| Author | Message | ||
     Vegasbueller |
A co worker just bought an '05 Buell Blast. He has had the thing about 2 weeks, and has put about 500 miles on it. A few days ago he got a letter from Harley saying that he had to return the bike to the dealer immediately, stating that they "retracted their financing offer". Now the selling dealer ran his credit and sold him the bike on the Buell/Harley "no money down incentive program". Is this a common thing for dealers to do to boost their sales numbers only to have the bike taken back later?? Nick | ||
| Mikej |
Something similar happened here locally to a call-in guest on a local radio moneyman talk show. The dealership basically let the car go before the financing was finalized. Basically first ensure the letter is actually from Harley. Call the customer service number on the site here, not the number in the letter, and follow a fresh trail to the finance department. Then call the dealership and ask what's up. Was any money put down on the deal? Was there a trade-in involved? Was there any money that changed hands for licensing costs, warranty payment, insurance costs paid? The co-worker may be able to contact the local DA office and ask if there is any complaint that could be levied against the dealership if it comes down to that. Do not take the bike to the dealership until everything is known and all monies paid to date are accounted for. I'm no expert, just some opinions and observations. | ||
| Kevyn |
Two weeks?? I'd be completely skeptical and agree with Mikej. No dealer or finance company will take 2 weeks to approve a transaction, let alone let the customer walk out with the collateral. Smells fishy. BC issues JUMP out and scream at lenders immediately and have to be sorted well before a bike or merchandise is moved. | ||
| Kevyn |
This could be considered a 'predatory' lending practice depending on certain details in the contract and should be discussed with folks knowledgeable in contract law...may be local and state laws regulating such practices... | ||
| Kevyn |
...I know this would never happen, but since the dealership approved the deal, they should underwrite the financing... | ||
| Outrider |
This is interesting. Please don't forget to post the final resolution. | ||
| Daves |
This would never happen either, and I'm not saying it did but did your friend give them false info on the application? I have had this happen to me in the past, not often but it does happen. I even had a guy try to buy a bike under a stolen name and info before. The Feds showed up a couple hours after he was there? Sure was glad that deal didn't happen! He had already bought and was driving a new Durango and was living in a house he bought with false/stolen info. Dave | ||
| Newfie_buell |
The good thing with Insurance Policies when people make mis-representations or non-disclosures on applications is that we just cancel them!!! | ||
| Darthane |
The three times I've been in a HD dealer with the intention of leaving with a motorcycle, the bike could not leave until 1) the financing was a done deal AND 2) the insurance was a done deal. It takes at most an hour to complete a financing deal. Every time I've done it (thrice now) it was completed in less than 15 minutes. Smells to me... | ||
| Loki |
Not enuff facts to make any calls on this. Was it done thru HD CREDIT? IF so contact them directly as HD Corporate will direct you there. #1-800-699-2336 HD Credit is at this addy: HD Credit 4150 Technology Way Carson City, NV 89706 This comes from personal experience. Dealing with both parties in a matter that was headed for the FTC as a complaint. I recieved two very polite phone calls from corporate in response to a very polite inquiry(letter). Basically it boiled down to HD Credit being a wholly owned seperate entity from HD itself. I find it difficult to see HD Credit approving an application and then two weeks later reversing it. As a side note. My letters to HD Credit and HD Corporate came to a positve end and this did not go to the FTC as a complaint. | ||
| Vegasbueller |
As far as I know it was HD Credit. The guy is a pretty standup guy, he has been with us about 7 months or so now. (he moved to Vegas to go to work for my airline) I guess that could have came up as an issue. I agree that it doesnt seem right that they would let him leave with the bike and not be approved. He surely makes enough to afford it. And on an even further note, he is a new rider, so he took the MSF course, bought the bike right after the course, along with riding gear and some additional goodies for the bike. All which he paid cash for. If they do in fact take it back, then he is left holding the bag so to speak. We work graveyards, so I will see him tonight and I will be sure to find out how things are panning out. The kid has been all jazzed about getting the bike just in time for bike week here. (next weekend) Hope he gets to keep it! Nick | ||
| Outrider |
And so the plot thickens.... This is going to be interesting. Never been involved or even heard of anything like this with a motorcycle. So whatever the outcome, it will be an educational experience for me. | ||
| Tucsonxb9s |
I worked in the car business back in the early nineties and I know that we would "roll" a car on a weekend prior to having the financing in place. But it was always with an educated guess...strong credit, good cash down, etc..and by Monday the final approval would be done. There were those rare occasions that a phone call would be made to bring the car back, but it was NEVER two weeks later!! It would seem to me that the risk with a motorcycle is so much higher that a dealer wouldn't let a bike go without the financing in place. Sounds very strange to me too...  | ||
