qns on installment . . . (izzit i kena chop???)

[JoJo]

ok . . . brought a bike frm paya lebar . . .it a nsr 150 . . .

 

they quote mi -2.6k machine price(which is quite normal for shop)

-1k on insurance (min 3rd party fire n thef, as i 18yrs old p- plate n heard tat insurance price rises on aug 20)

-180 on transferr fee which i dunnoe for wat

-280 n which is quote for documents fees which im

installment

 

so total - 2.6k +1k+180+280 =4060

 

den they still x7% for gst - 4060 x 1.07 =4344

 

den they still sae interest (6%) - 4344 x 1.06 = 4604

 

den i d/p 800 so - 4604 - 800 = 3804

 

den i pay installment for 1 n a half yrs so - 3804 / 18 = 211 (per mth)

 

ok . . . as insurance 1k is really on the high side , but i call ntuc n they quote mi was ard 1k too . . . as the price really rises for below 21 n p-plate . . .

 

but they agree to give mi a paint work of my choice, rim colour of my choice n the body frame spray to black and a 1mth free warrantly (which is stated on the recipt . . .

 

so guys izzit ex for mi to buy frm tis shop . . . but remember im paying installment n now gst 7% . . . or did they count wrgly to cheat on mi?

 

pls help mi as im really new n dunnoe wat to do . . . if it ok den im goin to buy frm them . . . is there a really need for 180 transfer fee n istallment fee of 280?

 

help is really needed n let mi sae thks 1st!!!

[kianleong]

hm.. OUCH .. last time my time insurance was 300+ only.. now really is chopper

[BlackChicken]

the 1 k for insurance is reasonable..

 

the price for bike is fair.

 

the 180 for transfer fee i dun tink so ex bah..can be checked at LTA website.

 

the GST should not exist IMO.

 

docu fee of 280 is too much!!..

add up its the cost of a SP 3 yrs ago..

 

btw. the bike buy liaoz?.

[Guest NPNT]

den they still sae interest (6%) - 4344 x 1.06 = 4604

 

den i d/p 800 so - 4604 - 800 = 3804

this part u kena carrot. interest shd be n ur loan amount bah.

[Simply80Chup]

ok . . . brought a bike frm paya lebar . . .it a nsr 150 . . .

 

they quote mi -2.6k machine price(which is quite normal for shop)

-1k on insurance (min 3rd party fire n thef, as i 18yrs old p- plate n heard tat insurance price rises on aug 20)

-180 on transferr fee which i dunnoe for wat

-280 n which is quote for documents fees which im

installment

 

so total - 2.6k +1k+180+280 =4060

 

den they still x7% for gst - 4060 x 1.07 =4344

 

den they still sae interest (6%) - 4344 x 1.06 = 4604

 

den i d/p 800 so - 4604 - 800 = 3804

 

den i pay installment for 1 n a half yrs so - 3804 / 18 = 211 (per mth)

 

ok . . . as insurance 1k is really on the high side , but i call ntuc n they quote mi was ard 1k too . . . as the price really rises for below 21 n p-plate . . .

 

but they agree to give mi a paint work of my choice, rim colour of my choice n the body frame spray to black and a 1mth free warrantly (which is stated on the recipt . . .

 

so guys izzit ex for mi to buy frm tis shop . . . but remember im paying installment n now gst 7% . . . or did they count wrgly to cheat on mi?

 

pls help mi as im really new n dunnoe wat to do . . . if it ok den im goin to buy frm them . . . is there a really need for 180 transfer fee n istallment fee of 280?

 

help is really needed n let mi sae thks 1st!!!

 

Bro, GST is only charged for the machine. If your insurance is 1k, then the gst should already be included inside. The break down i can come out for u if they still want to charge transfer and document fees will look like this...

 

Machine price = $2600

add GST 7% = $182

----------

$2782

less downpayment $800

----------

$1982

add interest 6%

for a year $118.92

add interest for

another 6 months $59.46

----------

Total $2160.38

 

add insurance $1000.00

transfer $ 180.00

document $ 280.00

----------

$3620.38

 

So if u tie down with em for 18 months, it should be $3620.38/18=$201.14

 

The insurance, transfer, document fees should be a 1 time payment. That is what happen if u purchase ur insurance and all other crappy documentation fees together while purchasing the bike. They will squeeze u dry. Anyway, FYI, the interest should be calculated only after u pay ur downpayment and not before. Hope u get a clearer picture now.

[kennethy]

if they quote $1k for the insurance... double check to make sure that the amount is correct on the insurance certification.

 

I am quite sure the premium will be printed. If it is less, i believe you have the right to take back the balance.

[hide]

actual calculation shd be like.

 

machine price + 7%gst of machine price = selling price

then

selling price - downpayment

 

if you r not paying the insurance,road tax n transfer separately.

then u have to add them

 

(selling price - downpayent) + (inurance,rd tax n transfer) = total loan amount

 

then adding ur interest *6%

ie. 18mths will be total loan * 9% = ur interest for 18mths.

 

mthly instmnt = total loan +interest then divide by 18mths.

 

tat shld be the correct method.

 

gd shops dont charge paperwork ortat kind of crap.

so be careful wif shops calculation.

 

enjoy ur ride by not getting chopped 1st.

[WildCard]

Interest should be after downpayment on the loan amount.

