RESOLVED: New WR450 and screwed by dealer, I think.


104 replies to this topic
  • Thermos O flask

Posted March 04, 2008 - 02:50 AM

#21

Did you let them feel your tits while they were riding you?:thumbsup:

  • matt4x4

Posted March 04, 2008 - 05:52 AM

#22

Ouch!! That does hurt, I'd be looking at the cooling off period myself too, if you can use that angle, IMO - drop it off at their door, null and void the cotract, go to the next Yamaha dealer and buy one for 6500 out the door.

  • durangoman

Posted March 04, 2008 - 07:16 AM

#23

.. Coyote Motorsports in Denver ......
I put $300 down... financed ~$10k... Yamaha promotional financing, $89/mo

Tommy


You ran into a mangy coyote....

  • MotoGoalie

Posted March 04, 2008 - 07:44 AM

#24

There is a 72 hour cooling off period in CO, I'm pretty sure, but being a dirt bike, that might not apply.

but they arent going to let you take that bike back unless you want to bring a lawyer friend with you.

MY GOD....10,000$ for an old New bike.....wow.


And I hate to be that guy, because it sounds like you learned a valuable lesson, but I'd suggest to YOU that you not finance bikes or cars in the heat of the battle as it appears you did not read or negotiate anything to your benefit. When you finance stuff, especially with the mindset of a monthly payment, you are buying something you cannot afford.

what you need to do is buy used. Buy what you can afford.

NEVER BUY via the "I can afford $$$ per month". Always buy according to what you can afford, outright.:thumbsup:

  • Dube2

Posted March 04, 2008 - 07:55 AM

#25

i just picked up an 08 wr450 and an 08ttr50. out the door $8,700, $850 down, $69 month. Yes i paid docking and set up, however declined on all the service crap. my 05 has been running flawless since new and i do all the maintenance myself. No valve adjusting, etc...... The only thing that needed to be done on the 05 was a new water pump seal. after two years. $5 in parts and 3-hours out of my time.

Don't let it tare you apart any more, the bike is in the garage and you will have a smile from ear to ear from here on out!:thumbsup:

  • doctorchopper

Posted March 04, 2008 - 08:54 AM

#26

wow, you do realise that at 89 a month for a 10000 loan will take 9.5 years to pay off and thats at 0% interest which i highly doubt you got, so you are looking at the better part of 12 years to pay off that bike. you've got yourself a hell of a bike, pay it off as soon as you can that will take the sting out of things, because if your still driving an 07 wr 10 years down the line and making payments on it, wow is all i can say

  • MotoGoalie

Posted March 04, 2008 - 09:08 AM

#27

oh, i'm pretty sure that interest rate, for the life of that loan is well north of 6% ...and if you ,look at the paperwork it might be near 18%......:thumbsup:


dude, needs to suck it up and take that bike back and GTFO of that bad, bad bad deal.

--------after edit--------

Holy ballsak....i just read all of Yamahas promo offers....:eek:

the one that's interesting is 8.99% for 2 years and thereafter....its anywhere from 12.99 to 22.99% for the life of the loan.

That's predatory loan rates but dude signed the contract.


---------

My man, you NEED To take that bike back, hopefully you DID NOT ride it and get out of that deal.

lets spreadsheet this.....I'm assuming he got the 0% for 6 months due to that 89% monthly payment. after that 6 months you got big problems bro.

10 years to pay that dirt bike off.

BEST case scenario.....at 8.99% average APR over the life of the loan....you pay a total of $15,575!

Worst case scenario if you default on even ONE payment, your loan goes to 22.99%...you DONT EVEN WANT TO GO THERE.


And reading the lingo, you have an OPEN ended loan, it is not amortized like a typical car loan or house mortgage (a finite/fixed lifetime for the loan to be paid off), therefore your loan on you new dirt bike can theoretically be forever (ie, the bike is basically financed with a credit card- Yamahas credit card)

I sure hope you havent ridden that bike. YOU GOT TO GET OUT OF THIS THING.

  • 2006wr450f

Posted March 04, 2008 - 09:13 AM

#28

Dude, You got F'ed hard 10k for a dirt bike and not even the current year bike. DAMN.........

