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What is COI?

paperger85
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paperger85 Newbie

paperger85

Posted
Posted

Hi, I'm new here and i'm not sure if i can post this here...

 

anyway, can anyone please explain what is COI?

*~/dReAm aS |f yOu'|| |iVe fOreVEr, |ivE As |f yoU'|| d|E toDAy\~*

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seraphx Newbie

seraphx

Posted
Posted

COI is the acronym for 'Carry On Installment'..

 

It is usually in the case where the owner of a bike would like to sell off his bike, with or without cash upfront from the buyer, but the buyer would not have the cash upfront to settle the outstanding loan.

 

Hence, to simplify matters, some owners would allow for the buyer to carry on his/her installment and have an agreement to transfer the ownership of the bike if/when the installment has been cleared.

 

Another option that sellers go for would be to find a reloan facility to buy over the bike at the market rate, and have the machine totally transferred to the buyer. Leaving the ex-owner, to settle the rest of the outstanding loan himself.. However, re-loans are rather difficult to source these days..

Vi Veri Veniversum Vivus Vici - By the power of truth, I, while living, have conquered the universe.. - Faust

Beneath this mask, there is more than flesh. Beneath this mask, there is an idea, and ideas, are bulletproof - V

Safe? Definately. Not necessarily slow, but safe.. - Seraph Tan

paperger85 Newbie

paperger85

Posted
  • Author
Posted

so if someone offers to sell his bike to me, he doesn't need to transfer the bike to me. i just take the bike and coi for him?

*~/dReAm aS |f yOu'|| |iVe fOreVEr, |ivE As |f yoU'|| d|E toDAy\~*

seraphx Newbie

seraphx

Posted
Posted

Well, not exactly..

 

There should be a legal agreement to say that you are currently paying for the bike and is also a co-owner of sorts..

 

This is to protect both parties in the sale.

 

1. The buyer will have peace of mind and know that the bike is his/hers by the legal agreement.

 

2. The seller would have peace of mind knowing that the person cannot run away with the vehicle without paying the agreed figure.

 

3. The buyer would be able to legally procure the vehicle in the event something unfortunate happens to the seller.

 

So on and so forth..

Vi Veri Veniversum Vivus Vici - By the power of truth, I, while living, have conquered the universe.. - Faust

Beneath this mask, there is more than flesh. Beneath this mask, there is an idea, and ideas, are bulletproof - V

Safe? Definately. Not necessarily slow, but safe.. - Seraph Tan

paperger85 Newbie

paperger85

Posted
  • Author
Posted

oh..ic...are there any impt stuff that i should know when taking over his bike? like how many months installment, interest rate...etc?

*~/dReAm aS |f yOu'|| |iVe fOreVEr, |ivE As |f yoU'|| d|E toDAy\~*

PuteraBrothers Newbie

PuteraBrothers

Posted
Posted

Sis be careful on COI it happens to me...........DO CHECK with the hired purchase shop.

 

1)Balance installment is it tele

2)Road Tax and Insurance duration

3)MALASIAN check SUmmons (previous my case the owner got 22 summon unpaid

4)Do official or written agreement to avoid being cheated

5)Check bike Condition

 

6)AVOID SPEEDWA... & LEONG SEN...

7)Possible change ignition key

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SUICIDALtendencies® Licensed to ride since 3 Jul 95

TAK TAU BELAJAR DAH TAU JANGAN KURANG AJAR

Sillyduckz Newbie

Sillyduckz

Posted
Posted
  PuteraBrothers said:
Sis be careful on COI it happens to me...........DO CHECK with the hired purchase shop.

 

1)Balance installment is it tele

2)Road Tax and Insurance duration

3)MALASIAN check SUmmons (previous my case the owner got 22 summon unpaid

4)Do official or written agreement to avoid being cheated

5)Check bike Condition

 

6)AVOID SPEEDWA... & LEONG SEN...

