Is my bike mine yet?

[DM]

hey all, i bought my bike at G***G and i wanted to finish off my instalments early. went down to the shop 2 weeks back and paid the balance, i was told to pay a penalty of $350. the legal papers claimed that if i were to finish it off early, i have to pay a minimum of $100. how come they charge me $350? i asked them why and they said because $100 is the minimum and they are charging me $350 for my case based on how early i finish off the payments. I didn't know so i paid them and all i got was a receipt. they told me that there were some paperwork to return to me including the logcard and i was supposed to collect the next week.

 

I went down and they told me the paperwork is not ready yet so i went down again. what is this paperwork about? i asked them and they said log card and admin from LTA because the bike is not officially mine yet. huh? i paid every single cent liao but still not mine? everytime i go down, they tell me not ready yet. can someone clarify what's going on? now still got log card meh?

[apitBIOL]

are they trying to con you...

[kenNUFC]

actually no more log card already! if the bike is your, the LTA will send u the letter, somehow like log card. I think they are just lazy to do ur things la. anyway so you already paid every single cent already? try to push them, ask them to faster settle everything, talk to the boss, make a big fuss at the shop! anyway recently got christmas and new year so maybe that the reason why it took so long

[DM]

but what is the paperwork that they are talking about ???? they don't want to tell me in detail and keep insisting that i wait! wtf man..

[sanseiu]

maybe give them 2 weeks frm the date they ask u to come back. any longer, insist them back. go down on a busy day and make a scene.

[kenNUFC]

their paperwork refering to transfering lo. like confirming the transfer. They haven did the transfering yet so they cant give u the transfering paper to confirm they already transfer the bike over to u. eh but i believe all this are cause by the christmas and new year la so dun worry too much. just wait awhile more and you will know whats happening. installment bike got more procedure.

[xiaowen]

dun mind jus say the shop name?

[DM]

transfer? does the finance company aka the bikeshop own a share in the bike too?

[Yatz86]

sometimes the bike is under the shop name b4 being transferred 2 u

[DM]

wah means i finish my instalment liao they don't want to transfer the bike to me i also LL la

[compfused]

I'm guessin the shop is at Defu? It will take sometime to totally transfer the bike under your name..In the meantime..You can keep pesterin them ..

[DM]

I'm guessin the shop is at Defu? It will take sometime to totally transfer the bike under your name..In the meantime..You can keep pesterin them ..

 

no it's not. actually, i got into a quarrel with the salesman over how long i needed to wait so i quite scared that they play punk purposely delay..

[EJ]

strange but issit a common practice for bike shops to charge us "settlement" fees? i didn't have to pay for mine when i paid off my remaining installments on my previous bike before getting the current one.

[kenNUFC]

usually there will be settlement fees! unless u got gd relationship with them lo, or they too rich or cant be bothered or u get the current bike with them again

[minorsage]

when i full payment for my bike from looi's motor.

 

after the cheque is cleared, i called them in the morning.

afternoon when i check the LTA site, the bike is already under my name.

 

very fast and efficient.

[minorsage]

i didn't get any papers from them.

 

but i am not wrong, for motorcycles shops, they can do everything online through the internet.

[DM]

when i full payment for my bike from looi's motor.

 

after the cheque is cleared, i called them in the morning.

afternoon when i check the LTA site, the bike is already under my name.

 

very fast and efficient.

 

dude don't mind can share what the link is named? i went to the lta and one motoring site but can't find. does it require the SingPass ?

[minorsage]

dude don't mind can share what the link is named? i went to the lta and one motoring site but can't find. does it require the SingPass ?

 

https://vrl.lta.gov.sg/singpass/nam/PSiRequest.asp

 

go to my assets and you will be able to see the cars/bikes you owned under your name.

[hachi]

I have one more situation...Due to retaining number plate. A bike was brought under my name first cos is much cheaper to transfer number plate under a same owner.

After the transfer, the bike was supoosed to released back to the rightful owner and the bike shop took my IC for nearly 2 weeks to transfer all this....

When i check the one motoring website...One more bike with the old number plate was under my name till now as i have taken back my IC on 26th Dec 07 already.....

i was wondering...Who bike izzit now?? And its doesnt made any sense as all my previous one motoring website did the update almost ASAP....

[Demon]

can someone clarify what's going on? now still got log card meh?

 

Was this bike COI ? If not, then officially the bike is in your name since the very first installment.

 

Before LTA gone paperless, the bike shop or Finance Company will safe keep your log card until the final installment is paid so that you can't sell off the bike before the loan is settled.

 

If the bike needed to be transferred to your name, did they ask for your NRIC ?

 

[myxilplix]

Wait wait wait. Settlement fee?? What bloody nonsense is that? Isn't all your interest already calculated into the amount that you owe?

 

Unless you're telling me it's like a car loan and you get a rebate off the interest owed if you settle early, then there is a slight penalty for early settlement.

 

For all my bike loans so far, interest as been calculated into the total owed amount before even starting the loan, so no rebate for early settlement, but no penalty for early settlement either.

 

enfant which scenario is it here?

[kucari]

I the scenario here is bikeshop easily earning extra income at customer's sake...

[DM]

i too felt that it was unfair until i asked to see the hire purchase legal terms which i signed. they showed me the part where i had to pay money in any breach of the contract. apparently, early settlement is considered a breach in contract since my instalments were supposed to be for 2 years, or that's what they imply..

 

my previous bikeshop didn't practice this, in fact, they offered me a rebate to settle early but i was too strapped for cash to take advantage of it. a lot of bikeshops practice the penalty and it's suckers like us who get taken in by the aggressive sales tactics.

[contrarian]

i too felt that it was unfair until i asked to see the hire purchase legal terms which i signed. they showed me the part where i had to pay money in any breach of the contract. apparently, early settlement is considered a breach in contract since my instalments were supposed to be for 2 years, or that's what they imply..

 

my previous bikeshop didn't practice this, in fact, they offered me a rebate to settle early but i was too strapped for cash to take advantage of it. a lot of bikeshops practice the penalty and it's suckers like us who get taken in by the aggressive sales tactics.

 

It seems that you are completing your hire purchase agreement. That doesn't seem like a breach of contract; instead it should be an early completion of the contract.

 

The shop has the right to ask you to pay a fee for an early settlement if they have listed it in your hire purchase agreement (for agreements starting from sometime in 2004 onwards).

 

The schedule / table in the agreement would list down any payments you have to make in specified events, such as breach of contract, early settlement... I would suggest that you check the whole schedule of the agreement for the relevant amount that you have to pay.

 

Your earlier hire purchase might not have this early settlement provision if it was done before the Hire Purchase Act was changed in 2004.

[elbambino]

i didnt know settle instalment early got kena pay extra.. thats nonsense..

wah seh.. just when i tot of settling my installments early once i get bonus.. not worth it..

 

y do they have dis early settlement fee? izzit standard for every shop?