Bike Installments

[nonipops]

Hi,

 

I purchased a bike via installments and need to pay $200 a mth.

 

Paid for about half a year and then never pay for 3 mths.

 

Bike was towed back and daily there are charges.

 

I no money to pay.

 

If i decide not to take the bike back, will the bike shop take back ownership of the bike?

[ulysses_sc]

Originally posted by nonipops@Oct 4 2006, 04:07 PM

Hi,

 

I purchased a bike via installments and need to pay $200 a mth.

 

Paid for about half a year and then never pay for 3 mths.

 

Bike was towed back and daily there are charges.

 

I no money to pay.

 

If i decide not to take the bike back, will the bike shop take back ownership of the bike?

Yes, the bike shop will reposses the bike and try to sell it. If the proceeds of the sale are not enough to cover your outstanding loan, you will be liable to pay the differences.

 

Good luck.

[three]

You will be given a "5th schedule" letter from the bike shop after reposession. READ AND UNDERSTAND IT.

 

They will give you 14 days to pay up reposession fee, storage fee, repair fee, and your backdated installments.

 

Assuming you ignore, they will take back the bike and value it as what have been stated in the 5th schedule under option "B".

 

My advice is, take back the bike at all cost. Then try go sell it you do not want it.

[Arcfire]

Dude.... either way you will still be oweing the bike shop a large amount of $$. Best you sort the thing out with the shop.

[ArWeN]

should have thought carefully before purchasing that bike....

[fattsum]

thats bad... and u only manage to pay for 6 months? you shud calculate your ability owning the bike before make the decision.... even tho there is some way out for you but i think better dun recommend it.... later police come find me .... anyway goodluck to you man.. like tbr said take back the bike and try to sell it urself.. may be offer to some of your fren to continue the installment... at least that way next time u do business ppl still have faith in you.. bro