correct me if i'm wrong. the "coi" everyone talks about involves
him putting you as sub-rider, and you pay the remainder of his
instalments while you ride the bike. notice he's still the owner.
perfectly fine if both of you have perfect trust and integrity.
imagine should something happens. he's legally the owner still. he
can retract from the agreement and sell the bike, as he's the owner
after all, so you don't get anything for your instalments paid.
suppose IF, i say IF, you decide to play punk, and not pay the
instalments, the financing company goes after him, and if you get
any summons for traffic offences (offences where the ticket is not
given on the spot, like beating red lights or speed cams), the
letter goes to him, to ask for the rider's particulars. there's
nothing he can do if you refuse to acknowledge that you were the
one who committed the offences. how much do you trust him?
so a clean and legal transfer is best. so what's my point exactly?
my point is that no motorshop will allow a transfer of ownership
and instalment liability just because you want to. the usual
practice is that you pay say a fixed number of months' instalments
(in your case $229 x 3), then carry on the remainder payments ($229
x number of months left); if you're DAMN lucky, this happens.
what happens usually is that even after you pay the 3 months'
instalments, you have to take a reloan for the remainder value of
the instalments, meaning you pay added interest on your friend's
interest when he bought the bike. my point is it's never that
cheap. and, there are hidden costs, such as transfer fees,
"administrative" charges etc. is his insurance etc transferrable?
will the shop insist you buy a comprehensive policy before they'll
loan you the money? etc?
do check out these details. i learnt all these in my quest of
buying a bike, and i'll be DAMN glad if someone can tell me that
there's a cheaper alternative than what i've explained when buying
second hand bikes! 
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rock hard... ride free...
