Early settlement issues / experiences

[WildCard]

Heyos everyone,

 

I was wondering if everyone could share their experiences or problems when doing early settlement with their respective bike shops.

Things like paperwork hassle, obstacles faced or financial threats.

 

To keep this thread clean, I respectfully ask all those who wish to contribute to avoid revealing any bike shop names or persons involved.

No XXXXX with clues to indicate what shop either. Location not needed as well.

I am sure some of you may have some form of angst or vendetta against this shop or that shop but the objective of this thread is to share some of the experiences so to serve as a useful education to others, not finger-pointing at this XXX or that XXX shop and becoming another messy, litigation-filled thread.

Just the details of how you managed to get your bike settled or the issues that are preventing you from settling your loans early.

 

Having said that, the right to remove or edit posts that are irrelevant, finger pointing at shops (regardless of advertiser or not) and potential flaming posts is reserved by me and the relevant mods.

But be assured that as long as you stick with the objective above, no mod will remove your post without good reason.

Please, let's act maturely and post with maturity.

 

Anyone wants to start?

[lcp]

Super bad experience for me ...

 

Early settlement penalty ($350)

Paper work ($150)

Release of bike take >7 days

Insurance still got 6 month ask them cancel, till now 1 month still no news..

Will not go back tat shop, pay so much $$ get **** service.

 

So when I shopping for bike I will ask got early settlement penalty a not..

[Kutrax]

My case:

 

Left 1 year instalment. i ask the clerk there check for me any early settlement fee. She say will check with finance..call me up say NO.

2 mths later i ask the lady again she say can full settle. Paid up with receipt stating FULL SETTLEMENT was told 3-4 days can settle get spare key which i did.

 

So few days later decide to sell my bike to a shop.

Canot do transfer ... suddenly the previous shop i bought my bike give me a call say got early settlement fee. Wah magic that day say no now say have.

 

I got no choice LLST pay full settlemnt if not they wont release bike. I cannot back up from my deal to sell my bike or else they sey take legal action. Stuck in the middle with my bike in another shop.

 

Pay early settlement fee but when ask for receipt to write ealy settle they refuse.. double combo.

 

And to add super combo..wanted to cancel insurance at NTUC was told the premium is still outstanding. WTF!!

 

Must go back agency.

:angry::angry:

Edited January 21, 2010 by Kutrax

[kmax]

wildcard... planning to change ownership of ur GSR ??? good luck bro..

 

ur old friend G_SantaCruz's bike also stuck with early settlement fee..

[MIGHTY MAX]

I think is depend of which shop...

My phatom was quote $800 for early settle ment fee

My VTR SP1000 was settle at $300 only..

 

there is no charges for the paperwork likes lcp stated...

 

I think this the way they earn the profit...

 

 

MOSTLY THEY WILL TELL U THAT>>>Oh..is the way of the finance charges..

Edited January 22, 2010 by WildCard

[WildCard]

Anyone else wishes to share their experiences?

[oscar23]

My case:

 

Left 1 year instalment. i ask the clerk there check for me any early settlement fee. She say will check with finance..call me up say NO.

2 mths later i ask the lady again she say can full settle. Paid up with receipt stating FULL SETTLEMENT was told 3-4 days can settle get spare key which i did.

 

So few days later decide to sell my bike to a shop.

Canot do transfer ... suddenly the previous shop i bought my bike give me a call say got early settlement fee. Wah magic that day say no now say have.

 

I got no choice LLST pay full settlemnt if not they wont release bike. I cannot back up from my deal to sell my bike or else they sey take legal action. Stuck in the middle with my bike in another shop.

 

Pay early settlement fee but when ask for receipt to write ealy settle they refuse.. double combo.

 

And to add super combo..wanted to cancel insurance at NTUC was told the premium is still outstanding. WTF!!

 

Must go back agency.

:angry::angry:

 

 

 

Helo dude, mind share with me ur experience, which motor diam is it?

thanks. cuz i m thinking of early settlement.

[kmax]

forgot to mention my own experience with another well known shop on serangoon road.

 

previous owner was under hire-purchase when he sold to me, so first i wanted to COI, he said fine, just pay him the balance.

