Backing out of purchase agreement
- Thread starter dtm252535
- Start date
Mad Mike
Well-known member
The short answer is you're on the hook. Dealers are pretty good at this stuff, they use standard, bulletproof agreements that hold buyers responsible for completing deals. Buyer remorse, changes in market prices & dealer programs are not usually grounds to exit an agreement. Imagine this: the price of an R3 went up by $1000, the dealer wanted you to pay that increase -- what would you do?
You might find the dealer is sympathetic to your situation, you might not. My guess is the dealer will be polite, yet firm on holding you to the deal.
If it were me I'd go in nice, the look for a creative way to win something back. If you go in hot, or evade the dealer, you might eliminate any chance of improving the outcome.
You might find the dealer is sympathetic to your situation, you might not. My guess is the dealer will be polite, yet firm on holding you to the deal.
If it were me I'd go in nice, the look for a creative way to win something back. If you go in hot, or evade the dealer, you might eliminate any chance of improving the outcome.
You signed an agreement, its pretty airtight on paper. Written just to prevent customers just like this. Nobody likes to pay more than they should , but once you've signed a purchase agreement the negotiation is over.
The salesperson you made the deal with is a most likely a commission/bonus based employee, taking money out of his paycheck wont be a welcome conversation.
The salesperson you made the deal with is a most likely a commission/bonus based employee, taking money out of his paycheck wont be a welcome conversation.
AllistonGT
Well-known member
Agreed!
TK4
Well-known member
As has been suggested, go in for a polite, coherent conversation.
If the manufacturer rebate was applied after your agreement to purchase the dealer may be prepared to honour the rebate OR apply your perceived 'overpayment' to accessories or future service work.
The ball is definitely in their court, getting cranked up won't help.
If the manufacturer rebate was applied after your agreement to purchase the dealer may be prepared to honour the rebate OR apply your perceived 'overpayment' to accessories or future service work.
The ball is definitely in their court, getting cranked up won't help.
Wow! Didn’t expect so many responses! Thanks a lot for everyone’s input...for the most part! Actually expected more of the ignorant “tough luck” responses, the “man up” ones were a good laugh, but it’s nice to see that the majority of the guys here get it, and have good sense about it. And I agree with most of you, I haven’t spoke with the dealer about it since, mainly because I wanted to do this, get a better idea of whether it was a conversation people thought was even worth bringing up or if it was set in stone.
The dealer was fairly reasonable to work with first time round, not sure how receptive he’ll be to this conversation but I will find out, definitely worth a try. I’m not trying to screw anyone over, and I definitely value my word. I also know this is an extremely popular beginner bike which the dealer would have no issue reselling, the thing is still sitting in a box in his storage facility.
Again, thanks for everyone who offered valuable insights, I’ll move forward and hope for the best.
The dealer was fairly reasonable to work with first time round, not sure how receptive he’ll be to this conversation but I will find out, definitely worth a try. I’m not trying to screw anyone over, and I definitely value my word. I also know this is an extremely popular beginner bike which the dealer would have no issue reselling, the thing is still sitting in a box in his storage facility.
Again, thanks for everyone who offered valuable insights, I’ll move forward and hope for the best.
As you noted in your first post you have the purchase contract and I'm sure it lays out what your obligations are. At a minimum you are on the hook for the deposit and probably the full contract value. In my experience most dealers keep all or part of the deposit and don't bother to pursue you for the full contract value as the process of getting money not already in hand is painful and time consuming for them.
I think the likelihood of walking away from this with 100% of your deposit back and the contract cancelled is just about nil. They may be willing to reduce the cost somewhat if the market has changed and this bike is selling at a lower cost, but again, chances of them reducing a signed contract value are pretty low. It would be interesting for you to follow up with a post letting everyone know what the contract actually said and how it turned out.
Lol, stop it.
The dealer is under no obligation to give you your deposit back. In fact, legally, they can pursue further action if they have the time and feel like being silly.
