Qn on letting bike off for COI

[racrush]

Hi Mod,

 

I dunno where to post this question so I post it here if it's wrong please move it for me.

 

I thought of letting go my 4 month old super 4 spec 3 due to some reason.

Is it possible to do ownership transfer for my bike and the new owner just carry on with the instalement?

 

rgds

[syarif]

from what i know, if your bike is still under hire purchase from shop, ie. u still owe the shop installments, then the bike shop usually DONT allow you to change ownership. if they do, they'll chop off your carrot head.

 

what you can do is that go add as subrider, and then pay the shop. till it's done, then you transfer ownership. but REMEMBER to sign an agreement between you guys.

 

 

cheers.

[shahrul_azmil3]

k here is my 2 cents .....

 

this is a gamble for u ... it's a risk ...

 

a written agreement between u n the buyer does not means he chow ... u show the letter u free man .... it's just a letter so that u could go to a lawyer and to fight for u ... but mainly it's still 50/50 ....

 

 

what u could do ....

 

- add him sub rider

- go insurance company saying u will not be riding the bike but u still the owner

- ask him to pay the installments to u tru bank transfer or cash .... a bit trouble for u but ..... u won't want when the bike repossess then bike shop come to u rite ....

[jiasheng]

Read ur hire purchase agreement mine got a chop say notice to Hirer (you)

 

Under provisions of Hire Purcahse Act (cap. 125) -

 

a ........

b..........

 

c) You may, by notice in writing to the owner, require the owner to assign his right, title and interest under agreement to another person.

 

d ......

e........

[racrush]

HI Bros,

 

I have went down to the motorshop to check about the carry on instalements. The shop told me that if I want to transfer ownership (name) then the new owner must do a new loan and cannot carry on my instalement.

So now i'm stuck and dunno what to do?

Can anyone advise?

 

Rgds

[IvikaRazI]

Ya Usually if you wanna transfer ownership, they will need to re-finance the whole bike again. Since the bike is still new, maybe a bit more expensive than the current installment.

[jiasheng]

do read your hirer agreement if you have one like what i've stated. that clause allows you BY LAW to transfer your agreement to another person.