Backing out of purchase agreement | Page 3 | GTAMotorcycle.com

Backing out of purchase agreement

tenor.gif

that sums up the whole situation, lol
 
How much cheaper? And under what condition? Same bike different dealer? Did the program/discount/price change from that time to now? If so then you can ask for the factory credits to be applied to your bike because you haven't taken possession yet. Some dealers would actually put the credit towards the bike if they change b/w time of purchase and pick-up, but that depends on the dealer, and if YOU are even made aware of the program. We've done it before where a program changes b/w deposit and pick-up and have adjusted the client's invoice to match. If it goes the opposite way we kept as is as they were 'locked in' at the lower price / better deal let's say.

Honestly, call the dealer and talk to them to see what's going on, or play the poor card and say you can't afford insurance after you checked...blah blah blah...

Good advice, I agree. I do believe it would be a good move on their part to work with me on the adjusted price as it’s only going to secure my business in the future, as someone else mentioned, this obviously isn’t the forever bike and the better they treat me now the more likely I am to return for my next purchase as well as maintenance, parts, equipment, etc...

Its funny how we always see both types of people in these threads, some who come to offer genuine advice, and others who forget their no better than anyone else and are quick to pass judgement. I’m curious to know how many of the peanut gallery have ever returned an item to a store, for any reason. This is a return like any other, which I’m clearly entitled to according to the contract, regardless of the penalties. “My word” really has very little to do with the situation, it’s a purchase just like any other. I don’t remember the contract saying I become labelled a “liar” or “untrustworthy” if I decide I no longer like or agree with any term of the contract lol. If I decide I don’t want to give more of my hard earned money than I think it’s worth, guess what, not going to! To all the critics, the contract actually states that I will receive my full deposit back if I wish, but that I may be subject to any costs incurred or losses, by the dealer, at their discretion, which, I’ve not once complained or denied obligation, I’ve only been hopeful that that won’t be the case. We can all get along here guys, just came for some friendly advice, no need lay into people to make yourself feel superior for a moment in time.

ANyways, thanks again to all who offered some genuine answers, not sure how the mods work here but might be best to lock this thread before the gallery feels the need to lash back and stray further from the original subject. Thanks guys.
 
I'll tell you this much...

I put a deposit on not just one bike, but 2, at the same time, same dealer, and at a motorcycle show, circumstances changed, and I could not make the purchase, spoke to the dealership, and got my deposit back, no fuss, no muss, no nothing, sometimes it just happens that you cannot make the commitment, and the dealerships understand this.

Now if you want to save yourself headaches in the future, you could have on the contract something along the lines of...purchase is pending on approval of, mom dad, insurance, financing, and so on, this can give you a way out if need be...and if signed and initialed by all it's binding, at least it has always been good for me, if I was in need of it.

.
 
I’m curious to know how many of the peanut gallery have ever returned an item to a store, for any reason. This is a return like any other, which I’m clearly entitled to according to the contract, regardless of the penalties.

So you think that cancelling a vehicle purchase is akin to returning that bigscreen TV to Walmart that you you really only wanted for Superbowl night?

I don’t remember the contract saying I become labelled a “liar” or “untrustworthy” if I decide I no longer like or agree with any term of the contract lol.

No, but it certainly has a lot of legal terminology, which one may safely guess that you mostly didn't read, that states you're in a legally binding contract from the moment you put your signature on the dotted line.

If I decide I don’t want to give more of my hard earned money than I think it’s worth, guess what, not going to

So, you just unilaterally decided that you want out of the contract now?

To all the critics, the contract actually states that I will receive my full deposit back if I wish

IF they agree to do that. **IF**

They are under no obligation to do that. You signed a purchase agreement. If they decide they don't want to be bothered selling that vehicle all over again they are perfectly within their rights to politely tell you to get stuffed and then pursue you to fulfil your end of the contract. If you decide to walk away from it there's a good chance you'll be hearing from a collection agency or seeing some court documents if they decided to sue you.

Yes, there's a good chance that they'll just take 100% of your deposit (which face it, they aren't going to have much difficulty proving is damages) and then see you to the door.

Or they might not.

ANyways, thanks again to all who offered some genuine answers, not sure how the mods work here but might be best to lock this thread before the gallery feels the need to lash back and stray further from the original subject. Thanks guys.

Welcome to the wonderful world of forums. Not everyone shares your opinions nor agrees with you, but you don't get an automatic thread lock just because of that.
 
No rules broken...no thread lock.
 
What goes around comes around.
 
Technically, if you bail on the contract you could be liable for whatever $ DIFFERENCE exists when the dealer finally sells the machine - if there is any.
e.g. The bike is $10K and you put down $1k deposit.
The dealer ends up selling it for $8K, you lose your up-front and COULD be on the hook for the remaining $1K.
Not likely, but possible.
It would probably have to end up in small claims court and I doubt most dealers could be bothered.
 
Technically, if you bail on the contract you could be liable for whatever $ DIFFERENCE exists when the dealer finally sells the machine - if there is any.
e.g. The bike is $10K and you put down $1k deposit.
The dealer ends up selling it for $8K, you lose your up-front and COULD be on the hook for the remaining $1K.
This is 100% correct. If he bought the bike at the January show, "storage fees" alone could add up to $1000 real quick and OMVIC won't do crap about it.
 
Note to self: before buying a car from @Mina, make damn well sure it's the one I want......or else be ready to dangle some OVO Jordans in front of him if trying to back out of a deal lol.


Sent from the purple GTAMotorcycle.com mobile app
 
Good advice, I agree. I do believe it would be a good move on their part to work with me on the adjusted price as it’s only going to secure my business in the future, as someone else mentioned, this obviously isn’t the forever bike and the better they treat me now the more likely I am to return for my next purchase as well as maintenance, parts, equipment, etc...