7)Possible change ignition key

 

point no. 6 very impt!!! :angry: :angry: :angry:

2003-2003 : NSR 150cc - FS1**0Z (4mth)

2003-2004 : Honda Wave 125cc - FW9**2Z (8mth)

2004-2006 : Honda CBR RRN 400cc - FL2**7A (22mth)

2006-2008 : Yamaha Sparks 135cc - FBA1**9R (23mth)

2008-2008 : Suzuki DRZ400SM - FBC2**6A (5mth)

2008-??? : Honda Jazz - S*K**P (???mth)

PuteraBrothers Newbie

PuteraBrothers

Posted
Posted
  Sillyduckz said:
point no. 6 very impt!!! :angry: :angry: :angry:

 

 

Bad experience huh?

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SUICIDALtendencies® Licensed to ride since 3 Jul 95

TAK TAU BELAJAR DAH TAU JANGAN KURANG AJAR

Sillyduckz Newbie

Sillyduckz

Posted
Posted
  PuteraBrothers said:
Bad experience huh?

yup..early settlement fee.. $400 :angry:

2003-2003 : NSR 150cc - FS1**0Z (4mth)

2003-2004 : Honda Wave 125cc - FW9**2Z (8mth)

2004-2006 : Honda CBR RRN 400cc - FL2**7A (22mth)

2006-2008 : Yamaha Sparks 135cc - FBA1**9R (23mth)

2008-2008 : Suzuki DRZ400SM - FBC2**6A (5mth)

2008-??? : Honda Jazz - S*K**P (???mth)

PuteraBrothers Newbie

PuteraBrothers

Posted
Posted

400 bucks............! early settlement should have discount. NECK STRENGLER

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SUICIDALtendencies® Licensed to ride since 3 Jul 95

TAK TAU BELAJAR DAH TAU JANGAN KURANG AJAR

panclanrider Newbie

panclanrider

Posted
Posted

You can use the search function to search for related topic on COI..

 

(1) How to sell a bike that is still on Hire Purchase?

 

(2) Coi

 

(3) qn abt coi

 

(4) Transfer of ownership for safety

  Naz said:

 

Steps to do a proper KNNBCCB with middle finger.

 

1. Bow down slightly, looking intensely at objective

2. Like a raging bull, hop and jog slowly towards objective

3. Take your left palm and slap it hard on the right mid-arm with a SLAP!

4. With charisma, raise right arm, whilst showing middle finger (with left palm trapped in bend right arm)

5. Shout! KNNBCCB

Sillyduckz Newbie

Sillyduckz

Posted
Posted
  PuteraBrothers said:
400 bucks............! early settlement should have discount. NECK STRENGLER

haiz..now still waiting for the agreement form to come..see is it realli haf this early settlement fee.. :cry:

2003-2003 : NSR 150cc - FS1**0Z (4mth)

2003-2004 : Honda Wave 125cc - FW9**2Z (8mth)

2004-2006 : Honda CBR RRN 400cc - FL2**7A (22mth)

2006-2008 : Yamaha Sparks 135cc - FBA1**9R (23mth)

2008-2008 : Suzuki DRZ400SM - FBC2**6A (5mth)

2008-??? : Honda Jazz - S*K**P (???mth)

apitBIOL Newbie

apitBIOL

Posted
Posted
  paperger85 said:
erm...how abt from direct owner?

 

 

COI only applies to bikes that is still under hire purchase. buying direct from owner usually means you have to settle full cash. :)

2B ☑ 2A ☑ 2 ☑ 3 ☑ 4 ☑ 5 â˜

seraphx Newbie

seraphx

Posted
Posted
  kPs said:
COI only applies to bikes that is still under hire purchase. buying direct from owner usually means you have to settle full cash. :)

 

I would not think so..

 

If you are able to come to an agreement with the direct owner, i believe that and arrangement can be made.

 

Not all direct owner sales have to be in full cash. Though most owners would prefer so..

Vi Veri Veniversum Vivus Vici - By the power of truth, I, while living, have conquered the universe.. - Faust

Beneath this mask, there is more than flesh. Beneath this mask, there is an idea, and ideas, are bulletproof - V

Safe? Definately. Not necessarily slow, but safe.. - Seraph Tan

apitBIOL Newbie

apitBIOL

Posted
Posted
  seraphx said:
I would not think so..

