurance by instalment?

 

Yes, you can pay in 6 monthly instalments provided you have a life or

motor insurance policy with Income for the last 3 consecutive years .There is an additional administrative charge of 2%.

 

 

Maybe 2-wheeler can double confirm this?

yes, the 2% is the interest.

[happyrider]

happyrider wrote:

 

 

Actually NTUC does allow life policy holders and those that had motor ins with them for at least 3 yrs to pay premium in instalments....

 

 

http://www.income.com.sg/insurance/motor/

 

read under FAQ...

 

Can I pay for my motor insurance by instalment?

 

Yes, you can pay in 6 monthly instalments provided you have a life or

motor insurance policy with Income for the last 3 consecutive years .There is an additional administrative charge of 2%.

 

 

Maybe 2-wheeler can double confirm this?

 

 

yes, the 2% is the interest.

 

 

[Arcfire]

But usually u wun tink of paying for the insurance premium by installments.......the cost prob wun reach that high of 800 unless u r tokking abt a newbie p plater under 21 taking a 1st party insurance.......

otherwise it'll prob cost u abt 5-600?

 

juz that that if u pay by installments......next time when ur insurance is up u haf juz finished paying for the previous one......n haf to pay again by installments..........endless paying n paying..........tink u'll feel sian n turned off .....i noe i would......

 

Since if u r gonna buy a bike den u haf to take the cost of insurance into consideration as well........not to mention the nitty nutty small small stuffs ....... else u're gonna haf a hell of a headache when u finally get the bike n find that u've blown ur budget big time.........

[deftones80]

But usually u wun tink of paying for the insurance premium by installments.......the cost prob wun reach that high of 800 unless u r tokking abt a newbie p plater under 21 taking a 1st party insurance.......

otherwise it'll prob cost u abt 5-600?

 

juz that that if u pay by installments......next time when ur insurance is up u haf juz finished paying for the previous one......n haf to pay again by installments..........endless paying n paying..........tink u'll feel sian n turned off .....i noe i would......

 

Since if u r gonna buy a bike den u haf to take the cost of insurance into consideration as well........not to mention the nitty nutty small small stuffs ....... else u're gonna haf a hell of a headache when u finally get the bike n find that u've blown ur budget big time.........

 

oh ok i have already given up on the idea of installment? just wondering lets say after 1 year then i buy insurance again then 2 months into the period i wanna sell my bike how??? And get 2A? can't possibly use the same insurance rite?? or will i get a refund for the period left? Thanks

[who_noe]

if i get a bike from a private owner.muz i go to LTA @ sin ming n do the transfer of ownership or juz go any of the bike shop to do can already?

 

juz the shop charge any $ to do the transfer?if yes how much?

[Arcfire]

 

oh ok i have already given up on the idea of installment? just wondering lets say after 1 year then i buy insurance again then 2 months into the period i wanna sell my bike how??? And get 2A? can't possibly use the same insurance rite?? or will i get a refund for the period left? Thanks

 

Yes, juz haf to inform them n they will refund u the money for the remaining period of the insurance.

[Sawadii]

i paid in cash when I bought my bike. if I sell it now to a potential buyer and he requests for installment, he will have to look for a finance company himself?

[Arcfire]

righto......unless u eager to close the deal den u can help him find one lor.......

[ArchArrow]

wat happens let say A coi B's bike and use B insurance.. then B insurance end 2 mths later, when go renew A go buy new insurance, the bike owner auto change to A or..? By doing this.. does A need to pay another upfront of 3 mths installement or just maintain per mth. Another question, can insurance buy half a year??

[Andy]

wat happens let say A coi B's bike and use B insurance.. then B insurance end 2 mths later, when go renew A go buy new insurance, the bike owner auto change to A or..? By doing this.. does A need to pay another upfront of 3 mths installement or just maintain per mth. Another question, can insurance buy half a year??

 

renewal is for B's insurance, not A's.

[Stone]

if i get a bike from a private owner.muz i go to LTA @ sin ming n do the transfer of ownership or juz go any of the bike shop to do can already?

 

juz the shop charge any $ to do the transfer?if yes how much?

 

will they charge ??

[Andy]

 

will they charge ??

 

yes, some of them charge a small fees, around $20 bucks.

[skinx]

 

Private agreement are not recognised by LTA if i am not wrong, so even with the written agreement, it might still end up as a civil suit in order to win back the bike.

 

my fren lending his bike to me for quite a period of time . heard its under anyrider that means i dun need to get another insurance? theres no legal procedures to go tru rite? i jus need the logbook and i'm off to go is it? sorry first time experience..