 

so when we approach the shop, shop owner said cannot COI, have to re-loan (with higher interest rate ofcuz)

 

damn him, i took cashline and plan to pay off... only when we go to transfer, shop owner said cannot terminate hire-purchase, there's termination fee.. blah blah blah.. all the crap which we never heard when we asked previously..

 

previous owner was puzzled and afraid he'd be charged extra fee (as we already agree on certain price)

 

finally they agree to let the bike go with some paper work fee, and i have to buy insurance from the shop .. duh... (they could earn commission obviously)

 

to make things smooth and not to trouble the previous owner, i withdraw the insurance which i've already bought (with termination fee ) and buy again from them.

 

*the problem doesnt end there, i've got 20% NCD, and i cant get discount straight away, have to get letter from previous insurance, submit form to them, and only after 2 months, they call and issue cheque to me.. dunno how they calculate but i got 90$ for 20% discount of insurance preminum of 1000$.

[YEN96]

forgot to mention my own experience with another well known shop on serangoon road.

 

previous owner was under hire-purchase when he sold to me, so first i wanted to COI, he said fine, just pay him the balance.

 

so when we approach the shop, shop owner said cannot COI, have to re-loan (with higher interest rate ofcuz)

 

damn him, i took cashline and plan to pay off... only when we go to transfer, shop owner said cannot terminate hire-purchase, there's termination fee.. blah blah blah.. all the crap which we never heard when we asked previously..

 

previous owner was puzzled and afraid he'd be charged extra fee (as we already agree on certain price)

 

finally they agree to let the bike go with some paper work fee, and i have to buy insurance from the shop .. duh... (they could earn commission obviously)

 

to make things smooth and not to trouble the previous owner, i withdraw the insurance which i've already bought (with termination fee ) and buy again from them.

 

*the problem doesnt end there, i've got 20% NCD, and i cant get discount straight away, have to get letter from previous insurance, submit form to them, and only after 2 months, they call and issue cheque to me.. dunno how they calculate but i got 90$ for 20% discount of insurance preminum of 1000$.

 

PM me, i curious who u refering to

[YEN96]

now, can i check if there are any bikeshops or motortiams in singapore that refund you the remaining interest when u sell bike and just draw a bit of kopi money ?? i really curious abt this

 

Meaning they still refund u the remaining interest

 

Assume $1000 interest for 5 years. if u sell at 2 yrs remainig 3 yrs so remaining 3 yrs interest is $600. they draw a bit of kopi $$$ and refund u $400.

 

any such shops !!

[swat_]

yes, certain shop does refund if u early settle... dats frm personal experience...

Edited January 27, 2010 by @swat_

[swat_]

oh and to add, abt this early settlement..

 

Had an experience similar to kmax, where i took over a friend's bike, went over to shop with intention to full settle, but was told that there is a penalty of $500 for a little x1, so not wanting to pay it, i decided to add name as sub rider (with extra fees abt $100 eventho im older etc) and continued to pay instl till end...

 

best is, 6 mths aft instl ended wanted to do a transfer but LTA infmd that the shop didnt release the form B..

[James996]

now, can i check if there are any bikeshops or motortiams in singapore that refund you the remaining interest when u sell bike and just draw a bit of kopi money ?? i really curious abt this

 

Meaning they still refund u the remaining interest

 

Assume $1000 interest for 5 years. if u sell at 2 yrs remainig 3 yrs so remaining 3 yrs interest is $600. they draw a bit of kopi $$$ and refund u $400.

 

any such shops !!

 

I am currently riding my 4th bike from them. All the previous 3 rides they refunded me my remaining interests and they dun have any early settlement fee, termination fee,blah,blah blah fees.

Edited January 27, 2010 by WildCard
Shop names mentioned....

[sihan0110]

I am currently riding my 4th bike from them. All the previous 3 rides they refunded me my remaining interests and they dun have any early settlement fee, termination fee,blah,blah blah fees.

 

which bike shop ? can pm me?

