Early settlement issues / experiences

[joekia]

I belive the early settlement fee is only applicable IF they refund u the unused interest. If they do not refund you, why should there be a early settlement fee?

[kmax]

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 ?

 

since u need about 7k, i advice you to take up cashline / easy credit.. or whatever from banks..

 

some of them give 1 year free interest (promotion) so i guess you can easily pay back 7k within 1 year time.

[biting_point]

and when you strike toto, why care abt the ESF??

 

finance companies can have their own hire purchase rules, some 1 month never pay will repo bike, some 3 months, some dun repo but straight away shoot lawyer letter..

Edited February 9, 2010 by WildCard
Shop name mentioned

[DannyCrane]

Some shops sell cheap but got hefty early settlement fee.

Some shops no early settlement but price very expensive.

Guess it is your own personal choice on how you like to be charged/carroted.

[justpass]

Some shops sell cheap but got hefty early settlement fee.

Some shops no early settlement but price very expensive.

Guess it is your own personal choice on how you like to be charged/carroted.

 

Ya. Thats very true. One shop can quote you a higher machine but no early settlement fee, the other might quote you a lower machine price but has early settlement fee. And early settlement fee, sometimes you can talk to the shop to reduce it. So well.... its still up to personal view.

[taaouicha]

Oh okies, to me if the machine price is cheaper then its better i guess, no issue holding to a loan for the required time

 

But come to think of it would u be able to ask them to show u the internal condition of a bike before purchasing it?

 

Just don’t want to take out a 2005 1000cc bike use it a while then find out engine in fked up state cause of the previous user lack of care... does buying 2nd hand bike from a shop provide u with a warranty ?

 

Sorry for going a bit off topic on this

[justpass]

Oh okies, to me if the machine price is cheaper then its better i guess, no issue holding to a loan for the required time

 

But come to think of it would u be able to ask them to show u the internal condition of a bike before purchasing it?

 

Just don’t want to take out a 2005 1000cc bike use it a while then find out engine in fked up state cause of the previous user lack of care... does buying 2nd hand bike from a shop provide u with a warranty ?

 

Sorry for going a bit off topic on this

 

for warranty wise, i guess nowadays all shops do provide a warranty, but then, u hav to becareful of shops who does not honour it. just my 2 cents worth...

[DannyCrane]

Ya. Thats very true. One shop can quote you a higher machine but no early settlement fee, the other might quote you a lower machine price but has early settlement fee. And early settlement fee, sometimes you can talk to the shop to reduce it. So well.... its still up to personal view.

 

hmm... actually there are still shops who sell cheap without no early settlement.

 

but of course there are also shops that sell expensive and charge early settlement.

 

just need to do your homework before buying...

[LoudnessFz]

well like i said,to those who dont bother to read the website i gave,it stated that its not the bikeshop who charges the ESF,but the bank which the bikeshop loan from charges the shop ESF which therefore charge us the ESF.

 

im not siding with those shops or whoever,but just to get the fact straight.

 

i think if we wanna shoot somebody,we shoot the banks who charges these ESF.

 

we shoot the bikeshop for their expensive machine price and F88Ktup service and a F88Ktup bike condition.