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So I bought my brand new 2008 600rr on Sept. 9th, LOVE IT!!! Got a call today from my local dealership about jacking up my interest rate due to a problem with the financing, 3 weeks later!??? what do you guys think about this? What are my options?
 

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lol. This isn't Honda's fault. It's your credits'. You are signing saying, in a round-a-bout way, that you are being pre-approved at one rate but that can be change at a later point if you don't fully qualify. Car dealerships are notorious for this ish, so I don't know why bikes would be any different. Try to see if you could put down just a little more to get the interest rate down. It usually works.
 

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You also have the option of going out and finding a better rate on another loan if you feel that the one that the dealer offered is too high.

Good luck!
 

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Just tell them you want to return the bike if thats the case and they are going to panic and just let you keep that rate and the bike. I have a friend that did that and it worked...its worth a shot!:toothy4:
 
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also, if you haven't noticed, banks are going to pot. have been for a while. and you financed?
 

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So I bought my brand new 2008 600rr on Sept. 9th, LOVE IT!!! Got a call today from my local dealership about jacking up my interest rate due to a problem with the financing, 3 weeks later!??? what do you guys think about this? What are my options?
As stated already, its a common ploy from dealerships. Tell them you're sorry to hear that and you'll be happy to give the bike back to them.
 

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If that happened to me I would kick someone's arse. Seriously, bait and switch and you call that legal or good business!? f that. Tell em the bike is coming through their window at 60+ if they don't fix that shyt.
 

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i agree with giving the bike back. i did that with a car once, that i knew i wasn't gonna qualify for. went in on the weekend, got the car and kept it for a good few weeks. then when i got that call saying they couldn't find someone to buy the loan, i told them that it's okay just to give me my tahoe back....lol. only downside is all the inquiries on your credit.
 

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give it back... you've had you're fun, season is drawing to a close, put her away for the winter:icon_lol: Buy a used one this fall that you can put a bunch down on to secure a loan, or buy one with cash... it's fall and you're in oregon, there's gonna be PLENTY of deals.
 

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This happened to me years ago with a Honda Accord purchase.

I drove it for 3 MONTHS and they called with the same crap story.

I declined the new terms and returned the car. That was that - a free 3 month new Accord rental :D
 

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dispute it with the dealership and maybe they'll eat the cost of the difference. that or refuse to sign new paperwork and make them take it back
 

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I had a large car dealer in Houston do this to me on a new Corvette back in the 90's. Told me I was approved, I signed all the contracts, etc. and get a call two weeks later I was not approved, to bring it back.

I was like WTF? Called a lawyer, he told me the papers I signed were legal, and I could keep it and keep paying the payments on time.

Wrong answer - the POS dealer came a week later and repossessed the car, in the middle of the night, where I worked 35 miles from home, stranding me. I didn't have the car, and they still had my trade-in as well.

I had to rent a Ford FIESTA for a few months, sue them, etc. and ended up getting basically nothing while the lawyers got rich. They had a team of lawyers from YALE or some crap, convinced the jury I was some punk kid who raced the car, burned down the tires, and a bunch of other lies.

They also forged my name on a bunch of stuff, but almost all of it was innadmissable since they weren't being tried in a criminal court, blah blah.

Next time my lawsuit will be a big rock through their front window. Our legal system rewards people with joke lawsuits (hot coffee on lap) but screws people with real issues.

Not sure how this applies to you, but dealers are theives, plain and simple.
 

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Its no wonder Americas banks are up the creek. Here in europe the credit application is checked before you take the bike/car.
Greedy dealers selling to anyone, greedy banks for making the funds available to let the bike go and greedy lawyers wanting to chase the owner.....I'd take it back and get them to sign a receipt...
 

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when i bought mine i was clear that i wasnt going to put money down and thats the only way i would buy it and they agreed. so after 3 weeks they call me in to put some money down so i went with the bike and told them they can have it that i didnt want it any more and i had made that very clear when i bought the bike that i wasnt going to put money down long story short they knocked off 1500 so that honda would finace the bike. if i were you id take the bike back. just my .02.
 

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Discussion Starter #16
thanks guys for all the great feedback!! i think that i might just try and take it back, unless the offer me some smoking deal, pain in the a**, what a joke!
 

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I used to work for Honda Finance (the car side) its pretty much a stream line process from application, to funding...its not Honda's fault, its probably not even your credits fault, its the dealership.

They shoot your application out to a dozen lenders. They might get an automatic response message from any one of the lenders saying they WILL approve the loan, but an APR may not be determined until the finance manager speaks directly to a loan officer(if your credit is shakey a little haggling might need to have been done.) Of course the dealership wants to roll the bike off the lot as soon as possible....so theyre going to give you an APR based on what they might THINK you qualify for. Usually dealerships are pretty good at determining, but sometimes they arent.) They're never going to call you back the next day and tell you the APR has changed. Most of the time they will never even call you. Youll usually get a letter from the bank that outlines the stipulations of the approved loan, this will usually show the new APR.

My buddy bought a car from a Ford dealership,they rolled it off the lot, 1 month later they told him he had to return it because they couldnt find anyone to finance him. He found some cheap lawyer, and actually made payments to the dealership themselves, predicated on the original contract he signed. The dealership did not have inhouse financing.....but for him they did.


The LAST thing the dealership wants, is the bike back. Keep that in mind, when speaking to them.
 

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i bought my bike in May. I told them I didn't want to put any money down, that I only wanted to pay at most 200 a month, and that if the interest rate was bad I would kick them in the nutz. I got a five year loan, no money down, 7.9% at right about 200/month. They told me what I got approved for and what I didn't. I was 23 at the time so not an extensive credit history. Now I got the loan on auto withdrawl. Have had no problems. real simple.
 
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