101 ways to sell your bike...

[R.C]

should be no prob but your uncle will be the owner of the bike...

[Exhaus-tion]

Originally posted by R.C@Aug 19 2004, 01:38 AM

should be no prob but your uncle will be the owner of the bike...

i dun mind he being the owner but u confirm this can b done?? wat are the steps?

[R3sistor]

Exhaus-tion, i done that last year, so that i can enjoy a cheaper rate of insurance. You've to total up the cost of everything see whether its feasible a not.

Let me tell you how i do it. and why i wanted to do it.

Last year when my insurance was due(bike still on hire purchase), went ask for a quote for my insurance from my motordiam. It was $800!!!! no difference whether i got it from different insurance company. Bo bain liao.. then i think think.. put my father's name as main rider sure cheaper. True its cheaper, insurance only $340(around there lar.. can't remember liao).

BUT BUT, You have to factor in the following things. Firstly, if yr bike on hire purcahse, and u wana trasnfer the owner to yr uncle, you have to RELOAN the whole amount outstanding amount to yr uncle. Meaning u have to add interest to the SUM of outstanding amount again. On top of that, you have a pay a transfer fee(can check the standard transfer fee at LTA website). And, if yr motordiam want chop you, he will chut pattern, ask you for some agreement fees and other stuff. For me, my father know the boss of the shop, so he just charge me interest to do the reloan + transfer fee.. so when i totalled up my bill insurance+reloand+transfer fee, it was fesiable, as it was still LESS THAN $800 which i had to pay for my insurance. So i went ahead do it.

If you what to do the transfer, PLS PLS, go factor in all cost. If the amount of money you use to trasnfer+buy insurance is more than yr current insurance, just pay yr current insurance without putting yr uncle main rider lar.. Do some maths here and u will know.

Hope that helps.

[adriel]

Hi all...

 

going to collect me first bike soon and have a couple of questions......

 

so if anyone can answer these questions......it'll be so very much appreciated.....

 

the bike in question here is due for road tax and insurance at the end of aug 2004....

 

I was thinking of getting the bike next monday and was wondering if I go to motortiam and ask them to do the transfer, road tax,insurance..etc etc.....can i take the bike straight away? or do i need to wait a few days to get some form of insurance before taking the bike??????

 

Please advice....

 

thanks a lot people......

[R3sistor]

my advice is, if u'r not looking at a reloan for yr bike, just photocopy the original log card of the bike, go down NTUC purchase yr insurance by yr own(can get it straight away). Then head down to sin ming (LTA) to do yr transfer. All can be done in a day with no extra charges.

Why you want pay motordiam for the extra charges. Somemore they do things all so slow. You probably will get yr documents only the next day or day after.

[Exhaus-tion]

Originally posted by R3sistor@Aug 19 2004, 11:41 AM

Exhaus-tion, i done that last year, so that i can enjoy a cheaper rate of insurance. You've to total up the cost of everything see whether its feasible a not.

Let me tell you how i do it. and why i wanted to do it.

Last year when my insurance was due(bike still on hire purchase), went ask for a quote for my insurance from my motordiam. It was $800!!!! no difference whether i got it from different insurance company. Bo bain liao.. then i think think.. put my father's name as main rider sure cheaper. True its cheaper, insurance only $340(around there lar.. can't remember liao).

BUT BUT, You have to factor in the following things. Firstly, if yr bike on hire purcahse, and u wana trasnfer the owner to yr uncle, you have to RELOAN the whole amount outstanding amount to yr uncle. Meaning u have to add interest to the SUM of outstanding amount again. On top of that, you have a pay a transfer fee(can check the standard transfer fee at LTA website). And, if yr motordiam want chop you, he will chut pattern, ask you for some agreement fees and other stuff. For me, my father know the boss of the shop, so he just charge me interest to do the reloan + transfer fee.. so when i totalled up my bill insurance+reloand+transfer fee, it was fesiable, as it was still LESS THAN $800 which i had to pay for my insurance. So i went ahead do it.

If you what to do the transfer, PLS PLS, go factor in all cost. If the amount of money you use to trasnfer+buy insurance is more than yr current insurance, just pay yr current insurance without putting yr uncle main rider lar.. Do some maths here and u will know.

Hope that helps.

great help. but i dunno how the calculation for the reloan of outstanding amount thingy... my bike is almost 1yr in a couple of months. and the purpose of putting my uncle as 1st rider is exactly same as yrs.

 

so does it mean i have to start installment all over again?

[R3sistor]

yeap. say yr installment left with 10 months, one month is $100.

Outstanding amount = $1000.

Reloan to uncle, interest is 6%. 1000 + 6% interest / mthsToPay.

Have to add in transfer fee

[Exhaus-tion]

Originally posted by R3sistor@Aug 19 2004, 02:12 PM

yeap. say yr installment left with 10 months, one month is $100.

