Question about my bike lease

[revgreen]

For the past few months I've been leasing a Honda Phantom from a local dealer. This was the first non-sports bike I've ever had and it's been fun, but I'm really wanting to get back on a sportbike now. I haven't spoke to the dealer yet so I'm not exactly sure where I stand, but I was hoping for some preliminary opinions here. Do I have a leg to stand on? What options do I have?

[revgreen]

sorry if this isn't the correct forum

[stubuzz]

Read your contract.

[ATF]

It's all in the contract. However everything is negotiable.

[revgreen]

The contract... you mean all the documents I have completely in Thai???

[stubuzz]

The contract... you mean all the documents I have completely in Thai???

You signed documents you could not read?

[revgreen]

The contract... you mean all the documents I have completely in Thai???

You signed documents you could not read?

What were my options exactly? I live in a pretty small town, finding anything in English is near impossible. I took a trusted friend who translated everything for me and told me what I was signing. I know what my lease says in regards to breaking it, but I have no idea about the possibility of simply swapping for a new bike (which happens to be the exact same price anyway).

Getting someone to translate the document for me is no issue, I was simply asking here before I went through all the hassle.

Edited November 23, 2014 by revgreen

[ATF]

The contract... you mean all the documents I have completely in Thai???

You signed documents you could not read?

What were my options exactly? I live in a pretty small town, finding anything in English is near impossible. I took a trusted friend who translated everything for me and told me what I was signing. I know what my lease says in regards to breaking it, but I have no idea about the possibility of simply swapping for a new bike (which happens to be the exact same price anyway).

Getting someone to translate the document for me is no issue, I was simply asking here before I went through all the hassle.

If you're using the same dealer doubt there will be a problem. Maybe a small tip to grease the wheels.

[stubuzz]

You have to go back to the shop and see what they say.

[revgreen]

Well, exactly what I was afraid of happening happened. They basically refused. Told me that switching over the paperwork and insurance was too much of a hassle. Now I'm just considering breaking the lease and going to pick up a new bike elsewhere. It'll be a bit pricier than I hoped, but hopefully worth it in the long-haul.

[papa al]

Terminating the lease per contract is one thing.

Breaking the lease is something else.

The company likely has collection friends, cop friends, and/or immigration friends.

You would be a brave man indeed to face the ramifications of breaking the lease.

Maybe 'brave', is not the most appropriate adjective though.

Edited November 24, 2014 by papa al

[revgreen]

The company likely has collection friends, cop friends, and/or immigration friends.

You are a brave man indeed to face the ramifications of breaking the lease.

Maybe 'brave', is not the most appropriate adjective though.

Meh. Not worried at all.

[scubascuba3]

The company likely has collection friends, cop friends, and/or immigration friends.

You are a brave man indeed to face the ramifications of breaking the lease.

Maybe 'brave', is not the most appropriate adjective though.

Meh. Not worried at all.

Let us know how you get on. I ride a BMW F800GS back home but I can't see the point of a big bike in Thailand. Unless of course when I reach 60+ when the Harley is mandatory. Edited November 24, 2014 by scubascuba3

[revgreen]

The company likely has collection friends, cop friends, and/or immigration friends.

You are a brave man indeed to face the ramifications of breaking the lease.

Maybe 'brave', is not the most appropriate adjective though.

Meh. Not worried at all.

Let us know how you get on. I ride a BMW F800GS back home but I can't see the point of a big bike in Thailand. Unless of course when I reach 60+ when the Harley is mandatory.

I thoroughly enjoy touring the country. Can't really do that on a moped!

[papa al]

The company likely has collection friends, cop friends, and/or immigration friends.

You are a brave man indeed to face the ramifications of breaking the lease.

Maybe 'brave', is not the most appropriate adjective though.

Meh. Not worried at all.

Let us know how you get on. I ride a BMW F800GS back home but I can't see the point of a big bike in Thailand. Unless of course when I reach 60+ when the Harley is mandatory.

