BEWARe

[Owen0606]

Hi guys, juz to share wif all of u these, This shop don allow early settlement for bike, and will charge u a FEE if u wan to.. wat is the rational behind? IF settle your bike installment early, and u being charged for a early settlement Fee? What is the point for?? everything was paid, and can juz release the bike! but this shop don allow, so i decided to pay till my last month of installment but oso rejected!!! what if i`m late for my installment and u charged me for interest for late payment! Stupid company!!!

 

PS: i does not noe how many bikeshop practice these, but no matter how much u earn, will not be enough for ur medical fee, u will get retribution, maybe your family paying for it...

[keatleong]

agrees, dun get so agitated. relax=D. cheers.

[craz_03]

lolx..

relax bro..

if they can check out u r flaming their bikeshop..

they can sue u also..

hmzz.. no worth it.. =)

coz in their agreement, the early settlement fees maybe written inside n we tend to overlook. n normally we as buyers do not ask, so they dun say.

=)

[vstranger]

They don't allow you to settle early is just because they don't wan anything that will trouble them. They ****ing charge you for interest yet when you wanna clear up your debt including the interest they have charged you they want more. But still after you sign nothing can be change it's a system they need to follow till they day they closedown. For now you only can pay your installment and wait for time to pass. OR pay the fees. Law just suck. UNLESS you can find loopholes

[samnet]

did u check if ur full settlement is exactly the sum of all the balance installments? or slightly less than that cos of interest rebate?

if it is less than the full balance sum, then charging an early repayment fees is reasonable.

else it sucks...

 

btw, if u think it is strongly justifiable and financially viable to sue them, go ahead and disturb them. before u do that, read ur loan agreement properly 1st. check if this term is spelt out anywhere.

 

ps. few yrs back, i did bring a relatively big bike shop to court.... though only ended at mediation centre. nv win big, but shoik. haha

[AussieMark]

FYI...most bukes are financed via hire purchase. This usually means that the interest is settled first then the loan is paid. The early settlement fee may be an admin charge relating to thte paperwork needed to clear the financing.

 

The reason that not all interest is refunded is because you have cancelled early and broken your agreement. I think this is standard and would be imposed by the finance company and not the bike shop.

 

Cheers

[GR1Y]

i do encounter 1 shop in shun lee industrial practice the so call early settlement fee of $500.dont really make sense to me y must i pay more if im able to clear debts early.tats y i coi my R1 from previous owner.

but bro,also duni get so heated up,if they dun allow,juz carry on with the agreement plan when u bought the bike lor... papers signed,LL have to abid

[xduke]

Y not juz pay up and leave the final instalment to be paid. Anyway, most shop do charge early settlement fees, but perhaps if u try to negotiate with them, they might lower down or waive the fee for u. I got mine lowered down to $200/-. Cool down, n be nice.

[amat]

mine worst!!! last yr bought 2b bike from shop but b4 sign any paper i ask any stupid early settlement fee n d reply NO! aftr sign paper took out d bike 1week ltr all d document transfer owner n also agreement copy wit $500 penalty 4 early settel fee i LOL!!!!! dam dats so.... _____

[hellsfury]

FYI, certain bikeshops (bukit merah area) have increased their early settlement fee to 1.3k.

 

If u want to avoid such penalties, next time go to shops like ASphoon and Wingyap which have no such penalties. I bought bikes from them and did early settlement, but did not incur any charges...

[ZZR600]

1st check and see if your loan agreement is with the bank or finance instistution. if it is ,then u go directly to them full settle and they will release your full settlement with LTA via computer to enable transfer. If it is the bike shop that is loaning you the $ then it is like AH LONG,they will give you all sort of crap, football money lah agreement fee la etc. the bikeshop has to do that becos the loan amount may be small so therefore they will charge u all the fees to make up. example if you loan 5k they make only like $70 commision from finance thats all. I hope this will help.

[Designer Dude]

i paid my bike's last 4 months installmet in full. was told if i were 2 pick up the log card now i would incur a penalty 4 early settlement. albert motor also adviced me to come after the 4 mths then collect paper works.

 

I've been *****ing about it ever since but now that i've read your predicaments. it shows that I'm not alone and that the finance industry has taken a different approach as compared to the yester years.

[y2kredbull]

I also just knew bout this early settlement policy.Took over my frend's spark as sub,then i wanted to do transfer as i'm able to settle all the installments.But was told got $500 early settlement fee.Lan2 must wait till end next year b4 i can transfer.Sianz!!