[elmo80]

guys since we are talking abt early settlement issues. For those already done it

any advice or point to take note .... tks inadvace

[ah_heng1980]

Best is to buy cash and no such problem. But where to find money? Sigh.

[LoudnessFz]

guys,rather than we rant on these fooking shops charging early settlement fees,what say we find out LAWS regarding early settlement fees?if there is any,that protect us consumers from this,share the website here.

 

then for those who wants to buy bikes can print them out and you-know-what-to-do-with-it,then settle.

 

currently im finding out about it,if theres any ill post it up here.

[LoudnessFz]

bad news.

 

i just found out about the early settlement fee and unfortunately its not in our favour.

 

feel free to read up this link and may some of u understand it.

 

http://www.abs.org.sg/cms/images/publications/CarFinancing-English.pdf

[justpass]

Actually, I have realise one thing, i have been to some telcoms shop, and when sign a contract, it states Early Penalty Fees.

 

So, since phone only cost less than $2000, yet they can still charge us Early Penalty Fees, isn't motorshop the same?? And a bike can easliy cost $3000 and above, and they only charge less or equal to that of telcoms, isn't they have even more rights to charge us??

 

Hope this give everybody some things to look into.

[ah_heng1980]

Actually, I have realise one thing, i have been to some telcoms shop, and when sign a contract, it states Early Penalty Fees.

 

So, since phone only cost less than $2000, yet they can still charge us Early Penalty Fees, isn't motorshop the same?? And a bike can easliy cost $3000 and above, and they only charge less or equal to that of telcoms, isn't they have even more rights to charge us??

 

Hope this give everybody some things to look into.

 

you canot say like dat, cos all service providers charge! But, for motorbike industry, some shop never charge ESF, why can't all bike shops learn? If u are looking from consumer's perspective, u won't say like dat? Which customer you tell me lah want to pay for ESF and think that the bike shop is right to charge us?

Edited February 9, 2010 by WildCard
Shop names mentioned

[Kutrax]

Actually, I have realise one thing, i have been to some telcoms shop, and when sign a contract, it states Early Penalty Fees.

 

So, since phone only cost less than $2000, yet they can still charge us Early Penalty Fees, isn't motorshop the same?? And a bike can easliy cost $3000 and above, and they only charge less or equal to that of telcoms, isn't they have even more rights to charge us??

 

Hope this give everybody some things to look into.

 

telco company charge you early termination due to you buying your hp at a high discount rate or maybe free.

That justify the 2 year plan u signing for.

 

Bike shop sell bike + admin fee + intrest.. but NO discount.

 

You get what i'm trying to say

[justpass]

telco company charge you early termination due to you buying your hp at a high discount rate or maybe free.

That justify the 2 year plan u signing for.

 

Bike shop sell bike + admin fee + intrest.. but NO discount.

 

You get what i'm trying to say

 

Haha.. true also la.. but well. no choice lo.. given the website stating it... no choice.. but then again, u say no discount, i think can ask them if u are a gd paymaster.. wat do u guys think?

[justpass]

you canot say like dat, cos all service providers charge! But, for motorbike industry, some shop never charge ESF, why can't all bike shops learn from? If u are looking from consumer's perspective, u won't say like dat? Which customer you tell me lah want to pay for ESF and think that the bike shop is right to charge us?

 

Ya lo.. true also.. alot of ppl including, the whole stretch of bike shop in bukit merah, and in changi road aslo charge ESP... Well.. sian lo...

Edited February 9, 2010 by WildCard

[edwardthy]

before u buy bike next time better understand e small fine prints of t and c..

[taaouicha]

okie sorry to sound like a nub in here but how much is this early settlement fee and how does it work ?

I bought 3 bikes from these forums before a krr, a zxr400 n a gsxr 400. Paid cash for them lah ( cause its affordable) .

im planning to buy a class 2 bike in a few months time, thinking of maybe getting it from a shop unless I can afford it in cash to buy in the forums like what I did for my previous bikes...

its like lets say a 2005 model liter bike cost 12k from a shop n i decide to pay 5k down n 7k in instalments for 2 years, after 1 year I strike toto and want to clear all outstanding I cant do it without incurring the early settlement bs ?