Selling away COI bike

[sws32]

Guys please help give me some advise!

 

I am under COI with my bike, left with 18 months.

 

Wanted to sell so did ask bike shop about how to sell or returning back to them etc... And I know I can never transfer ownership to anyone even if I pay full settlement. Unless i pay another 800-1000$ .. or return back to them at no fees or taking back any $$..

 

And I know i can so called sell my bike to another person making him the 2nd rider.. Let him continue pay for the bike and just pay me a sum i quoted right?

 

 

Can this work? Do we need to inform bike shop? please help.

 

I regretted getting COI!

[buttbutt8]

After u have done full settlement of the installment, the bike will be urs. Why did u say u can't transfer ownership?

[mechwira]

After u have done full settlement of the installment, the bike will be urs. Why did u say u can't transfer ownership?

 

my question exactly. the shop carrot you until make you believe like this?

 

this is the absolute safest method.

 

insert sub rider let other person pay and ride off, not 100% safe. he disappear without paying how?

 

if the bike still under your name, you can make police report say theft. but shop can legally chase you for money because the bike still yours and you signed hire purchase. but all traffic offence go to you, and absolute worst is accident coz claim is your policy and your premium in future suffer.

[guangwei]

TS, not very good with words. But I believe this is your scenario as many bikers had suffered under the similar situation by the evil greed of bike shops.

 

TS, bought a bike with about 24months installment plan. Finance company is the bike shop. TS decided to sell the bike 6months later. However TS realise that the bike ownership is in fact not under his and still officially under the finance company as the installment plan is not cleared yet. To clear the installment plan, early settlement of all your loan from the finance company does not work. You need to wait fully 24months or pay an absurd admin fee of about $800 to $1000 (usually randomly quoted depending on the shopkeeper's mood or relationship with you) to lift yourself of the finance plan. TS desperately wants to acquire official ownership to pass the bike to a new owner, and is now clueless what he wants to do.

 

TS ask if the COI method would work.

 

My answer to TS is yes, the COI method would work provided both of you are of honest personality. COI method work by finding a willing party to pay your installment plan, in exchange you will make him your subrider. Once the financing plan is lifted, TS will gain full ownership of the bike and will immediately transfer the ownership of the bike to the new owner once able to.

 

However if TS is dishonest and want to play the system, the new owner would suffer. TS can choose to play scammer, and decides not to make the ownership transfer once he acquires full ownership of the bike, TS may also then remove the new ownership from the subrider list. the new owner would then lost possession and legal rights to ride the bike. The new owner would had paid TS's installment for nothing. Legal rights to protect the new owner is little as its a "My word against your words" situation.

 

However if new owner is dishonest and want to play the system, TS would also suffer. If the new owner decides to play punk or have financial issues and delays his installment payment. TS will receive red letter from shop one day to warn TS. TS would properly panick and start spam calling the new owner to pay the installment. New owner kup phone, and ride the bike out of malaysia and go MIA. TS will wet his pants and end up court case with the shop, and end up paying much much more.

Another scenario is if the new owner kenna accident and passed away. TS will end up retrieving a bike in shity crashed condition and no one to blame, TS will just continue to pay the installment for the new owner with the crashed bike. If the new owner hit someone's vehicle and he died or decides to play dishonest fag again, TS pay.

 

Dont mess with COI, unless your COI rider is someone close to you, like your son or biological siblings, and the chance of you guys cheating each other is close to zero. COI known to spoils friendship. Its when some people true ugly personality expose at heavy prices.

[FireGunz]

TS, not very good with words. But I believe this is your scenario as many bikers had suffered under the similar situation by the evil greed of bike shops.

 

TS, bought a bike with about 24months installment plan. Finance company is the bike shop. TS decided to sell the bike 6months later. However TS realise that the bike ownership is in fact not under his and still officially under the finance company as the installment plan is not cleared yet. To clear the installment plan, early settlement of all your loan from the finance company does not work. You need to wait fully 24months or pay an absurd admin fee of about $800 to $1000 (usually randomly quoted depending on the shopkeeper's mood or relationship with you) to lift yourself of the finance plan. TS desperately wants to acquire official ownership to pass the bike to a new owner, and is now clueless what he wants to do.

 

TS ask if the COI method would work.

 

My answer to TS is yes, the COI method would work provided both of you are of honest personality. COI method work by finding a willing party to pay your installment plan, in exchange you will make him your subrider. Once the financing plan is lifted, TS will gain full ownership of the bike and will immediately transfer the ownership of the bike to the new owner once able to.

 

However if TS is dishonest and want to play the system, the new owner would suffer. TS can choose to play scammer, and decides not to make the ownership transfer once he acquires full ownership of the bike, TS may also then remove the new ownership from the subrider list. the new owner would then lost possession and legal rights to ride the bike. The new owner would had paid TS's installment for nothing. Legal rights to protect the new owner is little as its a "My word against your words" situation.

 

However if new owner is dishonest and want to play the system, TS would also suffer. If the new owner decides to play punk or have financial issues and delays his installment payment. TS will receive red letter from shop one day to warn TS. TS would properly panick and start spam calling the new owner to pay the installment. New owner kup phone, and ride the bike out of malaysia and go MIA. TS will wet his pants and end up court case with the shop, and end up paying much much more.

Another scenario is if the new owner kenna accident and passed away. TS will end up retrieving a bike in shity crashed condition and no one to blame, TS will just continue to pay the installment for the new owner with the crashed bike. If the new owner hit someone's vehicle and he died or decides to play dishonest fag again, TS pay.

 

Dont mess with COI, unless your COI rider is someone close to you, like your son or biological siblings, and the chance of you guys cheating each other is close to zero. COI known to spoils friendship. Its when some people true ugly personality expose at heavy prices.

Wow... thank for informations about the COI as for those "New Noob" (like me) to know the risk.

 

Thankyou again.

 

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[Jehuty]

Or you can ask the buyer to source for another loan to clear your loan. That way you clear your debts, no COI nonsense and he gets his own COI on his own terms. Bike shops aren't the only one that provides loans.