I need opinions about transfering of ownership.

[LimHammett]

HELLO SBF forumers,

 

i don't know whether this topic has been said or mentioned before in any thread. i tried digging up old threads but i couldn't find any. anyways, i need your advise/opinions for the dilemma i'm facing right now.

 

i'm intending to sell my bike off and i want to transfer ownership to the new buyer. the new buyer is willing to pay full settlement for the bike. however, it is still under installment under a bike shop. and yes, the usual thing the bike shop will say is early settlement fees, cannot this, cannot that, must pay this fee and that fee. at that really puts me off. the bike shop also asked me whether i intend to sell that bike off after my full settlement or not. if i intend to sell off my bike, then i had to pay the early settlement fees. if i intend to keep it, i need not pay the early settlement fees. the reason being is that the log card will only be issued back to me (the original owner when the loan is taken) after the contract period of installment is over.

 

however, i plan to do the transfer ownership of the bike myself at LTA. i've done this before on my previous bike (which is fully paid). the buyer needs to get his insurance coverage and all fines or outstanding fees i had on the bike with LTA needs to be settled. when this is done, the bike will be officially under the buyer's name and that will be reflected on the log card also right? (correct me if im wrong here).

 

now, after the transfer is done, me and the buyer (the new owner) will go back to the bike shop and pay the full settlement for the bike. if this is the case, there wont be any early settlement fees imposed right? i just get the receipt that all the remaining loan has been paid up and the bike is now legally under the hands of the new owner right?

 

this is what i intend to do to play around with the system. from what i see is that, ownership issues is all in the hands of LTA right and loans, financing stuff is under the bike shop.. so if i transfer the ownership myself there will be no problem right?

 

ANY OPINIONS ABOUT THIS MATTER GUYS?

[ulysses_sc]

This is new to me. If you intend to keep the bike, no early settlement fee, as you will get your log card back later?

 

You don't need log card to do transfer you know...

[LimHammett]

This is new to me. If you intend to keep the bike, no early settlement fee, as you will get your log card back later?

 

You don't need log card to do transfer you know...

 

i understand that you don't need a log card for the transfer of ownership.

 

from what the bike shop explain to me, if i intend to keep the bike, there will be no early settlement fees as the log card will return to me (the owner). but what if i now transfer the ownership to the new rider(buyer) and after that proceed to the shop and pay full settlement, the log card will go to the new owner direct right?

 

in the first place, why we cant transfer ownership while the bike is still under loan from the shop?? hmmmmmmmm

[ulysses_sc]

What does your hire purchase agreement say?

[LimHammett]

that's the problem.. this kind of documents most of us just sign without actually reading it throughly. damn.

[papabread79]

Hah? What log card u all talking abt? Everything online wad.

 

Just use the new buyer $ to pay full, then go LTA Sin Ming, then do transfer n u r done.

[Cracked]

LTA wun do the transfer until the shop lifted the "on loan" status off the bike or some shxt like dat.

[haoKR]

oh..

so u cant transfer a bike if e bike is still on installment mode ?

[BlackDawn]

oh..

so u cant transfer a bike if e bike is still on installment mode ?

No you can't. LTA system will flag the status & the requested transfer will be blocked.

[Icomeforyou]

In my opinion it would be best, to just pay off the installment, get the log card and everything in full and even pay the early settlement fee.

 

Since your whole purpose is to get the bike, then just pain one time and settle. To be perfectly honest, the bike shop I've been with never had an 'early settlement fee' I'm guessing its just their initiative to chop people, because the bike shop i'm with actually gives you back interest on the balance sum

 

In any case, if it were up to me, and i really want that bike, and considering i have the money to pay up front, heck it, just pay =)

 

enjoy man, and ride safe

[ulysses_sc]

that's the problem.. this kind of documents most of us just sign without actually reading it throughly. damn.

 

Bro, what exactly does the HP document say about early settlement? If it really does mention what you describe, one way is to use the buyer's money to do full settlement (or your own), then do the transfer. There is no law saying you cannot change your mind about selling your bike 1 min after loan settlement.

 

Unless there is a long lead time between the time of payment and the time the shop removes the "loan" status...

[LimHammett]

Hah? What log card u all talking abt? Everything online wad.

 

Just use the new buyer $ to pay full, then go LTA Sin Ming, then do transfer n u r done.

 

yeah. that's what i thought so too. but sometimes bike shop has their own rules and regulations trying to nick every single cent possible from us.

 

LTA wun do the transfer until the shop lifted the "on loan" status off the bike or some shxt like dat.

