Consumer Rights?

[ZX600]

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Just because you don't have the "cash" sitting in your bank to buy a new vehicle doesn't mean you can't afford it. With the crazy low interest rates why would wait years saving to buy something when you can just make payments and have it sooner.

Yes you can get in trouble by financing something that you cant afford the payments on. But if you can swing the payments why the hell not...life is short

If you buying credit, don't pick the 80k truck, pick the 40k standing beside it, that is my point.

Unless you need it for business but that is a different topic.

 

[PrivatePilot]

UCDA is like having a "site supporter" banner under your handle. It's nice to have but it doesn't really offer much.

If you click the link I provided it sure seems to me that they offer something of extreme value in this situation..and if they tell the UCDA to get stuffed I'm pretty sure they'll come and strip them of their certification in no time flat..and contrary to your apparent beliefs, UCDA certification DOES mean a lot to many educated consumers...so not seeing that designation nor a confirmation of UCDA certification (or revokation) online would be a red flag to a lot of people that would steer them away.

It's in a dealerships best interest to keep that certification intact.

 

[PrivatePilot]

If you buying credit, don't pick the 80k truck, pick the 40k standing beside it, that is my point.

Lots and lots of people in my neighborhood with 2 shiny brand new cars or trucks in the driveway, a garage full of ATV's, bikes, snowmobiles and other toys...and I know darned well that a few missed payments and the bank would be showing up to collect them all.

I like owning my stuff outright. I've paid cash (at at worst, out of our personal line of credit) for any vehicle I've ever bought, including my motorcycle. Would I have liked a nice $40,000 HD Road Glide in my garage instead of a $3500 12 year old Honda VTX? Sure...but in the end I'd rather have the $36500.00 invested in something that's not going to depreciate wildly in value..and honestly, I like the look of my VTX, nor do I care if the HD guys sneer at me because "eww, it's a Honda". Who gives a crap - what makes ME happy is what matters, not someone else. Again, I don't care about the joneses, they're broke, and I'm not going to spend money to try to impress someone I don't care about anyways.

 

[Joe Bass]

@PrivotPilot I've seen some shady dealerships with the UCDA sticker.
@PrivotPilot @zx600 please don't waste your time. I also love getting those used deals.
Kid at work has a 08 vw jetta. Needs 1k work. Says he may as well buy a new gti instead of fixing it. Yeah that makes sense. Another guy, my age, has owned 37 brand new cars. 37 BRAND NEW CARS. I'm 42. Do the math. The last time he bought the EXACT SAME CAR/YEAR/MODEL!
He wanted black instead of the white that he had.? Another kid works 2 freaking jobs to pay for his beemer. My head hurts. Smh


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[PrivatePilot]

Gonna be lots of people in the current generation retiring owning nothing and owing everyone. Dumb decisions based on wrong priorities. I was young and stupid once, I made some stupid financial decisions and spent a lot of money foolishly...then I turned 21 or 22 and got my **** together. Now some seem to be in there 40's or 50's before they have that epiphany, if even then...and by that point, it's too freakin' late.

Excuse me while I go sit on my front porch now. (But really...young guys....think about your priorities. You'll be an old retired fart some day, you can't escape it....)

 

[Joe Bass]

I told gave one coworker some advice. A year later brings me some statements, asks what they mean. I tell him they mean that he now has $12k in savings. His jaw dropped. Said he didn't even feel it.

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[mmmnaked]

Signing a bill of sale on something you have no intention of buying is a bonehead move. $500 lesson indeed. Tell the ********* dealer to stuff it and keep the petty cash.

 

[Brian P]

LOL

Some people can manage money, other people can't. I financed the purchase of a *used* vehicle once (and paid it off in less than a year because I hated owing money and making payments). Lots of people out there are going to be in a world of hurt when (not if) interest rates start rising; I will grant that there is not currently any sign of this happening but it's only a matter of time before it does.