[mesab0ogie]

IF I AM NT WRNG, theres a law in singapore called the rule of 78 which says that if there is an early settlement, they have to give us an 80% interest rebate. quite interesting. google it. so by right they are going against the law by charging u to settle early. anyone who understands this more than me pls correct me.

[CLASS2345]

rule 78 only applies if the bike shop have join the hire purchase association . why dont u guys approach the hp association of s'pore to report this. It's located in the building just beside Liat towers .(Far East Shopping Centre)

[Owen0606]

I have been telling tt shop tt i paid to my last month of my installment.. i don settle in full. but they say cannot... Nnb.. don allow me to do so.. tell me to F Off.. can only pay 2months in advance. I pay all the installment which already included the interests.. u still donwan to take, still wan to charge me early installment. If 1 day sway sway i no $$ paid.. U oso LL.. Now i LL lor.. got agreement wrote it.. buy tt time oso tell me no early bla bla bla... then when paper right infront of u.. ask u sign sign sign, then pass u a copy, tell u 3days come collect bike... NOW wan to pay everyting and tis bikeshop donwan to take money.... Btw... Agreement really stated early settlement fee, but the agreement does not state tt i cant pay up my installment till the last month.. tt does not consider early settlement..

Shld i go to the bikeshop and use this? as he keep suppress me with the agreement...

 

anyway guys, juz to share only.. juz beware....

[craz_03]

owen..

juz save up the money lo...

=)

put in ur bank acc or pass the money to ur parents to keep..

den every mth pay lo..

relax bah

u pay up to 2 mths in advance..

den pay every mth by mth..

den last 2 mths, wait lo.. =)

juz stray off from their services if u tink their service is f-up.. =)

[ArroW]

Think the whole bike seller commitee are doing these. If i am the shop owner i rather buyer pay off their balance earlier than delaying installment etc.... Lagi gd no headach.

 

When we full settle the bike nvr ask for rebate already gd liao. Now still wana charge us early settlement fees. What logic is that??

 

Probably what i can think of is that we are the victims between the bike shops.

Cheers

[distortdd]

I also just knew bout this early settlement policy.Took over my frend's spark as sub,then i wanted to do transfer as i'm able to settle all the installments.But was told got $500 early settlement fee.Lan2 must wait till end next year b4 i can transfer.Sianz!!

 

this meaning if bike still on coi, i canot transfer the bike to me? and only can remain as sub till the installment ends? anw what is the difference if i remain as sub-rider and the main-rider?

[too_hot]

In my agreement with Bike Production it was stated that there was early settlement fee (can't rememeber how much) although at the point of purchase i didn't know cos prioir to BP, i buy from Mah which dun have early settlement. but when the time came that i really wanted to do full settlement, they waive off.

 

One rationale that they may not want u to do full settlement is cos as long as ur HP still with them, u have to renew insurance from them hence they till earn commission from there. Once full settlement, u can go elsewhere already.

[contrarian]

If u want to avoid such penalties, next time go to shops like ASphoon and Wingyap which have no such penalties. I bought bikes from them and did early settlement, but did not incur any charges...

 

I agree with you. There are shops that don't charge early settlement fees and you've just mentioned some.

 

If buyers don't like such fees, then they would do well to find motor traders that don't impose them.

[ninjapura]

Hi guys, juz to share wif all of u these, This shop don allow early settlement for bike, and will charge u a FEE if u wan to.. wat is the rational behind? IF settle your bike installment early, and u being charged for a early settlement Fee? What is the point for?? everything was paid, and can juz release the bike! but this shop don allow, so i decided to pay till my last month of installment but oso rejected!!! what if i`m late for my installment and u charged me for interest for late payment! Stupid company!!!

 

PS: i does not noe how many bikeshop practice these, but no matter how much u earn, will not be enough for ur medical fee, u will get retribution, maybe your family paying for it...

 

bro, relax, for all hire purchase agreement, even for car, if u opt for early settlement, u must pay some fee (aka interest).

 

Of cos, we gotta see wat the fee the bike shop imposed on u... if thats specified on agreement... then no choice... anyway.. its a norm, even if u took the loa frm bank..

[nongsao]

Always hear so many bikers got con. Even the experience one.

 

Try Universal Motors next time.

 

This tread will inform bikers which bike shop to go to next time. Reliable, Good service and no early settlement penalty.

 

http://www.singaporebikes.com/forums/showthread.php?t=203879

[sICkbOi-dOt-cOm]

Promoting ah?

[y2kredbull]

this meaning if bike still on coi, i canot transfer the bike to me? and only can remain as sub till the installment ends? anw what is the difference if i remain as sub-rider and the main-rider?

 

Ya bro,i only sub-rider till transfer ownership till installment finishes.