[For advice] Transfer of registration number from bike still under instalment

[fatboypin]

Thanks. Been thinking through this for some time.

Some queries in bold.

 

I had just retained a number plate at LTA.. Here's some info when I did the transfer..

 

You dun need to buy the insurance of bike X if you are retaining the number plate only..

Means you need to tell the LTA officer that you just transferring to retain under your name, then will be transferring back again..

Has bike X been transferred over to your name already, or still under the owner? From what you have written, it seems that you and the owner went to LTA with Bike X still under his name. You apply to retain number of Bike X, while the bike remains under owner's name without any vehicle transfer done.

 

You only pay $1300 (plus whatever amount you agree to pay Person A for) as Person B as you wanted his number.. Bike X will get a new number immediately if nothing is told to the LTA officer, eg person A got a new plate/ an old plate to replace the transferred one..

 

Then person A will need to call up the insurance about the issue.. This is the part that suggests that Bike X remains under the owner's name. If so, that means that there is no need to do any vehicle transfers, followed by number plate transfer, then vehicle transfer back to the owner like what I had suggested earlier. Pls confirm this. Of course, I am assuming the Bike X in your transaction is already paid up and not under any instalment.

Engine and chassis number stays the same even when the plate had been changed, no issue to that..

Most insurance companies will just change the number plate to the new one for no fees..

NCD will be the same for person A..

 

The effect of the transfer process is immediate..

 

Your problem is that bike X is currently under installment, you cant just transfer like that..

But then again, you can try to do it at LTA since bike X is under person B namebut under installment.. Someone here on this thread had shared that he had to do early settlement because the hire purchase agreement doesnt allow changes to the bike... which includes vehicle number.

 

Another issue will be new plates that are transferred to both bikes X and Y, ESP for bike X as you dunno what number you getting.. Once transfer took effect, bikes X and Y parking outside LTA is a changed identity.. New plates will be needed.. Either you prepare before hand work ride straight away to change it.. It's ok, any traffic offenses after the transfer time will be following the new owner of the plate..

 

Grateful for your clarification to the points in bold above. If correct, then what I had suggested is a very long and roundabout way of transferring numbers. Whereas you had just gone to LTA to retain number without transferring vehicle ownership... which is better in the way since my suggested method involves placing a huge amt of trust in the other party in ensuring the vehicle is transferred back to you in the end.

[fatboypin]

Will just wait out next few years until his loan repaid. I can wait.