enlighten me please

[Weiilun]

does bike under coi can change owner name?

cause i ask bike shop if change owner can they say can but need to refinance for the new owner again

why cannot straight/easy just change the owner name? any1 enlighten me please thanks

[kimmeng]

you want to change ownership, you have to pay another sum of money for the transferring.

[GuiNNeSS]

Why not make things easier for everyone?

 

You pay the full cash for the bike, pay off the contractual COI little clauses, and the bike transfer to your name?

[ezzyoiler]

its a practice..that to sell an asset..like a house or a bike..

the current owner will have to settle the outstanding loan..and the buyer (is to take up new financing i required)than can legally register the asset in his name..

this coi thing...is an agreement...but does it havE ANY legal rights??i dont know...that only a lawyer can answer that..

the coi agreement..did you sign it in the pressence of a lawyer?? if yes ask him to explain your rights..

 

unless the loan is fully settled..the finance company owns the asset..

a good example is hire purchase..u cannot sell it off..it is an ofence unless the loan is settled.

thus coi thingy...buyers beware..

we have the hire purchase act...but no coi act. so it can get very messy if either party do not honour the agreement..

Edited November 3, 2011 by ezzyoiler