If they wanna charge interest on the total amount before downpayment, then you should tell them your downpayment oso got interest which is cut from the loan automatically.

Even most of the robber shops I go to can still calculate this part correctly.

[ah-bard]

Bro, GST is only charged for the machine. If your insurance is 1k, then the gst should already be included inside. The break down i can come out for u if they still want to charge transfer and document fees will look like this...

 

Machine price = $2600

add GST 7% = $182

----------

$2782

less downpayment $800

----------

$1982

add interest 6%

for a year $118.92

add interest for

another 6 months $59.46

----------

Total $2160.38

 

add insurance $1000.00

transfer $ 180.00

document $ 280.00

----------

$3620.38

 

So if u tie down with em for 18 months, it should be $3620.38/18=$201.14

 

The insurance, transfer, document fees should be a 1 time payment. That is what happen if u purchase ur insurance and all other crappy documentation fees together while purchasing the bike. They will squeeze u dry. Anyway, FYI, the interest should be calculated only after u pay ur downpayment and not before. Hope u get a clearer picture now.

 

 

 

So the insurance,docu fees all didnt charge interest???cos its also under loan fee rite as TS only dp 800....the insurance,docus fees is combined with the machine price paying under install..

[JoJo]

thks bros . . . great help . . . but is the 180 n 280 fee needed? most bike shop do tat for installment?

[Simply80Chup]

So the insurance,docu fees all didnt charge interest???cos its also under loan fee rite as TS only dp 800....the insurance,docus fees is combined with the machine price paying under install..

 

If u are able to settle it seperately then it would be better. Other than that the shop will include it under their selling price less deposit plus interest. My advice is, go to NTUC and take up their hassle free and interest free insurance installment plan. This will help u save abit. Rather than donate that amount to bike shop...

[Simply80Chup]

thks bros . . . great help . . . but is the 180 n 280 fee needed? most bike shop do tat for installment?

 

This one very subjective. Transfer fees u can check via this link. http://www.onemotoring.com.sg/publish/onemotoring/en/lta_e_services/online_enquiries.html

 

This documentation fees for me is crap. Even if they do exist, i doubt its this much. Especially for a class 2B bikes. Is the shop name EB? Sorry can spell it here. Maybe u can PM me the details...This bloody bike shop must be ban.

[sanseiu]

transfer fee around 50 only lah. documentation feed you kena chop like mad liao.

[jia_yvon]

transfer muz pay to LTA wat.. not paying to motordiam.. check the exact transfer fee amount.. admin fee.. erm.. some gt sum dun haf lor.. depends..

[Simply80Chup]

I just hope u havent put pen to paper to this agreement. Else good luck to u.

[WildCard]

Is the shop name EB? Sorry can spell it here. Maybe u can PM me the details...This bloody bike shop must be ban.

 

I dun think so.

When I got my bike from there, they calculated correctly in terms of interest after d/p.

But the rest is question mark as mine is brand new.

[hahamen]

ok . . . brought a bike frm paya lebar . . .it a nsr 150 . . .

 

they quote mi -2.6k machine price(which is quite normal for shop)

-1k on insurance (min 3rd party fire n thef, as i 18yrs old p-

 

i believe thread starter has already bought the bike... sighzz..

 

nvm lar... first one always a learning lesson... so has it been for most of us here...

[JoJo]

yah eb . . . hai . . .

[BlackChicken]

the docu fee is really crap..too much liaoz..if wan.i tink 100++ still ok..280 too much liaoz..

 

GST some shop dun even charge for 2nd bike..

 

tat time when i go dis shop w my bike previous owner to secure a loan..a lot of addition fee come out..throw smoke till i blur..lucky my bike previous owner help me clear the smoke..we ended up going to another shop to secure the loan..really grateful to him sia..or not i become chai tao kueh liaoz..

[prego08220]

Woah.. Transfer only 50++.. Other shop agreement fee is mostly $200 or lesser.. Now market price for Sp is quite low.. Fr ard 1.7-1.8.. Ft ard 2-2.3k.. So from there u judge lor..

[iMoDspanky88]

Bro,borrow thread, I think i kena chopped.

I just bought sp FT 8*** *.Machine price 2.8K

but then shop say, he give me 3mth engine guarantee.

and oso before he give me e bike, he make e bike top condition.

so.. i dunno.

[BlackChicken]

Bro,borrow thread, I think i kena chopped.

I just bought sp FT 8*** *.Machine price 2.8K

but then shop say, he give me 3mth engine guarantee.

and oso before he give me e bike, he make e bike top condition.

so.. i dunno.

 

i tink 2.8 if they nv add too many additional fee is still reasonable bah..cuz normally bike shop will still need to earn some money..

if there add here and there den its not rite liaoz..

some sp owners are selling bike ard 2 - 2.3k so bike shop will normally sell higher bah..

[Echo]

One important point to add - Most bikeshops are not GST registered i believe. Only GST registered companies can charge u GST. Pls check ur receipt for their GST registration number also. If not GST registered but still charge u, then it will be jail term for them.

[Echo]

Is ur documentation hard to do? why need $280.... better clarify with the shop again, it is always not nice to hear of others' carrot being chopped.

[buttbutt8]

i believe the $280 and $180 that the TS had mentioned has got something to do with the agreement fee. u need that for hire-purchase.