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Selling Advice

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skooch
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Selling Advice

Post by skooch » Tue, 19 Mar 2019 3:36 pm

Hi,
I am selling my motorbike and its advertised across a number of sites. I have received some offers but keep getting asked if the buyer can pay by instalments. Is this a common thing in Singapore and if so is there a way to safe guard that you will receive all payments? Thanks for any advice.

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sundaymorningstaple
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Re: Selling Advice

Post by sundaymorningstaple » Tue, 19 Mar 2019 5:58 pm

Tell them to take out a loan with the bank and then pay you in full and let the bank worry about getting them to pay off the loan. Otherwise, sure as the sun comes up somewhere every morning, you will get screwed. You are not a bank or licensed moneylender. Don't even go there.

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Strong Eagle
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Re: Selling Advice

Post by Strong Eagle » Tue, 19 Mar 2019 9:55 pm

Offer them this easy payment plan: One hundred percent down, then nothing every month.

SMS is absolutely correct. There are no upsides for you to sell on installments, and lots of downsides.

skooch
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Re: Selling Advice

Post by skooch » Wed, 20 Mar 2019 3:59 pm

Thanks for the advice. Interestingly I have now had a few people willing to pay in full for the bike but want me to leave the bike in my name!

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sundaymorningstaple
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Re: Selling Advice

Post by sundaymorningstaple » Wed, 20 Mar 2019 4:52 pm

The answer to that should be obvious. What happens when they hit a pedestrian and kill them. Are you going to claim the bike was stolen? If so, why wasn't it reported when it was stolen? Or they break the law drag racing and they get the tag number. Guess who's going to get the ticket...... FAIL.

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PNGMK
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Re: Selling Advice

Post by PNGMK » Wed, 20 Mar 2019 7:27 pm

skooch wrote:Thanks for the advice. Interestingly I have now had a few people willing to pay in full for the bike but want me to leave the bike in my name!
They either can't get insurance or don't have a valid driving licence. The push back by motorists on insurers charging ridiculous pricing by pooling the phuckwits with the good drivers seems to be ending and the insurers are finally saying "NO" to bad risks. The scamsters are desperately trying to get insurable people to front them now and be the primary insurer with them designated as an insured driver but the insurance companies will ream you up the ass if they find out you're doing this for a known risk and/or compensation of some sort.

Also payment plan requests are common and just a total risk. Theoretically you could sell on payments, add them to your insurance and only do the transfer when the last payment is made but in the meantime you carry insurance and legal liability.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

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