Please help! Question on selling COI bike

[sws32]

I am now having a bike that is under installment, at first i thought of paying everything one shot then sell the bike away, only then i realised I cant as agreement of the installment state that i cannot transfer ownership until the end of loan date.

 

So i am now looking at selling it, letting the new rider continue my installment.. i have a few questions about that:

 

1. Does this process involves the bike shop? do they need to be notified?

2. If the buyer take up as 2nd rider, do i still have to pay for the insurance for myself even though i 'sold to him' not riding that bike?

3. what's the steps if one agree to pay me some cash n carry on installment?

 

Please help me! Thanks

[Shadow Dancer]

This happens to me before too. I did not transfer ownership and let a guy carry on my installment,as I urgently need to sell my bike after my license was suspended, then my nightmare begin! he never pay for the installment! bikeshop come to tow the bike but the bike was not with me. offen need to call and remind the guy to pay the installment on time.

[sws32]

This happens to me before too. I did not transfer ownership and let a guy carry on my installment,as I urgently need to sell my bike after my license was suspended, then my nightmare begin! he never pay for the installment! bikeshop come to tow the bike but the bike was not with me. offen need to call and remind the guy to pay the installment on time.

 

But how you do it? No need inform bike shop or what? Jus he buy insurance? And take over you or?

[Doremi]

It would be good for the bike shop to be informed since on their record, you are still the rightful owner.

 

You need to put the buyer as your sub rider. unfortunately the premium of the insurance will be pegged to the younger age rider. Of course he will be paying for it.

 

COI without transfer of owner is a very risky business. Commonly buyer will sign an agreement form draft by the seller. This is a more preferred method till the bike is successfully transferred to him

[Doremi]

By the way if bike shop is not informed. It is also generally ok. As they are only concern with the installment being paid on time.

[sws32]

It would be good for the bike shop to be informed since on their record, you are still the rightful owner.

 

You need to put the buyer as your sub rider. unfortunately the premium of the insurance will be pegged to the younger age rider. Of course he will be paying for it.

 

COI without transfer of owner is a very risky business. Commonly buyer will sign an agreement form draft by the seller. This is a more preferred method till the bike is successfully transferred to him

 

Ohh so only one insurance under me with 2nd rider? Or theres a need for two insurance? Risky to me cos if he dun pay i need to bear right? To him is cos i might jus dun transfer him after e loan right?

 

Thanks for your advise!

[Doremi]

Yep. Just one insurance under two riders name. You are main rider. He is sub rider. No need to buy two insurances.

[elephant]

Another reason why i am against getting into debt for vehicles. Its messy and you are throwing away money.

 

Buy only what you can afford with full cash. If cannot afford dont buy.

 

 

Sent from my iPhone using Tapatalk

[Shadow Dancer]

I never heard of yr case before, why can't you settle yr loan since u going to sell off yr bike . Or maybe they need you to pay some penalty?