Some people may want a new car or truck every 2 or 3 years but personally, I really like having something that is not only paid for but which has long since earned its keep. My current car is worth nothing on the books and still runs well. (>200k km on it) It could grenade tomorrow and I can walk away, call the junkyard and tell them to come and get it, and have no regrets. OK so it has a radio and not an infotainment system, and the a/c consists of rolling the windows down. (Has a/c but it doesn't work.) Don't care.

 

[inreb]

Yes you can get in trouble by financing something that you cant afford the payments on. But if you can swing the payments why the hell not...life is short

What does "can't afford" even mean? Just because you can swing the monthly payments doesn't necessarily you can afford it. I agree that some things, even toys, can be bought on cheap credit. On credit purchases the true price isn't always obvious. Frinstance if you're near the front half of a mortgage and float a bike loan of $20G instead of $10G that $10G difference is going to cost way more. Depending on various factors that $20G bike could end up costing $40G because you're not diverting the original $10G towards the mortgage. Can you afford (not you, anybody) to pay $40G for $20G bike that's going to depreciate to half with heavier insurance premiums to boot? Until one knows the true numbers it's hard to make an affordability claim.

 

[Concac]

What this thread has gone to?

Although I'm not as young and not as old as some of you, my first interest after high school graduation was "money".

Believe it or not, most ppl don't know what money is. They also can't tell the difference between currency and money.

Money is the worst invention of man kind. Currently we use money as debt, not wealth. And that is a ticking bomb.

 

[BKnight]

Same thing happened to me over 45 years ago. At that time the deposit was only $20 on a used car. Not worth the hassle to try and get back. But I did send a letter at the time and again later in life. I sent them a list of all the cars me and the wife have purchased and told them they probably would have made a little more than $20 had they treated me better because I never bought any of the cars from them and never will.

 

[Garage_Guy_Chris]

You know i got into a similar situation on a car this past weekend i checked it out in the rain and everything looked good. left a deposit against my better judgement. Went and had a second look when it dried up and the sun was out and car had corrosion issues and I decided it wasn't worth the trouble. Dealer was great about the whole thing and returned my deposit in full. In the meantime i did do a little research in the mean time and found out they are entitled to "damages" if they took advertising down and had to re-list or something but they have to be able to justify it not just pull numbers out of thin air.

https://www.omvic.on.ca/portal/Consumers/ConsumerProtection/CancellinganAgreement.aspx

One thing did occur to me if they had decided to be ***** similar to this situation. Simply call the credit card company and have them do a "charge back". I never got this far but it may work in your situation might be worth looking into.

Next time look at financing a head of time and through your bank. Then go shopping with a hard budget when you find something you can leave a deposit and pay remainder at pickup

 

[BulletPROZ]

This exact same Bull-**** happened to me, In 2013, i was a new rider about 18-19yr old trying to find my first bike which was a ninja 250r, I went to Kahuna Powersports and found a bike i liked. I talked to the sales rep and i told him this would be my first bike and i wanted to finance it. I asked him if it was possible to finance a bike without having it insured (i didn't want to insure it yet because it was winter) and my decision for buying the bike is based on if i can finance it without insuring it. I was young at the time and it was my first vehicle purchase so i didn't know that new vehicles had to be insured if you gonna finance. The sales rep told me that he need a $500 deposit so he can make a bill of sale so that he could find out if it was possible to finance without insurance. I asked him a very simple question, if it does not get financed will i get my $500 refund back. he says yes i will get the refund back. Being dumb, i trusted him and i gave him a $500 cash deposit that i worked at fast food restaurants to make on the faith that he would refund me because he gave me a verbal confirmation that it was refundable. Well it turned out that it is impossible to finance without insuring the bike, I felt that the sales rep knew this info and hid it from me since i was new. anyways he refused to refund me the money and gave me the same threat, i would lose the $500 deposit + any difference they lose and he showed my the back of the bill of sale with all those Bull-**** lines that he failed to show me when i was signing it. The bike was about $4900 including everything, i really didnt want to lose my deposit so i was forced to borrow money of my parents to buy the bike with cash. He didn't even let me talk to the owner, he said that he was "out of the country" and that the delivery date was coming and i would lose my deposit. The worst part of the whole ordeal was that he told me he would deliver the bike to my house for free when i met him(i was a new rider, not confident enough to ride alone yet), He made me pay him $70 to deliver the bike which he did on the back of his pick up truck. I was so disgusted of that place. I left a really bad review to Kawasaki (there after sale survey the company does). a couple months later Kahuna Powersports shut down, I'm so happy they Shut Down, Karma's a *****.

