Guarantor issues

[ari81]

Hi gurus. I got a problem..recently bought a bike and i down 2k. After getting my guarantor to sign, the shop told me i need to get another guarantor. Now i cannot find. What will usually happen to my 2k? Thanks.

[ki113r]

Down 2k still need 2 guarantors? What bike you buying? How old are you?

[Fried Rice]

You got ask them what will happened to your 2k?

[ari81]

They say the 2k acts as a deposit and it is non refundable. I am curious as to why it is so as till to date I have not received the bike and no proper documents were given to me. I tot if only my loan is approved then the downpayment consider forfeits? I am really in a knot and don't know what to do now. The shop requires 2nd guarantor because they said my 1st guarantor is staying together with me and they requires otherwise.

[ari81]

Anyway it is a 2nd hand spec 2..

[ari81]

Anyway it is a 2nd hand spec 2..

[haoKR]

shop name ?

[ki113r]

Boycott

[nbk3]

if they said 1 guarantor and 2k deposit, they cant suddenly turn around and say u now need 2 guarantor.

 

if they change the terms of the deal, you have every right to walk away. if they refuse to return your 2k, you CAN press for fraud, or along the lines.

[nbk3]

put the shop name here for more creditability.

[mechwira]

it might be you who didnt read the agreement properly, although without knowing the full circumstances i cant say for certain.

 

I do know that in some instances for loans or bonds, if the client does not have a full-time job, his guarantor cannot be his immediate family and/or staying in the same HDB. this is stated in the guarantor form.

[ari81]

Well both of us have a full time job and the reason they gave is guarantor cannot be under same address. Why in the first place they did not explain when me and my guarantor signed the documents? I would not want to put the shop name but its. somewhere near paya ubi industrial. Both our salaries have no problems. I have a feeling that they just want free money. now its been 10days im still not getting the bike and my documents.

[ki113r]

How much is the spec 2 you buying?

[kaiq]

Pay full cash~

[nbk3]

Well both of us have a full time job and the reason they gave is guarantor cannot be under same address. Why in the first place they did not explain when me and my guarantor signed the documents? I would not want to put the shop name but its. somewhere near paya ubi industrial. Both our salaries have no problems. I have a feeling that they just want free money. now its been 10days im still not getting the bike and my documents.

 

why wouldnt you want to put the shop name? you're not slandering them in anyway. nor is any of the above not factual in anyway.

[mechwira]

Well both of us have a full time job and the reason they gave is guarantor cannot be under same address. Why in the first place they did not explain when me and my guarantor signed the documents? I would not want to put the shop name but its. somewhere near paya ubi industrial. Both our salaries have no problems. I have a feeling that they just want free money. now its been 10days im still not getting the bike and my documents.

 

well first of all, most finance companies demand the guarantor to be different hdb because if they need to repo property to cover loan abscondment, they want the guarantor to have seperate property for repo purpose. if loan client and his guarantor both live same hdb, effectively its the same property to repo which defeats the purpose of a guarantor.

 

this is just the policy most loan companies adopt. granted, a second hand super4 wont cost so much until must do serious repo if you abscond, but its a common policy nonetheless.

 

so now my guess is the shop screwed up by not making sure of this fact, then finance company dont want to approve your loan application. and without the hire purchase approved, the shop dont want to give you the bike, even though technically its their fault that they failed to make sure your guarantor was eligible before taking your money.

 

personally, i dun think any shop can be so punk as to take deposit while purposely intending to keep it for free without giving the bike by playing with documents. if they pull this stunt a few times eventually somebody will come knocking on their door asking about fraud, and they probably know it. i am more inclined to believe they screwed up the loan admin and now they're trying to pressure you into doing what needs to be done to rectifiy their mistake. on their side, they wont want to release the bike to you without hire purchase approval.

 

and you're both at a stalemate, with the shop having an advantage in that they are holding your deposit. technically if you bring this dispute to court, probably you win back your deposit, but this is one of those cases where the amount is not worth the hassle of going to court.

 

you can try bang table and demand your deposit back insisting its their fault. or you can try finding a 'correct' guarantor, in which case i believe the shop will immediately release the bike to you, because like i said i dun believe the shop purposely trying to punk you out of your deposit.

[ari81]

Thanks mechwira for the lengthy reply..i think its not fair for me that the bike shop tried to this method..eventually i think they still want the sale to proceed..i just felt that i could not do anything to get my 2k back..well i have decided i would have to pay full cash for the bike and won't want to be involved with them again..this also i fear if they will want to add further fees to the sale of the bike..

[Demon]

well first of all, most finance companies demand the guarantor to be different hdb because if they need to repo property to cover loan abscondment, they want the guarantor to have seperate property for repo purpose. if loan client and his guarantor both live same hdb, effectively its the same property to repo which defeats the purpose of a guarantor.

