Some question selling bike.

[Nescafe]

Apparently i had a bike which is still under installment.

 

Wanna to know wheather is it possible to sell off the bike/return to the shop without paying further money.

 

Riding a S4 Spec II. Installment left ard 5k.

[Peter Kang]

Bro, u can sell off ur bike anytime n anywhere but e problem is how much will e shop take ur bike in. ie: U still have $5k loan n shop only willing to take in $4k then u got to top up e balance.

[Deltaboi]

Apparently i had a bike which is still under installment.

 

Wanna to know wheather is it possible to sell off the bike/return to the shop without paying further money.

 

Riding a S4 Spec II. Installment left ard 5k.

 

regarding u enquiry bro,

it goes similarly to all things which are under hire purchase...the outstanding amount has to be settled ...

 

so u have to check with your bike shop how much they are willing to offer to buy ur bike back ... alternatively, u can sell it to a private buyer for a higher amount, like 5.2k, then settle ur balance of 5k and the remainder is urs to keep ...

 

if u have to top up money for ur bike, i would suggest for u to continue using the bike ...

 

hope this helps bro ...

[Nescafe]

oO. But if i sell to a private buyer, There's a thing called the early settlement fees eh ?

 

Btw,

 

1) Does bike shop allowed transfer of ownership to other people for COI ? Or depends?

1a) If Yes, will there be a early settlement fees charges on me ?

[Deltaboi]

oO. But if i sell to a private buyer, There's a thing called the early settlement fees eh ?

 

Btw,

 

1) Does bike shop allowed transfer of ownership to other people for COI ? Or depends?

1a) If Yes, will there be a early settlement fees charges on me ?

 

anything u wish to do while ur bike is still under hire purchase is under the watchful eye of whatever is stipulated in the contract that u signed.

 

early settlement fees and C.O.I by another buyer may be possible if ur bikeshop allows for it to be done and they somehow arrange for this to be done.

 

do have a good chat with ur bike shop to see if they can help u solve this problem ... i should re-emphasise that finding a full cash buyer will solve all ur problems ... but then again, u do have to find out if ur bike shop will impose an early settlement penalty on u ...

 

cheers bro!

[BlackDawn]

FYI, if a vehicle is under Hire Purchase, you are not allowed to transfer ownership at LTA. The transaction will be blocked automatically. This means even if you find a private buyer, you probably still need to go through the bike shop to complete the sale.