  • drtbk4ever

Posted March 04, 2008 - 09:23 AM

#29

Tommy, do what you can to get outta this deal.

And keep us updated.

Do you have any lawyer friends or family that you can take along with you?

  • C-P

Posted March 04, 2008 - 09:28 AM

#30

Man, that sucks...I can't believe all the BS they charged you for, and I'm in the car business!

Check your state's vehicle laws! In most cases you can't return the vehicle, but you can probably cancel some of those contracts, unless you really want them. Hit the dealer up to take back some of their BS setup freight charges. If they don't comply, go to your state's atty general (ours always takes the customer's side) and even yamaha US about their practices - it just sounds wrong. I would think they would limit how much setup fees and freight they can charge.

All said, at the end of the day you do have to take responsibility for your signature, but again working in the auto industry I can say that the states work pretty hard to protect you from your own stupidity (no offense intended, it's just how it works). Good luck!!!

Visit the ThumperTalk Store for the lowest prices on motorcycle / ATV parts and accessories - Guaranteed
  • MotoGoalie

Posted March 04, 2008 - 09:35 AM

#31

ah, it gets worse....Im pretty sure he took the 8.99% for 24 months....on purchases of 8,501 - 10,000. that guarantees a 89 per month payment for JUST 2 years.:eek:

http://www.yamaha-mo...mo_details.aspx

(read the fine print) that's the loan he has...unless tommy says different.

thereafter it goes up, regardless to 12.99- to 22.99 % interest....for the LIFE of the loan, which as I indicated, can be in perpetuity.


Tommy, you have to GET out of this. You will never pay it off.:thumbsup:

  • johnjerk

Posted March 04, 2008 - 10:48 AM

#32

How could a saleman sleep at night after taking advantage of someone like this? Did he get an extra $200 for wrecking a young guy's finances.

If they fail to make this deal a reasonable one (remove all of the extras you didn't seem to be aware of at the time of purchase) call your local news network and get one of those fight-back guys to profile your story. While you may not have legal recourse, this is clearly a predatory businsess practice. I bet the owner wouldn't like to know his dealership is doing these kinds of deals. Work your way up the dealership's chain of comand first to see where that gets you.

  • The Regulator

Posted March 04, 2008 - 11:15 AM

#33

Well, I have never bought a new bike before, and I think they flogged me pretty good.
Tommy


Tommy,

First of all. Good for you bringing it here to TT knowing others will prob give you a hard time. Took a lot of guts. With that said, continue the mission and go back to the Dealership to talk to the head cheese in sales or the owner if possible. Let them know that you brought your price concerns to TT and would like to know why many many people are telling you that the price for the bike was way too much and want to know where I purchased my bike.
Be very professional and let him take the time to answer even if it is uncomfortable for him. Then let him know that you will pass on that info for the many others in the market for a new bike here on TT. Be sure to ask his name before you say anything.

It might even be a good idea to take your pop with you this time. :thumbsup:

Good luck to you and enjoy that bike!! :eek:

  • drtbk4ever

Posted March 04, 2008 - 11:16 AM

#34

If they fail to make this deal a reasonable one (remove all of the extras you didn't seem to be aware of at the time of purchase) call your local news network and get one of those fight-back guys to profile your story. While you may not have legal recourse, this is clearly a predatory businsess practice. I bet the owner wouldn't like to know his dealership is doing these kinds of deals.



I like this idea.

  • CORider63

Posted March 04, 2008 - 11:36 AM

#35

I ran some rough numbers on this. (Attached)

You can NOT maintain payments in the $100 dollar range. You will need to pay double or triple that amount with the loan that you have.

The attached spreadsheet has a Worst Case Tab with $89 payments for two years, at 8.99% interest for the first two years and 22.99% for the remaining years. Miss a single payment and the interest jumps to 24.99%.

You could VERY easily end up with a 4-year old bike with an expired extended warranty and STILL owe more than $9,500 on it!!!

