HELP NEEDED: Father down with Stroke & Bike under Hire Purchase

[zaidiee]

To those who can kindly advise,

 

My situation right now is that due to my father's critical illness, the family have agreed to send back the bike to the shop.

 

With my father's bike (Yamaha FZ 150) still owing $5670, the bike shop told me that i have to pay about $1670 as the market price for the bike is currently $4000.

 

- How do we know what is the market rate like to avoid being cheated?

- If we are to pay the amount, what kind of paperwork will be provided to indicate that my father have indeed been relieved of installment?

- Is there a better solution?

 

Thanks in advance.

[MrLau]

Sorry to hear that, hope your dad speedy recover.

 

You can call a few bike shop to check out the price, anyway bike shop price is more or less same.

 

Choices :

1) Return the bike and pay the outstanding balance.

2) Sell the bike to other people, probably you can have a better price, get the money (with whatever balance) to pay bike shop.

 

Once you settle the outstanding, the bike shop will give a receipt, and the bike will NOT mark as under hire purchase.

Then you can do the transfer of ownership.

[BlackBandit]

Bro,

Sorry to hear about your father's condition. Wish him a speedy recovery.

 

With regard to the bike, you can check with other bike shops on the "market" price of a used FZ 150. Otherwise, you can try selling it for full cash in this website. With the full cash, you can settle the outstanding amount with the bike shop and transfer ownership to the buyer. You'd probably have lesser loss as compared to pushing it directly to the bikeshop. But do note that depreciation is inevitable. The bike's value will drop further should you wait longer.

[ChaoPuzzy1968]

check out the market price first.

[zaidiee]

To mrlau, blackbandit & chaopuzzy1968, thank u very much for the advice, really appreciate it.