Purchasing Bike from an owner who is currently under hire purchase.

[weihao]

Thanks for your help!

Edited January 30, 2015 by weihao

[superspeed123]

You can check at Onemotoring whether the bikeshop had transferred the ownership of this vehicle to your name. LTA will send you a letter informing you the transfer of ownership from which date. Hire purchase from which shop bro ??

[weihao]

Speed*** bro, so will i still be allowed to ride the bike back while the transfer is being done? What can be done to make sure the shop honor its word of transfer?

[736cc]

Speed*** bro, so will i still be allowed to ride the bike back while the transfer is being done? What can be done to make sure the shop honor its word of transfer?

 

if you are so worry, why not meet the bike shop guy at lta to do the transfer?

 

in order to transfer to your name and able to ride:

 

-the loan company have to clear the loan and might take 1 working day which is very normal

-your insurance done before the transfer of ownership

-Inspection need to be done before buying the road tax

-Buy the road tax during the transfer.

 

Need to get ALL the above done before u can ride the bike.

[weihao]

if you are so worry, why not meet the bike shop guy at lta to do the transfer?

 

in order to transfer to your name and able to ride:

 

-the loan company have to clear the loan and might take 1 working day which is very normal

-your insurance done before the transfer of ownership

-Inspection need to be done before buying the road tax

-Buy the road tax during the transfer.

 

Need to get ALL the above done before u can ride the bike.

 

Hey there, thank you for your advises.

 

The reason why didn't I meet the person at lta is because the bike is still under hire purchase. And I wouldn't want to make the full settlement for the seller as he does not have sufficient funds to make the full settlement first.

 

If I have the insurance, road tax and inspection done. Will I be able to ride the bike back first whilst waiting for the hire purchase company to release/ un-tag the bike?

 

Thanks!

[736cc]

Hey there, thank you for your advises.

 

The reason why didn't I meet the person at lta is because the bike is still under hire purchase. And I wouldn't want to make the full settlement for the seller as he does not have sufficient funds to make the full settlement first.

 

If I have the insurance, road tax and inspection done. Will I be able to ride the bike back first whilst waiting for the hire purchase company to release/ un-tag the bike?

 

Thanks!

 

wait, you dont want to do full settlement then how to transfer??

 

 

bike is lay up now. u have to tow the bike to inspection and do insurance which is under the current owner in order to renew road tax.

 

 

lHP company will not release the bike for transfer unless full payment is make.

 

step:

clear the payment full with the HP company

inspection

insurance under your name

meet at LTA transfer of ownership and pay road tax at the same time.

 

ride the bike home

[736cc]

there is no way you can ride the bike on the same day.

road tax can be only renew upon ownership is transferred to your name.

 

unless u ask the current owner to renew his insurance and pay road tax now. which is not going to happen.

[weihao]

wait, you dont want to do full settlement then how to transfer??

 

 

bike is lay up now. u have to tow the bike to inspection and do insurance which is under the current owner in order to renew road tax.

 

 

lHP company will not release the bike for transfer unless full payment is make.

 

step:

clear the payment full with the HP company

inspection

insurance under your name

meet at LTA transfer of ownership and pay road tax at the same time.

 

ride the bike home

 

I am the buyer here, in order to safeguard my own interest, I would not like to take the risk in settling the payment for the seller, then proceed to lta to do the settlement.

 

Thus, I found the second alternative, the bike shop offers to do the transfer of ownership after the full settlement has been done with the shop.

The bike has been inspected, It is just lack of my insurance as well as the road tax.

 

My problem here is, will I be able to ride the bike off after making the full settlement at the bike shop, whilst waiting for the hire purchase company to un-tag the bike as well as the transfer, after i have purchased the insurance as well as road tax, or will I not be allowed to ride the bike until the transfer has been done.

 

Thanks!

[736cc]

I am the buyer here, in order to safeguard my own interest, I would not like to take the risk in settling the payment for the seller, then proceed to lta to do the settlement.

 

Thus, I found the second alternative, the bike shop offers to do the transfer of ownership after the full settlement has been done with the shop.

The bike has been inspected, It is just lack of my insurance as well as the road tax.

 

My problem here is, will I be able to ride the bike off after making the full settlement at the bike shop, whilst waiting for the hire purchase company to un-tag the bike as well as the transfer, after i have purchased the insurance as well as road tax, or will I not be allowed to ride the bike until the transfer has been done.

 

Thanks!

 

u are not allow to ride because is lay up. lay up mean no road tax. even you have your own insurance but still no road tax..

 

best is you get current owner to fill in and sign all the transfer document and take his IC today. then u go and clear the payment with the bike shop on the same day.

 

then the next day u go LTA to transfer the ownership and renew road tax yourself. then go and collect the bike.

that is the best way already.