| Vegasbueller |
Yeah, it seems to be that the two week thing could be a key part of it all. That and the fact that he has really put some miles on it in two weeks. It seems to reason that Harley would want to work with the guy instead of taking back an already used bike to try to re sell at a loss. Stay tuned!  | ||
| Mookie |
I had something similar to this happen when i bought my last truck. I made a couple of grand after the lawyers were finished. the details may be different but they cant just go and change the rate on you... especially if your not signed on that dotted line. | ||
| Mikej |
It will be also interesting if the loan company puts anything into his credit report as a result of all of this. He may just want to pay the 90 subscription fee to keep an eye on any additions to his credit reports. | ||
| Loki |
On that note of credit reports..... I financed my M2 thru HD Credit. It was stolen and paid off by the insurance company. After making two years of payments. HD Credit zings my credit history with a "derogatory" statement on the pay off of the loan. | ||
| Mikej |
Loki, You have the option to add your own comments to their comments. Kind of like E-Bay in a way in that regard. | ||
| Tucsonxb9s |
Loki, you need to fight that! Like Mikej says, you can dispute their claim of derogatory credit. The three bureaus, Equifax, Trans Union, and Experian all have places on the web and 800 numbers for consumers to contact them for just such matters. You need to take it up with them to correct it and improve your credit scores. | ||
| Vegasbueller |
Update...Kinda... What I found out last night has me (and him) even more confused. First off it wasn't Harley motor credit like the dealer said they were using. It was some company like "New England Financial" or something along that line. His paperwork for the DMV states that they are the official lienholder of record. The letter that he got was from that financial company and it read "we regret to inform you that we cannot provide financing for your 2005 Buell Blast due to the following reasons". They then stated that he doesnt have enough time on the job or in his residence. (6 months at least). To answer another question that was asked, this was covered during the loan application and verified by calling our boss to verify that. Now the kicker is that he already has payment coupons, etc. from said finance company. The poor guy hasn't called the actual finance company because he is afraid that they will demand the bike. The dealer denies any knowledge of what is happening. Go figure! We are going on a ride tomorrow night that starts out at the local dealer, so I think he will go in and have a face to face with their finance people. Anyway...thats what I know right now. Nick | ||
| Vegasbueller |
For LOKI: Hey.. I have been going round and around with credit agencies. If you need any help, like places to get form letters, credit law, and the like just let me know. One thing that chaps me is the fact that if you want to dispute an item on your credit report online or by phone, you have to buy an individual report from each agency. Otherwise, it is a lot of letter writing. That is the route I am using, and it has been paying off so far. I bought a single "three bureau" report that listed my score, etc. I have been using that to contact all the appropriate people. I actually found stuff that was from 10 and 12 years ago! Good luck! Nick | ||
| Sandblast |
Look at the contract!!! They are allowed 10 days here in California to "place" your loan- after that they cant take the bike back. Here in Cali its called "Rescission", and it states plainly on the back of a buyers contract that they (the dealer) have up to 10 days to notify you they could not place your loan. Note that the law seems to imply that the dealer has 10 days, now if the finance company approved him and mailed him a payment book etc. I am pretty sure that is binding, they cant just change their minds if they already told the dealer they would finance him. | ||
| Loki |
oh the plot thickens.... All, Thanks, I learned the hard way. Now I keep up real good on my CRs and make sure that the three look the same. You never know who will use which. I have learned a few things about credit scoring and what really affects it. besides I like to know who was wanting access to my history and when and how often. One thing I really hate, all those pre-approved cc ads in the mail. | ||
| Rek |
When I bought my S3T I had cash on hand but submitted an HD credit-app just for spits and giggles; wanted to see what knd of credit rating I had. The finance guy came back w/in an hour or so shaking his head, saying he'd never personally seen such a high rating. HD turned it down even though it was an 8 (whatever that means) because I only had two referenced on file, a house I wound up cashing out after two years and my CC. HD wanted a minimum of five. When I found that out I went to my local bank and borrowed the money on a 30-day note just so I could build my rating higher. My wife and I make it a practice to never borrow money unless absolutely nessacery (house, land, catastrophic event) and always pay cash for cars, etc. Little did I know it was destroying my credit rating. Go figure. | ||
| Crw |
If he has a coupon book, he should make the first payment ASAP. If they cash the check they have more than just tacitly agreed that a contract exists. I think that "trade customs" laws would support the buyer once that first payment check is cashed. It will help settle the issue. |
