Need help! Should i sell my bike to the bike shop or my friend?

[hi.kal]

I still have a bike with some installments left to carry out but im planning to upgrade to a class 2a bike. Im thinking if i should trade in to the shop or sell to my friend. If i sell it to the shop do i need to pay off the balance installment or will the shop settle it for me? If i sell it to my friend i can just ask him to carry on my installment. Which is better? I need help! Thanks!

[summerdive]

sell to your friend! =)

[hi.kal]

sell to your friend! =)

 

but why? is it better in any way then selling to the shop?

[pufferfis]

well perhaps u can calculate how much ur total remaining loan first.....den u go to a few bike shops askin how much they buy ur bike

 

take example if ur remainin loan is 2k total...den the bike shop say i can only buy ur bike at 1k...den u have to settle the remainin 1k to the credit company wic u bought from.....bike shops prefer to makan ur bike cheaper especially if u dont do trade ins....

 

 

on the other hand..if u let ur friend carry on ur installments....wat guarantee is he goin to pay every mth ?....friend is friend....but the bike is still under ur name..summons or parking offences will surely come to u first.....u can of course ask him to change the ownership to his name but usually u have to check with the shop how is this done...but ur fren will have to reloan the remainin amt if im not mistaken...

 

any other kind souls correct me if im wrong ....cheers

[dandan01]

I still have a bike with some installments left to carry out but im planning to upgrade to a class 2a bike. Im thinking if i should trade in to the shop or sell to my friend. If i sell it to the shop do i need to pay off the balance installment or will the shop settle it for me? If i sell it to my friend i can just ask him to carry on my installment. Which is better? I need help! Thanks!

 

You can sell it to ur friend, but bike owner is still under you cause you haven complete ur installments. Unless you put ur friend's name under sub. If your friend wants himself to be the only owner, you have to clear ur installments first before he can take over ur bike, which mean you haven to pay the remaining installments you owe, but in that case, some shop will need a fee of "EARLY SETTLEMENT". Dunno ur shop have or not.

 

In my opinion, selling to other ppl, friends or dunno who, is still better cause you get more money back. Selling to shop makes you lose quite a few sum of money, it depends on 1 actually. Cause you know, shops wants to earn money, so they take in cheap. Is just an advice.. ~~

[dandan01]

I still have a bike with some installments left to carry out but im planning to upgrade to a class 2a bike. Im thinking if i should trade in to the shop or sell to my friend. If i sell it to the shop do i need to pay off the balance installment or will the shop settle it for me? If i sell it to my friend i can just ask him to carry on my installment. Which is better? I need help! Thanks!

 

You can sell it to ur friend, but bike owner is still under you cause you haven complete ur installments. Unless you put ur friend's name under sub. If your friend wants himself to be the only owner, you have to clear ur installments first before he can take over ur bike, which mean you haven to pay the remaining installments you owe, but in that case, some shop will need a fee of "EARLY SETTLEMENT". Dunno ur shop have or not.

 

In my opinion, selling to other ppl, friends or dunno who, is still better cause you get more money back. Selling to shop makes you lose quite a few sum of money, it depends on 1 actually. Cause you know, shops wants to earn money, so they take in cheap. Is just an advice.. ~~

[hi.kal]

Thanks for replying bros.

 

You can sell it to ur friend, but bike owner is still under you cause you haven complete ur installments. Unless you put ur friend's name under sub. If your friend wants himself to be the only owner, you have to clear ur installments first before he can take over ur bike, which mean you haven to pay the remaining installments you owe, but in that case, some shop will need a fee of "EARLY SETTLEMENT". Dunno ur shop have or not.

 

In my opinion, selling to other ppl, friends or dunno who, is still better cause you get more money back. Selling to shop makes you lose quite a few sum of money, it depends on 1 actually. Cause you know, shops wants to earn money, so they take in cheap. Is just an advice.. ~~

 

If i want to transfer ownership to my friend i must complete my installments first? and i asked a shop that i wanted to trade in my bike and they said they would take a sum of money but what happens to the installments? will the shop settle with my shop or do i still have to pay off the installments?

[dandan01]

Thanks for replying bros.

 

 

 

If i want to transfer ownership to my friend i must complete my installments first? and i asked a shop that i wanted to trade in my bike and they said they would take a sum of money but what happens to the installments? will the shop settle with my shop or do i still have to pay off the installments?

 

Well bro, if you want to transfer ownership, you have to complete your installments first, cause u are still on loan with the shop.

You asked another shop? If thats the case, i think most probably the shop would take a sum of money (which i think it might be early settlement fee + your remaining installments + some hidden-cost) to pay the shop which you first purchase your bike to clear the installments first, and then, they start calculate how much money to give you back.

 

Meaning if you sell to another shop, calculations would be:

 

Lets say the first shop where you purchase your bike is SHOP1

Shop you intending to sell is SHOP2

 

SHOP2 take in bike price [minus] (early settlement fee + remaining installments + hidden-cost, all to SHOP1) = the amount of money SHOP2 will pay you back.

 

If no early settlement then is good la. Haha.

You can choose to clear your own installments first. Is better this way, and make sure you ask whether are there any early settlements fee or not. If there is, my advice is, dunt waste that 700-800 early settlement fee..

[hi.kal]

Well bro, if you want to transfer ownership, you have to complete your installments first, cause u are still on loan with the shop.

You asked another shop? If thats the case, i think most probably the shop would take a sum of money (which i think it might be early settlement fee + your remaining installments + some hidden-cost) to pay the shop which you first purchase your bike to clear the installments first, and then, they start calculate how much money to give you back.

 

Meaning if you sell to another shop, calculations would be:

 

Lets say the first shop where you purchase your bike is SHOP1

Shop you intending to sell is SHOP2

 

SHOP2 take in bike price [minus] (early settlement fee + remaining installments + hidden-cost, all to SHOP1) = the amount of money SHOP2 will pay you back.

 

If no early settlement then is good la. Haha.

You can choose to clear your own installments first. Is better this way, and make sure you ask whether are there any early settlements fee or not. If there is, my advice is, dunt waste that 700-800 early settlement fee..

 

ohh i get it now. aite thanks bro! apprechiate it. will get back to you if i wanna clerify anything.