 

hmmmm.. but then y do LTA need to know whether the vehicle is still on loan or fully paid?? the bike shop don't do financing with LTA right? all LTA matters is about the ownership that's all. loan or installments don't affect them right?

 

oh..

so u cant transfer a bike if e bike is still on installment mode ?

 

certain shops allow but you have to pay a sum of money which they call "documentation fees" while some bike shops don't allow.

 

No you can't. LTA system will flag the status & the requested transfer will be blocked.

 

my reply to your post will be slightly similar to bro Cracked. why do LTA need to bother whether the bike is still on loan or not.. hmmmm.

 

In my opinion it would be best, to just pay off the installment, get the log card and everything in full and even pay the early settlement fee.

 

Since your whole purpose is to get the bike, then just pain one time and settle. To be perfectly honest, the bike shop I've been with never had an 'early settlement fee' I'm guessing its just their initiative to chop people, because the bike shop i'm with actually gives you back interest on the balance sum

 

In any case, if it were up to me, and i really want that bike, and considering i have the money to pay up front, heck it, just pay =)

 

enjoy man, and ride safe

 

yes bro. i share the exact same sentiments with you. but well, the early settlement fees is all up to the buyer whether he is willing to pay it or not. well, i rather the bike transfer ownership to the buyer rather than having him as my sub rider and things can get complicated if anything happens.

 

Bro, what exactly does the HP document say about early settlement? If it really does mention what you describe, one way is to use the buyer's money to do full settlement (or your own), then do the transfer. There is no law saying you cannot change your mind about selling your bike 1 min after loan settlement.

 

Unless there is a long lead time between the time of payment and the time the shop removes the "loan" status...

 

yeah that's what i thought also. the buyer full settlement the bike including the early settlement penalty then transfer. but can't we change the ownership ourselves at LTA when the bike is still under loan?

[BlackDawn]

hmmmm.. but then y do LTA need to know whether the vehicle is still on loan or fully paid?? the bike shop don't do financing with LTA right? all LTA matters is about the ownership that's all. loan or installments don't affect them right?

my reply to your post will be slightly similar to bro Cracked. why do LTA need to bother whether the bike is still on loan or not.. hmmmm.

yeah that's what i thought also. the buyer full settlement the bike including the early settlement penalty then transfer. but can't we change the ownership ourselves at LTA when the bike is still under loan?

 

This is not an LTA 'issue" per se, but a form of protection to the financing companies:

Imagine this situation, John buys a new bike under financing from company ABC. After a month, he doesn't like the bike, sells it full cash to Mike & & transfers the bike at LTA (assuming that this transaction is allowed). John pockets the cash & defaults on the payments to company ABC & disappears. Who does ABC go after to get the defualted loan? Can they repo the bike?

 

(John buys a new Ducati for $40,000. Keeps the bike for a week & sells it online, asking for full cash for $25,000. What a fantastic deal for cash rich buyers, right? John pockets $25,000 & disappears. New owner gets a near brand new Ducati at 37.5% discount & the financing company is screwed big time. Would any company finance a loan under such risks? The LTA rule is to prevent people from abusing the system)

 

In the current situation, the financing company can at least repo the bike.

[LimHammett]

This is not an LTA 'issue" per se, but a form of protection to the financing companies:

Imagine this situation, John buys a new bike under financing from company ABC. After a month, he doesn't like the bike, sells it full cash to Mike & & transfers the bike at LTA (assuming that this transaction is allowed). John pockets the cash & defaults on the payments to company ABC & disappears. Who does ABC go after to get the defualted loan? Can they repo the bike?

 

(John buys a new Ducati for $40,000. Keeps the bike for a week & sells it online, asking for full cash for $25,000. What a fantastic deal for cash rich buyers, right? John pockets $25,000 & disappears. New owner gets a near brand new Ducati at 37.5% discount & the financing company is screwed big time. Would any company finance a loan under such risks? The LTA rule is to prevent people from abusing the system)

 

In the current situation, the financing company can at least repo the bike.

 

oh i see, i get what you mean. yeah, if this kind of transaction for transfering of name is allowed, many conmen will already be on the loose. just like the example of john and his ducati.

[tingchiyen]

There's an electronic caveat on the LTA registry for a hire-purchase bike that will not be lifted until confirmation from the hire-purchase company is given to LTA, and hire-purchase company will obviously not give it until they're paid in full. I don't understand why there's a difference in redemption penalties if you're keeping the bike and if you are selling it onwards. If so, you may want to tell them that you're keeping the bike - what you do with it after settlement is your own business after all. You'd better check with the HP company however on when the HP company can arrange to get the LTA caveat released even after full-settlement, it's often not a same-day thing especially if you're transacting over a weekend.