Letting others to coi my bike

[underage91]

Hi would like to know any place for me to go to draft an agreement with the person who want to coi my bike.

 

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[Manz17]

Can COI....BUT OWNERSHIP ITS BEST DUN TRANSFER YET...TILL INSTALLMENT COMPLETED...JUST ON THE SAFE SIDE...

 

 

 

Cheers

[underage91]

Ya true. But i need to know where to get a letter of agreement, in case the person run away or something

 

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[swoosh]

There is no safe side...COI is a mirage and sometimes turn into a nightmare.

[kinwei]

There is no standard letter of agreement. It simply a letter draft by ownself saying you agree to let the other COI and both signature, NRIC on it. But like the rest suggest, there is no guarantee nothing will goes wrong. And when it does, it will usually become very ugly and usually will invite more trouble than now. Unless you are very desperate, I will suggest doing so only to one that you fully trust.

[swoosh]

There is no standard letter of agreement. It simply a letter draft by ownself saying you agree to let the other COI and both signature, NRIC on it. But like the rest suggest, there is no guarantee nothing will goes wrong. And when it does, it will usually become very ugly and usually will invite more trouble than now. Unless you are very desperate, I will suggest doing so only to one that you fully trust.

 

if no guarantee , then sign agreement for what?

 

 

let me put it this way...

 

Any private arrangement outside the HP agreement the seller had with the bike shop/finance company is not enforceable.

[underage91]

I see. I wanted to change bike but my bike shop charge early settlement penalty. I dont understand why would they do that since i said im paying the full amount including interest.

 

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[swoosh]

this is one of the market practice, most shops has this practice. Very advantageous to them, some agreement can hold you accountable for the whole duration of HP.

 

Thats why sometimes these shops may seems to be offering the best deals . This hidden cost only surface when you decide to terminate the HP prematurely.

[underage91]

Thanks for the reply. I see. So the only way is to either finish up the installment or pay the penalty

 

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[superspeed123]

Got a friend who let one of his friend COI his bike. After a few months, the friend stop paying installment to the shop. Went to the house , cannot find him or the bike. Now in deep **** now. Just for sharing.

[Jehuty]

Best not to, either transfer ownership, buy full cash or have him take up a loan so you can settle the remainder of the COI.