Repossesion / Instalment Forfeit

[Jianlun]

Hi bikers, as I'm not an active forum member over here thus unaware of the history of similar questions being answered again and again. so pls forgive this ignorance. anyway shall give a clue of the bike shop name instead of being charged with slander whatsoever (since I've read thru many victims). name of bike shop consists of some elements and directions. I bought SP plate FS from them thru 2-yr instalment plan, 4mths didn't pay instalment they towed and send me letter, wanna finalize the agreement Instalment didn't pay on time, results in interest this is logical and legal, same goes for bike kena towed away. but the crucial part now is they hella charge. approx draft of the letter.

 

IF WITHIN 14 DAYS OWNER'S EST AMT TO "REINSTATE" AGREEMENT....

 

arrears of instlm = 475

interest due to overdue = 35.75

storage/maintenance = 280

repo = 220

total = 1010.75

 

IF WITHIN 14 days OWNER'S AMT TO FINALIZE AGREEMENT....

 

Total amt payable = 3650

Less Deposit & instlm paid = 1987

Balance under agreement = 1662.50

Less Statutory Rebates = 220

Add Cost Repossesion = 280

Total = 2162.50

 

IF U DO NOT INSTATE OR FINALISE, U'RE LIABLE FOR OWNER'S LOSS...

 

owner estimate value = 1300

i'm liable to pay = 862.50

 

NOTE - You'll lose your rights after 14 days.

 

Repo at $280!! WTH!!! hell man and what da hell's "Less Statutory Rebates" whatsoever??? $220? Damn obvious chopping!!! page 1 written in pen repo $220, page 2 says $280. now they quote value of my SP at $1.3k only LOL!! FS plate 9000+, I wouldn't say my bike in tip top condition but worse to worse also an average SP. below attached pic of my bike. means I still gotta pay him a huge sum. and they indicate i must clear within 14 days if wanna reinstate. the above mentioned + my owing instalments of abt0 ($118 x 4 = $472) it's total $1k! hell I need some professional advice from fellow bikers. how can I make the best out of this situation? logical ones pls, I didn't post it for jokes/entertainment. Thanks dudes! Appreciation. May 1 day those chopping bike shops get sued, lest all new bikers to come and everytime kena chop forever.

[jinhanz]

my adivse is just pay and get back your bike. if not you can get a lawyer and end up paying even more

[three]

Its up to them how much they wanna estimate the value of your bike to be. Go down to the shop negotiate with them and pay the repo fee + 1 installment.

 

Take back the bike and before the next installment, clear the outstanding.

[Kutrax]

FS sp 9000+?

 

hmm

i think better for u to pay.

4mths never pay no wonder they repo ur bike.

[project.d]

just pay is they have aready have black and white so no point to fight

[Zer0]

That is why you make your payments on time.

 

Don't complain about the shop, after 4 months missed payments I think anything they do is quite reasonable right down to repo your bike and sell it to recover the total outstanding value of the loan and their costs.

 

Consider it a life lesson learned the hard way

[ulysses_sc]

You defaulted payments for 4 months and now you are crying foul when the shop tows the bike back?

 

Sheesh, when will people start learning to take responsibility for their finances?

 

You'll be surprised how much your bike is worth to bike shops. Just pay up and treat this as a lesson learned.

[Jianlun]

Case Closed