C.O.I matters.. Advice needed..

[yinghai]

Need some advice as i ran into Problem with carrying on someone installment..

 

Late july last year 2011, i made an agreement with a seller in sbf to carry on his installment.. Bike made was honda superfour spec 1.. Upfront made and Written agreement was done but what happen next was another story.. Got the bike to my workshop for some repairs and full servicing... On the third day of ownership, i was run over by a taxi on my fbd plate scooter.. Suffered multiple injuries including paralysed right hand and wasnt able to ride.. Informed him regarding the late installment as i was warded for quite some time.. He then decided that he was bikeless and in need of the bike back.. I told him that he can ride my other bikes as i was planning to keep the superfour.. But he insist.. A week later, he took the bike back while i paid for the installment.. He then told me that he will pay for it as a rent, so i stopped paying and told him that i want the bike repaired as soon a possible as theres some problem.. The bike wasnt repaired after sometime and im getting very worried that i decided to take the bike back.. Refused to return the bike and said that he will return after he gets another bike... Sometime later i told him i really need the bike back.. But still refuse to return as he hasnt got any new bike.. He told me if i cant wait, he will return me the upfront.. After some debate, i decided to take the money back in december.. I then wrote another agreement but had difficulty meeting him.. He asked for the insurance copy i was holding.. Went to his house to return him the copy but he told me to drop at the door instead as he was too tired to get the door.. Was told that he will meet over the weekends but nothing happen.. Asked him for a meet up and he said he was too busy.. He said he needs sometime to return the money so i gave him till march as i know he has family to feed. I still Gave him a big discount.. March pass and nothing happen.. He told me money wasnt a problem to him cos he said that he earn 4-5k a month.. But april its april now so i asked him again.. He told me he is waiting for his project pay..

 

So im wondering what can i do to get the money back.. Ive spent 2.5k to get the bike and i rode it for 2 days, in my possession for less than 2 weeks.. Any advice welcome.. Thanks in advance..

 

Pics of his bike

 

[img]http://i11.photobucket.com/albums/a169/malex_sky/6fcd0dba.jpg[/img]

http://i11.photobucket.com/albums/a169/malex_sky/3371c2ac.jpg

http://i11.photobucket.com/albums/a169/malex_sky/b5c569ee.jpg

http://i11.photobucket.com/albums/a169/malex_sky/f13c6eb9.jpg

 

His 11b

http://i11.photobucket.com/albums/a169/malex_sky/8656f025.jpg

http://i11.photobucket.com/albums/a169/malex_sky/67d1e3d2.jpg

[shahrul_azmil3]

U could spend like another few thousand or so to hire a lawyer and sue him.

 

Or u can treat ur 2.5k as a donation to him.

 

Ur black and white could not do anything im afraid. U r juz unlucky to find a coi seller like him.

 

coi is always a risk. Either to the seller or the buyer as anyone could juz play punk and there's a lil u could do about it.

 

Take it as a expensive lesson

 

Sent from my MB511 using Xparent Cyan Tapatalk

[Metalfyre]

 

He asked for the insurance copy i was holding.. Went to his house to return him the copy but he told me to drop at the door instead as he was too tired to get the door.. Was told that he will meet over the weekends but nothing happen..

 

Seems like you've been had. Or that this person you've had the misfortune to deal with is extremely self-centered...someone no one likes to deal with. You make the effort to go down to his place while recovering from injuries, and he can't even be bothered to open the door? If I'm you, I wouldn't have put the copy at the door. You can either bug him until he returns you the money, or failing which, expose his identity so everyone here knows not to deal with such as him. He has family to feed is his own business, but he keep delaying for nearly a year in meeting up with you or making payment is your problem. Whether he is only making excuses or he really spend till he has no cash by the time you come calling for payment, there is only one word to describe such behaviour in the face of your patience: irresponsibility.

 

If you can really be bothered, consult a lawyer to see if your case is feasible in court; a lot of law firms do free legal consultation clinics. Hope it helps.

[lnfinity]

Need some advice as i ran into Problem with carrying on someone installment..

