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Terrible purchasing experience, need advice, possible financial disaster!

 
  #1  
Old 04-23-2019, 09:49 PM
Brett Leisy
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Default Terrible purchasing experience, need advice, possible financial disaster!

I was just window shopping and thinking about later down the road what Id like to get WHEN I could afford a fancier bike. having insomnia I was up at 2 am, by 7am I was going crazy, so I jumped on my VTX1800R for a ride, no destination yet, but find myself down the road from a harley dealer. sure, good way to blow time... same stock from a couple weeks ago, metric building was closed.. hmm now what.. well I learned of another harley dealership in town, didnt get much time to look last time, so headed over there. there was a 2017 that caught my eye when I first walked in, stared and drooled a little, dealer came over and started talking to me about the bike, then asked if I wanted to see if I could qualify for financing.

Me "no, I dont think I could get it into my price range"
Him "Well we are running a promotion, we are taking trade ins for NADA+10%"
Me "hmmm, I still dont think the payments would be far enough down, my bike is only worth somewhere around 3500, to bad you dont take multiples for trade ins" (I assumed because most dont)
Him "we sure do, what all do you have"

So... I listed my bikes, I knew the values of 2 of them cause watching the one I always ride, and have been trying to sell the other 2 but one is to old for it to show on NADA. so I am now thinking NADA value is AT LEAST 3500+3300+ he said it would at minimum pull 500 worst case scenario. so 7300+10% is 8030... hmm might be able to work something.....

he asked what kind of payments I could handle... I said preferably around 100, he pried a little about maximum I told him I MIGHT.... MIGHT be able to pull 150 but that would be stretching it. he said he would talk to the finance guy if that would even be possible. ok...

10-15 minutes later he comes back around, and he takes me looking at some bikes to see if there is one of the used ones that might be able to work off of guesstimates at this point, and what I might like... we find one, the after market air lift kit really was a big thing for me with being used to a lower bike and less stretch around the frame and motor.

taking a piece of paper and jotting down numbers from the top of my head as far as monthly income and monthly bills that must come out. figuring out what I can drop from my leisure money and even budgeted out my smoking habit (might be a good incentive to quit... ya know?). I cant seem to fit it. then we sit down... they are starting to tell me that they were gonna give me 2000 for all my bikes... I asked a few times about it but he kinda stepped around it... they asked about a co signer with a higher income to help drop interest rates a little. well my step father...

so I ride home and sit down and talk to my parents, they know I do everything I can to keep things proper, he helped me with a car loan 3 years ago and not so much as a hic-up with payments, so they agree and we go into town, I grab my paper work from my motorcycles just in case.

we get there and talk about the basic plan and idea, so we filled out the information for them to run our credit and see how things look. it comes back and they are saying 280... no... that just dont work. so on the edge of walking out, I ask once again. why are the values on the trade ins so low when you said "NADA +10%" well we will have to whole sale them to a company in another state, we are just covering out end.

a few minutes of stewing it over and trying to work something out of a small budget to get closer to their mark. they come back later with a new price. 250... I said MAY BE.... MAYBE 200... he said he could give a little on the trades and bring it to around 225... Im getting frustrated at this point... I said I didnt think it would even fly through the actual financing. but we could see... now.. I am on a fixed income, a whole whopping 771 dollars a month through SSI. I already have a car payment of 252, +insurance (that I mis-priced how much I was spending) +phone + possible new bike 225 at a higher value than my old one+ insurance for that.... Id be down to living off of 90 bucks a month. ok.. thats super tight... but maybe.. price goes up by 5 bucks for gap... ok living on 85 bucks, I dont wanna lose my shorts if something goes wrong..... sign papers but there is a issue with 2 of the titles, one I never got around to putting into my name, the other I couldnt find, was just bill of sale in the paper work for the vehicles... so no deal last night...

go home a bit defeated... but look for paperwork... find everything I will need. then sit back going through mail I pulled out when looking for the one title and see a child support letter. NOOOO I FORGOT TO FIGURE CHILD SUPPORT... before you freak out, its on auto pay so forget about it coming out cause I never see it. ok... that 85 bucks is now in the negatives.... ok I cant do this.....

I go down to the courthouse to fix the one title (I would have to anyways), then to the dealership. walk in and go to talk to the finance guy. I tell him whats going on and there is NO WAY that I can possibly pay for the bike. I will loose something. the other stuff is ESSENTIAL for me to pay and get by day to day. and his response???

"Paperwork is already sent in to the bank, no way to reverse it now, and buyers remorse clause dont cover motorcycles..."

no keep in mind I hadnt even test ridden the bike, thats one thing.. but neither traded keys or possession.... and this drives me nuts, now I HAVE to try to pay for something I cant afford?

so now I am the not so proud owner of a 901 lb financial noose.... PLEASE HELP!!! isnt there anything I CAN do? this cant be good business practice.
 
  #2  
Old 04-23-2019, 09:55 PM
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Don't blame the dealer. Blame the face in the mirror.

And maybe get a job.

(This one is going to be good...)
 

Last edited by 0maha; 04-23-2019 at 09:59 PM.
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  #3  
Old 04-23-2019, 10:04 PM
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If what you are saying is correct, and you now own the bike. Sell it. Pay off the loan and be bikeless till you can AFFORD one.
 
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  #4  
Old 04-23-2019, 10:06 PM
kngpn
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First mistake was getting sucked into buying based on monthly payment vs out the door. Well maybe not the first...
 
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  #5  
Old 04-23-2019, 10:08 PM
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Helluva first post!



Presume you already have your Roth fully funded, right?
 

Last edited by NORTY FLATZ; 04-23-2019 at 10:37 PM.
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Old 04-23-2019, 10:13 PM
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What exactly did you sign? Getting approved for financing doesn’t mean squat.
 
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  #7  
Old 04-23-2019, 10:16 PM
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i didn't read anywhere where you actually signed a contract. did i miss that?
 
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  #8  
Old 04-23-2019, 10:19 PM
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Try to contact the bank, tell them that you lied on the application (left out the child support payment), and that the dealer knows it & is hiding it from them. Tell the bank there is no way you can make the payments.

That should put a stop to things.

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Old 04-23-2019, 10:20 PM
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LOL, oh man
 
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  #10  
Old 04-23-2019, 10:26 PM
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Hold on a sec here.
You signed a purchase and sales agreement, and didnt know that that was what it was?
Sorry, I am calling BS on this one.
Never.

Ever

EVER

Sign anything until you 100% know EXACTLY what you are signing!!!

And, for the love of God...why would you put yourself in that much of a financial straightjacket for a luxury item?????

I mean, I have a bike payment, but its negligible. And, my next bike will be paid for in cash-because I dont want a bike payment.
With all my overhead, I can easily live on my leftover income. Which should be a goal. I am guessing you are young. This is how you end up with horrible credit-by getting into a deep financial hole you cannot possibly get out of.
Do yourself a favor. Stop cutting it so close with your finances.
 
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