Need advice on repossessed bike

[classnetd]

Hi,

 

Need some advice on what I can do in the situation below:

Been a guarantor (the most costly mistake in my life!!) for a friend who is the owner of the bike. Right now his bike has been repossessed by the bikeshop and that he had only paid 1 monthly installment.

Owner right now is in jail for a criminal offence and bikeshop had given me notice to proceed legal action on this case to settle the outstanding amount.

Had talked to the bikeshop and was told that since bike was repossessed, there is no way anymore for me to take the bike out or sell it (I believe the bike now belongs to the shop).

Understand from some friends that the bikeshop can sell the bike off and that I need only to pay for the balance but seems like this is not the case.

Questions:

1) When the owner is out of jail, is there anyway that I can sue him to get back the money which I had paid for him?

2) Is there anyway which I can take over the ownership of the bike?

 

Anyone been in this situation before?

[swoosh]

Have not been in this situation before and never will !!!!

 

My 2 cents worth

 

Q1)If you want to sue a person you must believe that he has the $ but refuse to pay you. Basing on how you describe him now dun think he has any $ to pay even if u have a Court order. So dun waste $ on legal fees

 

Q2) You can take over the bike if he transfer the bike to you with the approval of the bike shop. So the solution is negotiate with the bike shop! If you do not know bikeshop well get someone who are close to them to help.

 

Another option : Approach the family members and ask them to pay.

[mechwira]

sorry ah, but something sounds fishy.

 

as i understand it, u're only liable to pay for the bike in full if ur friend had disappeared with the bike, and the shop has neither bike nor payment.

 

but now that according to u, the bike belongs to the shop, they still expect you to fork out 100% of the balance due? so the shop expects to get the payment and the bike as well?

 

i tot it should be since they repo the bike, u're liable only for balance minus market value of bike.

[swoosh]

sorry ah, but something sounds fishy.

 

as i understand it, u're only liable to pay for the bike in full if ur friend had disappeared with the bike, and the shop has neither bike nor payment.

 

but now that according to u, the bike belongs to the shop, they still expect you to fork out 100% of the balance due? so the shop expects to get the payment and the bike as well?

 

i tot it should be since they repo the bike, u're liable only for balance minus market value of bike.

 

He is at the mercy of the bikeshop. What if the bikeshop says currently the market value is very low for this bike! ....thats why he has to negotiate or litigate.

[contrarian]

2) negotiate with the shop to sell the bike to you

[zart]

been in this state before..

 

the best way to cut cost.. try talk to the shop u buy back the bike. neg with them..pay full to close case.

no point sue the owner if he has no money. end up u pay legal fees.

after that.. when your friend out, threaten him to pay you back or cut his head.

 

moral.. make sure if you are the guarantor, the owner is someone who very close and have money.

 

but after my case.. i wont be a guarantor anymore. risk my life so much.

[classnetd]

been in this state before..

 

the best way to cut cost.. try talk to the shop u buy back the bike. neg with them..pay full to close case.

no point sue the owner if he has no money. end up u pay legal fees.

after that.. when your friend out, threaten him to pay you back or cut his head.

 

moral.. make sure if you are the guarantor, the owner is someone who very close and have money.

 

but after my case.. i wont be a guarantor anymore. risk my life so much.

 

Problem is amount is too huge to pay full...point is if I do your way, I will end up in jail then.

Thinking of suing him at least if he never go back jail again, he will be declared a bankrupt...at least something rather then he happy happy come out cannot pay I also lan lan cannot do anything to him....

Was thinking of welcoming him from the gate at the date of his release and wallop him there and then but in the end will get into trouble also..

[classnetd]

I would like to re open this discussion. Its been a while since I start paying for this shitty thing. Things I would like to know:

1) After finished paying for the whole thing (they somehow don't call it installment. They use the term repayment), i should be able to get the bike if the owner is still around right?

2) If the bike shop repo the bike, do they have the authority to throw away the owner's name and sell the bike away while I am still in the midst of payment?

3) If in the case that I have finished paying and the bike has been sold, is there a case for me to fight against since I am paying, i expect to have the bike still.

 

I know I have been a fool to not think about all this thing until someone recently told me about this issue and advice me to paitao the whole thing and don't pay anymore. He said that he has a friend doing the same thing to the same shop and nothing happen. I have already gotten into this **** and if possible, just get it over and done with but thinking back if I do not get the bike, why the hell am I still paying???

 

Advice please from anyone.

