Selling bike still under hire-purchased

[eversman]

Lets say i wanna sell my bike which is still under installments from motordiam. And wanna change the owner to other person. Do the shop require me to pay extra $$? Anyone knows the procedures?

[aoc]

Anyone knows the procedure?

[prego08220]

Actually u muz ask the shop.. Some shop they can let the new buyer pay 3months upfront dan change ownership, Some is u muz clear the installment dan can change ownership.. BUT some shop if u early settlement, you muz pay them a sum of money.. Hope this helps... Best is u check with ur shop..

[archenemy]

the easiest way is to clear the outstanding amount...then transfer the ownership...

 

you can get the buyer to go to the shop with you to clear off the existing loan from the shop...then go to LTA together with you to do the transfer.

 

do check with your shop as to how soon you can do the transfer because some will let you go to LTA immediately, while some will take abt 3 days...

[eversman]

prob with it is the shop wan me pay $300 on top of the outstanding amount in order to allow me to transfer ownership...

 

just dun have a gd feelling to let them earn the extra $300 as they already "carrot headed" me when i bought the bike from them at a high price.

 

nb

[prego08220]

Well.. Urs they chop u $300 only.. My ex-shop chop me $800 for early settlement.. But i didnt pay though..

[jia_yvon]

usually if u wan early settlement ur installment, the bank will also charge earlysettlement fee. as in maybe 1 or 2 more month's INTEREST.

[prego08220]

Some shop have early settlement fee where else some shop dun.. Example is Teo spray.. I early settlement also no fee involved.. Just find that the system su*ks man, Loan money pay interest nothing to say, Wanna give them back the money still wanna charged so much.. Knn..