Buying a bike from owner.

[shah89]

Hi. I'm having some questions over getting a bike from owner.

 

Owner still have installment for 10 months and insurance will only expired next year. So I'll be added as subrider. And am i able to continue as subrider till the main rider insurance expired nx year when the installment already finish in 10 months?

 

thanks..

[frank7413enforced]

unless the owner agreed to it and add you as a subrider. Do you know him well??? sometime the owner can turn his words after 10 months you pay the installments.

[shah89]

Don't really know him that well. but his adding me as a subrider. but am i able to use his insurance even after the installment finish? he will draft agreement with me when to transfer the ownership so wont me any problem in future..

 

and adding as his subrider, i have to pay a certain amount for my insurance right? and do i still need to upfront 3mths installment??

[shah89]

and one more thing, since im only a subrider, can transfer of ownership be done?

[laydeex]

can i noe wat kinda bike u buying?

[shah89]

gilera runner 180.

[shiro]

hi there , regarding COI , transfer of ownership cannot be done in most shop , the way u doing now is mutual agreenment between both party, the happy ending will be u pay off all the balance of the installment and the bike is transfer to u , no point having being a sub rider of a bike that u can own since now is following the youngest rider, u have no advantages even if he is older than u and more exp..

[Stoned]

FYI, insurance is calculated based on the most expensive premium; based on the younger rider's age and the rider with the least riding experience. So, if you're younger and have less exp. than the person you're taking over the bike from, you're going to have to pay a top up sum for the insurance premium as well.

 

It would be wiser instead for you to purchase your own insurance and transfer the bike's ownership immediately to avoid any issues that may arise later. You're not saving anything by getting yourself added as a subrider.

 

The previous owner can normally get a pro-rated refund at his insurance company, so there's no reason why he wouldn't agree.

[shah89]

Hi.. thanks for the reply. yeah.. i agree with u all.. actually i was tinking to get owe insurance also. bt the main rider ask me be subrider. but when we meet up, we agree to not subride anymore. so what is to be done? go shop, buy insurance, pay 3 mths upfront, go LTA and change ownership and pay the transfer fee there right? anymore need to take note?

[DannyCrane]

buying insurance or adding as sub rider just means you can ride legally. it doesn't mean you will get the bike at end of the day.

 

from what you say (pay 3 months upfront), i think you just want to coi the bike. if that's right, you need approval from the bike shop to "change" ownership. if the shop doesn't approve, don't think LTA can change the ownership for you.

 

like it or not, the best person to advise you is actually the bike shop. they still have the control over the bike until it is fully paid. so ask them how you can 100% get the bike after the installments are over.

[knucklehead]

Don't really know him that well. but his adding me as a subrider. but am i able to use his insurance even after the installment finish? he will draft agreement with me when to transfer the ownership so wont me any problem in future..

 

and adding as his subrider, i have to pay a certain amount for my insurance right? and do i still need to upfront 3mths installment??

 

and one more thing, since im only a subrider, can transfer of ownership be done?

 

hey bro.

guess i'm in the same situation as you.

 

added my name as subrider for my friend's bike 6 months ago. installments then was 18months.

 

what WE did, was to head down to NTUC and add my name as subrider. we didn't liase through the shop. i paid $180+ for my insurance for 6months. and i needn't pay the 3 months upfront, prolly because we didn't go through the shop.

 

so what happens after 6 months ?

 

i recently talked with the shop that i paid installments for. and had earlier discussed with my friend about the ownership issue. but i what i read from sgbikes was pretty disappointing, with many saying that transfer of ownership when the bike still has installments aint really possible.

 

well i talked to the taukeh, at first he say cannot transfer. then i pointed out that i paid my installments on time and that the installments for the bike already so called break even. and he say that he thought wanna transfer to other people name thats why cannot. so in the end, a transfer of ownership once insurance & road tax expires is possible.

 

the dilemma i'm facing now is to whether transfer ownself at LTA, buy own insurance and renew road tax privately, or let the shop do it for me. because some people say that doing these through shop is kinda expensive coz they tend to overcharge.

