repossesion

[ahda85]

i would like to know if my bike is tow back to bike shop and e payment still not clear, wat will happen??

[epk]

they will still make you pay the outstanding, correct me if i'm wrong.

[rianOreO]

they will send u a letter stating the outstanding balance..so in the end LL still need to pay..dun forget that reposession fees will be added to ur outstanding..best is to go down shop and settle..imo:)

[ahda85]

under wat circumstance, will e bike shop repossese n sold out again....

[shaunz]

1) repossession fee

2) storage fee

3) lawyer fee

4) outstanding loan

 

will sell if you indicate to them to sell i guess.

[Team_Commander]

even if they sell u need to top up the money....

[BlackBandit]

Dear TS,

If the bike is repossessed, the company will send you a lawyer's letter or a Letter of Demand asking you to pay up for the remainder. The charges will include towing, storage, lawyer's fees and the outstanding installments.

 

If you do not respond to the letter, the company will decide to sell off your bike. The time frame will depend on the company itself and may be between a week to a few months. If the bike is sold, it will usually be of lower value than your outstanding installment. You then have to pay the difference, which can be substantial.

 

Might I suggest that you either pay for the outstanding plus costs as soon as possible or arrange with the bike company for some sort of recovery plan. If the bike is sold, you will end paying for a bike which does not belong to you anymore. If the outstanding amount owed exceeds $10K, they might just sue you for bankruptcy. If less than $10K, they will issue a writ of seizure. I suggest you consider your options carefully...

[ahda85]

i sold tis bike to tis friend but no put sub rider yet, he haven pay e instalment till now...

[zyrofillica]

no put sub rider? He die die refuse pay installation? Pls report police he stole the bike and tell them you know where he lives! let him die die eat air in jail

[ahda85]

the bike is currently on lay up under my home....

[BlackBandit]

If layup, means your bike is no longer repossessed laa. In this case, you may decide to take action against your friend but do you think it's worth all the trouble?

 

Just consider yourself wiser and remember to have a contract next time.