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Old 03-31-2008, 04:40 PM   #1
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Ok guys, here's the thing. I bought my 08 1000RR from Galveston Honda wednesday. 4.9% through Honda financing woohoo right? Sign the contracts shake hands and I drive away. Well I get a call from my salesman Pike the next day saying "oh I made a made a mistake Honda wants to give you 18% financing not 4.9! but I talked them down to 10%...

Now I have a signed contract from this guy and the dealership for 4.9 but Im not sure how solid it is he's since called back and said theres 2 options I can resign a new contract at 10% or he's going to repo the bike.. WTF A payment isint even due yet?

The only thing I can think of is maybe Honda told him to give us a certain % rate and he misread it or something and put 4.9 and then we signed, then when we left he faxed it to them and they said "we are not doing this"

Because if thats not the case then I dont think he has a legal leg to stand on here. Im confused and Im wondering if anyone here has a lawyer that I can talk to for 30 min free or something who can tell me what I should do. Should i go resign? or should I just ignore him and wait for my first bill in the mail and pay it?

We are talking almost 2,000 Dollars in extra interest if I resign at 10% vs 4.9
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Old 03-31-2008, 04:45 PM   #2
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Well first, I'd store the bike somewhere else until you can get legal council on it just in case...


...but personaly, if you've got a signed document agreeing to 4.9%, then
tough on their part. Did you make any kind of down payment or trade in at the time btw?


....I came up with this from goggle..
"Best Answer - Chosen by Asker
Read all the fine print on that sale and finance contract. Somewhere there is verbage that the whole deal is contingent upon credit approval. Come Monday, the finance company turned the deal down. All perfectly legal and a very common ploy of car dealers.

They let you take that new car and when the initial good deal is rejected, most folks scrape up the additional money and sign the new finance contract for the higher interest rate.

The original contract also has a clause that says if the deal falls thru, you have to pay milage. It's all part of the high pressure sales routine ... and all perfectly legal.

Never take a car off a dealer's lot without firm, approved financing in place."

I'd say go over that contract with a fine tooth comb, then find an attorney.
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Old 03-31-2008, 04:45 PM   #3
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Ride it like you stole it, take it to the track and run some hot laps!

Then take it back...
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Old 03-31-2008, 04:46 PM   #4
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Start going up the chain of command at the dealership and get the full story ASAP. Stay calm with them, but go in like you have the upper hand. Hopefully someone with legal background will chime in shortly. That just plain sucks!


Or, go ride it like you stole it until the repo man pays a visit.
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Old 03-31-2008, 04:49 PM   #5
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If you have a legal document signed by both parties stating that it's 4.9%, there's not a whole lot they can do. It's his ****up, he's the one that has to eat it.


I'd consult a lawyer ASAP.
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Old 03-31-2008, 04:49 PM   #6
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Quote:
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Well first, I'd store the bike somewhere else until you can get legal council on it just in case...
Ughhh, don't do that... its called "Hindering A Secured Creditor" and its a felony.

I would tell them the deal is off, you'll be returning the WELL USED bike shortly (I really doubt they want a used bike, they'll take at least a $1,000 hit in depreciation, I'd think).
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Old 03-31-2008, 04:49 PM   #7
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Old 03-31-2008, 04:51 PM   #8
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tell him to come get get his POS off your driveway, the keys' in it.

f him.
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Old 03-31-2008, 04:53 PM   #9
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Quote:
Ughhh, don't do that... its called "Hindering A Secured Creditor" and its a felony.
It's theft protection until they notify him they are otw to pick it up... and before agreeing to release it, I'd want proof that their claim was legit. Particularly if there was a deposit or trade-in involved.