 

Late july last year 2011, i made an agreement with a seller in sbf to carry on his installment.. Bike made was honda superfour spec 1.. Upfront made and Written agreement was done but what happen next was another story.. Got the bike to my workshop for some repairs and full servicing... On the third day of ownership, i was run over by a taxi on my fbd plate scooter.. Suffered multiple injuries including paralysed right hand and wasnt able to ride.. Informed him regarding the late installment as i was warded for quite some time.. He then decided that he was bikeless and in need of the bike back.. I told him that he can ride my other bikes as i was planning to keep the superfour.. But he insist.. A week later, he took the bike back while i paid for the installment.. He then told me that he will pay for it as a rent, so i stopped paying and told him that i want the bike repaired as soon a possible as theres some problem.. The bike wasnt repaired after sometime and im getting very worried that i decided to take the bike back.. Refused to return the bike and said that he will return after he gets another bike... Sometime later i told him i really need the bike back.. But still refuse to return as he hasnt got any new bike.. He told me if i cant wait, he will return me the upfront.. After some debate, i decided to take the money back in december.. I then wrote another agreement but had difficulty meeting him.. He asked for the insurance copy i was holding.. Went to his house to return him the copy but he told me to drop at the door instead as he was too tired to get the door.. Was told that he will meet over the weekends but nothing happen.. Asked him for a meet up and he said he was too busy.. He said he needs sometime to return the money so i gave him till march as i know he has family to feed. I still Gave him a big discount.. March pass and nothing happen.. He told me money wasnt a problem to him cos he said that he earn 4-5k a month.. But april its april now so i asked him again.. He told me he is waiting for his project pay..

 

So im wondering what can i do to get the money back.. Ive spent 2.5k to get the bike and i rode it for 2 days, in my possession for less than 2 weeks.. Any advice welcome.. Thanks in advance..

 

I kind of do not understand your story fully, but I'm here to tell you that you must fight for yourself, don't bother being so considerate to a person who's not being considerate to you at all. I got cheated before too and I managed to uncheat myself. I really hate cheats on sbf. Don't throw your 2.5K away for nothing. Let him know that your foot is on his balls until a fair settlement is reached.

[CSV]

I kind of do not understand your story fully, but I'm here to tell you that you must fight for yourself, don't bother being so considerate to a person who's not being considerate to you at all. I got cheated before too and I managed to uncheat myself. I really hate cheats on sbf. Don't throw your 2.5K away for nothing. Let him know that your foot is on his balls until a fair settlement is reached.

 

 

DAMN! i can feel the pain already.

 

@yinghai, yeah, just talk to a lawyer see if anything can be done. but be advise it will be draggy.

 

honestly if i were you, i'll go down and make a scene infront of his family. earn 4-5k a month and cannot return bike? pui!

 

Sometimes you really need to be heavy handed to make people understand, especially in sg where everyone is thick skinned.

[lycan]

In the meantime, you should just mention his nick here and see what he has to say.

 

Or at least people here should be warned against dealing with such irresponsible people.

 

COI is risky and it's a 'by left' kind of agreement BUT you can't deny the fact that it did worked out for some people.

 

Hope you have fully recovered from the previous accident.

 

Good luck.

 

Sent from my GT-N7000 using Tapatalk 2

[JSCJL]

That's why I never trust COI. Even if it's a friend.

[ImThou]

Seek lawyer's advice

[robertgl]

Yes go speak to lawyer. Hope you can recover your money.

[yinghai]

His nick is krdegil.. I dont think he will be on sbf often.. Told him that im letting go of my current bike on the 11 april to fund for another bike.. Anyway, he sold the bike becos of no income for a period of time.. installments not paid with an expired road tax/insurance.. So now he is riding with Everything being paid for..

 

Thread details

http://www.singaporebikes.com/forums/showthread.php/329319-super-4-spec-1-for-coi-24mth-full-cash-or-coi-12mth-URGENTLY!!

http://www.singaporebikes.com/forums/showthread.php/329319-super-4-spec-1-for-coi-24mth-full-cash-or-coi-12mth-URGENTLY!!

[yinghai]

Pics of his bike

 

[img]http://i11.photobucket.com/albums/a169/malex_sky/6fcd0dba.jpg[/img]

http://i11.photobucket.com/albums/a169/malex_sky/3371c2ac.jpg

http://i11.photobucket.com/albums/a169/malex_sky/b5c569ee.jpg

http://i11.photobucket.com/albums/a169/malex_sky/f13c6eb9.jpg

 

His 11b

http://i11.photobucket.com/albums/a169/malex_sky/8656f025.jpg

http://i11.photobucket.com/albums/a169/malex_sky/67d1e3d2.jpg

[yinghai]

Ive engaged a lawyer to get him to pay.. 500 dollars for the letter of agreement.. If he dont pay, he will need to attend court.. Thats when More money will be needed.. I hope this will teach him a lesson.. Now i just need him to sign the letter of agreement.. But i cant get him..