I thoroughly enjoy touring the country. Can't really do that on a moped!

I've mopeded all over Thailand.

Moved up to a 150cc now though.

[casualbiker]

Op. You say lease. That usually means you take it back after the lease period. Are you sure it's a lease and not a purchase contract? Did you provide passport etc as proof id?

Purchase contracts are enforceable by law and the shop could get a court order for payment, you would not be able to leave Thailand until paid. Possibly better to go back and negotiate against the other bike. Maybe paying a small fee (couple thousand baht) for their trouble.

[revgreen]

Op. You say lease. That usually means you take it back after the lease period. Are you sure it's a lease and not a purchase contract? Did you provide passport etc as proof id?

Purchase contracts are enforceable by law and the shop could get a court order for payment, you would not be able to leave Thailand until paid. Possibly better to go back and negotiate against the other bike. Maybe paying a small fee (couple thousand baht) for their trouble.

I'm sorry, it was my mistake to call it a lease. Yes it is indeed a purchase contract. The bike will be 100% mine when I finish paying.

I never said I wanted to just stop paying. If I want out of the contract I know exactly what I have to do to legally get out of it.

[casualbiker]

Op. You say lease. That usually means you take it back after the lease period. Are you sure it's a lease and not a purchase contract? Did you provide passport etc as proof id?

Purchase contracts are enforceable by law and the shop could get a court order for payment, you would not be able to leave Thailand until paid. Possibly better to go back and negotiate against the other bike. Maybe paying a small fee (couple thousand baht) for their trouble.

I'm sorry, it was my mistake to call it a lease. Yes it is indeed a purchase contract. The bike will be 100% mine when I finish paying.

I never said I wanted to just stop paying. If I want out of the contract I know exactly what I have to do to legally get out of it.

And what's that?

[revgreen]

Op. You say lease. That usually means you take it back after the lease period. Are you sure it's a lease and not a purchase contract? Did you provide passport etc as proof id?

Purchase contracts are enforceable by law and the shop could get a court order for payment, you would not be able to leave Thailand until paid. Possibly better to go back and negotiate against the other bike. Maybe paying a small fee (couple thousand baht) for their trouble.

I'm sorry, it was my mistake to call it a lease. Yes it is indeed a purchase contract. The bike will be 100% mine when I finish paying.

I never said I wanted to just stop paying. If I want out of the contract I know exactly what I have to do to legally get out of it.

And what's that?

Return it. They pay the current value of the bike (has a set monthly depreciation amount), then I pay if there is any difference in what they pay and what I still owe, or if they pay more than remaining balance (haha yea right) I get the difference.

[casualbiker]

Op. You say lease. That usually means you take it back after the lease period. Are you sure it's a lease and not a purchase contract? Did you provide passport etc as proof id?

Purchase contracts are enforceable by law and the shop could get a court order for payment, you would not be able to leave Thailand until paid. Possibly better to go back and negotiate against the other bike. Maybe paying a small fee (couple thousand baht) for their trouble.

I'm sorry, it was my mistake to call it a lease. Yes it is indeed a purchase contract. The bike will be 100% mine when I finish paying.

I never said I wanted to just stop paying. If I want out of the contract I know exactly what I have to do to legally get out of it.

And what's that?

Return it. They pay the current value of the bike (has a set monthly depreciation amount), then I pay if there is any difference in what they pay and what I still owe, or if they pay more than remaining balance (haha yea right) I get the difference.

Then do that and buy the other bike you want! What's the problem?

[revgreen]

Op. You say lease. That usually means you take it back after the lease period. Are you sure it's a lease and not a purchase contract? Did you provide passport etc as proof id?

Purchase contracts are enforceable by law and the shop could get a court order for payment, you would not be able to leave Thailand until paid. Possibly better to go back and negotiate against the other bike. Maybe paying a small fee (couple thousand baht) for their trouble.

