Speed way mOtor

[siambee]

Bro, change another bike shop super4 safer lah.... for ur own gd

[foxin]

How come I feel that they already have a handle on you?

By any means, you've already figure out that the COI (carry on installment) already included a percentage of interest. Why then you like them to have 7% more on top of that. Is not like the bike is already fully settled and you're re-financing with them.

Either way, S4 is like every where. I presume you didn't pay anything or sign anything. Walk away bro. Just walk away.

[Janice]

This kind of shop hard to do business with...

[DerFuhrer]

There are more established bikeshops like Albert motor,Wing Yap motor and Asphoon. They do not take much interest,relatively flexible when it comes to default payments and allow me to read and understand each document which I signed on.

[fluzzy]

i bought my S4 from SW 2 years ago. Quote OTR price for S4 is reasonable to other bike shop. Take in my 2B bike also good price. once Go up and sign, suddenly th e price calculated when viewing the bike VS during signing diff of nearly 2k. wtf. due to GST on top of everything.

 

My Advice is when buying from them, make sure you ask them to calculate and break down the cost and etc over how many years of loan.

 

if you are satisfied then sign if not don't. Even after this they tend to give diff price best is go to CASE> once made a CASE report make sure you do follow up, call them and check and ask.

 

because of the initial quote price is low they attract potential buyer, but at the end of the day the price not much diff from others more reliable bakeshop.

 

Worst they give me the s4 with a broken IU unit, i didn't check enough. End up need fork out 152 for new IU unit. sigh. and best of all the engine oil they give is mineral oil. LOL they quote diff and give diff. pls check. especially 2nd hand bikes.

 

Even if you want to buy full cash bike, i encourage to go somewhere else.

[pass123]

i bought my S4 from SW 2 years ago. Quote OTR price for S4 is reasonable to other bike shop. Take in my 2B bike also good price. once Go up and sign, suddenly th e price calculated when viewing the bike VS during signing diff of nearly 2k. wtf. due to GST on top of everything.

 

My Advice is when buying from them, make sure you ask them to calculate and break down the cost and etc over how many years of loan.

 

if you are satisfied then sign if not don't. Even after this they tend to give diff price best is go to CASE> once made a CASE report make sure you do follow up, call them and check and ask.

 

because of the initial quote price is low they attract potential buyer, but at the end of the day the price not much diff from others more reliable bakeshop.

 

Worst they give me the s4 with a broken IU unit, i didn't check enough. End up need fork out 152 for new IU unit. sigh. and best of all the engine oil they give is mineral oil. LOL they quote diff and give diff. pls check. especially 2nd hand bikes.

 

Even if you want to buy full cash bike, i encourage to go somewhere else.

 

Sad to hear this type of news. If the price so much different why dont u turn them down.

Try looking around in the forum, number of Seller do have well maintain bike. Good luck.

[SgtClaymore]

Road rash!!! I've laid down and had to bail a few times!!!

[krp]

Bought my first 2B bike there... kena chop gao gao... Nv went back there again

[SgtClaymore]

It shouldn't as long as you are giving them $ , they should treat you ok.

[f-50evolution]

their early settlement is a bloody rip off. my contract states $1500, my bad i didnt know there is this kind of thing cuz its my 1st bike. does the $1500 implies at any point of time during the HP if i settle early? i have still pay the remaining installment including interest plus settlement fee?!

Edited June 29, 2012 by f-50evolution

[epk]

their early settlement is a bloody rip off. my contract states $1500, my bad i didnt know there is this kind of thing cuz its my 1st bike. does the $1500 implies at any point of time during the HP if i settle early? i have still pay the remaining installment including interest plus settlement fee?!?!

 

Yup as long as you want to full cash before your installment plan ends, the early settlement penalty comes in. Should have read the contract instead of signing blindly..

[f-50evolution]

Yup as long as you want to full cash before your installment plan ends, the early settlement penalty comes in. Should have read the contract instead of signing blindly..

I dont get the logic of paying another settlement fee since i will be paying the rest owing including interest

[f-50evolution]

Yup as long as you want to full cash before your installment plan ends, the early settlement penalty comes in. Should have read the contract instead of signing blindly..

double post

Edited June 29, 2012 by f-50evolution

[ezzyoiler]

this is one bad contract....

watch out.

have the shop showed you how to work out the early settlement charges?? if not then they are not following the hire purchase act..

Edited May 25, 2012 by ezzyoiler

[ezzyoiler]

the hire purchase faq...

 

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Hire-Purchase Act (Chapter 125) and Hire-Purchase (Amendment) Act

1. What led to the review of the Hire-Purchase Act?
   
2. What types of goods are covered under the Hire-Purchase Act?
   
3. What is the change with respect to the use of the "Rule of 78" formula to calculate the statutory rebate for hirers when they opt for early settlement?
   
4. What information should owners now provide upfront to prospective hirers?
   
5. If there are disputes relating to hire-purchase agreements, can such matters be raised to the Ministry of Trade and Industry for help?
   
6. Does the Hire-Purchase (Amendment) Act apply retrospectively?
   
7. Where can one obtain a copy of the Hire-Purchase Act or the Hire-Purchase (Amendment) Act?
   
8. When did the Hire-Purchase (Amendment) Act come into effect?
   

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1. What led to the review of the Hire-Purchase Act?

 

The Hire-Purchase Act was first enacted in 1969 and except for some minor amendments since then, remained largely similar to when it was first enacted in 1969. Our financial market has since evolved. As part of our efforts to promote a more pro-enterprise business environment, we are now moving away from prescribing rigid rules that could stifle innovation, towards promoting greater disclosure and transparency. Further, as the general public is better educated and more sophisticated, more emphasis is now placed on consumer education so that they can make informed choices. There is therefore a need to update the Hire-Purchase Act to align with these developments.

