Transfer of ownership for safety

[mAtcHz]

Hi Guys

 

Need some help

 

Brought this bike last time under my friend ownership, as I was still taking my license that time. And now, I have already completed almost 22/36 of installment.

 

Question is, to play safe.

 

1) Do I still carry on paying till finish, then ask my friend to go LTA for transfer.

 

2) Or I've check with the bike shop, and they have agreed to transfer ownership but will need to pay forward 3 months of installment ($660), agreement fee of $300 and transfer fee of $100 plus.

 

3) Or hire a lawyer and write somthing like a black and white to support me just in cause anything happen.

 

Any bro here, has any other alternatively way or experience?

 

Thanks

[Wildswans]

The bike can be transfered to you no prob......

 

Better transfer fast, if he is your fren, he should have no prob with it

[mi5trooper]

is ur friend ok to be the owner. i mean the agreement fee is already $150. somemore u have to upfront pay xxx month of installment. and u leave with only 12 month of installment.

 

if it is ur good friend and u trust, might as well wait till the installment finish then go lta and transfer (without wasting $150).

 

just my 2 cent worth of advice.

[Arcfire]

When it comes to money matters, there is no such thing as friends. So its always better to draw a clear line.

 

Either you pay the additional sum to transfer or you draw up an agreement to cover both backsides. Either way you will incur some additional expenses. Its up to you to discuss with your friend if he is willing to split the cost or not.

[Wildswans]

Well, if you can afford to payup full, why not get the bike transfered to you for good?

[yenyenpark]

the bike is under ur fren ownership, if u speed.. he probably will get the ticket.. lol.. depends on ur trust to each other..

 

keep the receipts of payment of the bikes.. if next time got disputes show to police or court, u r paying the bike..

 

if u really wan a peace of mind, then let bikeshop earned some $$ transfer it now lor..

[mAtcHz]

Thanks for all the reply.

 

Think I should know what's next, my friend too ask me not to waste any such additional money.

 

Btw, any bro know that do I need to purchase a new insurance under my name, to do the transfer in LTA, if I've already got a insurance as a sub rider under my friend insurance which is still valid?

 

Cheers.