realize that all of us have been troubled by loans, insurances lately, and orh-tiams...
IF all our contracts with motordiams fall under the hire-purchase category... this i am not sure about, we have been ripped off for a long time..
http://statutes.agc.gov.sg/non_version/cgi-bin/cgi_retrieve.pl?actno=REVED-125&doctitle=HIRE%2dPURCHASE%20ACT%0a&date=latest&method=partsome points, according to the hire purchase act, revised 1999, motordiams:
1. must give you a copy of the contract, whether you want it or not, within 14 days.
2. if the court feels that you have been victimized by the above point not being done, the owner has no right to obtain any payment or to repossess the bike from you, or your guarantor etc.
3. if you ask for a copy of the agreement, or proof of amounts that you've paid, or the amounts that are remaining that needs to be paid, the motorshop must comply, or they will be fined if they do not do so in 1 month.
4. assign you rights as an "owner" of the bike. they cannot refuse, and if they ask for money or anything for that purpose, the rights can be applied in court. and yes, "COI" is perfectly legal so long as the new buyer agrees to take over all remaining obligations and amounts to be paid. there will be a transfer of ownership and the old owner of bike will no longer be responsible for the bike, be it instalments or offences. the new buyer must only pay "any reasonable costs incurred by the owner (including legal expenses) in preparing, drawing, stamping or registering the assignment, agreement or counterparts". NO SUCH THING AS 3 MONTHS' instalments upfront!!
5. if the motordiam has the right to repossess your bike and want to do so, they must inform you in writing 14 days in advance! if not, they must prove that you're someone who will conceal or hide the bike.
6. after they have taken your bike, they must deliver in person within 14 days a receipt that they have taken your bike, if not, they will cease to have rights under the agreement, meaning they have no power to make you pay anything. however, if you decide to take back your bike, the agreement will become effective again.
wah lanz.. really got a lot of things.. i can't finish reading yet..
please, to all, please take a look at the hire purchase act. this is a law that governs all hire purchase agreements. if motorshops are clearly in violation of this act, action can be taken. i will find out more on this topic.
nbz... all unfair practices by the motordiams..
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Ain't I the fastest rider on the planet?!?! =P
but i'll do what i can.. there're other statutes to read up on as well, like sale of goods act, and unfair contract terms act.. do bear with me pls...