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Discussion Starter · #1 ·
I bought my Versys about a week ago - the dealer is now calling me asking me where my 1600 down payment is. I never agreed to any down payment yet looking the sales reciept over it shows "1600" in the cash down line. I never once discussed any down payment and now they are wanting it - after everything has been signed, sealed, and delivered... Suggestions?
 

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What amount was agreed on for the Versys? Does the receipt show the amount paid on for the Versys, or does it come up to $1600 more? This doesn't make any sense at all... A down payment is only given to reserve your motorcycle in advance, not after you've left with it. $1600 certainly can't be added to the total. If applicable, $1600 of down payment shown in the 'down payment' line can only be substracted from total amount, which would REDUCE the balance shown by $1600. Can you scan and show us the receipt? You could check with a lawyer for a free assessment.
 

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I am going to go out on a limb and say you may be on the hook for the down payment. It was needed to secure the financing and you did sign for it.

Sorry it sucks but it happens.
 

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Discussion Starter · #4 ·
The amount on the contract I and the dealer rep signed showed a 1600 reduction in the price as it was written the "cash down" line - but a downpayment was never once discussed with either of the financial folks at the dealership that I talked to (the one that wrote up the contract and the other that finalized it). Nor does it state any down payment amount for the Kawasaki promotion. I will wait and see what happens.

Thanks!
 

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I'm surprised they didn't secure the down-payment from you before you left the dealership. That's their fault. However, in order to get financing, especially in this weak economy, and for a motorcycle no less, you HAVE to make a down-payment. It may not have been discussed because it was probably assumed you knew that a down-payment was necessary. I'm surprised they didn't ask you how much you were going to put down though, that's weird.

I would pay it as soon as possible to avoid a late fee, or worse. If you can't afford the down-payment, you may have to get the dealership to refinance the entire amount, which they would likely do, at a much higher interest rate.

Sorry for the long post, the banker in me came out. Oh, and I wouldn't scan the contract and place it on a public forum, just for your identity protection. Good luck getting it resolved and let us know how it works out!
-J
 

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If the contract has 1600.00 in the cash down block and you signed it, they should have collected (and you owe) 1600.00. Ask then why it was not collected before you left the dealership.
 

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Man this stinks. But legally (it sounds like) you signed a contract to pay $1600 down.
The finance guy should have walked you thru it, and they should have never let you out without paying it, but their weak attention to detail does not release you from the liability.

Just my 2.
 

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I agree - this does sounds odd. A down payment is always secured by the dealer before you are allowed to drive off the lot. The only time I've not heard of that is if you sign a promisary note. In one case - the title on a truck I was trading in for another car couldn't be secured for the deal in time - I had to sign a promisary note that if something failed in getting clear title - I owed that trade in value to the dealer.

If the customer copy of your contract (usually a yellow or pink copy they should give you after you sign the finance deal) in your hand says down payment $1600 dollars and you don't have a reciept for that down payment and they are saying you owe - then I do believe, you owe it. Remember, they have bigger guns than you do - meaning lawyers, contracts, finance people, your credit rating, etc. And they usually win, especially without that valuable receipt that says you paid the $1600.

Ouch!
 

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Did you think the dealer was knocking $1600 off of the list price? If that's the case you could certainly argue that you were misled, and the fact that you were allowed to ride off without making a "down payment" would support that position.
 

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I bought mine 2 days ago and made no down payment and secured a 60 month loan @ 4 3/4 percent. $146.00 per month and no penalty. I walked in the shop and drove off within 45 minutes, never been there before. Dealer gave me a $250.00 helmet and some new riding pants with it. I have never put a down payment on a bike ever and have owned a lot of bikes.
 

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I don't trust sales people any farther than I can throw them. They are a slimy bunch up there with Lawyers and Real Estate agents. But, while they are talking about their kids or their great new adventures or some other sales person b.s. - they are really trying to distract you while they throw some figures around to make it sound like you are getting a good deal. That's why I say you have to look at that finance agreement - final sales order and check the figures. It sounds like a flim-flam because you state you were never made aware of the $1600 down payment and only until after you got home you realized it was on the final sales order and they let you drive off without paying it. But, since you signed it - it may be tough to get out of.

The only thing you got on your side is that you were allowed to drive off - that means you were not made aware of the $1600. You can try and go back down there and reason with them or raise a fuss and see what happens. You can contact your attorney and see what defense you might have. Finally, see if the Better Business Bureau has any complaints against them of a similar nature.
 

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60 month loan @ 4 3/4... with no down payment? What is your rating... 900 or something? I'm headed to my dealer today to buy another bike if they're effectively giving bikes away.
 

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I have bought plenty of vehicles without getting the down payment. Impulse buy did not have a check with me whatever. It is not strange to go back the next day or so and give them the down.
 

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I work for a car dealer (not as a salesman). Something is not right here. Normally you would make the deal withe salesman then he turns you over to a Finance manager who would tell you the amount to be financed. Talk of down payment is usually discussed after the bank either approves the whole amount or if your credit isn't that great would require a down payment. I'm unable to tell if they're trying to scam you or not because you have not given enough info about your sales experience. If this salesman mislead you about the price then you have a beef. And it sounds like a shady deal to me. Tell more about your conversation with this salesman.
There are two ways to negotiate a price. A lot of people are looking for a certain payment amount. So the price of the bike kind of revolves around that. If you asked for a certain payment that the salesman couldn't provide he would be a lot more likely to pull this on you.
 
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