coi other ppl bikes

[nsr_sp_88]

is it safe to coi ppl bike without transfer the ownership

[BlackDawn]

No. Its too risky. So many things can go wrong.

[IvikaRazI]

From what I understand, good for the person who is on COI (COIer), but for the owner of the bike.

 

Simply put, if never pay installment, shop will chase Owner of the bike and not the COIer. Even if transfer name, shop still chase the Owner registed to the shop (finance still under the owner's name) and not the COIer.

 

My suggestion is to refinance and tranfer ownership of the bike to the other party. All happy, no one can accuse of anyone of anything. Because of COI, friends or even relatives can be enemy ($$$ issue). Think twice on this issue.

[BlackDawn]

On the other side of the coin, lets say the COI process goes smoothly, potential buyer pays up dutifully every month by giving the $$ to the owner so he can go to the bike shop to pay his Hire Purchase.

 

In a worst case scenario, once the HP is settled, the owner can decide to play punk, take back the bike (in stealth) & disappear.

 

To the poor sop that paid the COI dutifully, you have just helped someone else pay the loan for his bike.

 

This is of course a worst case scenario. IMHO, COI's are totally not worth the risk.

[IvikaRazI]

Haiz it all boils down to honesty. And these days, its very difficult to find honest people around. Don't get me wrong, there are a small extinct group out there and their population is dwindling.

[nsr_sp_88]

but like can we do an agreement or wad?

[IvikaRazI]

but like can we do an agreement or wad?

 

You can, but the shop wont entertained you. Coz the agreement with the shop is that you pay for the installment and not the COIer. They still chase after you.

 

This problem has been discussed somewhere in the forum. Do a search for it.

 

Just Refinance and Transfer to the person. No regrets in the future. Lose a little now then lose more in the future.

[BlackBandit]

Yes, you can do an agreement. However, in case anything goes wrong, the finance company will still chase the registered owner since COI-er is not part of the financing agreement.

 

The agreement serves as a purpose for the owner to take legal action against the COI-er in case anything goes wrong. But still, it does not take away the responsibility of the registered owner to the finance company.

 

So, COI is definitely not recommended.

[zart]

yup agree.. not recommend to COI others..

unless its your bro/father bikes lor.. can neg..

[Toyota23]

coi for me la....

[Ev0xiaoboy]

No. I give an example. One guy in this forum coied my friend's SP. End up argue over monthly instalment and stuff. He complain say the bike whatever whatever, so ex. But when my friend put him as subrider, the bike got stolen the first day. After that, he buang himself in Malaysia. After that, he threaten not to pay the instalment and stuff.

[IvikaRazI]

coi for me la....

 

Dun understand the remark made by you. Care to explain?

 

No. I give an example. One guy in this forum coied my friend's SP. End up argue over monthly instalment and stuff. He complain say the bike whatever whatever, so ex. But when my friend put him as subrider, the bike got stolen the first day. After that, he buang himself in Malaysia. After that, he threaten not to pay the instalment and stuff.

 

Sorry to hear this very sad story. This is a good real life example of BAD COIer.

[Wiliberry]

COI has the potential to cause serious results.

 

1) Sub-rider buang,wan pay using insurance.Its the main rider's insurance thats goin to b affected,NCD all gone + the sub dun wan pay,main rider GG.

 

2)Owner happily go ride the bike away, and say "Thanks for paying my installments! Take Care! Bye bye!"

[Amsterdam_Virus]

hi there bros..i am now using the bike (COI) from an honest n reliable owner..every mnth i paid the installment for the bike as i had added subrider n so on..but can any bros tell me how to refinance n change the name from the owner to me..how much issit? im paying 256 per month..left 3 years..i want to change my name to be the owner..hows the procedure..thank you very much..

[zart]

just bring the owner and you to the shop to do the refinance..

 

i think majority shops do allow change of ownership even still on hire-purchase.. but with agreement and some upfront fees..

[Amsterdam_Virus]

do refinnce..wat does refinance means in the 1st place..