I can call anyone and claim anything, but until I can prove it... what's the phrase? 'Possesion is 9/10's of the law'.
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Old 03-31-2008, 04:56 PM   #10
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had a screnario like this come up in a business law class i took.

you signed the contract for 4.9 % and thats what you get it at, not 10% or 18%. like mentioned above the contract can still be voided if the financial peeps at the bank dont approve it but before they can pre approve you had to have had some sort of credit check, thus he gave you the 4.9% contract.

wait for your first bill.
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Old 03-31-2008, 04:57 PM   #11
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read your contract about the terms and conditions if it does not have anything in there about what your claim is saying then talk to a lawyer call the Sales guys boss and ask him what the problem is and that you have spoken with a lawyer and he said .....
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Old 03-31-2008, 04:57 PM   #12
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If they repo under these conditions does this hurt ones credit??
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Old 03-31-2008, 04:59 PM   #13
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First off - I'm no attorney and I don't play one on TV.

Not sure about the rules around the third party financing and whether it's binding on the dealer or not (probably depends on whether he is an "agent" of the Honda financing company). If he is, then the financing contract may be binding on the dealer. If there's any contingency clause you may not be able to stick him and if Honda finance company doesn't honor the loan application, then you haven't actually "paid" for the bike, so they may be able to repo it.

I personally would not go back a sign a new contract to correct their mistake at your sole expense. I might be inclined to tell him that I would sign for 10% if they reduce the price by $1,000, give you store credit, or whatever you feel is fair and reasonble in exchange for the additional cost that YOU will incur helping them correct THEIR error. You can alway tell them that if they don't like it that you will happily return their now "used" motorcycle in exchange for voiding the contract, voiding the loan application and returning all fees taxes etc. (i.e., they must make you whole again) along with a letter from them pledging to indemnify you for any losses, claims, etc. steming from this now aborted contract.

If you want to be a hard azz, you can probably engage a lawyer and stick them. Don't let them make you bear the burden of their mistake. They likely have far more ability to absorb the loss than you do.

Good luck!
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Old 03-31-2008, 05:00 PM   #14
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no no trade in or money down. I didnt think i needed to lol..

and yes they did run the credit and said we were approved for 4.9 thats why I was happy. Honda even called my cell phone while we were waiting to verify that it was in fact me buying the bike not someone trying to use my identity.
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Old 03-31-2008, 05:00 PM   #15
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similar situation if you buy a car. the "finance guy" tries to sell you a apr not try to find a low one for your credit. they make more by selling you a higher interest from a bank than the lowest one you can get. most anyone can get a 0% and dealers offer that when sales havent met the quota for the past three months.
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Old 03-31-2008, 05:01 PM   #16
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I know that with a car if you have signed all the paper work and take possession of the car you do have a case. Both have to be done though. You can have the car, but not signed the paper work they got ya or signed paper work, but don't have possession they got ya. I would assume a bike would be the same. I would not just take it back though. Sounds like you had a done deal.
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Old 03-31-2008, 05:04 PM   #17
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there are some good points about "pending approval" stuff. Yeah it's shady but if it's in the fine print then it's in the fine print. I would get a cut and dry answer, tell them 4.9 or they can have it back. If they say they want it back tell them to come get it.


If you have to give it back, you any good at burnouts? Is that a hard or soft rev limiter on those things? You would have to find out!
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Old 03-31-2008, 05:05 PM   #18
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if you have the bike and signed docs then you are set. Try to log in online to honda and see if your vehcle is in their system already. Pay the first month.
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Old 03-31-2008, 05:05 PM   #19
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I'm going up there tomorrow, I bought my F4i from the same guy and I've always liked the dealership but if they screw me over for no reason like this they lose a lifetime customer.
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Old 03-31-2008, 05:05 PM   #20
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Quote:
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I know that with a car if you have signed all the paper work and take possession of the car you do have a case. Both have to be done though. You can have the car, but not signed the paper work they got ya or signed paper work, but don't have possession they got ya. I would assume a bike would be the same. I would not just take it back though. Sounds like you had a done deal.
thats part of the law with contracts. you have the agreement and when you take posession the contract is in effect.
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