Installment query

[bloody_rejects]

Hi, I bought my bike in July from a shop and its COI, and you have to pay 3 months deposit in order to become the rider. So in logical terms, since I paid the 3 months deposit tat means I'd already pay for 3 months of installment right?(correct me if I'm wrong) So today I got a letter from the shop claiming my installment payment for the August month hasn't been paid. So now I'm confused...is the 3 month deposit supposed to count as though I'm paying for 3 months of installment or issit just for deposit only?

[chuan.z]

Wrong, you already said three months DEPOSIT yourself in your first sentance. A deposit is a "guarantee" against you defaulting on your payment. Hence, a deposit is a deposit, and cannot be counted as part of the installment, unless otherwise agreed upon. The shop can choose to use it to offset your LAST three months payment, pls refer to your HP agreement.

 

Faster go pay up for Aug, so that they don't use it as an excuse to deduct your deposit later when you finished servicing the loan.

[bloody_rejects]

oh ok ok, thanks! lol need to go Bukit Merah already lor, Pasir Ris to Bukit Merah, Here I come! lol

[eFzek17]

bukit merah!?? *faintz*