Bike that is still under-hire purchase..

[eversman]

I bought this bike from this bikeshop at alexandra.

 

Its under installments for 2years.

 

Today when i went down to pay installments i ask the person there. If i want to pay full settlement. Do i have to pay extra? At 1st they told me need to pay an early settlement fee of $300? Anybody know what's the rationale behind it since i'm paying them in advance with interest somemore. So what the point of them making me go every month to pay finish the loan when i wanna pay them up faster?

 

Beside that i also ask if i want to transfer ownership of the bike to other person. Do i need to pay any additional charges they told me also need to pay $300 some sort of admin fee?

 

I feel that this particular bikeshop is using some despicable tactics to make people can't sell bike to other people when under installments. Do all bikeshop practice this $300 admin fee thingy?

[Refugee]

I bought this bike from this bikeshop at alexandra.

 

Its under installments for 2years.

 

Today when i went down to pay installments i ask the person there. If i want to pay full settlement. Do i have to pay extra? At 1st they told me need to pay an early settlement fee of $300? Anybody know what's the rationale behind it since i'm paying them in advance with interest somemore. So what the point of them making me go every month to pay finish the loan when i wanna pay them up faster?

 

Beside that i also ask if i want to transfer ownership of the bike to other person. Do i need to pay any additional charges they told me also need to pay $300 some sort of admin fee?

 

I feel that this particular bikeshop is using some despicable tactics to make people can't sell bike to other people when under installments. Do all bikeshop practice this $300 admin fee thingy?

 

for both cases, alot of shops do practice them...

 

its actually called a early settlement penalty.... even local banks do it...

 

about the change of ownership...i suppose you're doing a COI thingy with them... that admin fee is very normal... cos its like re-financing for a new guy....

[eversman]

I see i did call them up and ask again.

 

They say i can pay them full. No penalty but bike will only be transfer to me after the last installment date.

 

So meaning if i pay the penalty and full settlement then the bike can be transfer to my name?

 

I still dun get how this COI thing work. Although the vehicle is under COI. But the bike is already under my name already right? Or under the shop name?

[luvwenz]

no.. i think u'll be under 2nd rider or something...

[prego08220]

Not all shop practice that.. But some shops does.. They are doin it like handphone plan.. U sign 2yr and if u wan to cancel earlier, U have to pay extra $$/..

[eversman]

thats sucks man.. Pay $300 for nothing. I mean its different from Handphone plan wad. This one is pay the loan with interest earilier no reasons for them to ask me to pay a penalty since they are getting their money earlier! Damn bloody bikeshops. money suckers.