Bike ownership?

[jazz_25]

hi there

 

Wish to ask if I were to take over someone else coi for his bike, will the shop transfer the bike ownership to me?

 

or just add me as a sub-rider?

 

pls advice! thank you!

[panclanrider]

Some shops allow but most shops don't.

 

They'll rather reloan to you so as to earn from you.

 

COI is usually done between the two of you using the sub-rider method not involving the shop..

[jazz_25]

so u meant I cant just take over his existing coi? unless he add me as sub-rider?

so if he add me as sub-rider? then i can continue his coi at same interest?

but as sub-rider, can i still buy the insurance, road tax, season parking? or all be under the main rider?

then if anything happen, the claims goes to the main rider, not me?

 

If taking over his coi, the shop considers it as a new reloan, does that means I will be paying twice interest?

[loufu]

so u meant I cant just take over his existing coi? unless he add me as sub-rider?

so if he add me as sub-rider? then i can continue his coi at same interest?

but as sub-rider, can i still buy the insurance, road tax, season parking? or all be under the main rider?

then if anything happen, the claims goes to the main rider, not me?

 

If taking over his coi, the shop considers it as a new reloan, does that means I will be paying twice interest?

 

wah so many ques....

 

1)yes u can take over his existing COI, taking over COI is something like u pay the installment to the owner which in turns pay to his bike shop, so interest is stil the same..

2)another type of COI is u reloan frm the bike shop, if u reloan frm bikeshop then u can transfer the bike ownership which in turn can do everythin under ur name(ie; insurance, season parking, rd tax, etc)... but tis type of COI usually incur more cost....

2)the owner add u as sub rider, bike n insurance is under his name... owner or not does not affect season parking n rd tax

3)if any accident or violation, the letter will b sent to main rider 1st... then u nid to go TP or fill in the letter to state tat at the point of offence u r the rider riding the bike...

[jazz_25]

oic, thanks for the info!

[Wildswans]

But know that there is a risk to COI as you will not be the registered owner of the bike. So if the dude decide to play you out and transfer ownership to someone else then you'll have a whole lot of hassle on your hands

[tyco123]

erm, can i (as a sub-rider) make a draft (something like contract) at the bike shop that, when the full installment ended, the ownership of the bike will be transfer to me?