Loans, COI and legal ownership

[Rich_R]

Firstly, apologies for my lack of knowledge of this, so bare with me!

 

Can someone explain what a COI is? Is it the loan which is tagged to the bike? Therefore, you can carry over the COI if you buy a bike which is still under load repayment? How does this work?

 

Can non-SG people obtain loans or is it for SG and PR people only?

 

And lastly, here in Singapore, when you buy a bike, do you obtain a right of ownership certificate/document to say that the bike belongs to you? (In the UK we have what is know a logbook or V5)

 

Thank you in advance!

 

[kmax]

Firstly, apologies for my lack of knowledge of this, so bare with me!

 

Can someone explain what a COI is? Is it the loan which is tagged to the bike? Therefore, you can carry over the COI if you buy a bike which is still under load repayment? How does this work?

 

Can non-SG people obtain loans or is it for SG and PR people only?

 

And lastly, here in Singapore, when you buy a bike, do you obtain a right of ownership certificate/document to say that the bike belongs to you? (In the UK we have what is know a logbook or V5)

 

Thank you in advance!

 

 

 

Can someone explain what a COI is? Is it the loan which is tagged to the bike? Therefore, you can carry over the COI if you buy a bike which is still under load repayment? How does this work?

COI stands for Carry on Installment, when the owner still has substantial amount of loan left and want to get rid of the bike, he/she will sub let out to someone and let them pay the installment.

legally bike is still registered under first owner's name and new owner become sub rider (not owner of the bike)

if you read through the forum, there are numerous cases of COI arguments, could be from either party.

new rider can play out by not paying anymore installment and let the original owner in debt or commit traffic offenses and they will be mailed to original owner.. and many more..

or owner can reclaim back the ownership anytime as new rider is not registered owner.

 

Can non-SG people obtain loans or is it for SG and PR people only?

 

that one need to check with corresponding banks and finance

 

And lastly, here in Singapore, when you buy a bike, do you obtain a right of ownership certificate/document to say that the bike belongs to you? (In the UK we have what is know a logbook or V5)

 

there is such thing, but it's computerized and online.

 

http://www.onemotoring.com.sg/publish/onemotoring/en/lta_e_services/services_for_assets.html

[FallenAngel]

Hi, would like to enquire if COI is legal if an agreement/contract between 2 parties is signed. If yes, is the presence of a lawyer required? Any advice? Thanks in advance.

[swoosh]

Never never never COI becos whatever agreement you made it cannot be above the contract between bike shop and the original buyer. Two negative scenarios may happen.

 

1) You paid all the instalments under COI agreement,the original buyer may refuse to transfer the bike to your name.

2) You are the original buyer, the one who COI your bike crashed the bike (total loss) and refused to carry on instalment.

 

There are other issues as well like summons, insurance road tax not being paid. of Course you can litigate based on the agreement made but do you have the time and monies to do civil suit.

[IvikaRazI]

Agreed with Bro swoosh.

 

Pay for transfer and re-finance the bike. It may costs a bit more now. It will safe you lots of headache in the future.

 

If the above can't be done, you might not be ready for the bike.

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