 

i'll update again once the transfer of ownership, renewal of insurance and all is done.

 

to play safe, i advice that you check with NTUC your insurance, and the cost if add your name as subrider. after which, you and the owner of the bike you're continuing to COI head down to the shop and discuss about this matter, as in, transfer of ownership and all.

 

good luck to you. (=

[shah89]

hey bro.

guess i'm in the same situation as you.

 

added my name as subrider for my friend's bike 6 months ago. installments then was 18months.

 

what WE did, was to head down to NTUC and add my name as subrider. we didn't liase through the shop. i paid $180+ for my insurance for 6months. and i needn't pay the 3 months upfront, prolly because we didn't go through the shop.

 

so what happens after 6 months ?

 

i recently talked with the shop that i paid installments for. and had earlier discussed with my friend about the ownership issue. but i what i read from sgbikes was pretty disappointing, with many saying that transfer of ownership when the bike still has installments aint really possible.

 

well i talked to the taukeh, at first he say cannot transfer. then i pointed out that i paid my installments on time and that the installments for the bike already so called break even. and he say that he thought wanna transfer to other people name thats why cannot. so in the end, a transfer of ownership once insurance & road tax expires is possible.

 

the dilemma i'm facing now is to whether transfer ownself at LTA, buy own insurance and renew road tax privately, or let the shop do it for me. because some people say that doing these through shop is kinda expensive coz they tend to overcharge.

 

i'll update again once the transfer of ownership, renewal of insurance and all is done.

 

to play safe, i advice that you check with NTUC your insurance, and the cost if add your name as subrider. after which, you and the owner of the bike you're continuing to COI head down to the shop and discuss about this matter, as in, transfer of ownership and all.

 

good luck to you. (=

 

Wah, i didn't know alot of things to consider. Basically, the coi is 10months. i called the bike shop. and now they say they don't allow me get my own insurance coz its still under installment. and the worse thing was adding as subrider cost more than my own insurance. my insurance is 800 and if subrider is 929. 929 for 10 months. 129 additional. what do u think huh? im not sure to get from owner or shop directly now.

Edited January 15, 2010 by shah89

[knucklehead]

Wah, i didn't know alot of things to consider. Basically, the coi is 10months. i called the bike shop. and now they say they don't allow me get my own insurance coz its still under installment. and the worse thing was adding as subrider cost more than my own insurance. my insurance is 800 and if subrider is 929. 929 for 10 months. 129 additional. what do u think huh? im not sure to get from owner or shop directly now.

 

aik. add subrider will cost more? u called ntuc or ask from bike shop eyy ? have you and the owner gone down to ntuc to enquire about your insurance? i dont think will cost that much uh ... i suggest u go down to NTUC and enquire, better, coz last week i called NTUC and they quoted me wrong. summore i dont understand what the operator is talking.

 

technically you can't transfer ownership as the bike is still under hire purchase. thats why most shops wont allow that. but do you have the cash to pay the remaining installments? let's say your installment is $110 for 10 months, then you pay $1100 + insurance + agreement fee, something like that.

 

pm me if u wana noe the situation i was once in. good luck!

[shah89]

aik. add subrider will cost more? u called ntuc or ask from bike shop eyy ? have you and the owner gone down to ntuc to enquire about your insurance? i dont think will cost that much uh ... i suggest u go down to NTUC and enquire, better, coz last week i called NTUC and they quoted me wrong. summore i dont understand what the operator is talking.

 

technically you can't transfer ownership as the bike is still under hire purchase. thats why most shops wont allow that. but do you have the cash to pay the remaining installments? let's say your installment is $110 for 10 months, then you pay $1100 + insurance + agreement fee, something like that.

 

pm me if u wana noe the situation i was once in. good luck!

 

i asked from the bike shop. and the bike shop lady say the owner is under mitsui. thats why mine higher.ANyway, I already give it a pass. I found a better deal at shop. although kinda high but coe last for 10 years. thnks for your reply. appreciate that.