[yinghai]

Anyway, to those who are interested to buy a bike under hire purchased.. Please do take note that written agreement between both parties is not enough if anything happen.. If you really wanna play safe, get a lawyer to draft a letter of agreement which cost roughly between 300 to 600.. So if in the case of any problem, the letter is legal and can be taken to court for further action or get back your money under small claims..

[Demon]

Anyway, to those who are interested to buy a bike under hire purchased.. Please do take note that written agreement between both parties is not enough if anything happen.. If you really wanna play safe, get a lawyer to draft a letter of agreement which cost roughly between 300 to 600.. So if in the case of any problem, the letter is legal and can be taken to court for further action or get back your money under small claims..

 

Honestly, such letters are not foolproof. Let me give you one example.

 

If the owner of the bike that you COI has declared bankrupt, do you think you claim ownership of the bike even if you have paid 90% of the outstanding loan ?

 

COI was a creative solution to circumvent the HP act but it has no legal status.

[yinghai]

Best is to get the bike under your own name..

[Hydher]

Can you share the contact of the lawyer? thanks!

[yinghai]

The firm is tan peng chin llc.. Located at 30 raffles place, 11th floor.. 6532 1808..

[feriosi]

Not only COI is not a official document, it's not even legal in the first place. My friend "sold" his bike on COI basis and added the buyer name as a sub-rider for that bike insurance. Buyer got into an accident and that bike was beyond repair (total lost). That buyer just kept quiet about it until my friend received a letter from TP to ask him go for interview. He told TP that he wasn't the rider and the bike was sold on COI basis. Now the insurance company is not paying him cos he was accused of renting out the bike without informing his insurance company, and he still gotta face the issues from TP. Finance company chasing after him for the balances. These are all the s**t he got for selling his bike on COI basis.

 

TS, I really hope that the seller will return u your money asap. But if u are to bring this case to the court, a few other issues might just pop-up and u might be wasting more time and money. Lawyers will usually tell u there's a case to fight cos they are already making money from u even before the case goes to court. Sending out a "memo" with just a law firm logo is just like u send a letter to your pen pal. While it might be illegal to sell bikes on COI basis, it might be illegal to buy bike on COI basis too. Moreover based on what u have mentioned, I seriously think that the seller belongs to those "eat full wait die" category.

Edited April 30, 2012 by feriosi

[yinghai]

Wow.. Thanks for the info bro.. Will discuss with the law firm again..

[yinghai]

TS , i tot your a smart person ? ... Seems dat you r not after all.. Psssttt... Good luck to your "battle"

 

I can say that im far way smarter than a kid like you in automotive engineering.. But everybody has a weak point in something else.. Let me know what would you do if youre in the same position as me.. Lets see how smart you are..

[Baz00ka]

Valuable lesson to learn from someone undergone it. Thanks bro for the tips.

 

Anyway, to those who are interested to buy a bike under hire purchased.. Please do take note that written agreement between both parties is not enough if anything happen.. If you really wanna play safe, get a lawyer to draft a letter of agreement which cost roughly between 300 to 600.. So if in the case of any problem, the letter is legal and can be taken to court for further action or get back your money under small claims..

[yinghai]

To be honest, if this is a mess, i wouldnt waste my money consulting a law firm. Obviously money isnt a problem.. This thread is up for advice and for others to learn from and not making the same mistake.. To share our knowledge and not being conceited..

[bunny_hui]

To be honest, if this is a mess, i wouldnt waste my money consulting a law firm. Obviously money isnt a problem.. This thread is up for advice and for others to learn from and not making the same mistake.. To share our knowledge and not being conceited..

 

Ya agree, biker world is sharing N learn from one another:thumb:

[yinghai]

Updates, giving owner more time as he is still facing some family financial issue after ns..

[papabread79]

To be honest, if this is a mess, i wouldnt waste my money consulting a law firm. Obviously money isnt a problem.. This thread is up for advice and for others to learn from and not making the same mistake.. To share our knowledge and not being conceited..

If money isnt a problem, u wd have settled it and have a change of ownership.