You could easily end up paying on this bike for 16 years or more. To put this in perspective, if you end up with the 22.99% interest rate, you would be paying nearly $200 per month and in June 2019, you will still owe about what the bike was worth new in 2007. Under the best case, in May 2011 you will still owe what the bike was worth new in 2007, now with an expired extended warranty and with $300 per month payments.
:eek: :ride: :D :thumbsup:

Attached Files



  • thumper tom

Posted March 04, 2008 - 11:46 AM

#36

Tommy, If all else fails and you have to suck it up, then get INSURANCE, with a gap protection for the full value of the loan, that way IF the bikes gets stolen you"ll be all Good and covered

TT

  • beezer

Posted March 04, 2008 - 11:55 AM

#37

The dealership clearly took advantage of a young dumb kid which I was once.

What does your dad have to say about all this?

You could have gotten a better interest rate from a loan shark.

  • bparsel1

Posted March 04, 2008 - 11:59 AM

#38

Man, this story burns me up!!!! I had something like this happen when I was younger and buying a car. I was so proud I did it all on my own and then found out I had gotten screwed at the dealer.

Chin up Tommy, it can happen to anyone. It does make me want to drive to my local moto dealer though and sock somebody in the mouth.:thumbsup:

  • bparsel1

Posted March 04, 2008 - 12:01 PM

#39

By the way----If they don't make it right, I'm thinking a couple thousand emails to the dealer from TT members might straighten them out?

Anyone...anyone.....Bueller.....Bueller....?

  • erickdj

Posted March 04, 2008 - 12:06 PM

#40

I ran some rough numbers on this. (Attached)

You can NOT maintain payments in the $100 dollar range. You will need to pay double or triple that amount with the loan that you have.

The attached spreadsheet has a Worst Case Tab with $89 payments for two years, at 8.99% interest for the first two years and 22.99% for the remaining years. Miss a single payment and the interest jumps to 24.99%.

You could VERY easily end up with a 4-year old bike with an expired extended warranty and STILL owe more than $9,500 on it!!!

You could easily end up paying on this bike for 16 years or more. To put this in perspective, if you end up with the 22.99% interest rate, you would be paying nearly $200 per month and in June 2019, you will still owe about what the bike was worth new in 2007. Under the best case, in May 2011 you will still owe what the bike was worth new in 2007, now with an expired extended warranty and with $300 per month payments.
:eek: :ride: :D :thumbsup:


Those numbers are SCARY, he really got it dry and rough from the dealer.... I bought an 08 yz450 in december with the 0%/12 months promo from yamaha, but I WILL pay it off in full by december, otherwise I'd end up in a situation like this poor guy.

My suggestion for this kid would be to try and void the service agreement and the extended warranty, that would be around $1500. I doubt he will be able to take it back even if there was a 72 hour cool off period. Try going to a local credit union and get a personal loan at a much lower rate, even 10% would be better than what he's getting into, and pay off the debt to yamaha credit. Either way, the best thing at this point is to try to pay off the full loan amount by the end of this year, or the end of next year since the 8.9% is for 24 months. So there you go, pay if it in FULL before the 25th month and he will be "OK". He will learn a VERY crude lesson, but he won't be hurting as bad.

It's a shame that some salesmen will ruin someone's financial future just to make a couple of bucks. Six years ago I got myself in a situation like this kid. I bought a used small car, I was stupid not to research prices and do my homework before hand, and I went alone, I had never bought a car from a dealer before. Well, the salesman really gave it to me from behind really bad on the deal. I was so stupid that I didn't even negotiate the vehicle price!!, how dumb is that???? So the deal went like this: I accepted a vehicle price that was about $4k higher than it should have been and accepted a 21.99% interest rate to go along, plus an extended warranty, and gave them my old car as a trade in plus a $2500 down payment. Man, I still can't believe that I did that back then. I took the car home, my dad didn't say anything, he didn't know any better either. At that point I still didn't realize how bad I had been screwed. After 2 weeks of having the car I got a call from the dealer telling me that the bank financing the loan had not approved my credit application. By that time I had realized how bad I had been shafted, so I took the car back to them, got my down payment back and my old car I had traded in. That was a CLOSE one, I was only 21, working part time for almost minimum wage, and still in school. Must have been one of the dumbest things I ever did. I was REALLY lucky to get out of that one. Chances are my finances would have been ruined forever and quite possibly could have kept me from finishing college. The things we do out of ignorance...... I learned my lesson and have never done a stupid transaction like that ever again, never will.




 
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