 

Thanks in advance

[swoosh]

Bro

 

29 months later.. i am still the one to answer you 1st lolx. When did you start paying them din you ask how much you have to pay? By now, the bike should be sold off liao or even changed a few hands....The bike shop should less the proceeds of the sale and ask you pay the balance only.

 

if do not mind can you pm the shop name to me?

[Isopropyl]

what type of bike is it? your friend out of jail?

 

somehow something is not right. if you pay in full, you should be owning the bike. you should only pay the balance after the bike is being sold. i think the bike shop might have cheated you. even if they have kept the bike for you, after being idle for so long, you might have to do a full service. who know they will ask you to pay the storage fee next time. you need to call them up and check for the status of the bike. if they said it is sold, question them why are you paying in full. they might state it is in the contract, service fee, reprocess fee etc. even then, the name is still under your friend name and he is the rightful owner although you pay in full.

 

then you need to know your right. try to see those free lawyer at CC for help. contact CASE and see if they can help you. or find some bike shop owner that you know of and speak to them and see if they can advice you. i find it disturbing that you are paying so long without knowing the whole story.

[classnetd]

Yeah Bro,

 

I find myself like an idiot all this while. Not like an idiot...a big idiot in fact..The last thing I remembered before starting to pay this was I was in a discussion about the amount to pay and blah blah...and signing something with them but i can't remember the detail whether I will still have the bike back or not...

I checked on the website to see who is the owner of the bike now. Having the details like name and ic no. of my friend confirmed that it is not his bike anymore.

So the next thing to do is that if the bike has already been sold, can i just stop paying them? Can they drag me to court for this?

This case was brought up accidentally when I was in another bike shop and the mech there said just stop paying as this is not the right procedure.

Even if the bike is in shitty condition, at least i song leh i can see what I am paying for instead of paying like charity like that for nothing.....

Just feel like not paying anymore now....

 

what type of bike is it? your friend out of jail?

 

somehow something is not right. if you pay in full, you should be owning the bike. you should only pay the balance after the bike is being sold. i think the bike shop might have cheated you. even if they have kept the bike for you, after being idle for so long, you might have to do a full service. who know they will ask you to pay the storage fee next time. you need to call them up and check for the status of the bike. if they said it is sold, question them why are you paying in full. they might state it is in the contract, service fee, reprocess fee etc. even then, the name is still under your friend name and he is the rightful owner although you pay in full.

 

then you need to know your right. try to see those free lawyer at CC for help. contact CASE and see if they can help you. or find some bike shop owner that you know of and speak to them and see if they can advice you. i find it disturbing that you are paying so long without knowing the whole story.

[Demon]

Yeah Bro,

 

I find myself like an idiot all this while. Not like an idiot...a big idiot in fact..The last thing I remembered before starting to pay this was I was in a discussion about the amount to pay and blah blah...and signing something with them but i can't remember the detail whether I will still have the bike back or not...

I checked on the website to see who is the owner of the bike now. Having the details like name and ic no. of my friend confirmed that it is not his bike anymore.

So the next thing to do is that if the bike has already been sold, can i just stop paying them? Can they drag me to court for this?

This case was brought up accidentally when I was in another bike shop and the mech there said just stop paying as this is not the right procedure.

Even if the bike is in shitty condition, at least i song leh i can see what I am paying for instead of paying like charity like that for nothing.....

Just feel like not paying anymore now....

 

According to your post, there are discrepancies such as the question of ownership ...etc.

 

If you want a proper recourse to this matter, I suggest you seek advice from a lawyer.

[Isopropyl]

life does screw us up sometime. don't take it too hard. just treat it as a learning experience. now can only try to reduce the lost. try to solve thing one at a time. i suggest calling up CASE at 61000315.

 

the issue is what did you sign after the discussion. you need to know the details.

 

after paying so long, how many more installment to go?

 

Yeah Bro,

 

I find myself like an idiot all this while. Not like an idiot...a big idiot in fact..The last thing I remembered before starting to pay this was I was in a discussion about the amount to pay and blah blah...and signing something with them but i can't remember the detail whether I will still have the bike back or not...

I checked on the website to see who is the owner of the bike now. Having the details like name and ic no. of my friend confirmed that it is not his bike anymore.

So the next thing to do is that if the bike has already been sold, can i just stop paying them? Can they drag me to court for this?

This case was brought up accidentally when I was in another bike shop and the mech there said just stop paying as this is not the right procedure.

Even if the bike is in shitty condition, at least i song leh i can see what I am paying for instead of paying like charity like that for nothing.....

Just feel like not paying anymore now....

