Transferring of ownership

[eedwinn]

Hey guys, I'm going to buy a bike from a private owner through this forum. The bike is currently still under installment of 9 months and I intend to pay full cash.

 

Does that mean that I just have to settle the 9 months outstanding and the transfer fees and the bike will be mine? (Of course and with topping up to the seller)

 

The seller also said that he has lost the LTA letter which, from what I know, will prove that he is the owner of the bike. Is that possible? If yes, how will I then be able to find out if he is the real owner?

 

Lastly, he told me that it would be better for me to settle the installment from the bike shop and we go to LTA to transfer the ownership because the bikeshop likes to "chop" people. Is that actually a risk since when I help to settle the installments first which means the bike is still not mine right?

 

Hope someone will be able to help me with my doubts! Thanks a million

[SGGH]

If the bike is under Installments with a bike shop, the owner of the bike is actually the bikeshop. Its only until the money is settled then transfer can take place.

 

But one problem is some bike shop don't allow people to settle early. got like early settlement fine of 500bucks i heard.

 

One thing certain is ownership cannot be transfer as long as the bike is under installment.

[d0n]

in such cases whenu dont trust the pte seller, i suggest that u settle the outstanding installments + get the bikeshop to do the ownership transfer for you.

 

checking with the shop on the costs involved beforehand can also help u to make a better decision.

 

[eedwinn]

If the bike is under Installments with a bike shop, the owner of the bike is actually the bikeshop. Its only until the money is settled then transfer can take place.

 

But one problem is some bike shop don't allow people to settle early. got like early settlement fine of 500bucks i heard.

 

One thing certain is ownership cannot be transfer as long as the bike is under installment.

 

Yeap, already checked with the seller that the bike shop allows early settlement.

 

in such cases whenu dont trust the pte seller, i suggest that u settle the outstanding installments + get the bikeshop to do the ownership transfer for you.

 

checking with the shop on the costs involved beforehand can also help u to make a better decision.

 

 

Well, the seller told me the transfer fees will be $80 if it's done at the bike shop. That's $40 more expensive!

 

I guess I'll just have to trust him and settle the installments before going to LTA to transfer the bike...

[oozzzzzz]

in such cases whenu dont trust the pte seller, i suggest that u settle the outstanding installments + get the bikeshop to do the ownership transfer for you.

 

checking with the shop on the costs involved beforehand can also help u to make a better decision.

 

 

Bikeshop to do the transfer of ownership shd be ard 20bucks... But u might need to buy insurance b4 u can do the tfr...

[ehem]

i have a suggestion for u.. u can check ownership of the bike online thru one motoring's website. an idea for security would be to hold the owner's IC and get him to sign a copy of the vehicle transfer form. as stated, after full repayment, u need to wait a few days for the finance side of the bikeshop to release the bike, then u need to buy insurance before u can transfer the ownership at LTA.

[eedwinn]

What? You mean after I clear the installment from the bikeshop it won't be transferred immediately? Oh crap... Any idea approx how long would it take?

[bustop]

eh,sorry i got a question also.

 

 

if i buy the bike from private seller,and his bike still left 6mths installment then how should i buy from him ah?

 

go down to bikeshop and ask for transfer name thn evry mth i go down and pay installment only?...

 

issit this way?

[xiaowen]

eh,sorry i got a question also.

 

 

if i buy the bike from private seller,and his bike still left 6mths installment then how should i buy from him ah?

 

go down to bikeshop and ask for transfer name thn evry mth i go down and pay installment only?...

 

issit this way?

 

find ur own reloan. then tranfer ownership to you. then every month pay the installment to the reloan company.