I really fvcked myself/got fvcked!

[bmacd]

i had my mum take a careful look over the figures and there are more flaws than i thought...for instance, the two year extended warranty i purchased was effective 8-24-02 and ends 8-24-02. So technically, i had a warranty concurrent with the manufacturer for one whole day. I dunno...my mum's gonna go to the dealer with me and i might call me old neighbor who's an accountant to see if he can make any more sense of the million numbers that are before us and turn them into something workable.

-=bmacd=-

 

[DevilsAdvocate]

Call a lawyer.

 

[ThunderGirl]

some one mentioned selling it. If you sold it and paid off the loan if they even let you do an early pay off your pay off amount right now would not be the 12,000 or whatnot. As you would not be paying all that interest.

you would have the principle of the loan, a few weeks interest, and any penelty fees. But it might be worth checking into.

 

[MazerRackham]

Originally posted by: DevilsAdvocate
Call a lawyer.

Definitely retain a lawyer dude.... that will get their attention. good luck.

 

[freebee]

Well, as long as you enjoy your bike and learn from this, I don't see how this is all bad. I mean, if the bike is worth 11k to you and you really need a bike, then its ok.

For example, just like rent to own stuff where people pay 2-3 grand for old penitum II computers just because they don't have the money at the time or they don't want to spend the money outright, as long as it suits their pupose, everyone is happy.

The only negative is that often times the people that end up paying too much are those that need money the most...and the rent to own establishments often prey upon those who are poor or with bad credit.

 

[bolido2000]

Well, hope this will be a lesson for life and give thanks that this is a bike and not a car or house.

EDIT: The dealer actually sold you the bike for 7999 instead of the 6700 that he "agreed" on?? You signed the papers without checking the price first? ROTFL!!

 

[T2T III]

he verbally told me $6700. Looking at the paperwork, i was charged $7999.

Let me get this straight. The amount that you financed was more than $8,000? Correct? With this, I'm assuming that you also financed the taxes and tags for the bike also which adds a few more $$ into the picture.

I've had situations on cars before where I negotiated a price and then the dealer put down the MSRP on the top line and took some discounts off so that the amount we negotiated was on the bottom line. The deductions in the middle were for manufacturer to dealer incentives, amount the dealer reduced the price of the car, etc. I'm mainly interested in what the bottom line is on the financial paperwork for your bike. If you financed more than $8,000 and the bottom line - or "net" price for the bike was $7,999, then I feel for you because clearly the dealer took advantage of you. Although 3 weeks have passed and many states don't sponsor the "3 day right to rescind" option, you might want to look into your right to "reject" the contract. These two options are completely different. You could go with the "reject" angle because the price was changed after you agreement. There are a few cases published on the Internet regarding the "right to reject" a contract. Here is one such link regarding this issue. You'll have to scroll down a bit to get to the "rejection" section, but it's there: Right to Reject a Purchase Contract

Best of luck to you!

 

[TechnoKid]

Originally posted by: bmacd
i bought a 2002 suzuki gsxr 600 (non-telefonica....kbb value) from Pilgrim Motorsports three weeks ago. I just got my first flat tire today (i dunno how) and broke out the paperwork for the first time to see if by chance, that it was covered by the extended warranty that i purchased. As i suspected, it isn't covered (as far as i can tell....) and since the dealer is too far away for me to drive to, i'm gonna have to take the wheel off and take it to a tire shop.

After reading my extended warranty papers and realizing what a joke it really is, i decided to read the 8 other pages that i signed my life away to. I started out with the dealer invoice and happened to glance at selling price. The salesman told me that the bike was priced @ $6700, but on my invoice, it says $7999. That's sooo far above kbb that i wouldn't have even considered this shop, or i would have tried to get the price lower, but since i was told (as opposed to seen in writing) $6700, i decided not to haggle.

I also got financed for the bike through G.E. Capital Finance of Utah. It looks like they're charging me 11.95% interest and my monthly payments are 197.58 for 60 months. That's $11,854.80 for a bike that was supposed to be $6700 (yes, i know that's the cost of having a loan), but this bike has now DOUBLED in what i was going to originally buy it for.

