buy bike from someone with outstanding loan

[Gmax]

hi guys, my apology. I know that this topic may have been talked about but I can't seem to find the topic. Please bear with me.

 

I have intention to purchase a bike from a seller with outstanding loan. My intention is to pay full for the bike.

 

How is the process like? What is the risk where I settle the payment of the outstanding loan and seller goes back on his words?

 

Please advice. Thanks!

[ah786786]

the payment made will be done under ur name,after tt can proceed to lta to transfer ownership

[Alex_lim_08]

Beware... when full settle with bike shop. There will be a additional cost occurred when come in full settlement.

[sICkbOi-dOt-cOm]

Correct. Full settlement fee can get up to thousands of dollars.

[Gmax]

thank you! eg. if seller agree to sell me his bike for $10000 and the full settlement fee is $12000, the balance should be forked out by the seller. He would have to settle it with the bike shop together with my payment. Am I right to say that?!

[Alex_lim_08]

Haha.. depend lor.. it's the agreement between u 2.. before committing any purchase check every thing before u done any transaction

[ah786786]

i tink the additional 2k is for the additional fees.So u give the seller the 10k and remaining he top-up if he is willing to pay for early repayment.

 

some shops do allow COI w/o additional fee from the current seller,with 3 mths deposit.