Full settlement of OS installments

[wrmicron1]

HI guys, i have bought a 1st hand bike from a motorshop = new s***hern motors with a 5 yrs loan .. being riding for 1 yr + liao. now thinking of selling. so i asked the shop if i sell back to them how do they calculate etc.

currently i have 47 mths of installment left x $400 (full amt including interest 4%)

 

the shop person told me that even if i full settle i still need to pay all = 47 x $400 and not any lesser cos there will be no int rebate when i full settle?

 

im not realli sure abt this cos i thot when we full settle any instalments there shld be some sort of int rebate rite ? am i being cheated or wat ? for i know that for car loans when u do full settlement there would be int rebate .. i told the shop person abt the car thingy and he said for car there is int rebate but for MC industry there will be no rebate.

 

im realli green in this MC loan thingy ... can anyone help to verify if its true or is the person bluffing me ??

thanks very much...

[zod]

Policy differs from shop to shop.

Read your hire purchase agreement contract on early settlement before signing.

[pyro13]

since ur interest rate is 4 percent..is considered if more than 5 percent then they got rebate

[pencapchew]

Originally posted by zod@January 22, 2007 07:43 pm

Policy differs from shop to shop.

Read your hire purchase agreement contract on early settlement before signing.

This is true... and such shops are "carrot choppers". If im not wrong, somewhere in this forum lots of people blacklist certain shops... and yours happen to be one.

[hockie69]

sad but true.....the "shop" u mention does not do interest rebate even if u full settle.

 

as it is in the "hire purchase argeement" that u had sign when u purchase ur new bike at that time.

 

however,there are still "value" bike shop out there that does trade fairly which include but not limited to interest rebate or like-wise higher trade-in etc.

 

end of day. open eye bigger next time when u purchase another bike lor.

 

there are "shops" that sell at "very low price" but the string is damn long.(if u got the hint).

[wrmicron1]

wha omg tis is scary man no rebate is really chopping ppl lor ...

 

kaoz i shld have really thot carefully n look properly b4 signing manz ... cos tt time wnted to buy so very gian n eager n kan chong to sign ....the price i bought was not anycheaper than else where ....jus tt tt shop had stock while other shop had to wait for stock from hong leong .....

 

arggh ... now gota check on the hire purchase agreement clause w the shop liao cos i was not given a copy at all .... sibeh suck thumb feeling now ... seh