Ownership probs

[catzilla]

Hi dudes, i got a friend who still owes Loois Motors installments but he wanna sell the bike to me and ask me carry on installment for him. Can i COI that and transfer the ownership of the bike to me? Bcoz i am afraid of incurring interest over interest. Anyone done this before? Like pay admin fees and 3 months upfront?

[prego08220]

3mth up front only some shop practice it.. Some dun do that.. Gotta check with Bike shop...

[VoLcAnO]

I dun think Loois practise this.Got to reloan.

[Kaoiwas]

No COI at Loois. Got to reloan. Agreement fee $200 den add interest on what you owe for the bike. Think mine was 6%. No shop dpes COI like that la nowadays. You want change name means you transfer ownership and recur interest over interest.

[ulysses_sc]

Originally posted by Kaoiwas@February 12, 2007 03:25 pm

No COI at Loois. Got to reloan. Agreement fee $200 den add interest on what you owe for the bike. Think mine was 6%. No shop dpes COI like that la nowadays. You want change name means you transfer ownership and recur interest over interest.

Yeah, this is how some fellas can end up with a 8 year old bike with balance almost double that of market rate.