wat action shd i take if letting other COI?

[Chubb]

hi juz wanna know wat r e safety steps to cover my a$$ for letting other COI?

is there any legal way?

[chuan.z]

in short... none... if ur COI "fren" decides to screw u, well, u're screwed... i believe many such cases posted in the forum liao...

[Giles-Damien]

if the person is one of ur close n trusted fren then no need to do anything... make sure he pays instalment monthly...

 

but if its someone u dunno... i would say betta not...

if really need to COI, den i think u shld draft something like when he take over the bike, he agree to pay instalment monthly, will not push the bike to the shop with your acknowledgment etc... ask 2 witness 1 from your side 1 from the COI party side to sign....

also ask him to transfer the monthly instalment to you n u personally go n pay the instalment yourself...

[CMYRS]

too much risk n hassle involved.

 

can u sell the bike in other ways?

[Chubb]

ya i know.. too much hassle..

i hav not yet to ask my shop.. but i dun tink i be getting high value back..

now selling off losing alot.

 

[BlackBandit]

My advice, don't COI..... Too much uncertainty and hassle.

 

Either you hang on to the bike till you break even or you push back to the bike shop at a loss. Either way, it's less heartwrenching than to go through the problems associated with COI.

 

Only thing, just be wiser when you select a bike in future. Make sure that you can hold on for a long time or at least until the break even point.

[zart]

can let coi..

 

but draft lawyer letter lor..

be prepare not just small amount..

[ulysses_sc]

Really don't understand why people still want to COI when the risks are so damn high.

 

What use is a lawyer letter when the original owner is still deemed the lawful borrower by finance company and in the eyes of the law?

 

At best, you will be able to bring a civil suit against the COI-ee if anything happens, but bear in mind, the finance company or TP will be going after the COI-er in the event of payment default or traffic offences.

[chuan.z]

can let coi..

 

but draft lawyer letter lor..

be prepare not just small amount..

 

u r still answerable to the financing coy even if u got agreement... lawyer letter just puts u in a better position to go after the fella who played u out...

[ulysses_sc]

u r still answerable to the financing coy even if u got agreement... lawyer letter just puts u in a better position to go after the fella who played u out...

 

Exactly! And if the COI-ee has no money or assets, what good will a civil suit against him/her be? Declare a near bankrupt bankrupt??

[racingter]

u should type out a agreement letter and signed by both with nric number and find a withness...and then asap ask the latter to carry on the coi do a transfer to his name and maybe must pay a upfront to the bike shop...my 2 cents..

 

never only let the other party to coi ur bike when the bike is till under ur name...

 

i have been screwed once....

[BlackBandit]

I think this has been mentioned in the forum numerous times.

 

With or without lawyer, any agreement between the owner & new rider will be LEGAL BINDING. Don't need a lawyer to "legalise" it further. A waste of money when the end results are the same.

 

If you're screwed, then you're screwed. A lawyer will not run behind you to take the shafting. You will still go through the same legal process.

 

I urge the threadstarter to seriously consider the implications.