I'm sorry, it was my mistake to call it a lease. Yes it is indeed a purchase contract. The bike will be 100% mine when I finish paying.

I never said I wanted to just stop paying. If I want out of the contract I know exactly what I have to do to legally get out of it.

And what's that?

Return it. They pay the current value of the bike (has a set monthly depreciation amount), then I pay if there is any difference in what they pay and what I still owe, or if they pay more than remaining balance (haha yea right) I get the difference.

Then do that and buy the other bike you want! What's the problem?

No problem - it just would've been easier and cheaper to swap at the same shop. Maybe when I approach them about canceling they'll be more willing to work out a deal.

[Beardog]

If your lease is on a Honda Phantom the bike is not worth much anyway. Take a small loss pay off the bike & buy a bigger bike. the Phantoms & Kawasaki Bosses were meant to be a throw away ride so neither are worth much on the resale. Sorry do not mean to be insultive at all but I had a Boss & gave it away & got a Kawi 650 ER6n. If you can't afford the purchase yet save up. Not sure what range bike you are after but it is a buyers market right now especially in sport bikes.

Good luck on your plan. I am not surprised at all that the shop does not want the bike back.You can usually pay the lease up + fees turn the bike in & get the bike you want. In LOS leasing is a real bad idea as if you get to small a ride within that lease period the owner inevitably will want a bigger bike.Unfortunately now the Phantom is a very archaic ride that no one wants anymore is why the company decided to lease it. In LOS 20,000 baht mistakes are common. Just get out of it & buy a new ride or keep it till the lease is up & save up for a more stellar ride.Really the only great thing that distinguishes the Phantoms or Bosses over a scooter is the clutch!

Good luck on your decision.

[revgreen]

Yeah I'm kicking myself over it now. Back home I had a CBR 500 and an old Yamaha XS. When I came here I figured I didn't need anything big, just something cheap but more ride-able than a scooter. Borrowed a friend's Phantom for a weekend trip and thought it was okay enough, but alas here I am a few months later feeling more than a bit remorseful and unsatisfied. Would love to pick up a CBR or Ninja or one of the other sport bikes that seems to flood the market over here.

[revgreen]

Well, scratch that. I spoke to them again and they're willing to make the swap! Basically I just continue my payments as normal (adjusted for the price of whatever bike I choose, of course) and they asked for 5k for "taxes" or something? Seems fair enough I guess.

[scubascuba3]

Well, scratch that. I spoke to them again and they're willing to make the swap! Basically I just continue my payments as normal (adjusted for the price of whatever bike I choose, of course) and they asked for 5k for "taxes" or something? Seems fair enough I guess.

Seems like a good deal. They should get something worthwhile for the hassle

[revgreen]

Well, scratch that. I spoke to them again and they're willing to make the swap! Basically I just continue my payments as normal (adjusted for the price of whatever bike I choose, of course) and they asked for 5k for "taxes" or something? Seems fair enough I guess.

Seems like a good deal. They should get something worthwhile for the hassle

Yeah I've no problem with the 5k. Now my issue is deciding on a new bike.

Thanks for the advice here dudes.

[casualbiker]

What's available? What's your shortlist, say 3 bikes.

[revgreen]

What's available? What's your shortlist, say 3 bikes.

CBR 250, 300, 500

Ninja 250, 300(?), 600

and some other Kawasaki 600

They have a handful of stuff like that. Basically the popular bikes (at least the only ones I ever see around town).

The 600s are out of my price range for sure. 500s are doable, but I hear the stock CBR tires suck - so I wanna keep a budget to replace those if need be.

Never rode a Ninja - so no clue about those.

[casualbiker]

They have those in stock? Interesting! Where?

[revgreen]

I live in Phetchabun.

The 250s are lightly used (500-1k km), by the price is great. The others are all new. Tempted by the 250 price but I worry it won't be enough bike.