Motorcycle over credit is the process of buying and selling a motorcycle whose status is still credit. Generally, this transaction occurs because the first owner is unable to pay off the remaining installments.
Usually, the motorcycle seller will get a certain amount of money from the buyer according to the agreement as a substitute for the down payment that has been issued and the installments that have been paid in advance. After that, the new owner will continue the rest of the motorcycle loan repayments.
After the motor credit over process is complete, the buyer must change the name for the motor ownership certificate. That means, there will be additional costs to be incurred by the new owner. Especially if outside the city, the expenditure will be more.
Over credit is a transaction that is considered legal, but related parties must report it to the motor leasing party so that there is no legal problem.
Let’s find out the process and procedure for over credit motorcycles below.
Easy and Safe Ways to Implement Over Motorcycle Loans
In contrast to the motorcycle credit process, the process of over crediting the motorbike can be executed more easily and quickly. You can do this in several ways.
1. Look for prospective sellers or buyers who don’t have problems
The first thing to do is look for prospective sellers or buyers who have no problems. If you are offered to continue the rest of the installments or vice versa you want to give up the rest of the personal motorbike installments, then find an honest opponent who is not in trouble with the bank or leasing.
Clarity of background of both parties can certainly launch the over credit process to completion.
2. Come to the bank office or leasing directly
The third step that must be done is to go to a bank or leasing office to inform that you as the seller plans to transfer the repayment of motorcycle loan payments to someone else. Therefore, the bank or leasing over motorcycle loans can find out.
3. Negotiating replacement money and calculating credit
In this process, it is important to negotiate to determine the replacement money for the first owner, in this case the seller. In addition to the replacement money, both parties need to understand the binding procedures and conditions of the bank or leasing. That way, both of them can avoid administrative problems in the future.
The seller is also required to explain about the process of calculating credit, such as interest rates, other costs incurred, and so on. That way the buyer has no difficulty or objections in continuing the remaining installments.
4. Prepare related documents for both parties
Completeness of vehicle ownership documents are things that need attention, especially for the seller so that the handover process can run smoothly.
Instead for the buyer, prepare a photocopy of identity card (KTP), a photocopy of the Family Card (KK), a photocopy of the savings account for the past three months, and a photocopy of an income statement or salary slip.
5. Complete the administrative process
When everything has been done, then you must complete all administrative processes requested by the leasing party. That way your over credit status will be strong in the eyes of the law.
Applicable Over Credit Motorcycle Methods
Generally there are three methods that can be applied to complete the process of over credit, both motorcycles and cars, namely through the help of a notary, through banks or finance companies, and the process under the hand.
1. Hold a notary public
The implementation of motor over credit can be done with the help of a licensed notary. A licensed notary is an official official who is legally permitted to make an authentic deed concerning the determination of an agreement or agreement, one of which is related to finance and billing.
When using a notary public, there are several documents that must be prepared, namely:
- Photocopy of credit agreement.
- Photocopies of securities, such as a BPKB motorbike that will be over-credited.
- Photocopy of proof of payment in installments.
- Original savings book for installment payments.
- Seller and buyer identity data.
2. Bank or leasing assistance
Managing the engine over credit process through a bank or leasing is judged to facilitate completion. This is the most appropriate step as the two institutions can analyze the related seller or buyer.
After approval has been given, the seller and buyer must sign several documents, such as a credit agreement in the name of the new debtor.
3. Process under the hand
The process of over crediting a motorbike is done under the hand is considered as the easiest and fastest way as only using receipts. Even so, this method is not recommended and must be avoided not based on permission from the bank or related leasing and is not based on legal force.
Therefore, this one step risks criminal sanctions. The police prohibit the practice of over-credit both motorcycles or cars under the hand.