Originally posted by Bandung:
my bike stills have installment left about 3k n my frend willing to buy my bike for 2k n C.O.I.so what is the next step should i transfer the owner ship of the bike to him,get him to buy a new insurance n cancelled mine cause i want to get another bike n don't want to top up so much to buy another insurancen how about the motor shop that i bought the bike from should them be infomed of the change of ownership beforehand?????????Pls give ur suggestions!thanks.
since ur bike under instalments, most likely ur log card is wif the shop, so u cannot transfer at all without goign thru them
but it wont be as simple,
coz ur friend gotta reloan the sum which is as u said 3k
plus additional interest on top of urs,
plus agreement fees,
plus insurance fees,
plus transfer fees,
all these ur bikeshop will sure try to earn as much as they can, take note also as usually u dun get much from refund from ur insurance
a second option is to add him sub rider, taking in mind he can be trusted. for the insurance maybe u can come out wif an agreement wif him on ur own. meaning he pay u cash instead of buying a new one, which is more worthwhile for u also coz as i mention u dun get back much from insurance co. when u cancel