 

If you are able to come to an agreement with the direct owner, i believe that and arrangement can be made.

 

Not all direct owner sales have to be in full cash. Though most owners would prefer so..

 

very the rare see direct owner can do a installment agreement de..so tats why i quoted direct owners as full cash..:cheeky:

2B ☑ 2A ☑ 2 ☑ 3 ☑ 4 ☑ 5 â˜

paperger85 Newbie

paperger85

Posted
  • Author
Posted

but there's a owner who pm me say i only need to take over the coi...no need cash..

*~/dReAm aS |f yOu'|| |iVe fOreVEr, |ivE As |f yoU'|| d|E toDAy\~*

paperger85 Newbie

paperger85

Posted
  • Author
Posted

so what is it that i need to check with the owner...?

*~/dReAm aS |f yOu'|| |iVe fOreVEr, |ivE As |f yoU'|| d|E toDAy\~*

FinG Newbie

FinG

Posted
Posted
  paperger85 said:
so what is it that i need to check with the owner...?

 

  PuteraBrothers said:
Sis be careful on COI it happens to me...........DO CHECK with the hired purchase shop.

 

1)Balance installment is it tele

2)Road Tax and Insurance duration

3)MALASIAN check SUmmons (previous my case the owner got 22 summon unpaid

4)Do official or written agreement to avoid being cheated

5)Check bike Condition

 

6)AVOID SPEEDWA... & LEONG SEN...

7)Possible change ignition key

as above but do u mind tell me how can u ask the same thing again and again in such a short time:P

Ex - Honda CB400.

Ex - Yamaha Fazer S2.

Ex - Yamaha R1.

Ex - Suzuki Hayabusa.

Ex - Yamaha Spark.

Ex - Yamaha Tmax.

Current -

Honda Jazz.

Kawasaki ZX6R.

paperger85 Newbie

paperger85

Posted
  • Author
Posted
  NvR said:
as above but do u mind tell me how can u ask the same thing again and again in such a short time:P

 

he say from shop mah...how was i to know if shop and direct owner is the same thing...:giddy:

*~/dReAm aS |f yOu'|| |iVe fOreVEr, |ivE As |f yoU'|| d|E toDAy\~*

xiaobanz Newbie

xiaobanz

Posted
Posted

Chill man. But the most impt thing is that must check out the price from diff shops first b4 putting down you money. Even b4 buying for others, check out all his previous data by going down to LTA with the owner if possible. Take your time to source, don't rush. I know the feeling of getting your license le then wanna immediately get your bike. Cos i'm one of them.:cheeky:

~ Future Ride ~

CBR600rr :thumb:

 

~ Current Drive ~

Kia Cerato Forte SX 1.6 SJU

 

~ Previous Rides ~

1. Spark 135 FBA | 2. NSR 150 SP FS | 3. Yamaha x1 FY | 4. Honda s4 verS FP

paperger85 Newbie

paperger85

Posted
  • Author
Posted

i havent gotten my licence yet but i wanna get my bike liao! keke...

*~/dReAm aS |f yOu'|| |iVe fOreVEr, |ivE As |f yoU'|| d|E toDAy\~*

SparkerS1 Newbie

SparkerS1

Posted
Posted
  paperger85 said:
i havent gotten my licence yet but i wanna get my bike liao! keke...

 

wow, that time i passed for 4 months plus then buy bike, cos no money buy before that. rich sia:cheeky:

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vtec power Newbie

vtec power

Posted
Posted
  paperger85 said:
i havent gotten my licence yet but i wanna get my bike liao! keke...

 

frend...u no lincense hw 2 COI. Cnt transfer name lei. Cnt buy insurance oso lei. Best of all gt bike liao cnt on the road.

 

Oso if u "COI" until u pass then the seller dun transfer name u cnt even sue tt person.

 

If transfer to yr frend 1st oso troublesome, u dun pay installment yr frend kena. transter nd 2 pay for paperwork. If dun1 pay again when u get yr lincense, accident yr frend hav to come. No ppt 1 lor. Diao....unless new bird

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