Its funny how we always see both types of people in these threads, some who come to offer genuine advice, and others who forget their no better than anyone else and are quick to pass judgement. I’m curious to know how many of the peanut gallery have ever returned an item to a store, for any reason. This is a return like any other, which I’m clearly entitled to according to the contract, regardless of the penalties. “My word” really has very little to do with the situation, it’s a purchase just like any other. I don’t remember the contract saying I become labelled a “liar” or “untrustworthy” if I decide I no longer like or agree with any term of the contract lol. If I decide I don’t want to give more of my hard earned money than I think it’s worth, guess what, not going to! To all the critics, the contract actually states that I will receive my full deposit back if I wish, but that I may be subject to any costs incurred or losses, by the dealer, at their discretion, which, I’ve not once complained or denied obligation, I’ve only been hopeful that that won’t be the case. We can all get along here guys, just came for some friendly advice, no need lay into people to make yourself feel superior for a moment in time.

ANyways, thanks again to all who offered some genuine answers, not sure how the mods work here but might be best to lock this thread before the gallery feels the need to lash back and stray further from the original subject. Thanks guys.

aww pumpkin, you're upset because not everyone agrees with you? you want a safe place to express yourself??

you made a deal, put down a deposit now you want to back out of it because you found a better deal? why should that be the dealers problem?
 
Backing out of purchase agreement


really didn't need to read beyond the thread title

“liar” or “untrustworthy”

and no one has called OP those things

asks a question
gets answers
biotches about answers
fail
 
I just bought a new car several months ago...did my due diligence, sent out offers and ultimately agreed a price with a dealer, sent a deposit and signed on to buy that car at that price. The very next morning a local dealer got back to me and apologized for taking so long to reply and beat that price by $300 dollars and they were local rather than me driving 1.5h each way to get the car from the dealer I sent the deposit to. Guess what I did? I bought from the guy I signed with because if your word isn’t your bond then there’s not a lot you have left. Honouring my agreement was certainly worth more than a few hundred dollars to me.

Without getting overdramatic, this is a bit more than just a contract for a hobby machine, as I mentioned before it’s a life lesson and may help define your character. There’s nothing wrong with having an adult discussion with the dealer but only if you approach it from the angle that you essentially promised to buy that bike at that price. What is your promise worth? Apparently with more and more people in this world today the answer to that question is “not much”.
 
I'm not sure what's in the contract but if it says you can back out of the sale with or with out penalty, then there's nothing wrong with doing so, as long as you're aware there might be financial penalties (if that's part of the agreement).


It's not a
"if I decide I no longer like or agree with any term of the contract"
thing. It's a what ever was agreed to in the agreement thing.


So you think that cancelling a vehicle purchase is akin to returning that big screen TV to Walmart that you you really only wanted for Superbowl night?

Not a very good parallel since the OP hasn't received or used the bike for Superbowl weekend riding. It's more like cancelling a layaway purchase before the package has left the store. Not even close to being the same.
 
I would definitely have a polite conversation with them, but its up to them. I'm guessing they may already be exhausted...
 
Good advice, I agree. I do believe it would be a good move on their part to work with me on the adjusted price as it’s only going to secure my business in the future, as someone else mentioned, this obviously isn’t the forever bike and the better they treat me now the more likely I am to return for my next purchase as well as maintenance, parts, equipment, etc...

Its funny how we always see both types of people in these threads, some who come to offer genuine advice, and others who forget their no better than anyone else and are quick to pass judgement. I’m curious to know how many of the peanut gallery have ever returned an item to a store, for any reason. This is a return like any other, which I’m clearly entitled to according to the contract, regardless of the penalties. “My word” really has very little to do with the situation, it’s a purchase just like any other. I don’t remember the contract saying I become labelled a “liar” or “untrustworthy” if I decide I no longer like or agree with any term of the contract lol. If I decide I don’t want to give more of my hard earned money than I think it’s worth, guess what, not going to! To all the critics, the contract actually states that I will receive my full deposit back if I wish, but that I may be subject to any costs incurred or losses, by the dealer, at their discretion, which, I’ve not once complained or denied obligation, I’ve only been hopeful that that won’t be the case. We can all get along here guys, just came for some friendly advice, no need lay into people to make yourself feel superior for a moment in time.

ANyways, thanks again to all who offered some genuine answers, not sure how the mods work here but might be best to lock this thread before the gallery feels the need to lash back and stray further from the original subject. Thanks guys.

You keep using the word contract like you know what it means....I do not think you do. The time to decide you don't like the contract is before you sign it. The genuine advice you should have gotten is don't sign a contract you don't intend to adhere to. If you could envision yourself being on the other end of the stick without a problem then i guess you have the right to *****....otherwise what did you expect? The dealership is only entitled to incurred costs. How much does it cost to store a bike for the time you've held the contract? How much does the financing floorplan cost them per month to stock the vehicle? Hopefully you get out of the deal without these costs...and hopefully you don't sign any more contracts you don't intend to honour (lest you lose yours).

And crazy that you received people's actual opinions when you solicited them online no less. How are you surprised by any of this?
 
I haven't been part of a stupid GTAM thread for a while.

You have 3 options and none are under your control.

1- ask the Dealer, if they say no then you have 2 options left
2- Pay
3- Lose the deposit.


I am so glad I took the time to come check with GTAM.
 
I haven't been part of a stupid GTAM thread for a while.

You have 3 options and none are under your control.

1- ask the Dealer, if they say no then you have 2 options left
2- Pay
3- Lose the deposit.


I am so glad I took the time to come check with GTAM.

Let us end this thread with that comment
 

Back
Top Bottom