Sorry for the swearing.


Lessons Learned:
1. Never Trust a Stealership
2. Have them write down everything they agree to on the bill of sale
3. Never leave a Deposit

 

[raginduck]

i will never understand buying a 40k bike on credit.... To me you either have that kind of money or you don't, so if you do you buy it cash as you can afford the finer things in life, if you don't then go buy a bike you can afford.

I could buy a ferrari on credit, am I going to? no freaking way.

None of this is my business but I am bringing it up as "the lesson to be learned" you are obviously emotionally buying and that is IMO the reason why you got yourself in trouble, a clear head would have got you out of that dealership in no time and with no cash deposit.

So... most of my money is sitting in something that's earning 13.5%... should I pull it out and pay cash for a vehicle... or should I leave it and finance the vehicle at a much lower rate than it's earning where it is?

 

[RockerGuy]

I did. But I must have missed the part where the bill of sale was for a different bike.
Yeah, I'm not nearly as nice as you guys...somebody would have gotten beat like a red headed step child if they pulled that ish on me.

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That's your Italian side coming out. Why not call your mafia friends & tell that dealership to pay some protection money.

So... most of my money is sitting in something that's earning 13.5%... should I pull it out and pay cash for a vehicle... or should I leave it and finance the vehicle at a much lower rate than it's earning where it is?

I was about to pay for my car straight out but at 0% financing, I figured out I can have that money sitting somewhere collecting interest

 

[Joe Bass]

What this thread has gone to?

Although I'm not as young and not as old as some of you, my first interest after high school graduation was "money".

Believe it or not, most ppl don't know what money is. They also can't tell the difference between currency and money.

Money is the worst invention of man kind. Currently we use money as debt, not wealth. And that is a ticking bomb.

Best post you have written. Period.

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[PrivatePilot]

So... most of my money is sitting in something that's earning 13.5%... should I pull it out and pay cash for a vehicle... or should I leave it and finance the vehicle at a much lower rate than it's earning where it is?

If you have enough money invested that you could pull it out and pay cash for what I'm assuming is a moderate or high value vehicle, then the equation is different - arguably, you can afford the new vehicle as you clearly have the financial savviness or healthy enough income that it's not a burden financially, nor is taking the inevitable depreciation hit going to cause undue burden either.

It's people that are complaining about barely being able to make ends meet and have $0 invested for their future who insist that at all costs they need that $50K vehicle in their driveway that make me shake my head.

And I'd like to know where you have investments earning 13.5%...because even my blue chip stuff isn't earning anywhere near that right now. If it's high risk however, as one would have to assume it is...don't worry about it though.

 

[jc100]

Meh....when I'm 70 I'm not going to enjoy the things I can enjoy now as much....life is short. That's the way I look at things. Having said that...I'm not financially irresponsible and have a good pension going...but I'm not averse to financing a bike if I feel I can comfortably make the payments.

 

[ZX600]

That is fine, I don't see that as borrowing money you don't have. You have it and are just making a transaction that makes sense.

So... most of my money is sitting in something that's earning 13.5%... should I pull it out and pay cash for a vehicle... or should I leave it and finance the vehicle at a much lower rate than it's earning where it is?

Now, I don't know anywhere that returns 13.5% of your investment ... legally

 

[meme]

If it's not 0% financing, and you don't have the money sitting in the bank then it's not financially beneficial to you. You will pay more for it. Even 0% is a suckers deal because the price you pay will be hopped up to "pay for" the 0% financing.

KISS. Can't pay for a vehicle, don't buy it. Keep yourself debt free, or get there ASAP.

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