Unless there was a condition on the bill of sale, you can't cancel the deal without forfeiting your deposit.
blackcamaro
Well-known member
You can say that but ultimately wanting to back out of a deal simply because you later found one cheaper shows your word has very little value.
Classic GTAM, LOL. Signing a contract without understanding the terms a better description of ignorance. If you understood but intended to renege anyway, then your word is worth less than the deposit. Soliciting advice and insulting those that don't agree with you is simply a waste of everyone's time.
I'm with BrianP on this one. Real trust and honour must be earned. Sometimes it stings a little.
AllistonGT
Well-known member
One approach is to ask to use the deposit for gear. Have the gear picked out so you don't waste their time.
Dealer makes more margin and you've honoured the spirit of the deal if not the letter.
If you have not bought another machine then ask him to match the price (" I thought the deal at the show would be the lowest ....yada yada " ) then segue into the gear deal as a compromise.
If you recall any details from the show they may have claimed lowest price of the year or some such ...it really doesn't matter as you THOUGHT you were getting the best deal by buying early.....maybe that's what the sales guy said eh ?
Dealer would have to sue for anything beyond the deposit but it could happen on a special order machine that he gets stuck with...small claims would unlikely be friendly to you.
Good luck.
Dealer makes more margin and you've honoured the spirit of the deal if not the letter.
If you have not bought another machine then ask him to match the price (" I thought the deal at the show would be the lowest ....yada yada " ) then segue into the gear deal as a compromise.
If you recall any details from the show they may have claimed lowest price of the year or some such ...it really doesn't matter as you THOUGHT you were getting the best deal by buying early.....maybe that's what the sales guy said eh ?
Dealer would have to sue for anything beyond the deposit but it could happen on a special order machine that he gets stuck with...small claims would unlikely be friendly to you.
Good luck.
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The dealer is under no obligation to give you your deposit back. In fact, legally, they can pursue further action if they have the time and feel like being silly.
Unless there was a condition on the bill of sale, you can't cancel the deal without forfeiting your deposit.
Agreed on both topics. Dealers can (and have) sued buyers (deposit aside) who decided to walk away from deposits in some situations, IE massive lost profit because the vehicle was special ordered/low demand, dealer spent big money getting a vehicle shipped across the country for a potential buyer, etc.
I agree in this situation the dealer is probably just going to claim 100% of the deposit and walk away (they can sell the bike to someone else this time of year so it's just easy money for them), but unless the deal you found elsewhere outweighs the cost of losing 100% of your deposit, I can't see how this makes any sense.
I agree with others - talk very nicely to the dealership and see if you can work out an amicable solution. Be prepared for them to simply say no, they're fully within their rights to do that.
I agree! You could go talk to them and tell them the situation. They may give you a discount, or maybe throw in some gear, maybe a couple free oil changes.
But you should honor your agreement.
N3WMAN
Well-known member
"...but now see i can get it for substantially less elsewhere." -- curious, you found the same bike new from another dealer or did you start sifting through the ton of used r3's available through Kijiji at a better price?
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Sent from my [device_name] using GTAMotorcycle.com mobile app
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How much cheaper? And under what condition? Same bike different dealer? Did the program/discount/price change from that time to now? If so then you can ask for the factory credits to be applied to your bike because you haven't taken possession yet. Some dealers would actually put the credit towards the bike if they change b/w time of purchase and pick-up, but that depends on the dealer, and if YOU are even made aware of the program. We've done it before where a program changes b/w deposit and pick-up and have adjusted the client's invoice to match. If it goes the opposite way we kept as is as they were 'locked in' at the lower price / better deal let's say.
Honestly, call the dealer and talk to them to see what's going on, or play the poor card and say you can't afford insurance after you checked...blah blah blah...
Honestly, call the dealer and talk to them to see what's going on, or play the poor card and say you can't afford insurance after you checked...blah blah blah...