Outstanding amount = $1000.

Reloan to uncle, interest is 6%. 1000 + 6% interest / mthsToPay.

Have to add in transfer fee

:giddy: like tt ar... chialat lah cannot make it already....

my outstanding thousands n thousands!!!

[Guest Eye-Power]

Hi guys.. hope to gain some info on this... Thanks...

 

Scenario

 

Assuming the Seller sold his bike to the Buyer and since the bike is still under instalment and due to some arrangement, Seller agrees to continuing using his name for the bike and insurance ( Buyer being sub-rider ) while Buyer will settle all money issues.

 

Seller is therefore not riding the bike anymore.

 

One day, the Buyer rides the bike and commits a traffic offence e.g speeding then kanna camera... and since only the licence plate will be taken and not the rider's face ( those static camera ), here are the Questions.

 

Questions

 

1. Since the bike is still under the Seller's name, will the traffic offence be addressed to him?

 

2. And if Buyer refuses to admit to his offence, what may happen? Seller kanna??

 

 

Many thanks...

[R3sistor]

1) Yes, traffic offence will be send to owner of bike.

2) If buyer refuses to admit, owner of bike have to pay for fine.demerit points.

[Guest Eye-Power]

Originally posted by R3sistor@Aug 23 2004, 03:43 PM

1) Yes, traffic offence will be send to owner of bike.

2) If buyer refuses to admit, owner of bike have to pay for fine.demerit points.

Thanx a lot for the answers...

[d0n]

Originally posted by R3sistor@Aug 23 2004, 03:43 PM

1) Yes, traffic offence will be send to owner of bike.

2) If buyer refuses to admit, owner of bike have to pay for fine.demerit points.

for offences which involves demerit points

a form will be sent to owner of the bike requesting for particulars of rider who committed the offence

so if it's the sub-rider who commited the offence

im sure the owner can dump in the sub-rider's particulars etc

provided he has the info.....

 

what happens next will depend on what kind of followup action the subrider would take

 

anyway juz my point of view...the owner must have full information of the sub-rider and if possible..obtain a black and white proof or agreement signed by the sub-rider that he will account for all the offences, fine, etc that is commited after date of adding sub-rider to the insurance

this is to protect the owner frm commiting a foolish mistake juz cause he is kind hearted enough to let his name to be used by the sub-rider so that the sub rider can pay lower insurance premium as well as no need to pay additional interest for reloan...

while the owner doesnt enjoy any benefits at all

so if possible...avoid having such owner and sub-rider relations w/ strangers or pple who u cant trust 100%

u never know when u will kena dua one leg big time and not knowing how u die!

 

anyway....when cases such as the subrider refused to accept blame for offences commited by him....the owner can alternatively play bas***d and dua back the fella by simply threatening to remove the name of the sub-rider frm the insurance and take back the bike!! juz kidding......i always thought the only way to deal w/ guai lan pple is to be more guai lan than them

[supertzm]

hey guys just to check is it possible to ask my father to buy my insurance even though he hab only cls3??? cos i heard that some shops allowed this... ty

[R3sistor]

yes. He can be owner of the bike even though he has no class 2B.

Just put u as sub-rider.

As to whether this will be cheaper.. no idea.. cause they also factor in the number riding experience the person has on top of the age.

[d0n]

huh....

dint knw can do that

no licence can own a bike....does that account for why some pple can get to own + ride w/o licence?

loophole?

[Guest gnu]

i've read through the whole thread. would like to ask a question to be sure.

 

Say i want to buy a bike from private seller. and i want to put my father as main rider and i am the sub rider.

 

so i buy insurance - Father main rider, me sub rider

then transfer at LTA - Main rider (father) is the owner??

 

Then my father need to be present at LTA?

Can I bring his NRIC and be there with the private seller to complete the transfer?

[benson]

My bike still got instal.... den I wan to find pte buyer but pte buyer can't fork out the cash n needs a reloan... how I go abt doin it?

And aft I find the finance for him, lets say. I left 5k instal, He willing to buy from me at 8k, den the remainin 3k when will I get it?

[yoshi]

Originally posted by gnu@Sep 16 2004, 09:17 PM

i've read through the whole thread. would like to ask a question to be sure.

 

Say i want to buy a bike from private seller. and i want to put my father as main rider and i am the sub rider.

 

so i buy insurance - Father main rider, me sub rider

then transfer at LTA - Main rider (father) is the owner??

 

Then my father need to be present at LTA?

Can I bring his NRIC and be there with the private seller to complete the transfer?

for the insurance teh owner which is ur father need to sign the paper work ,if ur father not free u can request to bring back teh paper work for him to sign .

