Changes in registration rules halt motorcycle instalment sales
The representative also noted that significant regulatory changes are typically discussed with stakeholders, but in this instance, no such consultation was held
Recent amendments to road vehicle registration rules in the Maldives have led some companies to halt instalment-based motorcycle sales.
The changes, implemented by the Ministry of Transport in November last year, stipulate that vehicles can only be registered in the name of a company for its own use.
Sheesha, a company with over 25 years of experience in the motorcycle business, is among those that have temporarily suspended instalment sales. Previously, motorcycle sold on instalment plans were registered under the company’s 'C' board. Once payments were completed, the registration was transferred to the buyer under a 'P' board.
A representative from Sheesha confirmed on Tuesday that instalment motorcycle sales have been paused while the company adjusts its policies to align with the new regulations.
"Many customers purchase motorcycles through instalment plans. We suspended this service last month to review and make the necessary legal adjustments. Once the changes are finalised, we will resume offering motorcycles on instalments," the representative stated.
The representative also noted that significant regulatory changes are typically discussed with stakeholders, but in this instance, no such consultation was held.
Concerns have been raised by some companies regarding the implications of registering motorcycles in the buyer’s name from the outset. If payments are defaulted on, repossession of the motorcycle would require legal intervention. Some businesses believe this change could complicate the process of recovering bicycles in cases of non-payment.