 

 

2. What types of goods are covered under the Hire-Purchase Act?

• Any consumer goods the value of which does not exceed $20,000* (inclusive of any Goods and Services Tax)
  
• Any motor vehicle the value of which does not exceed $55,000 but shall exclude the cost of a certificate of entitlement for the vehicle
  

*The value of consumer goods covered under the Hire-Purchase Act is increased from $5,000 to $20,000 with the enactment of the Hire-Purchase (Amendment) Act.

 

 

3. What is the change with respect to the use of the "Rule of 78" formula to calculate the statutory rebate for hirers when they opt for early settlement?

 

The use of the "Rule of 78" formula is now no longer mandatory with the passing of the Hire-Purchase (Amendment) Act.

 

Given that the market is competitive and there are other financing alternatives, there should be no need to specify any particular approach to calculate the loan balance payable by hirers upon early settlement of their loan. Consumer interest is better safeguarded through enhancing disclosure and transparency requirements so that hirers know and understand upfront (i.e. at the time of entering into the hire-purchase agreements) the method for calculating the loan balance upon early settlement.

 

As part of the disclosure requirements introduced by the Hire-Purchase (Amendment) Act, the owner will be required to provide the method of calculating the loan balance upon early settlement to prospective hirers in the written statement of financial obligations as provided under the new Second Schedule (inserted by the Hire-Purchase (Amendment) Act). Prospective hirers will then be able to compare across financing packages and make an informed choice.

 

 

4. What information should owners now provide upfront to prospective hirers?

 

The new Second Schedule (inserted by the Hire-Purchase (Amendment) Act) lists the minimum information that owners should provide to prospective hirers, in a written form, so that prospective hirers can be clear of the financial obligations arising, in particular:

 

• the method of calculating the loan balance upon early settlement;
  
  
• effective interest rate charged by owners;
  
• interest rate for overdue installments; and
  
• administrative charges, if any.
  

Further, to enable the hirer to know upfront whether the hire-purchase agreement falls under the ambit of the Hire-Purchase Act, the price of the motor vehicle (excluding the Certificate of Entitlement) should also be clearly indicated.

 

 

5. If there are disputes relating to hire-purchase agreements, can such matters be raised to the Ministry of Trade and Industry for help?

While the Ministry administers the Hire-Purchase Act, it is not appropriate for the Ministry to give legal advice on this Act or on individual cases. Parties who have questions on this Act or disputes should seek their own legal counsel and/or pursue civil remedies in the Magistrate's Court or the District Court, depending on their situations.

 

Consumers may also wish to approach the Consumer Mediation Unit, Consumers Association of Singapore (www.case.org.sg) or Singapore Mediation Centre (www.mediation.com.sg) for assistance in resolving hire-purchase agreement disputes.

 

 

 

6. Does the Hire-Purchase (Amendment) Act apply retrospectively?

 

No. The Hire-Purchase (Amendment) Act applies to hire-purchase agreements that are concluded on or after the date the Amendment Act came into effect, i.e. 1 November 2004.

 

 

7. Where can one obtain a copy of the Hire-Purchase Act or the Hire-Purchase (Amendment) Act?

 

The full text of the Hire-Purchase Act can be accessed at the Attorney-General Chambers's website at http://statutes.agc.gov.sg. Copies of both Acts may be purchased from the SNP Legal Publications.

 

 

8. When did the Hire-Purchase (Amendment) Act come into effect?

 

The Hire-Purchase (Amendment) Act came into effect on 1 November 2004.

 

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Edited May 25, 2012 by ezzyoiler

[f-50evolution]

this is one bad contract....

watch out.

have the shop showed you how to work out the early settlement charges?? if not then they are not following the hire purchase act..

what do you mean by that? do you mean the charge for early settlement is different depending on the date of settlement?

[ezzyoiler]

the act says..

the owners have to show you how to calculate the early redemption charges....have they??

[ezzyoiler]

thats what the act says...nothing more nothing less...

please read the act in full...if dont understand ..seek help with case or mediation.com for assistance.

[f-50evolution]

the act says..

the owners have to show you how to calculate the early redemption charges....have they??

nothing there. only state early settlement, processing fee

Edited June 29, 2012 by f-50evolution

[ezzyoiler]

seek help...with case.

bring along all documentations..

they may offer you some suggestions..

if they really flout the law they will advise you what to do..

[Soap]

on my part, i lost my key but since it is under hire purchase they should be holding on to the spare key.

sadly, they dont. the shop S K cycle which brings in bike from them do not hold on to my spare key as well.

disappointing.

[MERCENARY]

on my part, i lost my key but since it is under hire purchase they should be holding on to the spare key.

sadly, they dont. the shop S K cycle which brings in bike from them do not hold on to my spare key as well.

disappointing.

 

That's true,normal practice they will keep one original key.Reason to tow your bike back to their shop,if you stop paying the installment/s and exceeded their grace period

[Soap]

That's true,normal practice they will keep one original key.Reason to tow your bike back to their shop,if you stop paying the installment/s and exceeded their grace period

 

but here is the catch, they openly admit they lost the key.

 

Sent from my GT-N7000 using Tapatalk 2

[Bashir]

Hi ..

 

I really need help about Hire Purchare agreement . If you bought from Andy or year 2010 please sms me or call me 90600265 I would like to ask some information. or you can PM or email me at Bashir_31@yahoo.com.

 

 

I only will ask some information about the agreement and installment deal ,,,,

 

 

Many many tks

[nur90]

anyone knows if if were to COI someone bike from this shop will they able to transferownership? same goes like AS Phoon. pls advise.