I have a question for someone who may know.
So recently I went into a dealership to see what loan I could qualify before I made the final decision on what I wanted. The first guy I talked to told me I need to fill out a loan form of some sort providing my info about work, etc. After I did that, I began looking at a bike and just sitting on them for fun, why not right? So I was approached by a sales rep and I told him, Im here to see what loan I qualify for before I can grab that bike over there (points at the premium bike). He said, well before we do that, you need to create a bill of sale and apply from there to see if the bank approves. I said okay sure, lets check it out then. We go back to his office and he tells me he suggests I apply for a loan on a lower priced model because I could be rejected on the higher model, so the best thing to do is apply for a smaller loan, and increase from there until they don't allow you. So he creates a bill of sale on a used bike thats lower priced and has me put a $500 deposit down (which he told me was refundable). From there he has me sign the bill of sale (I guess to show the bank this is what Im applying for, etc etc..)
From here is where the issue began, later that day I tell him I am no longer interested in the bike. I felt something wrong about the deal, the environment, or situation. So he tells me that I signed a legal binding obligation and the dealer will keep the $500 deposit I put down. He than tells me along the lines of, on the back of the bill of sale if a customer does not pick up the vehicle the dealer will send a registered letter to the customer stating that when that vehicle is resold to a different customer the cancelling 1st customer will be court ordered to pay the difference of what it sold for. Example you did not pick up the at written agreed price of say $10 and if that bikes sells next year for example $$5 you by law have to pay the difference of $5.
So to someone who may know how to deal with this situation, please either PM me or just reply to this thread. I feel I got tricked into something I didn't go in for.
I hid the dealers name and all the info just incase.
Thanks.
So recently I went into a dealership to see what loan I could qualify before I made the final decision on what I wanted. The first guy I talked to told me I need to fill out a loan form of some sort providing my info about work, etc. After I did that, I began looking at a bike and just sitting on them for fun, why not right? So I was approached by a sales rep and I told him, Im here to see what loan I qualify for before I can grab that bike over there (points at the premium bike). He said, well before we do that, you need to create a bill of sale and apply from there to see if the bank approves. I said okay sure, lets check it out then. We go back to his office and he tells me he suggests I apply for a loan on a lower priced model because I could be rejected on the higher model, so the best thing to do is apply for a smaller loan, and increase from there until they don't allow you. So he creates a bill of sale on a used bike thats lower priced and has me put a $500 deposit down (which he told me was refundable). From there he has me sign the bill of sale (I guess to show the bank this is what Im applying for, etc etc..)
From here is where the issue began, later that day I tell him I am no longer interested in the bike. I felt something wrong about the deal, the environment, or situation. So he tells me that I signed a legal binding obligation and the dealer will keep the $500 deposit I put down. He than tells me along the lines of, on the back of the bill of sale if a customer does not pick up the vehicle the dealer will send a registered letter to the customer stating that when that vehicle is resold to a different customer the cancelling 1st customer will be court ordered to pay the difference of what it sold for. Example you did not pick up the at written agreed price of say $10 and if that bikes sells next year for example $$5 you by law have to pay the difference of $5.
So to someone who may know how to deal with this situation, please either PM me or just reply to this thread. I feel I got tricked into something I didn't go in for.
I hid the dealers name and all the info just incase.
Thanks.