 

your explanation is not logical.

 

The guarantor could be living there but that does not mean he owns it so if he has no title to the property, should he default, what's there to repro?

 

TS should just go change his address to one of his relatives, then once loan is approved, change back,

[mechwira]

your explanation is not logical.

 

The guarantor could be living there but that does not mean he owns it so if he has no title to the property, should he default, what's there to repro?

 

TS should just go change his address to one of his relatives, then once loan is approved, change back,

 

bro, i admit my explanation may not be fully accurate, but the policy exists. my layman understanding is that the finance company wants the ability to go after two separate 'households' in the event of abscondment. i have entered two different financial contracts before with this stipulation, one of which was my current class 2 ride bought with my very first paycheck seven years ago. if my technical explanation is not fully accurate, its my fault.

[mechwira]

Thanks mechwira for the lengthy reply..i think its not fair for me that the bike shop tried to this method..eventually i think they still want the sale to proceed..i just felt that i could not do anything to get my 2k back..well i have decided i would have to pay full cash for the bike and won't want to be involved with them again..this also i fear if they will want to add further fees to the sale of the bike..

 

you're right its not fair to you.

 

i experience a similar screw-up 3 years ago when i bought my car. i was still on p-plate class 3, bought a brand new car, paid deposit and first year insurance of $2k++, even got my number plate was just waiting for collection.

 

then the stupid insurance company called me up and a lady on the phone said "sorry we made a mistake, we dont insure drivers with less than one year. i managed to source for you insurance with XXXX company, the premium is $3k++. can you sign up with them?"

 

i blew my top over the phone and raised my voice asking how dare they call me up out of the blue after i paid everything and casually say i need to fork an additional $1k. i hung up on her, called my agent and demanded that between the dealer and insurance, they honour my original agreement or give me a full refund. ten minutes later the insurance lady called me again and pleaded with me and kept saying sorry coz she made a mistake. i straight told her your apology means nothing, if her insurance company willing to top up the difference and transfer my policy thats fine, but i refused to come up with a single cent more than what i already paid for.

 

in the end, the insurance company gave me the policy with a 3k excess, which was huge and still upset me, but really by then i resigned to being screwed by the incompetence of others.

[ari81]

Its quite frustrating that we as consumers have no say in this. Even if we complain to CASE about this ill repute trade of these companies handling business transactions, what can they do..Case have no legal powers to act upon the said companies, just mildly being the middle men to resolve the issues at hand. If nothing is resolved they will say take our own legal action and that would definitely cost a bomb. So in laymen terms..lan lan lor...

[ari81]

Hi guys posting here as i had a really bad experience at the bike shop at g..... at paya ubi..first up was promised a lot of things for the second hand bike. Then signed for first guarantor..few days later need another guarantor must be from different address..cannot get 2nd guarantor then given options to top up payment or pay full cash..ask about my dowbpayment if cannot get all this..infd will b forfeited..so in the end paid full cash as they will die die hold ur money till u get what they want..paid in full got bike however bike gave problems..all this while there were no documents given to me and the only thing i have is my receipt for my 2k..so guys make sure tell them to list down what they require and they promised and stuffs..so hopefully u guys wont fall into the trap of them holding onto ur money and nothing is being done..

Got to know from the mech that lots of them have been duped into this kind of underhand method by the shop..thats why they change name..

Edited November 1, 2012 by ari81

[didi19]

**** ! Im on their trap.

 

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[bebear]

All this request for guarantors is to the shop own benefit.

Some shop can make do without guarantor some 1 guarantor some wants 2 guarantor.

At the end of the day, they just want to make sure that consumers dnt default on payments.

As consumers, always asked for black and white before making any transactions.

[ecstasysex]

Hi guys posting here as i had a really bad experience at the bike shop at g..... at paya ubi..first up was promised a lot of things for the second hand bike. Then signed for first guarantor..few days later need another guarantor must be from different address..cannot get 2nd guarantor then given options to top up payment or pay full cash..ask about my dowbpayment if cannot get all this..infd will b forfeited..so in the end paid full cash as they will die die hold ur money till u get what they want..paid in full got bike however bike gave problems..all this while there were no documents given to me and the only thing i have is my receipt for my 2k..so guys make sure tell them to list down what they require and they promised and stuffs..so hopefully u guys wont fall into the trap of them holding onto ur money and nothing is being done..

Got to know from the mech that lots of them have been duped into this kind of underhand method by the shop..thats why they change name..

 

Wah lau eh. G at paya ubi is so famous. You still buy from there ah! Next time research first la

 

 

 

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