 

for transfer of owner ship ur father need not be present just need to bring his ic and the other party ic to transfer of ownership .remember bring valid road tax insurance of new owner and both party ic

[Jack]

Originally posted by Andy@Jun 13 2003, 05:01 PM

ask the owner to change the sub-rider's name to the new buyer and then you are out of the picture. Its the OWNER and the BUYER who are involved in the bike now.

Andy... Pls help...

 

As mentioned in e quote this is my scenario now...

 

E thing is that e owner is my father and any precaution should i take?

 

Lets say under e insurance scheme, e owner(my father) is not riding, than all summons and traffic offences pertaining to e bike will be liable for e rider???

 

Somemore, since e rider is using my father's 3rd party insurance, could something be done to stop him from letting ppl claim against ( Maybe black n white ) to be written to NTUC income? Will they accept?

[Guest Eye-Power]

Originally posted by Jack@Sep 24 2004, 01:50 PM

Andy... Pls help...

 

As mentioned in e quote this is my scenario now...

 

E thing is that e owner is my father and any precaution should i take?

 

Lets say under e insurance scheme, e owner(my father) is not riding, than all summons and traffic offences pertaining to e bike will be liable for e rider???

 

Somemore, since e rider is using my father's 3rd party insurance, could something be done to stop him from letting ppl claim against ( Maybe black n white ) to be written to NTUC income? Will they accept?

Hi.. saw a few of ur postings abt ur situation and hope i can be of help...

 

First of all.. it is clear that u are very worried abt letting the Buyer being the sub-rider and thats why u are posting all these in the first place... From what i see, there are only 2 options:

 

A) Transfer full ownership to him and have nothing more to do with the bike

 

B) Find another Buyer

 

What for u want to go through all these trouble and worries for a problem u can choose not to have in the first place? I believe most will agree that its best for ur own interest to completely transfer the ownership over because u never noe what can happen when u add him, a total stranger, as sub-rider.

 

Finanically, there's a risk that he might delay on instalments giving u money problem. Legally, he can juz commit traffic offences which when happen will get ur father, the main rider, into unncessary trouble.

 

For your 1st Qns, im not sure abt it so i shall not say much... For the 2nd Qns, i dun think it can be done cause the insurance is supposed to cover both main and sub rider... where got dun let sub rider claim wan? If so then sub rider dun have insurance? Not possible right.... The best way would be to call up the insurance company to check or juz wait for someone who knows the correct answer to come along...

 

Anyway, what we can do here is to voice out our views only.. the final decision lies with u eventually... so (Sorry for the long posting!)

[FlameS]

Originally posted by R3sistor@Sep 1 2004, 07:34 PM

yes. He can be owner of the bike even though he has no class 2B.

Just put u as sub-rider.

As to whether this will be cheaper.. no idea.. cause they also factor in the number riding experience the person has on top of the age.

 

 

which shops allows sia...i also dunno got this kind of thing...

[Non Stop Racing]

my bike belong to my dad, im sub under him.

if i wan to sell to private owner , wad sud i do ?

 

go lta ,tranfer bike to new owner ,bring dad ic n new owner ic ? how bout the log card, do i give him after he pay me fully or log card is useless ?

 

second cancel insurance n get back $$ .

 

is tat all ?

[2_wheeler]

Originally posted by Non Stop Racing@Nov 23 2004, 12:25 AM

my bike belong to my dad, im sub under him.

if i wan to sell to private owner , wad sud i do ?

 

go lta ,tranfer bike to new owner ,bring dad ic n new owner ic ? how bout the log card, do i give him after he pay me fully or log card is useless ?

 

second cancel insurance n get back $$ .

 

is tat all ?

onething you must konw....... a sub rider is NOT the owner of the bike.

 

1. buyer need to get insurance for the bike.

2. buyer/seller and/or any authorise personal bring the log card, buyer and seller's NRIC, buyer's insurance for the bike and the letter of transfer to LTA.

3. the buyer will get the log card from the counter with his/her particular in the log card.

 

as for the refund of insurance, it depend of which insurance company the ex-owner is with..... if NTUC Income, you'll get back 85% of the unuse period and 100% if are any bike within the next 90 days.

[benson]

My bike's buyer purchased insurance for my bike, but den haven transfer yet due to some reason, can he ride my bike? His insurance already paid n is valid on date

[2_wheeler]

Originally posted by benson@Dec 11 2004, 06:24 PM

My bike's buyer purchased insurance for my bike, but den haven transfer yet due to some reason, can he ride my bike? His insurance already paid n is valid on date

letting you get the insurance 1st is to let you do the transfer at LTA.

 

there could be a problem if you have not done the transfer:

1. met in an accident and the insurance company can refuse to pay the damages.

2. road tax cannot pay as the owner does not have a valid insurance.

3. since the insurance is not valid (refer to point 1), the police may take action on it.