Can bikeshop proceed with claiming instalment dues via a lawyer without repossession?

[bojot747]

I am a guarantor of a fren's bike. The bike has due 3 months instalment. If neither gurantor or owner wants to pay, Bike shop wants to proceed with claiming the late dues via a lawyer, but the bike shop don't want to repo the bike. Reason given is, the bike has been repo before, and this is the second time of no payment of instalments. Can this be done?

[GuiNNeSS]

Yes. The process of repossessing is not necessary.

 

Afterall, there are people who defaults their instalments and hide or broke their bike into pieces to sell off.

[ezzyoiler]

this is due process of the law..

give you face to do that..

or else one day u cant find your bike..

 

buy this guy smart..get lawyer...u are paying the fees anyway..

or the bike is so pitiful...he dont want to reposess...

later he will repossesd the bike and sell of at very low prices...and make u pay for all the charges..

take care bro it can be expensive and traumatic..

[mechwira]

actually which is higher? the value of the bike or the amt you owe the shop?

 

example, i buy brand new car pay off in 7 years (before new system), during the first 3 years i actually owe the bank/shop more than what the car is worth. if during this first 3 years i default and bank/shop simply repo my car, they actually lose money. but they will still repo as a first resort and a sort of warning and 'first chance' to get me to pay up.

 

but if they start to believe i wont pay, then in order not to lose money, they will engage a lawsuit and the outcome will confirm be they take back my car AND i owe them the balance of my instalment after deducting value of car, meaning they can repo more of my belongings.

 

on the other hand if i already pay more than 4 years of my 7 year loan, then i owe them less than wat the value of the car is. in which case they repo they actually earn and i owner i lose. in this instance if i owner and i really run into difficulty cannot pay remainder, better i sell the car and use the money pay off the loan and keep watever balance.

 

so if your bike worth less than what you owe them and they believe you wont pay, yes they can engage lawyer come after you. then you lose the bike and still owe them some more for the balance, maybe even lawyer fee.

[shahrul_azmil3]

Damn. Kawan mkn kawan

 

Good luck !

[Jehuty]

Was in this situation before, ask the bikeshop if can transfer ownership to you without the owner's consent. You call tow and put bike at shop, so owner no bike. Moral of the story, never be guarantor for people who have no money. This kind of friend don't need to talk it out, no point, you can either keep pressuring him to pay or just ignore because pressure no point when they can't afford it.

[mechwira]

Was in this situation before, ask the bikeshop if can transfer ownership to you without the owner's consent.

 

can meh? transfer of ownership with LTA requires form with signature of registered owner and either owner in person or with photocopy of owner IC. how to do without owner permission?

 

unless shop apply thru payment default, which i think is seperate process and the ownership goes to the shop.

[Jehuty]

can meh? transfer of ownership with LTA requires form with signature of registered owner and either owner in person or with photocopy of owner IC. how to do without owner permission?

 

unless shop apply thru payment default, which i think is seperate process and the ownership goes to the shop.

 

Haven't done so because I wanted to use the bike plus its cheaper that way, what they told me is that all you need is their particulars, not the person in person, besides the shop has photocopy of their IC anyway.

 

What they have to do is sue the owner of the bike, reposses the bike, its not they finance coys that decide who to sue, that's up to the bikeshop. Of course its best if you can ask the owner itself if he/she wants to transfer the bike to you or just push it back to the bike shop.

 

Honestly, if the SOB owner simply could not afford, he/she should just let go of the bike.