I know i signed all the contracts and i should have been more inquisitive when i was reading them, but i didn't and i screwed myself. i dunno what else to say or what i'm able to do.

blah

-=bmacd=-

First talk to the dealer, be straightforward and express your concern. They should be [afraid, intimidated] of you because of your rights as a customer, and the bennifits you have from protection laws etc..

Second, if they BS you about that "..you signed the papers..etc.." and "we can do nothing about it", then by all means take it up to headquarters. If headquarters will do no action...then...

Third, write a letter to you state comissioner for insurance (because of the extended warranty thing that happened to you), comissioner for commerce, etc, about the problem you are having. Also, send a copy of the letter to the dealer and headquarters about what you sent to the comissioner. The dealer nor the headquarters would want there buisness practices to be publicized, and will remedy your situation very quickly because of this. If they [the dealer and headquaters] don't want to do anything even after notifying the state comissioner about it, then...well I don't really know, except like some have mentioned: get a lawyer.

Something similar happened to my dad, when they had the mazda car (long since gone), there was a factory defect in the head of the motor causing it to constantly overheat. Under warranty, the dealer said they would not fix it because "end user did not put proper level ofcoolant into the car.."

(they [mazda] just didnt want to pay for the work)....well, my dad took it to a local mechanic who confirmed (and provided a sworn statement for the letter) that the overheating was being caused by a manufacturing defect, not the user. MY dad then took it upon himself to write a letter to the state insurance comissioner regarding the situation. He also sent copies to the dealer and Mazda. Well, low and behold, next day the dealer calls up and says they will cover it.

Our nations buisness pratices just seem to be getting shadier...*sighs*

 

[SerraYX]

But how does he prove that the price given to him was $6700? I mean, sure he has a verbal contract, but will he win when it's his word versus theirs?

Obviously the other details are worthy of a few letters (and many phonecalls) everywhere. That extended warranty screw is just terrible...how do these people sleep?

 

[ElFenix]

you entered into a contract. theres not much you can do. if it was new you might have had a "buyer's remorse" law for a couple of days. if it was used you don't. regardless, its been too long, so you are screwed. your best bet might be to sell it and pay off the loan before any interest acumulates. the attorney general isn't going to talk to you. a lawyer isn't going to talk to you. a judge isn't going to talk to you. a local TV station might.

 

[Jfur]

If you love the bike, don't let this sour it for you. I know you now know that you should have read the contract before signing -- it's a mistake that will cost you, but it's not the end of the world if you lhave learned your lesson. Next time you make a large purchase make sure to bring someone knowledgable with you to haggle and examine the contract. What others mentioned about paying off principal early is critical. Pay off as much as you can extra each month and be sure to specify that it be "applied to principal".

 

[StattlichPassat]

Whew, another reason I'm never buying a car unless I have CASH...

 

[DDCSpeed]

In many states, verbal agreement stands as a legal contract. Since you and the salesman decided on the price $6700, you can go for the verbal agreement. The loan part, I think you are stuck.

 

[ObiDon]

But how does he prove that the price given to him was $6700? I mean, sure he has a verbal contract, but will he win when it's his word versus theirs?

That's exactly what I was thinking. I don't think it will get very far considering their own website says $7999 for the bike. They'll just say that's what they charge everyone.

One thing I was wondering about...why would you need an extended warranty on a bike? Do they not come with warranties? Or are they just really short or something?

 

[Don Vito Corleone]

Originally posted by: DDCSpeed
In many states, verbal agreement stands as a legal contract. Since you and the salesman decided on the price $6700, you can go for the verbal agreement. The loan part, I think you are stuck.

This is only true if there is no written contract. Any prior oral agreements are nullified by a written, signed contract.

 

[Cyberian]

Originally posted by: DevilsAdvocate
Call a lawyer.

Do you know any good lawyers?