Selling a bike that still under hire-purchase

[seppuku]

Hi guys,

 

Would like some input on the subject. My first time selling a bike online. Currently, I have a bike that's still under hire purchase with a shop in Bt Merah. I've called them up, and have gone down, the bike still has 16 months of installment to go, but I have a buyer that's really interested in taking over the bike from me. From my understanding, the shop charges a Early Settlement fee.

 

To pay off the loan would be the remaining loan amount + early settlement fee and then they have to release something called a Form B before I can go down to LTA to transfer the ownership to the buyer right?

 

My question is, if the loan amount + early settlement fee is paid up, how long does it take for the said "Form B" to be released? Would I be able to get everything done in a day?

[kinwei]

I think will still take a few working days. The bike shop have to submit the request to LTA. And LTA will also take some time to process. Best is to check with both of them. But 1 day seems tough.

 

One way is to ask the bike shop if they can help with the transfer, maybe with an administration fee. This way, you can transfer the responsibility to the bike shop while the new owner can ride the bike with insurance done first. I know my friend did it that why at AS Poon.

 

No harm asking.