[classnetd]

Thanks bro but life like this is hard. I am left with 9 mths remaining out of 3yrs. I want to know what kind of trouble I can get if I decide to just stop paying. The amount paid has already reach 5 digits and it is a 1000cc bike.

 

Thanks to all the bros here for the advices but please keep them coming as more details from perhaps similar cases. Moral of the story is don't ever be a guarantor for huge sums of money. What they say is true: if you have debts, you can say bye bye to peaceful sleep. Keep the advices coming bros. Thanks again in advance.

 

 

life does screw us up sometime. don't take it too hard. just treat it as a learning experience. now can only try to reduce the lost. try to solve thing one at a time. i suggest calling up CASE at 61000315.

 

the issue is what did you sign after the discussion. you need to know the details.

 

after paying so long, how many more installment to go?

[lo-on]

Thanks bro but life like this is hard. I am left with 9 mths remaining out of 3yrs. I want to know what kind of trouble I can get if I decide to just stop paying. The amount paid has already reach 5 digits and it is a 1000cc bike.

 

Thanks to all the bros here for the advices but please keep them coming as more details from perhaps similar cases. Moral of the story is don't ever be a guarantor for huge sums of money. What they say is true: if you have debts, you can say bye bye to peaceful sleep. Keep the advices coming bros. Thanks again in advance.

 

sorry to inform u that there is really no way out .... u ask lawyer, case, whatever or whoever also useless cause u are tied down by "guarantor terms and conditions" so die die u have to pay up ... only way out is u talk to the boss nicely to settle the amount by installments but with interest incurred ... and high chance that u are just paying for thin air if u know what i mean

[classnetd]

Thanks bro for the advice. I was hoping not to see the last sentence that you typed but by the terms and conditions of guarantor, there is still something in return if you are paying without fail. Right now I am confused to what I am actually paying for. By right it should be for the bike but if for thin air, don't you think I have a case to fight against?

 

Thanks for any advices in advance.

 

sorry to inform u that there is really no way out .... u ask lawyer, case, whatever or whoever also useless cause u are tied down by "guarantor terms and conditions" so die die u have to pay up ... only way out is u talk to the boss nicely to settle the amount by installments but with interest incurred ... and high chance that u are just paying for thin air if u know what i mean

[Jehuty]

Wah scary eh, I became guarantor for a childhood friend but I'm not too confident he can pay finish. Plan to be a sub rider once I get my 2A so still can use the bike if he*touchwood* can't pay for it.

[swoosh]

Thanks bro for the advice. I was hoping not to see the last sentence that you typed but by the terms and conditions of guarantor, there is still something in return if you are paying without fail. Right now I am confused to what I am actually paying for. By right it should be for the bike but if for thin air, don't you think I have a case to fight against?

 

Thanks for any advices in advance.

 

From a layman's point of view, the flow should be like this... Borrower (B) unable to pay instalments, Bike shop (BS) repo the bike ask B to pay up, B ran away or in your case went to jail. BS sold the bike in open market, still cannot cover the loan and then go after Guarantor (You) for the remainder of the loan. So if you have already signed (repayment plan ) in writing and now want back out, BS can go after you.

[swoosh]

Thanks bro for the advice. I was hoping not to see the last sentence that you typed but by the terms and conditions of guarantor, there is still something in return if you are paying without fail. Right now I am confused to what I am actually paying for. By right it should be for the bike but if for thin air, don't you think I have a case to fight against?

 

Thanks for any advices in advance.

 

What you are paying for is the balance of the loan after they sold off the bike to another biker. If the difference is so much, you have ask the BS why?

[classnetd]

Bro Swoosh,

 

I believe that is also what it should be. The problem is I think they have made me start paying the repayment even before the bike had been sold. So in short now i feel like I am paying for the total price of the bike plus all the misc and such. If indeed the bike has been sold, which I believe by now it should, they should have adjusted this to only the amout to recover back right?

 

From a layman's point of view, the flow should be like this... Borrower (B) unable to pay instalments, Bike shop (BS) repo the bike ask B to pay up, B ran away or in your case went to jail. BS sold the bike in open market, still cannot cover the loan and then go after Guarantor (You) for the remainder of the loan. So if you have already signed (repayment plan ) in writing and now want back out, BS can go after you.

[swoosh]

Bro Swoosh,

 

I believe that is also what it should be. The problem is I think they have made me start paying the repayment even before the bike had been sold. So in short now i feel like I am paying for the total price of the bike plus all the misc and such. If indeed the bike has been sold, which I believe by now it should, they should have adjusted this to only the amout to recover back right?

 

Only the BS can answer your questions. Suggest you see the boss for clarification to decide the next course of action.